JNK India Limited IPO Day 1: Check subscription details here

23 Apr 2024 , 11:40 AM

JNK India Limited’s initial public offering (IPO) commenced on Tuesday with the aim of raising ₹649.47 Crore. This IPO consists of a fresh issue of 76 lakh shares, valued at ₹300 Crore, and an offer for sale of 84 lakh shares, valued at ₹349.47 Crore. Investors can subscribe to the JNK India IPO from April 23 to April 25, 2024. Click here to subscribe to the IPO.

By 11:30 AM on the first day of subscription, the issue had been subscribed 0.11 times, with bids received for 12,14,316 shares out of 1,10,83,278 equity shares available for subscription. The retail portion of the IPO was subscribed 0.20 times, while the Non-Institutional Investor (NII) portion received bids 0.05 times.

The company plans to utilize the net proceeds from the issue to finance its working capital requirements and general corporate purposes.

Established in 2010, JNK India Limited is involved in the design, manufacture, supply, installation, and commissioning of process-fired heaters, reformers, and cracking furnaces.

Having executed projects across various states in India such as Andhra Pradesh, Assam, Bihar, Karnataka, Kerala, Maharashtra, Tamil Nadu, and West Bengal, JNK India Limited has also undertaken projects globally, including in Nigeria and Mexico. As of March 31, 2023, the company has served over 17 clients in India and seven clients overseas. Its domestic clientele includes Indian Oil Corporation Limited, Tata Projects Limited, Rashtriya Chemicals & Fertilizers Limited, and Numaligarh Refinery Limited.