JNK India IPO Fully Subscribed on First Day
The initial public offering (IPO) of JNK India Limited commenced on Tuesday and got fully subscribed on the first day of the subscription period, indicating strong interest from investors. The IPO received bids for 1.05 times the total number of shares offered.
Non-Institutional Investors (NII) led the bid, subscribing to 1.28 times their allotted portion. Retail investors also showed strong interest, subscribing to 1.17 times their portion. However, Qualified Institutional Buyers (QIBs) subscribed to only 0.67 times their allotted portion.
The IPO consists of a fresh issue of 76 lakh shares worth Rs 300 crore and an offer for sale of 84 lakh shares valued at Rs 349.47 crore. The price range for the issue is between Rs 395 to Rs 415 per share, with a minimum lot size of 36 shares.
The IPO is expected to raise Rs 649.47 crore, which will be used to support JNK India’s working capital and general corporate needs. The company plans to list the shares on both the BSE and NSE on April 30, 2024.
JNK India Limited, established in 2010, specializes in designing, manufacturing, supplying, installing, and commissioning process-fired heaters, reformers, and cracking furnaces. The company has a strong track record and a diverse customer base across various industries.
The strong response to the IPO is a testament to the company’s strong fundamentals and its growth potential in the process-fired heaters and furnaces market.
