JNK India IPO day 2: Issue subscribed 65% so far

24 Apr 2024 , 11:25 AM

The public offering of JNK India officially kicked off on April 23 and is set to wrap up on April 25. Priced between ₹395 to ₹415 per share, the company aims to attract investors interested in its growth story. To participate in the IPO, interested investors can easily apply through the provided link.

Excitingly, on the first day, the offering saw a subscription rate of 49%, and by 11:15 AM on the second day, it reached 65%, with bids pouring in for 71,78,400 equity shares out of the total 1,10,83,278 available. Notably, the retail segment displayed strong interest with a 71% subscription rate, while non-institutional investors followed suit at 46%. Qualified institutional investors showed significant interest, with a subscription rate of 67%.

Allocation of shares for the JNK India IPO is scheduled for April 26, with listing on both BSE and SME exchanges slated for April 30. The IPO consists of a fresh issue worth up to ₹300 Crore and an Offer For Sale (OFS) component comprising up to 84,21,052 equity shares. Promoters including Goutam Rampelli, Dipak Kacharulal Bharuka, JNK Heaters Co Ltd, Mascot Capital and Marketing Pvt Ltd, along with shareholder Milind Joshi, are participating in the OFS.

An encouraging sign came on Monday when JNK India Ltd secured ₹195 Crore from anchor investors. At the higher end of the price band, the IPO is valued at ₹650 Crore.

IIFL Capital Services and ICICI Securities are managing the offer, with proceeds from the fresh issue earmarked for bolstering working capital and supporting general corporate endeavours.