JNK India IPO: The initial public offering of JNK India, a maker of heating equipment, was subscribed 28.07 times on Thursday, the closing day of bidding. According to NSE data, bids were received for 31,10,55,408 shares against 1,10,83,278 shares on offer for Rs 650 crore public offering.
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The qualified institutional buyers (QIB) category was subscribed 75.72 times, while the non-institutional investors portion was subscribed 23.19 times. The retail individual investors (RII) quota was subscribed 4.01 times. The initial public offering (IPO) proposed a fresh issue of up to Rs 300 crore and the sale of 84,21,052 equity shares. The price range of the IPO was Rs 395-415 per share. JNK India’s IPO received a 49 percent subscription on the first day of bidding on Tuesday.
The proceeds from the fresh issue will be used to finance working capital requirements and general corporate purposes. JNK India Thermal is engaged in the business of designing, engineering, manufacturing, supply, installation, and commissioning of heating equipment and provides services to both domestic and overseas markets.
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Heating equipment is required in industries such as oil and gas refineries, petrochemicals, fertilizers, and hydrogen and methanol plants. IIFL Securities and ICICI Securities are the managers of the offer. It is proposed to list the equity shares of the company on BSE and NSE.
The company’s IPO will open on April 23 and close on April 25. Shares will be allotted on April 26. Following this, the company will be listed on the BSE and NSE on April 30. The price range for this IPO has been set between Rs. 395 and Rs. 415 per share. The company has set a lot size of 36 shares. Therefore, a retail investor would need to bid for a minimum of Rs 14,940.
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The company’s IPO opened for anchor investors on Monday and the company successfully raised Rs. 194.84 crore. The company allotted 46,94,989 shares to anchor investors at Rs. 415 per share.
(With PTI Inputs)
