Medical device maker Airox Tech explores IPO: report

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Aurangabad-based Airox Technologies Private Limited, which manufactures medical grade oxygen generating plants for hospitals, plans to launch an Initial Public Offering (IPO) this year.

According to a report by bright mint citing sources.

The report, however, says talks are at a very early stage at this point, and details such as the size of the IPO and the dilution of the stake will likely be discussed when the company hires a banking syndicate. The company has yet to release an official statement regarding its IPO plan.

Founded by Sanjay Jaiswal in 2011, Airox’s revenue grew significantly between April and May of last year, thanks to record demand for medical-grade oxygen as the country teetered under the second wave of the COVID pandemic -19.
According to a report released in June 2021 by the Observer Research Foundation, demand for medical grade oxygen increased from 3,842 metric tons (MT) per day on April 12, 2021 to 8,400 MT per day on April 25, and more again. to 11,000 MT per day by the beginning of May.

In addition to supplying medical grade oxygen generation plants to hospitals, Airox sells products for industrial oxygen applications. Currently, the company claims to have more than 850 oxygen plant facilities across the country.

Airox Technologies, according to observers, is “very profitable” and its revenues are in the range of Rs 100-200 crore. However, skeptics aren’t sure how profitable the business will be when the pandemic subsides or when the rate of hospitalization of cases declines.

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