IPO

JNK India Limited IPO

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Industrial Products

Listed On: Apr 30, 2024 at ₹ 621.0(NSE)

₹ 14940 /36 Shares

Check Allotment

23 Apr, 2024

Open Date

25 Apr, 2024

Close Date

26 Apr, 2024

Allotment Date

30 Apr, 2024

Listing Date
Price Summary

Last Closing

216.00 (-47.95%)

52 Week High

710.00

52 Week Low

210.71

Last Update

18-Dec-2025 3:30 PM
JNK India Limited IPO Issue Details
  • Issue Price ₹395-415 per equity share
  • Face Value ₹2 Per Equity Share
  • Total Issue Size 1,60,15,988 shares(aggregating up to ₹649.47 crore)
  • Fresh Share 75,94,936 shares(aggregating up to ₹300 crore)
  • Offer For Sale 84,21,052 shares(aggregating up to ₹349.47 crore)
  • Listing at BSE, NSE
  • List Price 621.0(NSE)
  • Listing Date 2024-04-30
  • Lead Manager Iifl Securities Ltd
    ICICI Securities Limited
  • Registrar Link Intime India Private Ltd
Market Lot Size

Investors can bid for a minimum of 36 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.

Application Lots Shares Amount
Retail (min) 1 36 ₹14,940
Retail(max) 13 468 ₹1,94,220
SHNI(min) 14 504 ₹2,09,160
SHNI(max) 66 2,376 ₹9,86,040
BHNI(min) 67 2,412 ₹10,00,980
JNK India Limited IPO Reservation

JNK India Limited IPO offers total 15,649,878 shares. Out of which 3,129,903 (20%) allocated to QIB, 2,347,497 (15%) allocated to NII,5,477,489 (35%) allocated to RII, NA (NA%) allocated to employees and 4,694,989 (30%) allocated to Anchor investors.

Investor Category Shares Offered Maximum Allottees
Anchor Investor Shares Offered 4,694,989 (30%)
QIB Shares Offered 3,129,903 (20%)
NII (HNI) Shares Offered 2,347,497 (15%)
bNII > ₹10L 1,564,997 (10%)
sNII < ₹10L 782,500 (5%)
Retail Shares Offered 5,477,489 (35%)
Total Shares Offered 15,649,878 (100%)
JNK India Limited IPO Documents
DRHP
RHP
ANCHOR
JNK India Limited IPO Details


JNK India Limited IPO is a book-built issue of ₹649.47 crores, The total issue size is ₹649.47 crores. The IPO of JNK India Limited is priced at ₹395-415 per equity share, which has a face value of ₹2 Per Equity Share each, IPO bidding starts from Apr 23, 2024 and ends on Apr 25, 2024. The allotment for JNK India Limited IPO will be finalized on Apr 26, 2024. JNK India Limited IPO will be listed on BSE, NSE, with a tentative listing date fixed as Apr 30, 2024. The company shall list its equity shares on the BSE, NSE. Link Intime India Private Ltd is the registrar of the issue.

Retail investors can bid for a minimum of 36 shares, extendable to 14,940. S-HNIs will be able to bid for 504 shares at ₹2,09,160, while B-HNIs can also apply for a bid of 2,412 shares at ₹10,00,980. The book-running lead manager for the IPO is/are Iifl Securities Ltd, ICICI Securities Limited.

The total issue ₹649.47 crore, comprising a fresh issue of 75,94,936 shares ₹300 crore and having Offer for Sale (OFS) of 84,21,052 shares to mop up ₹349.47 crore.

The JNK India Limited IPO sets its price band at 395-415 for each share. A single application for JNK India Limited IPO must contain at least 36 shares. Sentiment investors need to invest a minimum of 36 through their retail account. For investors to prevent oversubscription issues, they should submit bids at the cutoff price, which estimates about ₹14,940 In order to participate in the sNII, investors must purchase at least 14 lots of 504 shares for ₹2,09,160, while the bNII requires 67 lots of 2,412 shares for an investment of ₹10,00,980.

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JNK India Limited IPO Subscription Analysis And Details
Retail
4.11x
QIB
75.72x
NII
23.26x
bNII
27.10x
sNII
15.58x
Total
28.13x
As on QIB NII
bNII   sNII 		Retail Total
Shares Offered / Reserved 3,129,903 2,347,497
1,564,997    782,500 		5,477,489 10,954,889
Day 1 23-04-24 05:00 PM
0.67 x 0.24
0.15 x   0.42 x 		0.47 x 0.48 x
Day 2 24-04-24 05:00 PM
0.68 x 1.25
1.07 x   1.61 x 		1.13 x 1.03 x
Day 3 25-04-24 05:00 PM
75.72 x 23.26
27.10 x   15.58 x 		4.11 x 28.13 x
Total No of Applications
4,21,188
JNK India Limited Valuations
EPS Pre IPO ₹9.58/-
EPS Post IPO ₹11.08/-
P/E Pre IPO 43.32
P/E Post IPO 37.46
ROE 31.79%
ROCE 34.73%
Debt/Equity 0.34
RoNW 31.79%
PAT Margin 18.24
Price to Book Value 11.92
JNK India Limited Company Financials
In Crs.
In Cr.
31-Mar-23 31-Mar-22 31-Mar-21
Assets 337.78 268.32 125.12
Revenue 411.55 297.14 138.45
Profit After Tax 46.36 35.98 16.48
Net Worth 122.17 72.18 36.82
Reserves & Surplus 112.57 62.58 36.22
Total Borrowing 33.76 5.99 8.95
About JNK India Limited Company

JNK India Limited was incorporated in 2010 and is engaged in the design, manufacture, supply, installation, and commissioning of process-fired heaters, reformers and cracking furnaces.

The company has completed projects in Andhra Pradesh, Assam, Bihar, Karnataka, Kerala, Maharashtra, Tamil Nadu and West Bengal and has implemented projects globally, including in Nigeria and Mexico. As of March 31, 2023, the company has served over 17 clients in India and seven clients overseas. The domestic clients include Indian Oil Corporation Limited, Tata Projects Limited, Rashtriya Chemicals & Fertilizers Limited and Numaligarh Refinery Limited.

All products in JNK India Limited are manufactured as per the requirements of the customer and in accordance with the applicable standards. The manufacturing is done at the in-house manufacturing facilities and/or third-party vendors. One of the manufacturing facilities is located in the Multi-Product Special Economic Zone in Mundra, Gujarat, where production is exclusively for export. It is spread over an area of about 20,243 square metres with an installed capacity of 5,000 metric tonnes for manufacturing and modularization per annum.

As of March 31, 2023, the company had 192 permanent employees.

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JNK India Limited - Promoter(s)

Mascot Capital and Marketing Pvt. Ltd.

JNK Heaters Co. Ltd

Arvind Kamath

Gaoutam Rampelli

Dipak Kacharulal Bharuka

Pre Issue Share Holding : 94.56%

Post Issue Share Holding : N/A%

JNK India Limited IPO - Issue Objectives
1

Working capital requirements

2

General corporate purposes.

JNK India Limited IPO - Anchor Investors

JNK India IPO: Institutional investors raise Rs 195 crore in anchor book.

Institutional investors including Goldman Sachs, Allianz Global Investors Fund, Natixis International Funds, Kotak Mutual Fund, HDFC Mutual Fund, Nippon Life India, Mirae, DSP Mutual Fund, Edelweiss Trusteeship, LIC Mutual Fund, Bajaj Allianz Life Insurance Company and Aditya Birla Sun Life Insurance Company invested in the company via anchor book.

JNK India Limited IPO - Peers Comparison
Company Name EPS (Basic) EPS (Diluted) NAV (per share) (Rs) P/E (x) RoNW (%) P/BV Ratio Financial statements
JNK India Limited 9.66 9.51 25.45 N/A 47.71 N/A Consolidated
Thermax Ltd. 39.98 39.98 343.67 112.9 12.24 7.74 Consolidated
Bharat Heavy Electricals Ltd. 1.37 1.37 77.05 186.02 1.79 3.31 Consolidated

Notes:

  1. Basic EPS and Diluted EPS refers to the EPS and Diluted EPS sourced from the respective company's financial statements.
  2. P/E Ratio has been computed based on the closing market price of equity shares on April 5, 2024, on BSE divided by the Diluted EPS provided.
  3. Return on net worth is computed as total profit/(loss) attributable to equity holders of the parent for the year divided by Average net worth attributable to equity shareholders of the parent (excluding non-controlling interest) as of March 31, 2023. Average of the total equity attributable to the equity shareholders of the company at the beginning and end of the year.
  4. Net asset value per share is calculated by dividing net worth (excluding non-controlling interest) by the number of equity shares outstanding as of March 31, 2023.
Strength
JNK India Limited has a commendable track record, having completed diverse projects across India and overseas for 21 domestic and 8 international clients over a decade.
The company holds strong safety and quality recognitions, including certificates for 'Safety Compliance and Campaign Performance' and four million safe man-hours without lost time incidents.
With installations in 11 of India's 24 operating oil refineries, JNK India Limited caters extensively to the oil refining industry, demonstrating significant industry penetration and expertise.
JNK India Limited is strategically positioned to capitalise on industry growth, aiming to meet an estimated annual demand of ₹45,000 million for Heating Equipment from 2024 to 2029.
Weakness
JNK India Limited is heavily reliant on contracts from Contracting Customers, particularly JNK Global, which contributed 54.39% to 73.85% of its revenue from FY2021 to FY2023. Any reduction in these contracts could significantly impact its financial stability.
The company faces risks from execution delays and cost overruns in projects, which could lead to variable revenue and adversely affect its financial results and cash flow.
Historical regulatory non-compliances and the inability to locate certain corporate records could subject JNK India Limited to regulatory penalties and damage its reputation.
JNK India Limited does not engage in long-term contracts with raw material suppliers, exposing it to sudden cost increases and supply chain vulnerabilities that could affect operational continuity.
Contact Details

JNK India Limited

Unit No. 203, 204, 205 & 206, Opposite TMC Office Centrum IT Park, Thane-West Thane - 400604

+91-22 6885 8000

compliance@jnkindia.com

http://www.jnkindia.com/

Registrar Contact Details

Link Intime India Private Ltd

+91-22-4918 6270

jnk.ipo@icicisecurities.com

https://linkintime.co.in/initial_offer/public-issues.html