JNK India IPO: Issue subscribed 28.13 times, QIBs regain lead on final day

For a while now oil prices have mostly stayed below $90 a barrel thanks to subdued economic data from China

JNK India's initial public offering (IPO) worth Rs 649.47 crore saw a subscription of 28.13 times on April 25, the third and final day of bidding.  Investors bid for 31.17 crore equity shares against the total issue size of 1.1 crore shares, according to data available from the exchanges.

QIBs or qualified institutional buyers regained the lead, buying 75.72 times their quota. Non-institutional investors were next in line, buying 23.26 times the allotted quota followed by retail investors who purchased 4.11 times the reserved portion.

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.