The initial public offering (IPO) of Maharashtra-based JNK India Ltd is scheduled to open for subscription on April 23 and close on April 25. Anchor investors will have the opportunity to place their bids on April 22. The basis of allotment will be finalized on April 26, with refunds and credit of equity shares expected by April 29. The company is set to list on exchanges on April 30.
The IPO comprises a fresh issue of ₹300 Crore and an offer-for-sale of up to 8.42 million shares by existing shareholders and promoters. The offer-for-sale includes shares by Goutam Rampelli (up to 1.12 million), JNK Global (up to 2.43 million), Mascot Capital and Marketing (up to 4.4 million), and Milind Joshi (up to 4.68 lakh).
Proceeds from the fresh issue will be utilized for funding working capital requirements. IIFL Securities and ICICI Securities are the lead managers for the issue.
JNK India Ltd specializes in manufacturing heating equipment for process industries such as oil refineries and petrochemical plants. The company offers comprehensive services from design to installation, catering to both domestic and international markets. Its main competitors in India include Thermax Ltd. Additionally, the company has expanded its portfolio to include flares, and incinerator systems, and is venturing into the renewable sector with a focus on green hydrogen.
In FY23, the company reported a revenue of ₹407.32 Crore, up from ₹296.40 Crore in the previous year. The oil and gas segment contributed 77% of the revenue. Net profit for the fiscal year stood at ₹46.36 Crore, compared to ₹35.98 Crore the previous year. As of the nine months ended December 31, 2023, the total debt of the company stood at ₹56.73 Crore.
As of December 31, 2023, the company's order book totalled ₹845.03 Crore, with 86.29% from India and 13.71% from overseas. This robust order book, equivalent to 2.50 times its annualized revenue for the same period, reflects strong revenue visibility supported by ongoing contract negotiations for prospective projects.
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