The initial public offering (IPO) of JNK India Limited is set within a price band of ₹395 to ₹415 per equity share with a face value of ₹2. This IPO subscription window opens on April 23 and closes on April 25, while the allocation to anchor investors occurs on April 22.
The pricing mechanism is set at 197.50 to 207.50 times the face value of the equity shares. Investors can bid for a minimum of 36 equity shares, or multiples thereof. The offering reserves a minimum of 15% for non-institutional investors (NII), up to 50% for qualified institutional buyers (QIB), and a minimum of 35% for retail investors.
The allotment basis is expected to be finalized by April 26, followed by refunds processing starting April 29, and shares being credited to demat accounts the same day. JNK India’s shares will be listed on the BSE and NSE on April 30.
JNK India specializes in manufacturing heating equipment essential for industries such as petrochemicals, fertilizers, and oil and gas refineries. They serve both domestic and international markets and count Indian Oil Corporation Limited, Tata Projects Limited, Rashtriya Chemicals & Fertilizers Limited, and Numaligarh Refinery Limited among their clients.
The IPO comprises a fresh issue of ₹300 crore and an offer-for-sale of up to 8,421,052 equity shares by promoter selling shareholders. The net proceeds will be utilized for general corporate purposes and working capital requirements.
The book running lead managers for the IPO are IIFL Securities Ltd and ICICI Securities Limited, with Link Intime India Private Ltd serving as the issue’s registrar. Promoters include Dipak Kacharulal Bharuka, Mascot Capital and Marketing Pvt Ltd, JNK Heaters Co. Ltd, Arvind Kamath, and Gaoutam Rampelli.
