JNK India IPO last day- Subscription, GMP, allotment, read all other details here

JNK India IPO, an issue of Rs 650 crore, will close on April 25. As of April 24, the company’s issue has been subscribed 1.05 times its offering. JNK India opened its IPO for bidding on April 23, with a price band of Rs 395 to Rs 415 per equity share. 

It offers 7.6 million fresh shares of the company, while it has an offer for sale of 8.4 million shares. A retail bidder needs to bid for a minimum of 36 shares amounting to Rs 14,940. While there are different lot sizes for HNIs and NIIs. 

Expectations are that the allotment of shares will be finalised on April 26, with listing to take place on April 30. Also, in the grey market, JNK India’s shares were fetching a premium of 6% to its issue price of Rs 415. 

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JNK India is in the business of design, manufacture, supply, installation, and commissioning of process-fired heaters, reformers and cracking furnaces. Not just in India but the company has delivered its projects in Nigeria and Mexico. The company’s client book has names such as Indian Oil Corporation, Tata Projects, and Rashtriya Chemicals & Fertilisers among others. 

JNK India has emerged as a key player in the Heating Equipment segment and is now well-positioned to capture industry tailwinds through its demonstrated capabilities. This along with diversification into waste gas handling and entry into green hydrogen is providing the company with a strong competitive edge. 

“The stock is reasonably priced at 37.5x 9MFY24 P/E (on an annualized & diluted basis) in comparison to its peers in the capital goods space. We like JNK given its established track record, large clientele and diversified geographical and product presence. Hence, we recommend subscribing for the long term,” said Motilal Oswal in an IPO note. 

On the first day of bidding, April 23, JNK India’s IPO was subscribed 0.5 times to its offering. 

IIFL Securities and ICICI Securities were the book-running lead managers for the IPO of JNK India. Link Intime India worked as the registrar for the issue.

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