JNK India Limited’s Initial Public Offering to open on Tuesday, April 23rd, 2024, price band set at ₹395 /- to ₹415/- per Equity Share
·
Price Band of ₹395 /-to –
₹415/-per
equity share bearing face value of ₹2/- each (“Equity Shares”)
·
Bid/Offer Opening Date – Tuesday, April 23rd,
2024 and Bid/Offer Closing Date – Thursday, April 25th, 2024.
·
Minimum Bid Lot is 36 Equity
Shares and in multiples of 36 Equity Shares thereafter.
·
The Floor Price is 197.50 times
the face value of the Equity Share and the Cap Price is 207.50 times
the face value of the Equity Share
Mumbai, April 18, 2024:JNK India Limited is in the business of manufacturing the process-fired heaters, reformers, and cracking furnaces (together, the “Heating Equipment”) that are required in process industries such as for oil and gas refineries, petrochemical and fertilizer industries.,has fixed the price band of ₹395/- to ₹415/- per Equity Share of face value ₹2/- each for its initial public offer.
The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Tuesday, April 23rd, 2024, for subscription and close on Thursday, April 25th, 2024.
Investors can bid for a minimum of 36Equity Shares and in multiples of 36 Equity Shares thereafter.
The issue consists of a fresh issue of ₹ 3,000.00 millionand offer for sale (OFS) of up to 8,421,052 Equity Shares from promoter selling shareholders and individual selling shareholder.
The Company have capabilities in thermal designing, engineering,
manufacturing, supplying, installing, and commissioning heating equipment and
caters to both domestic and overseas markets. (Source:
F&S Report). Over the years the Company has
diversified into flares and incinerator systems and have been developing
capabilities in the renewable sector with green hydrogen. The Heating Equipment
are required in process industries such as oil and gas refineries,
petrochemicals, fertilizers, hydrogen and methanol plants etc.
As
of December 31, 2023, it has served 21 customers within India 8 customers
overseas. In India, it has completed projects in, amongst others, Andhra
Pradesh, Assam, Bihar, Karnataka, Kerala,Maharashtra, Tamil Nadu, West Bengal
and globally have completed projects in Nigeria and Mexico. Further, it has
ongoing projects in Gujarat, Odisha, Haryana, Rajasthan in India and globally
in Oman, Algeria, andLithuania. Further, it has successfully completed projects
in far-reaching locationswhich included projects in India atatNumaligarh, Assam; Kochi, Kerala; Barauni,
Bihar; and overseas at Lagos,Nigeria.
Some
of thedomestic customers include Indian Oil Corporation Limited, Tata Projects
Limited, Rashtriya Chemicals & Fertilizers Limited, and Numaligarh Refinery
Limited. Further the Company has catered
to overseas customers such as a leading engineering, procurement and
construction (“EPC”) company in Europe, a leading oil & gas
exploration & production company in Oman and a middle east arm of European
EPC company in oil and gas. Since its inception, the Company have been working
closelywith JNK Global Co. Ltd (formerly known as JNK Heaters Co. Ltd), a
KOSDAQ-listed company. JNK Global Co. Ltd (formerly known as JNK Heaters Co.
Ltd) is oneof the corporate promoters of the Company, holding a 25.79% as of the date of the the Red Herring
Prospectus.
The
Company operates an in-house fabrication facility at the Mundra Special
Economic Zone in Gujarat, spreads over approximately 20,243 square meters with
an installed capacity of 5,000metric tonnesof fabrication and modularization
per annum.
As
on December 31, 2023, it had an order book of ₹8,450.27 million
The Offer is being made through the Book Building
Process, wherein not more than 50% of the Offer shall be available
for allocation to Qualified Institutional Buyers, not less than 15% of the Offer shall be available for
allocation to Non-Institutional Investors and not less than 35% of the Offer shall be available for
allocation to Retail Individual Investors.
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