JNK India IPO to list tomorrow: Check subscription, allotment details ahead of listing

JNK India Ltd IPO share listing on the National Stock Exchange of India (NSE) and BSE is expected on Tuesday, April 30. The investors, who have been allotted shares in the JNK India initial public offer (IPO) are awaiting the market debut of this main board issue.

The maiden public issue of JNK India received a strong demand from investors during the 3-day subscription period from April 23 to April 25. The public offer was booked more than 28 times. Following a strong subscription, the investors and market experts are keeping a watch on the anticipated listing price of the IPO shares.

Ahead of the JNK India IPO listing on the stock exchanges, the market experts predict the shares to debut with a premium, following a strong demand during the subscription period. JNK India shares are likely to list at a premium to the issue price of ₹415 per piece, market anticipates.

Here’s a look at the latest updates and key factors as investors keep a close watch on the JNK India IPO share listing on Tuesday.

JNK India IPO subscription, offer size and price band

The JNK India IPO subscription was open from April 23 to April 25. The IPO price band was fixed at ₹395 to ₹415 per share.

The JNK India IPO allotment status was finalised on Friday, April 26.

The JNK India IPO was a 100% book-built issue to raise ₹649.47 crore. JNK India IPO lot size consisted of a fresh issue of 76 lakh shares with a face value of ₹2 each, amounting to ₹300 crore, and an offer-for-sale (OFS) of 84 lakh shares amounting to ₹349.47 crore.

IIFL Securities Ltd and ICICI Securities Ltd acted as the book-running lead managers for the JNK India IPO. Link Intime India Pvt Ltd served as the registrar for the issue.

JNK India IPO subscription

At the close of bidding on April 25, the JNK India IPO garnered significant attention, with a subscription rate of 28.13 times. This was primarily driven by strong demand from both Qualified Institutional Buyers (QIBs) and Non-Institutional Investors (NIIs).

The IPO received bids for over 31.17 crore shares, against the available 1.10 crore equity shares on offer. The QIB category of the JNK India IPO saw a remarkable subscription of 75.72 times. The NIIs’ category was booked 23 times while the retail portion was subscribed 4.11 times.

Before the IPO subscription, the company raised around ₹195 crore from anchor investors.

JNK India IPO objectives

JNK India intends to use the net proceeds from the issue to address specific financial needs. These include funding working capital requirements and catering to general corporate purposes.

About JNK India

Established in 2010, JNK India Limited specialises in the design, production, supply, installation and commissioning of process-fired heaters, reformers and cracking furnaces. The company has executed projects across various regions in India, including Andhra Pradesh, Assam, Bihar, Karnataka, Kerala, Maharashtra, Tamil Nadu and West Bengal. JNK India has also extended its operations globally, undertaking projects in countries such as Nigeria and Mexico.

Among its domestic clients are Indian Oil Corporation Limited, Tata Projects Limited, Rashtriya Chemicals and Fertilizers Limited, and Numaligarh Refinery Limited.

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