JNK India IPO booked over 28 times: Check subscription, allotment and other details here
Upstox
3 min read • Updated: April 25, 2024, 10:14 PM
Summary
JNK India shares are tentatively scheduled to be listed on the NSE and BSE on Tuesday, April 30. The JNK IPO subscription window was open from April 23 to April 25.
JNK India Ltd IPO was subscribed over 28 times, led by a strong demand from qualified institutional buyers (QIBs), on the final day of bidding on Thursday, April 25.
The initial public offer received bids for over 31.17 crore shares against more than 1.1 crore shares available for the public investors, according to the NSE data.
The QIB allocation of JNK India IPO saw a strong 75.72 times subscription. Investors placed bids for 23.28 crore shares compared to 39.75 lakh shares in the category.
Non-institutional Investors (NIIs) submitted bids for 5.5 crore shares against 24.02 lakh reserved for them. The NII category of the IPO was subscribed more than 23 times.
The retail allocation of 56.05 lakh shares was subscribed 4.11 times. Investors placed bids for 2.3 crore in the category.
With the end of the subscription period, investors in JNK India IPO now await the share allotment status. JNK India IPO share allotment status is expected to be finalised on Friday, April 25. Credit of shares into the demat account of successful bidders will be done on Monday, April 29. The company will also initiate refunds for non-allottees on the same day. JNK India shares are tentatively scheduled to be listed on the NSE and BSE on Tuesday, April 30.
JNK India IPO issue size, price band and lot size
JNK India IPO is a 100% book-built issue of ₹649.47 crore. The IPO consists of a fresh issue of 76 lakh shares aggregating to ₹300 crore and an offer-for-sale (OFS) of 84 lakh shares totalling ₹349.47 crore.
Ahead of the IPO subscription, the company raised nearly ₹195 crore from anchor investors, issuing 46.95 lakh equity shares to 19 funds at ₹415 apiece.
The company reserved 50% of the net issue for QIBs, 35% for retail investors, and 15% for NIIs.
The company has appointed IFL Securities Ltd and ICICI Securities Ltd as the book-running lead managers of the IPO. Link Intime India Pvt Ltd is the registrar for the issue.
JNK India's IPO price band was fixed in the range of ₹395-415 at a face value of ₹2 per share. The minimum lot size for investment in JNK India IPO was 36 equity shares totalling an investment of ₹14,940 at the upper price band and in multiples thereof.
The maximum investment by retail investors in the JNK India IPO was capped at ₹2 lakh.
Money raised through the fresh issue of shares in JNK India IPO will be used for funding the working capital requirements and general corporate purposes of the company.
About JNK India
Incorporated in 2010, JNK India is engaged in the business of thermal designing, engineering, manufacturing, supplying, installing and commissioning heating equipment. The company has clients in India as well as abroad. According to JNK India, it has supplied or is in the process of providing, heating equipment to 11 of the 24 operating oil refineries across India.