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Business News/ Markets / Ipo/  JNK India IPO: Issue subscribed 49% on day 1 led by QIBs. Check latest GMP, subscription status, other details
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JNK India IPO: Issue subscribed 49% on day 1 led by QIBs. Check latest GMP, subscription status, other details

JNK India's IPO subscription status shows bids for 49% of the shares offered. JNK India IPO has a price band of ₹395 to ₹415 per share. The IPO consists of an offer-for-sale and a fresh issue of ₹300 crore to cover working capital requirements.

JNK India IPO has opened for subscription today (Tuesday, April 23) and will close on Thursday, April 25. (https://jnkindia.com/)Premium
JNK India IPO has opened for subscription today (Tuesday, April 23) and will close on Thursday, April 25. (https://jnkindia.com/)

The JNK India IPO opened for subscription today (Tuesday, April 23), following a two-week break in the mainboard IPO space. Alongside a number of SME IPOs that have already opened and some of which have been launched today, retail investors seem to have showed a decent level of interest in the JNK India IPO. However, qualified institutional buyers (QIBs) stole the show. JNK India IPO subscription status is 49%, as per BSE data.

The retail component has been subscribed 48%, the category for non-institutional investors (NIIs) has been subscribed 25%, as per data available on BSE. The quota for QIBs has been booked 67%.

Also Read: JNK India IPO opens today: GMP, subscription status, review, price, other details. Apply or not?

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The price band for the JNK India IPO has been set in the range of 395 to 415 for each equity share with a face value of 2. The issue will close on Thursday, April 25. About 15% of the shares in the JNK India IPO are reserved for non-institutional institutional investors (NII), up to 50% has been allocated for qualified institutional buyers (QIB), and 35% of the offer is reserved for retail investors.

The company raised 194.84 crore from anchor investors on Monday, April 22. Goldman Sachs, Kotak Mutual Fund, HDFC Mutual Fund, Nippon Mutual Fund, Mirae Asset Fund, DSP, LIC Mutual Fund, Bajaj Allianz Life Insurance, and Aditya Birla SunLife Insurance were among the global and domestic institutions that took part in the anchor.

Also Read: JNK India IPO: Heating equipment maker raises 195 crore from anchor investors ahead of IPO

JNK India IPO details.
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JNK India IPO details.

JNK India is in the business of manufacturing "heating equipment," which comprises reformers, cracking furnaces, and process fired heaters, according to the red herring prospectus (RHP). Process industries such as oil and gas refineries, petrochemicals, and fertiliser require them. The company provides heating equipment development, engineering, manufacturing, supply, installation, and commissioning services for both local and foreign markets.

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

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

Also Read: Upcoming IPOs: JNK India, Varyaa Creations and two other SME public issues scheduled for this week

JNK India IPO subscription status

JNK India IPO has received bids for 53,91,864 shares against 1,10,83,278 shares on offer, according to data from the BSE.

The retail investors' segment received bids for 27,12,132 shares against 56,05,596 shares on offer for this segment.

The NIIs portion got bids for 6,05,448 shares against 24,02,399 on offer for this segment.

The QIBs segment got bids for 20,74,284 shares against 30,75,283 on offer for this segment.

JNK India IPO details

In addition to an offer-for-sale (OFS) of up to 8,421,052 equity shares with a face value of 2 made 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 JNK India IPO consists of a fresh issue of 300 crore.

The net proceeds will be used by the firm, among other things, to cover working capital requirements and other general corporate purposes.

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

Also Read: JNK India IPO: From price band to GMP - here are 10 things to know before subscribing to issue

JNK India IPO GMP today

JNK India IPO GMP or grey market premium is +25. This indicates JNK India share price were trading at a premium of 25 in the grey market, according to investorgain.com.

After taking into consideration the upper end of the IPO pricing range and the existing premium on the grey market, it is expected that JNK India shares will list at a price of 440 per share, which is 6.02% more than the IPO price of 415.

Today's IPO GMP indicates higher and anticipates a solid listing based on the activity of the grey market over the past eight sessions. Analysts at investorgain.com estimate that the lowest GMP is 0 and the maximum GMP is 25.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

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

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 23 Apr 2024, 01:08 PM IST
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