The JNK India Initial Public Offering (IPO) has garnered significant traction on its second day of subscription, with contributions from retail investors, non-institutional investors (NIIs), and qualified institutional buyers (QIBs). According to BSE data, the issue has been subscribed over 0.47 times, indicating a strong level of interest in the company.
The initial public offering (IPO) of JNK India Limited received a strong response from investors, getting fully subscribed on the first day of the subscription period. Non-Institutional Investors (NII) led the bid, followed by retail investors and Qualified Institutional Buyers (QIBs). The IPO received bids for 1.05 times the total number of shares offered.
The JNK India IPO has received robust subscription levels on its second day, with all categories participating actively. As of 11:33 IST, the IPO is 67% subscribed overall, with the retail component at 74%, NIIs at 49%, and QIBs at 67%. This positive response indicates a high likelihood of full subscription. Notably, half of the issue was subscribed on the first day, showcasing the strong investor interest.
On April 23rd, several significant events unfolded across different sectors, including business, law, and politics. The Supreme Court expressed its concerns over deceptive advertisements by FMCG companies and sought action from relevant ministries. Additionally, JNK India’s IPO garnered substantial interest on its first day of subscription. Furthermore, Tata Consumer Products and ICICI Prudential Life, among others, announced their Q4 financial results. Prime Minister Modi made controversial remarks about Muslim quotas, further escalating political tensions ahead of the 2024 elections.
JNK India’s initial public offering (IPO), which opened for subscription on Tuesday, April 23, received a 49% subscription on the first day. Qualified institutional buyers (QIBs) led the subscription, with their portion being fully booked at 67%. The retail portion (48%) and non-institutional investors (25%) also saw decent subscriptions.
Prior to the IPO, the company garnered 194.84 crore from anchor investors. Notable participants included Goldman Sachs, Kotak Mutual Fund, HDFC Mutual Fund, and LIC Mutual Fund.
According to the Red Herring Prospectus (RHP), JNK India is a leading manufacturer of heating equipment, including reformers, cracking furnaces, and process fired heaters, which are essential for industries such as fertilizer, petrochemicals, and oil and gas refineries. The company provides comprehensive services from engineering and development to installation and commissioning for both domestic and international markets.
The JNK India IPO consists of a fresh issue of 300 crore and an offer-for-sale (OFS) of up to 8,421,052 equity shares by promoter selling shareholders and an individual selling shareholder.
JNK India Limited’s initial public offering (IPO) opened for subscription on April 23 and will close on April 25 with a price band of ₹395 to ₹415 per equity share. The company aims to raise approximately ₹649.47 crore through this IPO, including ₹300 crore from the issuance of fresh shares and ₹349.47 crore from the offer for sale (OFS).
