JNK India Ltd has announced a price band of Rs 395-415 per share for its upcoming initial public offering (IPO) valued at Rs 650 crore.
The IPO will be open for public subscription from April 23 to April 25, while bidding for anchor investors will commence on April 22, according to a statement by the company.
The IPO comprises a combination of fresh equity shares worth up to Rs 300 crore and an Offer-for-Sale (OFS) of up to 84.21 lakh equity shares by promoters and an existing shareholder.
Proceeds from the fresh issue will primarily support working capital requirements and general corporate purposes.
Half of the IPO size is reserved for qualified institutional buyers, 35% for non-institutional investors, and the remaining 15% for retail investors. Bidding starts at a minimum of 36 equity shares, with subsequent bids in multiples of 36 shares.
JNK India specializes in thermal designing, engineering, manufacturing, supplying, installing, and commissioning heating equipment for domestic and overseas markets. Its clientele includes industries such as oil and gas refineries, petrochemicals, fertilizers, hydrogen, and methanol plants. As of December 31, 2023, the company boasted an order book of Rs 845 crore.
IIFL Securities and ICICI Securities have been appointed as the book-running lead managers for the public issue. The equity shares are slated for listing on both BSE and NSE exchanges.
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