Heating equipment manufacturer JNK India, on April 22, said that it has has garnered ₹194.84 crore from anchor investors ahead of its initial public offering that opens for public subscription on Tuesday, April 23, 2024.
According to the exchange filing, the company has allocated 46,94,989 equity shares at ₹415 per share on Monday, April 22, 2024, to anchor investors.
“The IPO committee of the board of directors of our Company (*IPO Committee”) at its meeting held on April 22, 2024, in consultation with IIFL Securities Limited and ICICI Securities Limited (*Book Running Lead Managers”), has finalized allocation of Equity Shares, to Anchor Investors at Anchor Investor Allocation Price of Rs. 415 per Equity Share,” said the company in the filing.
Also read: JNK India IPO: From price band to GMP – here are 10 things to know before subscribing to issue
Foreign and Domestic Institutions who participated in the anchor were Goldman Sachs, Kotak MF, HDFC MF, Nippon MF, Mirae Asset fund, DSP, LIC MF, Bajaj Allianz Life Insurance and Aditya Birla SunLife Insurance.
Out of the total allocation of 46,94,989 equity shares to the anchor investors, 27,93,594 equity shares were allocated to 7 domestic mutual funds through a total of 11 schemes amounting to ₹115.93 crore (approx.) i.e. 59.50% of the Total Anchor Book Size.
JNK India IPO details
The offering comprises a fresh issuance of equity shares valued at ₹3,000 million and an offer for sale (OFS) of up to 8,421,052 equity shares by Promoter Selling Shareholders and Investor Selling Shareholder.
The Company intends to commence its initial public offering of equity shares on Tuesday, April 23, 2024, with the closing date set for Thursday, April 25, 2024. The price range for the offer has been set at ₹395- ₹415 per equity share.
Also read: JNK India IPO announces price band at ₹395-415 per share; check issue details, key dates, more
The IPO will fetch ₹649.47 crore at the upper end of the price band. Investors can bid for a minimum of 36 equity shares and in multiples of 36 equity shares thereafter.
The offer is being conducted via the Book Building Process, with a maximum of 50% of the offer allocated to Qualified Institutional Buyers, a minimum of 15% allocated to Non-Institutional Investors, and a minimum of 35% allocated to Retail Individual Investors.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates.
Published: 22 Apr 2024, 10:37 PM IST