JNK India IPO Day 3: Company's initial public offering gets 28 times subscription on closing day

JNK India IPO: The initial public offer of heating equipment maker JNK India received 28.07 times subscription on the closing day of bidding on Thursday.The Rs 650 crore initial share sale received bids for 31,10,55,408 shares against 1,10,83,278 shares on offer, as per NSE data.

The category for Qualified Institutional Buyers (QIBs) fetched 75.72 times subscription, while the portion for non institutional investors got subscribed 23.19 times. The quota for Retail Individual Investors (RIIs) received 4.01 times subscription.

The Initial Public Offer (IPO) had a fresh issue of up to Rs 300 crore and an offer for sale of up to 84,21,052 equity shares.

The IPO had a price range of Rs 395-415 a share.

The IPO of JNK India received 49 per cent subscription on the first day of bidding on Tuesday.

On Monday, JNK India Ltd said it has garnered Rs 195 crore from anchor investors.

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

JNK India is engaged in the business of thermal designing, engineering, manufacturing, supplying, installing, and commissioning heating equipment and caters to both domestic and overseas markets.

The heating equipment is required in industries such as oil and gas refineries, petrochemicals, fertilisers, and hydrogen and methanol plants, among others.

IIFL Securities and ICICI Securities are the managers to the offer.

The company's equity shares are proposed to be listed on the BSE and NSE.