The initial public offering (IPO) of JNK India Ltd, a leading heating equipment company, is scheduled to open for subscription on April 23 and close on April 25, 2024.
The JNK India IPO, a book-build issue totaling ₹649.47 crore, comprises a mix of a fresh issue of 76 lakh shares with a face value of ₹10 each and an offer-for-sale (OFS) of 84 lakh shares.
Within this IPO, the fresh issue of shares amounts to ₹300 crore, while the OFS amounts to ₹349.5 crore.
The JNK India IPO, slated for listing on both BSE and NSE, does not include an anchor portion. The issue has been allocated: not more than 50% for qualified institutional buyers (QIBs), not less than 35% for retail investors, and not less than 15% for non-institutional investors (NIIs).
Here are five key points to understand about the JNK India IPO:
Price Band and Lot Size: JNK India has set the issue price band at ₹395 to ₹415 per share, with the minimum lot size for an application being 36 shares. Retail investors would require a minimum investment of ₹14,940 to purchase one lot of IPO shares. For small non-institutional investors, the minimum lot size is 14 lots or 504 shares, amounting to ₹209,160. For larger non-institutional investors, the minimum lot size is 67 lots or 2,412 shares, totaling ₹1,000,980.
Allotment and Refunds for Non-Allottees: JNK India is expected to finalize the basis of IPO share allotment on April 26. Refunds for unsuccessful bidders will be initiated on April 29, with shares transferred to the Demat accounts of successful applicants on the same day.
Listing: JNK India will list its IPO shares on both BSE and NSE, with a tentative listing date set for April 30, 2024.
Registrar: IIFL Securities Ltd and ICICI Securities Limited have been appointed as the book-running lead managers of the IPO. Link Intime India Private Ltd will serve as the registrar for the issue.
Objective: The company intends to utilize the IPO proceeds to meet capital requirements, with a portion of the funds allocated for general corporate purposes.
About JNK India Ltd:
Established in 2010, JNK India specializes in the design, manufacturing, installation, and commissioning of process-fired heaters, reformers, and cracking furnaces.
The company has executed numerous projects across various states in India and internationally in countries like Nigeria and Mexico. As of March 31, 2023, JNK India has served over 17 clients domestically and seven overseas, including notable entities such as Indian Oil, Tata Projects, and Rashtriya Chemicals & Fertilizers.
The company prides itself on manufacturing products tailored to consumer requirements and established standards, utilizing both in-house facilities and third-party vendors.
JNK India’s manufacturing unit in Mundra, Gujarat, located within a Multi-Product Special Economic Zone, focuses primarily on exports, boasting an installed capacity of 5,000 metric tonnes per annum across an area of approximately 20,243 square meters. As of March 31, 2023, the company employed 192 permanent staff members.
