JNK India IPO opens next week. Check issue size, key dates, other details to know

Next week will see the JNK India IPO, which will resume the mainboard IPO scene after a gap of more than a week. The JNK India IPO date is scheduled to open on Tuesday, April 23 and close on Thursday, April 25. The allocation to anchor investors for the JNK India IPO is scheduled to take place on Monday, April 22. The Street awaits the IPO's price band this week. 

The JNK India IPO comprises a fresh issue of ₹300 crore, and an offer-for-sale (OFS) of up to 8,421,052 equity shares of a face value of ₹2 each by the promoter selling shareholders, Goutam Rampelli (up to 1,122,807), JNK Global Co. Ltd (up to 2,432,749), Mascot Capital and Marketing Private Limited (up to 4,397,661), and individual selling shareholder Milind Joshi (up to 467,835).

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The JNK India IPO comprises a fresh issue of ₹300 crore, and an offer-for-sale (OFS) of up to 8,421,052 equity shares of a face value of ₹2 each by the promoter selling shareholders, Goutam Rampelli (up to 1,122,807), JNK Global Co. Ltd (up to 2,432,749), Mascot Capital and Marketing Private Limited (up to 4,397,661), and individual selling shareholder Milind Joshi (up to 467,835).

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The company intends to use the net proceeds to pay for general corporate objectives and requirements for working capital, among other things.

Tentatively, JNK India IPO basis of allotment of shares will be finalised on Friday, April 26, and the company will initiate refunds on Monday, April 29, while the shares will be credited to the demat account of allottees on the same day following refund. JNK India share price is likely to be listed on BSE and NSE on Tuesday, April 30.

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The JNK India IPO has set aside a minimum of 15% of its shares for non-institutional institutional investors (NII), a maximum of 50% of its shares for qualified institutional buyers (QIB), and a minimum of 35% of the offer for retail investors.

The JNK India IPO's book running lead managers are IIFL Securities Ltd and ICICI Securities Limited, while the issue's registrar is Link Intime India Private Ltd.

As per the red herring prospectus (RHP), the company's business is to manufacture the "Heating Equipment," which includes reformers, cracking furnaces, and process fired heaters. These are necessary for process industries including fertilizer, petrochemical, and oil and gas refineries. With the ability to develop, engineer, manufacture, supply, install, and commission heating equipment, the firm serves both domestic and international markets.

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The firm has finished projects throughout India, including Andhra Pradesh, Assam, Bihar, Karnataka, Kerala, Maharashtra, Tamil Nadu, and West Bengal. It has also finished projects in Nigeria and Mexico. Furthermore, it is now working on projects in Oman, Algeria, Lithuania, and Gujarat, Odisha, Haryana, and Rajasthan in India.

The company's listed peers are Thermax Ltd (with a P/E of 112.90), and Bharat Heavy Electricals Ltd (with a P/E of 186.02).

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