Heating equipment maker JNK India’s initial public offering was fully subscribed on Wednesday, the second day of subscription.
The Rs 650 crore first share sale saw bids for 1,14,14,556 shares against 1,10,83,278 shares, equivalent to 1.03 times subscription, according to NSE data.
The non-institutional investor segment subscribed 1.25 times, while the retail individual investor (RII) segment subscribed 1.13 times. The quota for qualified institutional buyers (QIBs) was 68% subscription.
JNK India’s initial public offer (IPO) was oversubscribed by 49% on the first day of bidding on Tuesday.
The IPO saw the issue of new shares up to Rs 300 crore and 84,21,052 shares offered for sale.
The promoters of the OFS share sale include Gautam Rampelly, Deepak Kacharulal Bharuka, JNK Heaters Co Ltd, Mascot Capital and Marketing Pvt Ltd and shareholder Milind Joshi.
The price range for the IPO is Rs 395-415 per share.
JNK India Ltd on Monday said it has secured an investment of Rs 195 crore from major investors.
Proceeds from the new issue will be used to meet working capital requirements and general corporate objectives.
JNK India is engaged in the business of thermal design, engineering, manufacturing, supply, installation and commissioning of heating equipment for domestic and overseas markets.
Industries like oil and gas refineries, petrochemical plants, fertilizer plants, hydrogen and methanol plants require heating equipment.
IIFL Securities and ICICI Securities are the Managers of the Offer.
The company plans to list its shares on BSE and NSE.
(Only the headlines and images in this report may have been reworked by Business Standards staff; the rest of the content was automatically generated from syndicated sources.)
