Maharashtra-based JNK India Ltd has announced a price band of ₹395-415 per share for its upcoming public issue, scheduled to open for subscription on April 23. The IPO is set to close on April 25, while anchor investors will have the opportunity to place their bids on April 22.
As per the company's planned schedule, the basis of allotment will be finalized on April 26, with refunds and credit of equity shares expected on April 29. The stock is slated to list on exchanges on April 30.
The IPO comprises fresh shares worth ₹300 Crore and an offer-for-sale of up to 8.42 million shares by existing shareholders and promoters. At the upper price band, the issue size is expected to be ₹650 Crore, with a post-issue market capitalization estimated at ₹2,300 Crore.
The offer-for-sale includes shares from Goutam Rampelli, JNK Global, Mascot Capital and Marketing, and Milind Joshi.
Proceeds from the fresh issue will be utilized to fund 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. It offers end-to-end solutions, from design to installation, catering to both domestic and international markets. Its primary competitor in India is Thermax Ltd. The company has also diversified into flares, and incinerator systems, and is exploring opportunities in the renewable sector, particularly green hydrogen.
In FY23, the company reported revenue of ₹407.32 Crore, up from ₹296.40 Crore the previous year. The oil and gas segment accounted for 77% of the revenue. Net profit for the fiscal year stood at ₹46.36 Crore, compared to ₹35.98 Crore in the previous year. As of the nine months ended 2023, the company's total debt was ₹56.73 Crore.
As of December 31, 2023, the company's order book amounted to ₹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, demonstrates strong revenue visibility, supported by ongoing contract negotiations for prospective projects.
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