The Rs 649.47-crore initial public offering (IPO) of JNK India, a heating equipment manufacturer, was subscribed 49 percent on April 23, the first day of bidding.
Investors bought 53.86 lakh equity shares against an issue size of 1.1 crore, subscription data available with the exchanges showed.
Qualified institutional buyers (QIBs) took the lead, picking 67 percent of the shares set aside for them. Retail investors bought 48 percent of their allotted quota, while non-institutional investors bid 0.25 times the reserved portion.
The IPO is a fresh issue of Rs 300 crore and an offer-for-sale (OFS) of 84.21 lakh shares worth Rs 349.47 crore. The price band for the IPO, which closes April 25, has been fixed at Rs 395-415 a share.
The Maharashtra-based process-fired heaters, reformers and cracking furnaces maker mobilised Rs 194.84 crore through the anchor book on April 22.
Natixis International Funds, Kotak Mutual Fund, Goldman Sachs, HDFC Mutual Fund, Allianz Global Investors Fund, DSP Mutual Fund, and LIC Mutual Fund invested through the anchor book.
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The company plans to use Rs 262.69 crore out of the net fresh issue proceeds to meet its working capital requirements and the remaining for general corporate purposes.
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