Heating equipment maker JNK Indias IPO to open on April 23

Heating equipment maker JNK India Ltd is set to open its initial public offering (IPO) on April 23.

The initial share-sale will conclude on April 25 and the bidding for anchor investors will open for a day on April 22, according to the red herring prospectus (RHP) filed on Tuesday.

The IPO is a combination of fresh issue of 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.

Those offloading shares in the OFS are promoters -- Goutam Rampelli, Dipak Kacharulal Bharuka, JNK Heaters Co. Ltd and Mascot Capital and Marketing Pvt Ltd. -- and a shareholder Milind Joshi.

Proceeds from the fresh issue will be used for funding working capital requirements and for general corporate purposes.

JNK specialises in process-fired heaters, commanding a market share of about 27 per cent within the Indian heating equipment market for new order bookings during fiscal year 2023, according to F&S Report.

As of March 2023, it had an order book of about Rs 868 crore, way higher than the over Rs 143 crore order book in March 2021.

In terms of financials, the company's consolidated revenue from operations surged by 37.42 per cent to Rs 407.30 crore for the fiscal year 2023, from Rs 296.40 crore a year earlier and net profit increased by 29 per cent to Rs 46.36 crore in fiscal 2023 from Rs 35.98 crore in fiscal 2022.

IIFL Securities and ICICI Securities are the book-running lead managers of the public issue. The equity shares are proposed to be listed on BSE and NSE.