The JNK India IPO, which opened for trading on Tuesday, April 23rd, will close on Thursday, April 25th. The issue has attracted a significant amount of interest, with half of the IPO being subscribed to on the first day itself. By the end of the second day, the retail component of the IPO had received 32,37,984 shares, while the category for non-institutional investors (NIIs) had received 19,34,352 applications, as per data available on BSE. A portion of the IPO, approximately 15% of the shares, has been allocated for NII, up to 50% for QIB, and 35% reserved for retail investors. Arun Kejriwal, the founder of Kejriwal Research and Investment Services, has noted that the level of interest in the IPO is respectable, and he anticipates that the issue will be fully subscribed to by today. One notable aspect of the IPO is that it has received subscription across all three categories, indicating a decent level of interest overall. The JNK India IPO comprises a fresh issue of 300 crore alongside an offer-for-sale (OFS) of up to 8,421,052 equity shares, each with a face value of 2. This OFS involves shares being offered by promoter selling shareholders, including Goutam Rampelli (up to 1,122,807 shares), JNK Global Co Ltd (up to 2,432,749 shares), Mascot Capital and Marketing Private Limited (up to 4,397,661 shares), and individual selling shareholder Milind Joshi (up to 467,835 shares). As per the red herring prospectus (RHP), the promoters hold 45,760,000 equity shares, representing 94.56% of the issued, subscribed and paid-up Equity Share capital of the company. In the fiscal year 2022-23, JNK India recorded a revenue of 407 crore, a significant increase from 296.40 crore in the previous fiscal year. The company’s net profit for the fiscal year stood at 46 crore, up from 36 crore the previous year. As of the nine months ending in 2023, the company’s total debt amounted to 56.73 crore. As of December of the previous year, the company’s order book amounted to 845.03 crore, with 86% of orders originating from India and 13.71% from overseas. The allotment for the JNK India IPO is anticipated to be completed by Friday, April 26, 2024. The IPO will be listed on both the BSE and NSE, with a tentative listing date set for Tuesday, April 30, 2024.
JNK India IPO Shows Promising Interest, Receives Strong Subscription from All Categories
