JNK India was incorporated on June 14, 2010. The company manufactures process fired heaters, reformers, and cracking furnaces required in process industries, including oil and gas refineries, petrochemical, and fertilizer industries.
| Bidding Dates |
|---|
| 23 Apr 2024 - 25 Apr 2024 |
| Subscription |
|---|
| 28.13x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,220 | 1 | 13 | 36 | 15.6 M | ₹395 - ₹415 | 82.27 % | ₹6181.7 M - ₹6494.7 M | RHP DOC |
JNK IPO SUBSCRIPTION STATUS
25 Apr '24JNK IPO overall subscription rate was 28.13 times the total available shares
JNK IPO retail subscription rate was 4.11 times in the retail segment
JNK IPO non-institutional investor subscription rate was 23.26 times in the non-institutional investor category
JNK IPO Qualified Institutional Bidder subscription rate was 75.72 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
25 Apr 2024 (Day 3) | 4.11x | 23.26x | 75.72x |
24 Apr 2024 (Day 2) | 1.13x | 1.25x | 0.68x |
23 Apr 2024 (Day 1) | 0.48x | 0.25x | 0.67x |
JNK FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| 9MFY24 | 462.1 | 2,533.9 | -92.1 | -166.0 | 27.7% |
| FY23 | 463.6 | 4,073.0 | -72.2 | -146.9 | 18.1% |
| FY22 | 359.8 | 2,964.0 | 389.1 | 192.9 | 18.4% |
| FY21 | 164.8 | 1,377.2 | 114.5 | 74.4 | 18.89 |
JNK IPO SUBSCRIPTION STATUS DETAILS
JNK had 15.6 M shares on offer
JNK IPO offer price was in the range ₹395 - ₹415
JNK IPO minimum Investment was ₹14220
JNK IPO issue size was ₹ 6181.7 M - ₹ 6494.7 M
JNK had a minimum lot size of 36 Shares per application
JNK NUMBER OF SHARES ON OFFER
JNK IPO IMPORTANT DATES
| Issue Open Date | 23 Apr 2024 |
| Issue close Date | 25 Apr 2024 |
| Allotment Date | 26 Apr 2024 |
| Refund Date | 29 Apr 2024 |
| Demat Account Credit Date | 29 Apr 2024 |
| Listing Date | 30 Apr 2024 |
| Listing on Exchange(s) | NSE and BSE |
| JNK Allotment Status | Exchange |
JNK IPO subscription opened on 23 Apr 2024, and closed on 25 Apr 2024
IPO allotment for JNK was finalized on Friday, 26 Apr 2024
IPO listing for JNK was on NSE and BSE on Tuesday, 30 Apr 2024
JNK IPO LISTING GAINS
| Issue Price (adjusted) | 415.0 |
| Listing Open Price | 621.0 |
| Listing Close Price | 694.5 |
| Listing Gain% | 49.6% |
| Current Gain% | -1.0% |
JNK Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| JNK India Ltd. | 411 | 2286 | 35.4 | 0.3 | 2.8 | 11.4 | 6.1 | 838 | 69.3 | 64.9 | 115 | 11.6 | 115.1 |
| Solar Industries India Ltd. | 18729 | 169478.9 | 101 | 2.6 | 17.2 | 26.7 | 15.4 | 9965.7 | 30.9 | 1677.6 | 38.7 | 185.4 | 38.7 |
| PTC Industries Ltd. | 19362 | 29028.5 | 285.8 | 4.3 | 48.2 | 6.7 | 5.2 | 643.3 | 88 | 101.6 | 66.4 | 67.7 | 66.4 |
| Inox India Ltd. | 1988.6 | 18049.2 | 70.8 | 8.2 | 11.2 | 23.1 | 12.8 | 1632.3 | 21.2 | 257.9 | 14.1 | 28.1 | 8.7 |
| Precision Wires India Ltd. | 430.4 | 7867.1 | 50.7 | 0.7 | 1.4 | 20.1 | 6.9 | 5463.4 | 35.4 | 155.3 | 72.4 | 8.5 | 72.4 |
| Kennametal India Ltd. | 3332 | 7323.2 | 52.9 | 1.5 | 5.4 | 13.8 | 10.6 | 1184.7 | 6.6 | 102.9 | -6.9 | 63 | 35.9 |
JNK INFORMATION ON IPO ISSUE
About JNK
JNK India was incorporated on June 14, 2010. The company manufactures process fired heaters, reformers, and cracking furnaces required in process industries, including oil and gas refineries, petrochemical, and fertilizer industries.
Object of the Issue
- Funding working capital requirements
- General corporate purposes
JNK - PROMOTERS
| Name |
|---|
| Arvind Kamath |
| Goutam Rampelli |
| Dipak Kacharulal Bharuka |
| Mascot Capital |
| JNK Global |
JNK Book Running Lead Manager
IIFL Securities Limited
jnk.ipo@iiflcap.com
ICICI Securities Limited
jnk.ipo@icicisecurities.com
JNK Registrar to the Offer
Link Intime India Private Limited
jnkindia.ipo@linkintime.co.in
JNK Strengths
Diverse customer base
As of Q3FY24, the company has served 21 customers in India and 8 overseas. Additionally, 7 out of India's 12 oil refining companies are customers, and it has supplied or is in the process of supplying heating equipment to 11 of the 24 operating oil refineries across India
Well-positioned to capture industry tailwinds
The primary growth drivers of the Indian refinery industry are the increasing demand for transportation fuels and petrochemical feedstock. Eighteen refinery projects, with a cumulative capacity of 124.0 MMTPA, are expected to be commissioned by Fiscal 2031
Financial performance
From FY21 to FY23, the company's revenue from operations, EBITDA, and profit have grown at a CAGR of 72%, 68.1%, and 67.8% respectively, indicating significant financial performance growth in recent years
JNK Risks
Dependent on one product
The company derives the majority of its revenue from the sales of heating equipment. A loss or decline in demand for this equipment could adversely affect the business
Outsourcing
The company follows an asset-light business model, outsourcing its fabrication process to third-party fabricators for most of its projects. This approach presents numerous risks
Competitive industry
The industry is competitive, and the company's inability to compete effectively may adversely affect its business, results of operations, financial condition, and cash flows
IPO FAQs
This IPO consists of an offer for sale of up to Rs 349.5 crore, of 8,421,052 shares. It also consists of a fresh issue of Rs 300.0 crore.
The promoters of the company are Arvind Kamath, Goutam Rampelli, Dipak Kacharulal Bharuka, Mascot Capital and JNK Global.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 395.0 - 415.0.
The IPO application opens on Apr 23, 2024 and closes on Apr 25, 2024.
The minimum lot size for the IPO is 36. The maximum lot size for the IPO is 468.
For all category investors, the minimum application amount for this IPO is Rs. 14,220.0, the maximum value for this IPO is Rs 194,220.0.
This IPO will be allotted on Apr 26, 2024.
The refund will be credited to your account on Apr 29, 2024.
The allotted shares will be credited to your demat on Apr 29, 2024.
JNK India Ltd.’s shares listed on the stock exchanges on Apr 30, 2024.