JNK India IPO receives 100% bids for subscription on 2nd day

25 Apr 2024 , 08:36 AM

JNK India Ltd.’s initial public offering, which opened on April 23, has been fully subscribed on Day 2. On Wednesday, the second day of bidding, until 4:22 pm, the ₹649.47-Crore initial public offering (IPO) garnered bids for 1,05,85,728 shares against the 1,10,83,278 shares on offer.

The initial public offering (IPO) price of JNK India has a price band of Rs 395 – Rs 415 per share.

The non-institutional investor group received 1.04 times the bids, whilst the retail individual investor (RII) component was subscribed 107%. A 0.68 times subscription was acquired by the QIB category.

April 23 marked the start of the JNK India IPO, which will end on April 25. On April 26, shares will be allocated, and on April 30, the shares will be listed on the BSE and NSE.

Up to ₹300 Crore in new issues and up to 84,21,052 equity shares in the Offer for Sale (OFS) are part of the Initial Public Offer (IPO).

JNK India Ltd. reported on Monday that it had received ₹195 Crore from anchor investors. The IPO price has been set at ₹650 Crore, which is at the upper end of the pricing range.

The offer’s managers are ICICI Securities and IIFL Capital Services. The proceeds of the new issue will be utilised for general company purposes and to meet working capital requirements.

JNK India is a company that manufactures, supplies, installs, and commissions heating equipment and specialises in thermal designing, engineering, manufacturing, and servicing both domestic and international markets. Industries include petrochemicals, fertilisers, hydrogen and methanol facilities, and oil and gas refineries use the heating equipment.

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