JNK India Limited IPO Day 3: Check final subscription, latest GMP
JNK India Limited IPO garnered interest from investors as qualified institutional buyers (QIB) led the bidding on the final day.
In Short
- JNK India Limited's IPO subscribed 28.07 times on final day
- Share allotments expected by April 26, 2024
- Estimated listing price for JNK India IPO is Rs 495
The Initial Public Offering (IPO) of JNK India Limited saw interest from investors, with the subscription reaching 28.07 times on the final day of bidding.
According to data from the stock exchanges, the IPO received bids for 31,10,55,408 shares against the offered 1,10,83,278 equity shares.
The price range for the IPO was set between Rs 395 to Rs 415.
The Qualified Institutional Buyer (QIB) portion was subscribed 75.72 times, indicating strong interest from institutional investors. Non-Institutional Investors (NII) portion was subscribed 23.19 times, while the retail portion saw a subscription of 4.01 times.
The IPO, which began on Tuesday, aimed to raise Rs 649.47 crore. It comprised a fresh issue of 76 lakh shares worth Rs 300 crore and an offer for sale of 84 lakh shares valued at Rs 349.47 crore.
Investors had the opportunity to subscribe to the JNK India IPO from April 23 to April 25, 2024. Share allotments are expected by April 26, 2024, with the company planning to list them on both the BSE and NSE on April 30, 2024.
Each share's price ranged between Rs 395 to Rs 415, with a minimum lot size of 36 shares, requiring a minimum investment of Rs 14,940 for retail investors.
JNK India Limited latest GMP
JNK India IPO last GMP stood at Rs 80 as of April 25th, 2024, 04:59 PM. Based on this, the estimated listing price for JNK India IPO is Rs 495 (cap price + today's GMP), with an expected percentage gain/loss per share of 19.28%.
IIFL Securities Limited and ICICI Securities Limited served as the book-running lead managers, while Link Intime India Private Limited acted as the registrar of the issue.
The company plans to utilise the net proceeds from the IPO to fund working capital requirements and general corporate purposes.
Established in 2010, JNK India specialises in designing, manufacturing, supplying, installing, and commissioning process-fired heaters, reformers, and cracking furnaces.