JNK India Limited IPO Subscription Closes at 28.38x on Day 3

On April 25, 2024, Day 3 of the bidding process of the Initial Public Offer (IPO) of JNK India Limited was subscribed 28.39x. The retail portion was subscribed to 4.10x, 74.40x in Qualified Institutional Buyers (QIB), and 23.73x in the Non-Institutional Investors (NII) category.

The JNK India Limited IPO closed on April 25, 2024. The allotment for the IPO is expected to be finalised on April 26, 2024, and the company is expected to be listed on NSE and BSE on Tuesday, April 30, 2024.

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

On April 25, 2024, the shares of JNK India Limited were commanding a premium of ₹45 in the grey or unlisted market.

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

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

On April 22, 2024, JNK India Limited conducted a meeting where the IPO committee consulted IIFL Securities Limited and ICICI Securities Limited who are the book-running lead managers 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 prominent heating equipment companies in India. The company manufactures heating equipment like process-fired heaters, reformers, and cracking furnaces. This equipment is used in several process industries, including oil and gas refineries, fertilisers and petrochemicals.

The company provides its services worldwide. JNK Limited’s domestic customer base includes Indian Oil Corporation Limited, Tata Projects Limited, Rashtriya Chemicals & Fertilizers Limited and Numaligarh Refinery Limited. In FY 2023, the company reported profit after tax of ₹463.62 million, which was approximately 28.85% higher 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.