JNK India files papers with SEBI for IPO

livemint.com:

₹300 crore and an offer-for-sale (OFS) of up to 8.42 million equity shares by the promoters and other selling shareholders, which has a face value of ₹2 per equity share. The amount of equity shares up for sale includes up to 1. million shares by Goutam Rampelli, 8.67 lakh shares by Dipak Kacharulal Bharuka, 2.18 million shares by JNK Heaters Co.

Ltd., 3.94 million shares by Mascot Capital and Marketing Private Limited, and up to 4.19 lakh shares by Milind Joshi. According to the DRHP, the ₹275.72 crore in fresh issue proceeds will be utilised for general corporate objectives and working capital requirements. The company may think about issuing additional equity shares in an amount up to ₹60 crore, in consultation with the lead bankers on the issue ("Pre-IPO Placement").

If such placement is completed, the fresh issue size will be reduced. The offer is being made through the book-building process, in which not less than 15% of the offer must be made available to non-institutional investors and not less than 35% of the offer must be made available to retail individual investors. Not more than 50% of the offer may be allocated to qualified institutional buyers.

The registrar of the offer is Link Intime India Private Limited, and the book running lead managers are IIFL Securities Limited and ICICI Securities Limited. The equity shares are proposed to be listed on BSE and NSE. As per the F&S Report in the DRHP, JNK is one of the leading firms in India that specialises in process fired heaters.