Heating equipment company JNK India announces IPO launch on April 22. Check details
JNK India announced that its IPO will open for public subscription on April 23 and close on April 25. The anchor investors' allocation will be done on April 22.
The issue comprises fresh equity of up to Rs 300 crore and an offer for sale (OFS) of up to Rs 84.2 lakh worth of shares. Under the OFS, Goutam Rampelli, Dipak Kacharulal, JNK Heaters, Mascot Capital and Marketing, and Milind Doshi will offload shares.
The price band for the public offer will be announced soon.
About 50% of the offer is reserved for qualified institutional buyers, 35% for retail investors, and the rest 15% for non-institutional investors.
The net proceeds from the issue will be used towards working capital requirements and other general corporate purposes.
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JNK India has capabilities in thermal designing, engineering, manufacturing, supplying, installing, and commissioning process-fired heaters, reformers, and cracking furnaces.
The company is one of the well-recognised heater companies in India, having a market share of approximately 27% in the segment, in terms of new order booking in FY23.
Its heating equipment is required in process industries such as oil and gas refineries, petrochemicals, fertilizers, hydrogen and methanol plants.
The Indian heating equipment market is closely competed among seven companies with JNK India and Thermax being the most prominent and comparable players. Over the years, the company has diversified into
