JNK India raises Rs 194.8 crore from anchor investors

23 Apr 2024 , 08:57 AM

JNK India, a leading heating equipment manufacturer, raised ₹194.84 Crore from institutional investors on April 22, just a day ahead of its IPO launch.

In its filing to exchanges, JNK India announced the allocation of 46,94,989 equity shares to anchor investors at ₹415 per equity share.

A diverse range of institutional investors participated in the anchor book, including prominent names such as Goldman Sachs, Allianz Global Investors Fund, Natixis International Funds, Kotak Mutual Fund, HDFC Mutual Fund, Nippon Life India, Mirae, DSP Mutual Fund, Edelweiss Trusteeship, LIC Mutual Fund, Bajaj Allianz Life Insurance Company, and Aditya Birla Sun Life Insurance Company.

Of the total allocation to anchor investors, 27.93 lakh shares were allotted to seven domestic mutual funds, representing 11 schemes, as confirmed by JNK India.

The eagerly awaited JNK India IPO is scheduled to debut on Dalal Street on April 23, aiming to raise ₹649.47 Crore at the upper price band. The fundraising comprises a combination of fresh issuance of shares worth ₹300 Crore and an offer-for-sale (OFS) of 84.21 lakh equity shares by existing shareholders.

IIFL Capital Services and ICICI Securities have been appointed as the merchant bankers for the IPO.

Key selling shareholders in the OFS include Goutam Rampelli, JNK Global Company, Mascot Capital and Marketing, and Milind Joshi.

The public issue opening today is closing on April 25, and offers shares in the price range of ₹394-415 per share.

Proceeds from the net fresh issue, amounting to ₹262.69 Crore, will primarily be allocated towards meeting the company’s working capital requirements, with the remainder designated for general corporate purposes.

Specializing in the manufacturing of process-fired heaters, reformers, and cracking furnaces crucial for oil and gas refineries, petrochemical, and fertilizer industries, JNK India boasts a clientele of 21 domestic and eight overseas customers. Among its esteemed domestic clients are Indian Oil Corporation, Tata Projects, Rashtriya Chemicals & Fertilizers, and Numaligarh Refinery.