JNK India's initial public offering (IPO) worth Rs 649.47 crore saw a subscription of 1.37 times on April 25, the third and final day of bidding. Investors bid for 1.51 crore equity shares against the total issue size of 1.1 crore shares, according to data available from the exchanges.
Non-institutional investors were leading the race, buying 2.12 times the allotted quota followed by retail investors who purchased 1.42 times the reserved portion. QIBs or qualified institutional buyers were yet fully subscribed, buying 68 percent of their quota.
The JNK India offer comprises fresh issuance of shares amounting to Rs 300 crore as well as an offer-for-sale (OFS) of 84.21 lakh equity shares worth Rs 349.47 crore by existing shareholders. The selling shareholders in the OFS include Goutam Rampelli, JNK Global Company, Mascot Capital and Marketing, and Milind Joshi.
On April 22, the Maharashtra-based process-fired heaters, reformers, and cracking furnaces maker raised Rs 194.84 crore through the anchor book. Notable funds like Natixis International Funds, Kotak Mutual Fund, Goldman Sachs, HDFC Mutual Fund, Allianz Global Investors Fund, DSP Mutual Fund, and LIC Mutual Fund were among the participants.
The price band of the issue has been fixed at Rs 395-415 and shares will likely list on BSE and NSE with a tentative listing date fixed as April 30, 2024.
0 Comment