JNK India IPO: Issue subscribed 28.13 times on the last day of bidding process led by QIBs, NIIs. Check GMP
- JNK India IPO sees strong subscription from QIBs and NIIs, with retail section fully subscribed. Bids received for 28.13 times the total shares offered. Founder Arun Kejriwal praises company's Korean relationships and global accreditations.
JNK India IPO subscription status: Qualified Institutional Buyers (QIBs) and Non Institutional Investors (NIIs) responded to the JNK India IPO with great enthusiasm on the third day of subscription. Even though the retail section was completely subscribed, the response was quite steady.
JNK India IPO received bids for 31,17,66,156 shares against 1,10,83,278 shares on offer, translating into 28.13 times subscription, as per BSE data.
Retail portion was subscribed 4.11 times, non-institutional investors portion was booked 23.26 times. Qualified Institutional Buyers (QIB) quota were subscribed 75.72 times.
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On the second day, the issue was booked 1.03 times, and the first day JNK India IPO was subscribed 49%.
JNK India IPO, which opened on Tuesday, April 23, will close today (Thursday, April 25). About 15% of the shares in the JNK India IPO have been allocated for NII, up to 50% for QIB, and 35% for retail investors.
Arun Kejriwal, the founder of Kejriwal Research and Investment Services, described the company as an interesting business. Their Korean relationship is significant as they have obtained accreditations from all around the world thanks to their skills. They used to get orders from their Korean counterparts, but now that they have accreditations, they are able to order on their own as well.
JNK India is a manufacturer of "heating equipment," which includes process fueled heaters, cracking furnaces, and reformers, as per the red herring prospectus (RHP). Petrochemicals, fertiliser, and oil and gas refineries are among the process sectors that depend on them. For domestic and international markets, the firm offers services for the creation, engineering, production, supply, installation, and commissioning of heating equipment.
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 Bharat Heavy Electricals Ltd (P/E of 186.02) and Thermax Ltd (P/E of 112.90).
JNK India IPO details
A fresh issue of ₹300 crore is part of the JNK India IPO, along with an offer-for-sale (OFS) by 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), totalling up to 8,421,052 equity shares with a face value of ₹2.
The net proceeds will be used by the business, among other things, to cover working capital needs and other general corporate goals.
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.
The company obtained ₹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 a few of the global and domestic companies.
JNK India IPO GMP today
JNK India IPO GMP or grey market premium is +35. This indicates JNK India share price were trading at a premium of ₹35 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 ₹450 per share, which is 8.43% 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 ten sessions. Analysts at investorgain.com estimate that the lowest GMP is ₹0 and the maximum GMP is ₹35.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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