JNK India IPO oversubscribed 28 Times

26 Apr 2024 , 07:46 AM

On the final day of the IPO, JNK India’s IPO was overbooked 28.13 times. Over 31.17 Crore worth of consolidated share bids were received for the issue of the 1,10,83,278 shares that were up for subscription.

As of 7:00 pm on April 25, The retail category was oversubscribed 4.11 times. While the quota for non-institutional investors was booked 23.26 times, the part designated for qualified institutional buyers (QIBs) was subscribed 75.72 times.

Up to ₹300 Crore in new equity and up to ₹84.2 lakh worth of offer for sale (OFS) shares were included in the IPO. Goutam Rampelli, Dipak Kacharulal, Mascot Capital and Marketing, JNK Heaters, and Milind Doshi would sell shares under the OFS.

The offer was split roughly equally between qualified institutional purchasers (around 50%), retail investors (35%), and non-institutional investors (15%).

The issue’s net proceeds will be applied to various general corporate purposes as well as working capital requirements.

For its first public offering, the heating equipment manufacturer has set a price range of ₹395–415 per share. Bids can be placed for a minimum of 36 shares in a single lot, and then in multiples of that number.

Process fired heaters, reformers, and cracking furnaces are among the thermal engineering, manufacturing, supplying, installing, and commissioning capabilities of JNK India. With a market share of roughly 27% in the segment based on new order booking in FY23, the company is among the well-known heater companies in India.

The issue’s registrar is Link InTime India, and the book running lead managers are IIFL Capital Services and ICICI Securities.

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