JNK India IPO booked 77% on day 2: Check subscription status, price band, allotment and listing
Upstox
3 min read • Updated: April 24, 2024, 2:30 PM
Summary
JNK India IPO: The issue is open for subscription from April 23 to April 25. The listing date for the ₹650-crore IPO of the heating equipment maker has been tentatively scheduled as April 30.
JNK India IPO: The ₹650-crore initial public offering (IPO) of heating equipment manufacturer JNK India Ltd continues to see a lukewarm response from investors on the second day of subscription. JNK India IPO was booked only 77% on the second day of subscription on Wednesday April 24.
The public issue received bids for over 78.53 lakh shares compared to 1.1 crore shares on offer for the public investors, the NSE data until 12:30 pm showed.
The retail portion was booked 89% with biddings for over 49 lakh shares compared to 56.05 lakh shares on offer for the category. The non-institutional investors (NIIs) submitted bids for over 14 lakh shares in their category compared to 24.02 lakh shares set aside for them. The NIIs booked only 61% of their reserved portion.
The qualified institutional buyers (QIBs) applied for more than 20.74 lakh shares against 30.75 lakh shares reserved for the category, reflecting only 67% booking.
To read more and apply for JNK India IPO, click here
Ahead of the launch of the IPO, JNK India raised nearly ₹195 crore from anchor investors.
JNK India IPO key dates
The JNK India IPO subscription will close on April 25. Following this, the basis of allotment is slated to be determined on April 26. The company is expected to initiate refunds and transfer shares to the demat accounts on April 29. The IPO is set to be listed on both BSE and NSE on April 30.
JNK India IPO price band and other details
A book-built issue worth ₹649.47 crore, the JNK India IPO consists of a fresh issue of 76 lakh shares, amounting to ₹300 crore, along with an offer for sale of 84 lakh shares, amounting to ₹349.47 crore.
The IPO price band was fixed in the range of ₹395 to ₹415 per share, with a minimum lot size of 36 shares. The minimum investment for retail investors is ₹14,940.
While IIFL Securities Ltd and ICICI Securities Limited are serving as the book running lead managers for the JNK India IPO, Link Intime India Private Ltd has been appointed as the registrar for the issue.
JNK India IPO objective
JNK India Ltd intends to allocate the net proceeds from the issue to address working capital requirements. The company will also use part of the proceeds for general corporate purposes. In addition, JNK India Ltd expects significant benefits from listing its equity shares on the stock exchanges, which, according to the company, will enhance its visibility and brand recognition among existing and potential customers.
About JNK India Ltd
JNK India Ltd operates in the heating equipment industry, serving both domestic and international markets. It specialises in design, installation, manufacturing, supply, engineering and commissioning of heating equipment. The company caters to sectors such as oil and gas refineries, fertilisers, petrochemicals, hydrogen and methanol plants.
As of March 31, 2023, the company has catered to a diverse clientele, with over 17 clients in India and seven clients overseas. Some of its domestic clients include Indian Oil Corporation Limited, Tata Projects Limited, Rashtriya Chemicals and Fertilisers Limited and Numaligarh Refinery Limited.