JNK India IPO fully subscribed, retail investors booked 1.13 times on Day 2

April 24, 2024 / 05:19 PM IST

In FY23, net profit amounted to Rs 46.36 crore, reflecting an improvement from Rs 35.98 crore reported in the preceding year.

The Rs 649.47-crore initial public offering (IPO) of JNK India, a heating equipment manufacturer, was booked 1.03 times on April 24, the second day of bidding. Investors bought 1.14 crore equity shares against an issue size of 1.1 crore, subscription data available with the exchanges showed.

Unlike the first day when qualified institutional buyers (QIBs) outpaced the rest, retail investors took the lead, purchasing 1.13 times the allotted quota. Non-institutional investors bid 1.25 times the reserved portion, while QIBs bought 68 percent of the portion set aside for them.

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The offer is a mix of fresh issuance of shares worth Rs 300 crore, and an offer-for-sale (OFS) of 84.21 lakh equity shares worth Rs 349.47 crore by the existing shareholders. Goutam Rampelli, JNK Global Company, Mascot Capital and Marketing, and Milind Joshi are the selling shareholders in the OFS.

Also read: Should you subscribe to JNK India's Rs 649-crore IPO? Analysts bullish on order flow, unique product line

The Maharashtra-based process-fired heaters, reformers and cracking furnaces maker mobilised Rs 194.84 crore through the anchor book on April 22. Marquee funds such as Natixis International Funds, Kotak Mutual Fund, Goldman Sachs, HDFC Mutual Fund, Allianz Global Investors Fund, DSP Mutual Fund, and LIC Mutual Fund participated.

In FY23, the company reported an increase in revenue, reaching Rs 407.32 crore compared to Rs 296.40 crore in the previous year. The oil and gas segment emerged as the primary contributor, accounting for 77 percent of the total revenue. Net profit for the fiscal year amounted to Rs 46.36 crore, reflecting an improvement from Rs 35.98 crore reported in the preceding  year.

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