JNK India listing: Shares list at premium of 49.6% to IPO price on NSE
Upstox
2 min read • Updated: April 30, 2024, 10:32 AM
Summary
JNK India IPO listing: The ₹649 crore initial share sale, which had fixed a price band of ₹395 to ₹415 per share, received a good response from investors. It received bids for 31,10,55,408 equity shares against 1,10,83,278 shares on offer.
JNK India IPO listing: Shares of JNK India made a strong debut on the stock exchanges on Tuesday, April 30. The stock opened at a premium of 49.6% at ₹621 against the issue price of ₹415 per equity share on the National Stock Exchange (NSE). On the BSE, JNK India shares listed at ₹620, up 49.4%.
At 10:30 am, the stock was trading at ₹688.4, reflecting a gain of 10.8%, on the NSE. Intraday, it hit a high of ₹709.8.
The ₹649 crore initial share sale, which had fixed a price band of ₹395 to ₹415 per share, received a good response from investors. It received bids for 31,10,55,408 equity shares against 1,10,83,278 shares on offer.
The portion reserved for qualified institutional buyers (QIBs) was subscribed 75.72 times, while non-institutional investors (NIIs) booked 23.19 times the quota reserved for them. The retail individual investors (RIIs) quota was subscribed 4.01 times.
JNK India IPO, which was open for subscription from April 23 to April 25, is a fresh issue of up to ₹300 crore and an offer for sale (OFS) component of up to 84,21,052 equity shares.
The company has already raised ₹195 crore from anchor investors, including Aditya Birla SunLife Insurance, Nippon Mutual Fund, Kotak Mutual Fund, Bajaj Allianz Life Insurance, Goldman Sachs, HDFC Mutual Fund, DSP, LIC Mutual Fund and Mirae Asset Fund.
Funds generated from the IPO will be utilised to fund working capital requirements and general corporate purposes.
About JNK India
JNK India specialises in designing, engineering, manufacturing, supplying, installing, and commissioning heating equipment for both domestic and overseas markets. Their heating equipment is required in industries such as oil and gas refineries, petrochemicals, fertilisers, hydrogen and methanol plants.
Its domestic clients include Indian Oil Corporation, Rashtriya Chemicals and Fertilisers, Tata Projects, and Numaligarh Refinery.
JNK India’s consolidated revenue from operations grew 37.4% to ₹407.30 crore for financial year (FY) 2022-23 compared to ₹296.40 crore in FY22. Net profit had surged 29% to ₹46.36 crore in FY23 against ₹35.98 crore in FY22. As on December 31, 2023, the company’s order book stood at ₹845 crore.