JNK India IPO Now Open For Subscription, Check All Details Here

The company set its maiden initial public offering (IPO) in the price range of Rs 395 to Rs 415 per equity share and will close the issue for bidding on April 25, 2024

The firm’s IPO comprises a fresh offering of 7.6 million shares to raise Rs 300 crore and an offer-for-sale (OFS) of 8.4 million shares by existing shareholders to collect Rs 349.47 crore.

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JNK India IPO opened for subscription on Tuesday and plans to raise Rs 649.47 crore from the maiden issue and the offer-for-sale (OFS). The company set its maiden initial public offering (IPO) in the price range of Rs 395 to Rs 415 per equity share and will close the issue for bidding on April 25, 2024.

The firm’s IPO comprises a fresh offering of 7.6 million shares to raise Rs 300 crore and an offer-for-sale (OFS) of 8.4 million shares by existing shareholders to collect Rs 349.47 crore. The selling shareholders include Goutam Rampelli, JNK Global Company, Mascot Capital and Marketing, and Milind Joshi.

Investors can bid for the IPO at a minimum lot of 36 shares. The issue at the upper end will cost approximately Rs 14,940, while considering the lower pirce band of Rs 395, the cost of a minimum lot of 36 shares will come down to Rs 14,220.

The final allotment of the issue is expected to be done on April 26 and the firm will make its debut in the stock market on April 30, 2024, reported Financial Express. The IPO was being priced at a premium of 6 per cent to the issue price in the grey market on Tuesday. 

The firm plans to utilise the funds raised from the maiden offer to cater to its working capital requirements and see to other general corporate works. 

The issue is being managed by ICICI Securities and IIFL Securities as the book-running lead managers, while Link Intime India is working as the registrar of the issue. 

JNK India works in designing, manufacturing, installing, supplying, and commissioning process-fired heaters, reformers, and cracking furnaces. The firm has clients such as Tata Projects, Indian Oil Corporation, and Rashtriya Chemicals & Fertilisers. The company provides services in multiple states across the country such as Maharashtra, and Kerala, and also functions in overseas destinations such as Nigeria and Mexico.