JNK India Limited IPO Closed

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IPO date 23rd – 25th Apr 2024
Listing date 30 Apr 2024
Type
Price range 395 – 415
Minimum order quantity 36
(D)RHP View

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JNK India Limited is launching its IPO. The IPO opens for subscription on April 23, 2024, and will close on April 25, 2024.

What does JNK India Limited do?

Incorporated in 2010, JNK India Limited is engaged in the business of manufacturing process-fired heaters, reformers, and cracking furnaces (together, the “Heating Equipment”) that are required in process industries such as oil and gas refineries, petrochemical and fertilizers. As of December 31, 2023, The company had 21 Customers in India and 8 Customers overseas. Further, 7 of the 12 oil refining companies in India, are its Customers and they have supplied or are in the process of supplying Heating Equipment to 11 of the 24 operating oil refineries across India.

JNK Global has also installed process-fired heaters for its customers in Lagos, Nigeria, where one of the biggest refineries in the world (Dangote Refinery) is operated, having a capacity of 32.7 million metric tonnes per annum. The company is also working on building capabilities in the renewable sector with green hydrogen with onsite hydrogen production, hydrogen fuel stations, and solar photovoltaic –EPC (Solar PV-EPC) which forms part of the green hydrogen value chain.

What is the issue size of the JNK India Limited IPO?

The 649.47 crore public offer of the company is a combination of a Fresh equity issue worth 300 crore and an offer for sale (OFS) worth Rs. 349.47 crore from the existing shareholders.

Financials of JNK India Limited IPO (₹ crores)

Financial Year Total Assets Total Revenue Profit After Tax EBITDA
EPS
March 31, 2021 125.12 138.45 16.48 26.02 3.43
March 31, 2022 268.32 297.14 35.98 54.58 7.50
March 31, 2023 337.78 411.55 46.36 73.50 9.66
December 31, 2023 453.39 256.76 46.21 70.24 9.55

Schedule/Timeline of JNK India Limited IPO

Issue Period 23rd April to 25th April 2024
Deadline for accepting UPI mandate  Until 5 PM on the issue closing day
Finalization of Allotment April 26, 2024
Initiation of Refunds April 29, 2024
Credit of Shares April 29, 2024
Date of Listing April 30, 2024
Mandate end date May 10, 2024
Anchor Investors Lock-In End Date (50% of the investment) May 26, 2024
Anchor Investors Lock-In End Date (Remaining investment) July 25, 2024

Note: Given that the above schedule is tentative, it should be noted that the anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares, and 90 days after for the remaining portion.

Risk factors to consider:

Dependence on Corporate Promoter: The company derives more than 50% of its revenues from its Corporate Promoter, JNK Global, and uses its experience and technology support for select projects. Any kind of dissociation with JNK Global may harm the business, results of operations, and cash flows.

Loss in demand for heating equipment: The company derives more than 80% of its revenues from sales of Heating Equipment. Loss or decline in the demand for such Heating Equipment due to any downside in the capital expenditure of oil and gas, petrochemical, and fertilizers industry may adversely affect the business, revenue from operations, and financial condition.

How do I apply to the JNK India Limited IPO?

You can apply for the JNK India Limited IPO using any supported UPI app by following two steps:

  • Enter your bid on Kite
  • Accept the UPI mandate on your phone

On acceptance of the mandate, the bid amount will get blocked in your bank account. Click here to learn more.

Where do I check the allotment status for JNK India Limited IPO?

You can check the allotment status for the JNK India Limited IPO on the website of the Registrar and Transfer agent.

Alternatively, you can also check the allotment status on the NSE website.