The stock markets may not have done very well last week, but there will be no let up in the action in the initial public offering (IPO) sphere with a number of new issues set to make their debut. Notably, the combined mcap of the top six firms was eroded by ₹1.40 lakh crore and the BSE benchmark dropped 1,156.57 points or 1.55 per cent last week. Be that as it may, the coming week will be marked by the arrival of the heating equipment maker JNK India’s ₹650-cr IPO, which is set to open on April 23.
Check out the details below in brief.
* JNK India is coming into the market with a ₹650-crore initial public offering (IPO)
* JNK India IPO price band is in the range of ₹395-415 per share.
* JNK India IPO date for public subscription is between April 23-25
* JNK India IPO anchor investors’ bidding date has been set for April 22.
* JNK India IPO consists of a fresh issue component of equity shares worth up to ₹300 crore
* JNK India Offer-for-Sale (OFS) component is of up to 84.21 lakh equity shares via promoters (Dipak Kacharulal Bharuka, Goutam Rampelli, JNK Heaters and Mascot Capital and Marketing) and an existing shareholder (Milind Joshi).
* JNK India IPO price band, at the upper end, has been pegged at ₹650 crore.
* JNK India IPO fresh issue proceeds will go towards general corporate purposes and working capital needs.
* JNK India has reserved as much as half of the issue for qualified institutional buyers, and 35 per cent for non-institutional investors. Retail investors’ quota has been limited to 15 per cent.
* JNK India IPO investors can bid for a minimum lot of 36 equity shares and in multiples thereof.
* JNK India equity shares are set for listing on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
* JNK India IPO book-running lead managers are IIFL Securities and ICICI Securities.
About JNK India
The company is involved in thermal designing, engineering, manufacturing, supplying, installing, and commissioning heating equipment. It serves the oil and gas refineries, fertilizers, hydrogen and methanol plants, and petrochemicals.
Its consolidated revenue from operations has jumped as much as 37.42% to ₹407.30 crore for FY23, from ₹296.40 crore a year ago and net profit increased by 29 per cent to ₹46.36 crore as compared to ₹35.98 crore.
JNK India order book is worth ₹845 crore (as on December 31, 2023).