Heating equipment manufacturer JNK India Ltd announced on Monday that it has raised Rs 195 crore from anchor investors just before the start of its initial public offering for public subscription.
The company has allocated 46.95 lakh equity shares to 19 funds at Rs 415 each, which is also the upper end of the price range, as per a circular on the BSE website.
Anchor investors include Goldman Sachs, Kotak Mahindra Mutual Fund, HDFC MF, LIC MF, DSP MF, Bajaj Allianz Life Insurance Company, and Aditya Birla Sun Life Insurance Company.
The IPO consists of a fresh issue of equity shares worth up to Rs 300 crore and an offer for sale of up to 84.21 lakh equity shares by promoters and an existing shareholder.
Promoters Goutam Rampelli, Dipak Kacharulal Bharuka, JNK Heaters Co Ltd, and Mascot Capital and Marketing Pvt Ltd, along with shareholder Milind Joshi, are selling shares in the OFS.
The IPO, priced between Rs 395-415 per share, will be open for public subscription from April 23 to April 25. At the upper end of the price range, the IPO is valued at Rs 650 crore.
The proceeds from the fresh issue will be utilized for working capital requirements and general corporate purposes.
JNK India specializes in thermal designing, engineering, manufacturing, supplying, installing, and commissioning heating equipment for domestic and international markets.
These heating equipment are essential for industries like oil and gas refineries, petrochemicals, fertilizers, hydrogen, and methanol plants. As of December 31, 2023, the company had an order book of Rs 845 crore.
The company’s consolidated revenue from operations rose by 37.42% to Rs 407.30 crore in FY23, compared to Rs 296.40 crore the previous year. The net profit also increased by 29% to Rs 46.36 crore in 2022-23 from Rs 35.98 crore.
IIFL Securities and ICICI Securities are the book-running lead managers for the public issue. The equity shares are set to be listed on both the BSE and the NSE.
