JNK India Limited IPO Day 2 Subscription Hits 1.04x

On Wednesday, April 24, 2024, Day 2 of the bidding process, the Initial Public Offer (IPO) of JNK India Limited was subscribed 1.04x. The retail portion was subscribed to 1.16x, 0.67x in Qualified Institutional Buyers (QIB), and 1.28x in the Non-Institutional Investors (NII) category. The JNK India Limited IPO opened for subscription on April 23, 2024, and will close on April 25, 2024.

Here’s a table to understand the day-wise subscription details:

On April 24, 2024, the shares of JNK India Limited were commanding a premium of ₹25 in the grey or unlisted market.

The JNK India IPO is both a fresh issue and an Offer For Sale (OFS) of 16,015,988 shares, aggregating up to ₹649.47 crore. The price band of the IPO has been set as ₹395 to ₹415 per share, and the face value is ₹2 per share. The minimum investment (retail) required for the JNK IPO is ₹14,940, where the lot size is 36 equity shares.

The objectives of the JNK India Limited IPO are to fund the company’s working capital requirements and general corporate purposes.

The company held a meeting on April 22, 2024, where the IPO committee of the company’s board consulted the book-running lead managers, IIFL Securities Limited and ICICI Securities Limited and finalised the allocation of 46,94,989 equity shares to Anchor Investors at an Anchor Investor allocation price of ₹415 per share.

About JNK India Ltd

JNK India Ltd is one of the leading heating equipment companies in India. The company is engaged in the manufacturing of process-fired heaters, reformers, and cracking furnaces, which are heating equipment. These products are used in various process industries, such as fertilisers, petrochemicals and oil and gas refineries.

The company caters to both domestic and international customers. JNK Limited’s domestic customer base includes Tata Projects Limited, Indian Oil Corporation Limited, Numaligarh Refinery Limited and Rashtriya Chemicals & Fertilizers Limited. In FY 2023, the company’s profit after tax touched ₹463.62 million, which was approximately 28.85% more than ₹359.83 million in FY 2022.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.