Story continues below advertisement
The Rs 649.47-crore initial public offering (IPO) of JNK India, a heater manufacturer, was booked 1.02 times on April 24, the second day of the bidding. Investors bought shares worth ₹1.13 crore in an issue size of ₹1.1 crore, subscription data available with exchanges showed.
Unlike the first day when qualified institutional buyers (QIBs) outperformed the rest, retail investors took the lead and bought 1.12 times the allocated quota. Non-institutional investors bid 1.23 times the reserved portion, while QIBs bought 68 percent of the reserved portion for them.
Story continues below advertisement
Follow our market blog for all live updates
The offer is a mix of fresh issue of shares worth Rs 300 crore and an offer for sale (OFS) of 84.21 lakh shares worth Rs 349.47 crore by the existing shareholders. Goutam Rampelli, JNK Global Company, Mascot Capital and Marketing and Milind Joshi are the selling shareholders of OFS.
Also Read: Should you subscribe to JNK India's Rs 649 Crore IPO? Analysts are optimistic about the order flow and unique product line
Story continues below advertisement
The Maharashtra-based maker of process-fired heaters, reformers and cracking furnaces mobilized Rs 194.84 crore through anchor book on April 22. Marquee funds such as Natixis International Funds, Kotak Mutual Fund, Goldman Sachs, HDFC Mutual Fund, Allianz Global Investors Fund, DSP Mutual Fund and LIC Mutual Fund participated.
In FY23, the company reported an increase in revenue to Rs 407.32 crore as compared to Rs 296.40 crore in the previous year. The oil and gas sector emerged as the main contributor, accounting for 77 percent of the total revenue. Net profit for the financial year stood at Rs 46.36 crore, an improvement from Rs 35.98 crore in the previous year.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com recommends users to check with certified experts before making any investment decisions.
Story continues below advertisement
Discover latest business news, Sensex and Nifty updates. Get personal finance insights, tax questions and expert opinions on Moneycontrol or download the Moneycontrol app to stay up to date!
Comments are closed.