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The retail component has been subscribed 29%, the category for non-institutional investors (NIIs) has been so far subscribed 7%, as per data available on BSE. The quota for qualified institutional buyers (QIBs) is yet to be booked.
Also Read: JNK India IPO opens today: GMP, subscription status, review, price, other details. Apply or not?
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The price band for the JNK India IPO has been set in the range ofRs 395 to ₹415 for each equity share with a face value of ₹2. The issue will close on Thursday, April 25. About 15% of the shares in the JNK India IPO are reserved for non-institutional institutional investors (NII), up to 50% has been allocated for qualified institutional buyers (QIB), and 35% of the offer is reserved for retail investors.
The company raised ₹194.84 crore from anchor investors on Monday, April 22. Goldman Sachs, Kotak Mutual Fund, HDFC Mutual Fund, Nippon Mutual Fund, Mirae Asset Fund, DSP, LIC Mutual Fund, Bajaj Allianz Life Insurance, and Aditya Birla SunLife Insurance were among the global and domestic institutions that took part in the anchor.
Also Read: JNK India IPO: Heating equipment maker raises ₹195 crore from anchor investors ahead of IPO
JNK India is in the business of manufacturing “heating equipment,” which comprises reformers, cracking furnaces, and process fired heaters, according to the red herring prospectus (RHP). Process industries such as oil and gas refineries, petrochemicals, and fertiliser require them. The company provides heating equipment development, engineering, manufacturing, supply, installation, and commissioning services for both local and foreign markets.
Some of the company’s domestic clients include Rashtriya Chemicals & Fertilizers Limited, Indian Oil Corporation Limited, Tata Projects Limited, and Numaligarh Refinery Limited.
Bharat Heavy Electricals Ltd (P/E of 186.02) and Thermax Ltd (P/E of 112.90) are the company’s listed peers.
Also Read: Upcoming IPOs: JNK India, Varyaa Creations and two other SME public issues scheduled for this week
JNK India IPO subscription status
JNK India IPO has received bids for 17,92,152 shares against 1,10,83,278 shares on offer, at 13:00 IST, according to data from the BSE.
The retail investors’ segment received bids for 16,13,016 shares against 56,05,596 shares on offer for this segment.
The NIIs portion got bids for 1,78,632 shares against 24,02,399 on offer for this segment.
The QIBs segment got bids for 504 shares against 30,75,283 on offer for this segment.
JNK India IPO details
In addition to an offer-for-sale (OFS) of up to 8,421,052 equity shares with a face value of ₹2 made by the promoter selling shareholders Goutam Rampelli (up to 1,122,807), JNK Global Co. Ltd. (up to 2,432,749), Mascot Capital and Marketing Private Limited (up to 4,397,661), and individual selling shareholder Milind Joshi (up to 467,835), the JNK India IPO consists of a fresh issue of ₹300 crore.
The net proceeds will be used by the firm, among other things, to cover working capital requirements and other general corporate purposes.
The issue registrar for the JNK India IPO is Link Intime India Private Ltd, while the book running lead managers are IIFL Securities Ltd and ICICI Securities Limited.
Also Read: JNK India IPO: From price band to GMP – here are 10 things to know before subscribing to issue
JNK India IPO GMP today
JNK India IPO GMP or grey market premium is +25. This indicates JNK India share price were trading at a premium of ₹25 in the grey market, according to investorgain.com.
After taking into consideration the upper end of the IPO pricing range and the existing premium on the grey market, it is expected that JNK India shares will list at a price of ₹440 per share, which is 6.02% more than the IPO price of ₹415.
Today’s IPO GMP indicates higher and anticipates a solid listing based on the activity of the grey market over the past eight sessions. Analysts at investorgain.com estimate that the lowest GMP is ₹0 and the maximum GMP is ₹25.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Also Read: JNK India IPO announces price band at ₹395-415 per share; check issue details, key dates, more
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 23 Apr 2024, 01:08 PM IST
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