JNK India IPO announces price band at ₹395-415 per share; check issue details, key dates, more

JNK India IPO price band: The JNK India Limited IPO price band has been set in the range of ₹395 to ₹415 per equity share of the face value of ₹2. The JNK India IPO date of subscription is scheduled to open on Tuesday, April 23, and will close on Thursday, April 25. The allocation to anchor investors for the JNK India IPO will take place on Monday, April 22.

The floor price is 197.50 times the face value of the equity shares and the cap price is 207.50 times the face value of the equity shares. Bids may be placed for a minimum of 36 equity shares or, if less, for multiples of 36 equity shares.

Also Read: JNK India files papers with SEBI for IPO

The initial public offering has set aside a minimum of 15% of its shares for non-institutional institutional investors (NII), a maximum of 50% of its shares for qualified institutional buyers (QIB), and a minimum of 35% of the offer for retail investors.

The JNK India IPO's share allotment basis is expected to be finalized on Friday, April 26. The firm will then start processing refunds on Monday, April 29, and the shares would be deposited to the allottees' demat accounts the same day as the refund. On Tuesday, April 30, JNK India share price is going to be listed on the BSE and NSE.

JNK India is a manufacturer of the "Heating Equipment," which includes reformers, cracking furnaces, and process fired heaters. These pieces of equipment are needed in process industries including petrochemical, fertiliser, and oil and gas refineries.

Also Read: JNK India IPO opens next week. Check issue size, key dates, other details to know

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With the ability to develop, engineer, manufacture, supply, install, and commission heating equipment, the firm serves both domestic and international markets.

Indian Oil Corporation Limited, Tata Projects Limited, Rashtriya Chemicals & Fertilizers Limited, and Numaligarh Refinery Limited are a few of the company's domestic clients.

The company's listed peers are Thermax Ltd (with a P/E of 112.90), and Bharat Heavy Electricals Ltd (with a P/E of 186.02).

Between the fiscal year ending on March 31, 2023, and March 31, 2022, JNK India's revenue climbed by 38.5% and its profit after tax (PAT) increased by 28.84%.

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JNK India IPO details 

The JNK India IPO comprises a fresh issue of ₹300 crore, and an offer-for-sale (OFS) of up to 8,421,052 equity shares of a face value of ₹2 each by the promoter selling shareholders, Goutam Rampelli (up to 1,122,807), JNK Global Co. Ltd (up to 2,432,749), Mascot Capital and Marketing Private Limited (up to 4,397,661), and individual selling shareholder Milind Joshi (up to 467,835).

The company intends to use the net proceeds to pay for general corporate objectives and requirements for working capital, among other things.

The JNK India IPO's book running lead managers are IIFL Securities Ltd and ICICI Securities Limited, while the issue's registrar is Link Intime India Private Ltd.

The company's promoters include Dipak Kacharulal Bharuka, Mascot Capital and Marketing Pvt Ltd, JNK Heaters Co. Ltd, Arvind Kamath, and Gaoutam Rampelli.

Also Read: JNK India, Entero Healthcare, among 2 others receive SEBI's approval for IPO launch

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