Unlisted shares of JNK India Ltd are trading Rs 25 higher in the grey market, expecting a 6.02 per cent listing gain from the public issue
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JNK India IPO: The initial public offering of JNK India Ltd, which is going to be closed on April 25, has received a muted response from investors. Till 10:27 am on the final day of bidding on Thursday, the Rs 649.47-crore IPO received just 1.35 times subscription, garnering bids for 1,47,62,052 shares against 1,09,54,889 shares on offer.
The JNK India IPO was opened for public subscription on April 23. The price of the JNK India IPO has been fixed at Rs 415 per share for its initial public offering.
The category for non-institutional investors got subscribed 2.11 times while the portion for Retail Individual Investors (RIIs) attracted 1.41 times subscriptions. The QIB category received a 0.67 times subscription.
The JNK India IPO was opened on April 23 and will be closed on April 25. Its share allotment will take place on April 26, while the shares will be listed on both BSE and SME on April 30.
JNK India IPO GMP Today
According to market observers, unlisted shares of JNK India Ltd are trading Rs 25 higher in the grey market as compared with its issue price. The Rs 25 grey market premium or GMP means the grey market is expecting a 6.02 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.
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‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
JNK India IPO Details
The Initial Public Offer (IPO) has a fresh issue of up to Rs 300 crore and an Offer For Sale (OFS) component of up to 84,21,052 equity shares.
Those offloading shares in the OFS are promoters Goutam Rampelli, Dipak Kacharulal Bharuka, JNK Heaters Co Ltd, and Mascot Capital and Marketing Pvt Ltd, and a shareholder Milind Joshi. The price range for the offer is fixed at Rs 395-415 a share.
On Monday, JNK India Ltd said it has garnered Rs 195 crore from anchor investors. At the upper end of the price band, the IPO price has been pegged at Rs 650 crore.
IIFL Securities and ICICI Securities are managers to the offer. Proceeds from the fresh issue will be used for funding working capital requirements and general corporate purposes.
JNK India is engaged in the business of thermal designing, engineering, manufacturing, supplying, installing, and commissioning heating equipment and caters to both domestic and overseas markets.
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The heating equipment is required in industries such as oil and gas refineries, petrochemicals, fertilisers, and hydrogen and methanol plants, among others.
The equity shares are proposed to be listed on the BSE and the NSE.
