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

JNK India IPO: The initial public offering (IPO) of JNK India Limited has hit the Indian primary market today. The mainboard public issue will remain open till 25th April 2024. The company has fixed the JNK India IPO price band at ₹395 to ₹415 per equity share. The company aims to raise ₹649.47 crore from its public offer out of which ₹300 crore is aimed through the issuance of fresh shares. Rest 349.47 crore is reserved for the OFS (Offer for Sale). According to stock market observers, shares of JNK India Limited are available for trade in the grey market today. They said that JNK India shares are trading at a premium of ₹15 in the grey market today.

JNK India IPO subscription status

By 1:27 PM on day one of bidding, the public issue was booked 0.17 times whereas the retail portion of the public offer was subscribed 0.31 times. The NII segment of the mainboard IPO was subscribed 0.08 times.

Important JNK India IPO details

1] JNK India IPO GMP: Shares of the company are available at a premium of ₹15 in the grey market today, say market observers.

2] JNK India IPO price: The company has fixed the price band of this public issue at ₹395 to ₹415 per equity share.

3] JNK India IPO date: The mainboard issue has opened today and will remain open till 25th April 2024.

4] JNK India IPO size: The company aims to raise ₹349.47 crore from its initial offer out of which ₹300 crore is aimed through the issuance of fresh shares.

5] JNK India IPO lot size: A bidder will be able to apply in lots and one lot of the book build issue comprises 36 company shares.

6] JNK India IPO allotment date: The most likely JNK India IPO allotment date is 26th April 2024.

7] JNK India IPO registrar: Link Intime India Private Limited has been appointed as the official registrar of JNK India IPO.

8] JNK India IPO listing: The book build issue is proposed for listing on BSE and NSE.

9] JNK India IPO listing date: The book build issue is most likely to be listed on BSE and NSE on 30th April 2024.

JNK India IPO: Apply or not?

10] JNK India IPO review: On whether the issue is good or bad for the primary market investors, Arihant Capital report said, ": JNK India has a strong position in the heating equipment market, with a focus on diverse offerings and order book stood at INR 8,450mn as of Q3FY24 shows potential revenue visibility. The company's growth potential is underscored by increasing demand from India's refinery, petrochemical, and fertilizer sectors, as well as its expansion into global markets. High entry barriers and a strategic emphasis on capitalizing on global refinery expansions further solidify its investment appeal. With a track record of impressive revenue growth and clear revenue visibility, JNK India presents a compelling opportunity for investors seeking exposure to the heating equipment sector. At the upper band of INR 415, the issue is valued at an EV/EBITDA of 33.5x based on FY23 EBITDA of INR 693 Mn and P/E of 43.6x based on FY23 EPS of INR 9.5. We are recommending “Subscribe for Long Term” for this issue."

Giving a 'subscribe' tag to the public issue, Nirmal Bang said, "JNK is well placed to capitalize on the Global as well as Indian capex unfolding in the oil and gas, petrochemicals and fertilizer industries. With the heating equipment industry having limited players due to high entry barriers, JNK has been able to command strong EBITDA margins of 17% and generate ROCE of 40% in FY23. JNK has delivered growth and return ratios which are superior to comparable companies while its valuation is at the lower end of the range. Based on the favourable industry structure with limited competition and a strong pipeline of orders, we are positive on JNK and recommend to Subscribe to the IPO."

Apart from this, Choice Broking, InCred Equities, Reliance Securities, and Swastika Investmart have also given a 'buy' tag to this book build issue.

JNK India IPO anchor investors

The book build issue has garnered Rs. 194.84 crores from anchor investors ahead of its initial public offering that opens for public subscription on Tuesday, April 23, 2024. The company informed the bourses that it allocated 46,94,989 equity shares at ₹415 per share on Monday, April 22, 2024, to anchor investors.

Foreign and Domestic Institutions who participated in the anchor were Goldman Sachs, Kotak MF, HDFC MF, Nippon MF, Mirae Asset fund, DSP, LIC MF, Bajaj Allianz Life Insurance and Aditya Birla SunLife Insurance.

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.