JNK India IPO subscribed over 28 times on final day. Check subscription, GMP and other details
The IPO comprised fresh equity of up to Rs 300 crore and an offer for sale (OFS) of up to Rs 84.2 lakh worth shares. Under the OFS, Goutam Rampelli, Dipak Kacharulal, JNK Heaters, Mascot Capital and Marketing, and Milind Doshi will offload shares.
About 50% of the offer was reserved for qualified institutional buyers, 35% for retail investors and the remaining 15% for non-institutional investors.
The net proceeds from the issue will be used to meet working capital requirements and other general corporate purposes.
Also Read: Vodafone Idea FPO allotment finalised. Here's how you can check status
JNK India IPO Review
Analysts advised investors to subscribe the issue for long term but not expect any listing gains as the IPO was priced on the aggressive side.
«JNK India has an established track record with a diverse customer base with well-positioned to capture industry tailwinds through their demonstrated capabilities over time and diversifying product portfolio to cater to varied industries along with demonstrated financial performance with a robust order book, reflecting revenue visibility for last three fiscals,» said Anand Rathi with a subscribe tag.
At the upper price band, the company is valued at P/E of 49.38x, EV/EBITDA 33.13x with a market cap of Rs 2,308 crore post issue.
JNK India IPO GMP
In the unlisted market, the company's shares are trading with a premium of Rs 80 per share.
JNK India IPO price band
The heating equipment company has fixed a price band of Rs 395-415 per share for its maiden
Read more on economictimes.indiatimes.com
