JNK India's Rs 650 crore IPO subscribed 1.03 times on day 2 of offer

The initial public offer of heating equipment maker JNK India got fully subscribed on the second day of subscription on Wednesday.

The Rs 650 crore initial share sale received bids for 1,14,14,556 shares against 1,10,83,278 shares on offer, translating into 1.03 times subscription, as per NSE data.

The portion for non institutional investors got subscribed 1.25 times, while the category for Retail Individual Investors (RIIs) received 1.13 times subscription. The quota for Qualified Institutional Buyers (QIBs) got subscribed 68 per cent.

The Initial Public Offer (IPO) of JNK India received 49 per cent subscription on the first day of bidding on Tuesday.

The IPO has a fresh issue of up to Rs 300 crore and an offer for sale of up to 84,21,052 equity shares.

Those offloading shares in the OFS are promoters Goutam Rampelli, Dipak Kacharulal Bharuka, JNK Heaters Co Ltd, and Mascot Capital and Marketing Pvt Ltd, and a shareholder Milind Joshi.

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

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.