IPO
Heating equipment maker JNK India’s IPO subscribed over 28 times
The initial public offering (IPO) of Thane-headquartered JNK India was booked 28.05 times.Of the 1,10,83,278 lakh shares available for subscription, the issue received consolidated share bids of over 31.10 crore. The category reserved for retail investors was booked 4.01 times. The portion for qualified institutional buyers (QIBs) was subscribed 75.72 times while non-institutional investors' quota was booked 23.19 times.The IPO comprised fresh equity of INR 300 crore and an offer for sale (OFS) of INR 84.2 lakh shares. Under the OFS, Goutam Rampelli, Dipak Kacharulal, JNK Heaters, Mascot Capital and Marketing, and Milind Doshi were to offload shares. The net proceeds from the issue will be used to meet working capital requirements.IIFL Securities and ICICI Securities are the book running lead managers to the issue.JNK India is a manufacturer of heating equipment, including reformers, cracking furnaces, and process fired heaters. These are used in process industries including fertiliser, petrochemicals, and oil and gas refineries.
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