Table of Contents
IPO Details
The JNK India IPO is a book-built issue valued at Rs 649.47 crores, comprising a fresh issue of 0.76 crore shares totaling Rs 300.00 crores and an offer for sale of 0.84 crore shares amounting to Rs 349.47 crores.
Scheduled to open for subscription on April 23, 2024, and close on April 25, 2024, the allotment for the JNK India IPO is anticipated to be finalized by Friday, April 26, 2024. The listing of the JNK India IPO on the BSE and NSE is expected on Tuesday, April 30, 2024.
The price band for the JNK India IPO is fixed at ₹395 to ₹415 per share, with a minimum lot size of 36 shares. Retail investors are required to invest a minimum amount of ₹14,940. For sNII, the minimum lot size investment is 14 lots (504 shares), totaling ₹209,160, while for bNII, it is 67 lots (2,412 shares), totaling ₹1,000,980.
| IPO Date | April 23, 2024 to April 25, 2024 |
| Listing Date | [.] |
| Face Value | ₹2 per share |
| Price Band | ₹395 to ₹415 per share |
| Lot Size | 36 Shares |
| Total Issue Size | 16,015,988 shares (aggregating up to ₹649.47 Cr) |
| Fresh Issue | 7,594,936 shares (aggregating up to ₹300.00 Cr) |
| Offer for Sale | 8,421,052 shares of ₹2 (aggregating up to ₹349.47 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 48,392,000 |
| Share holding post issue | 55,986,936 |
Timeline (Tentative)
| IPO Open Date | Tuesday, April 23, 2024 |
| IPO Close Date | Thursday, April 25, 2024 |
| Basis of Allotment | Friday, April 26, 2024 |
| Initiation of Refunds | Monday, April 29, 2024 |
| Credit of Shares to Demat | Monday, April 29, 2024 |
| Listing Date | Tuesday, April 30, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on April 25, 2024 |
Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 36 | ₹14,940 |
| Retail (Max) | 13 | 468 | ₹194,220 |
| S-HNI (Min) | 14 | 504 | ₹209,160 |
| S-HNI (Max) | 66 | 2,376 | ₹986,040 |
| B-HNI (Min) | 67 | 2,412 | ₹1,000,980 |
Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50.00% of the Net offer |
| Retail Shares Offered | Not less than 35.00% of the Offer |
| NII (HNI) Shares Offered | Not less than 15.00% of the Offer |
Promoter Holding
The promoters of the company include Mascot Capital and Marketing Pvt. Ltd., JNK Heaters Co. Ltd, Arvind Kamath, Goutam Rampelli, and Dipak Kacharulal Bharuka.
| Share Holding Pre Issue | 94.56% |
| Share Holding Post Issue |
Company Profile
JNK India Limited, established in 2010, specializes in the design, production, supply, installation, and commissioning of process-fired heaters, reformers, and cracking furnaces. The company has completed projects in various Indian states such as Andhra Pradesh, Assam, Bihar, Karnataka, Kerala, Maharashtra, Tamil Nadu, and West Bengal, as well as globally in Nigeria and Mexico. By March 31, 2023, JNK India Limited had provided services to over 17 domestic clients and seven international clients. Notable domestic clients include Indian Oil Corporation Limited, Tata Projects Limited, Rashtriya Chemicals & Fertilizers Limited, and Numaligarh Refinery Limited.
The company’s products are tailored to meet customer specifications and comply with relevant standards. Manufacturing takes place at in-house facilities and/or third-party vendors, with one of the manufacturing facilities situated in the Multi-Product Special Economic Zone in Mundra, Gujarat, dedicated to export production. This facility spans approximately 20,243 square meters and has an annual production capacity of 5,000 metric tonnes for manufacturing and modularization. As of March 31, 2023, JNK India Limited had a workforce of 192 permanent employees.
Financial Information
| Period Ended | 31 Dec 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 453.39 | 337.78 | 268.32 | 125.12 |
| Revenue | 256.76 | 411.55 | 297.14 | 138.45 |
| Profit After Tax | 46.21 | 46.36 | 35.98 | 16.48 |
| Net Worth | 168.56 | 122.17 | 72.18 | 36.82 |
| Reserves and Surplus | 158.88 | 112.57 | 62.58 | 36.22 |
| Total Borrowing | 56.73 | 33.76 | 5.99 | 8.95 |
Key Performance Indicator
The market capitalization of JNK India IPO is Rs 2308.27 Cr.
KPI as of December 31, 2023.
| KPI | Values |
|---|---|
| ROE | 31.79% |
| ROCE | 34.73% |
| Debt/Equity | 0.34 |
| RoNW | 31.79% |
| P/BV | 11.92 |
| PAT Margin (%) | 18.24 |
Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 9.58 | 11.08 |
| P/E (x) | 43.32 | 37.46 |
Note:
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2023 that is available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of December 31, 2023 that is available in RHP.
Objects of the IPO (JNK India IPO Objectives)
The company intends to use the net proceeds from the issue to finance the following objects:
- Working capital requirements; and
- General corporate purposes.
Reference: JNK India IPO SEBI IPO