JNK India Ltd.'s initial public offering was subscribed 28.13 times on the third and final day on Thursday. It launched its IPO on Tuesday to raise up to Rs 649.5 crore and the issue was fully subscribed on the second day.
The IPO was a mix of a fresh issue of Rs 300 crore and an offer for sale of Rs 349.5 crore, with the price band fixed in the range of Rs 395–415 per share.
Mascot Capital, Goutam Rampelli, Milind Joshi and JNK Global Co. will all offload equity shares as part of the OFS.
IIFL Securities Ltd. and ICICI Securities Ltd. are the book-running lead managers for the issue. The company's shares will be listed on both the NSE and the BSE.
JNK had has mopped Rs 195 crore from anchor investors a day before its initial share-sale opening for subscriptions. The company has allotted 46.95 lakh equity shares to 19 funds at Rs 415 apiece, according to a circular uploaded on the BSE website.
Issue Details
Issue opens: April 23
Issue closes: April 25
Issue price: Rs 395–415 per share.
Fresh issue: Rs 300 crore.
Offer for sale: Rs 349.5 crore.
Total issue size: Rs 649.5 crore.
Listing: BSE and NSE.
Use Of Proceeds
This net proceeds from the issue will be utilised for the following:
Proceeds worth Rs 262.7 crore will be directed towards the working capital requirements to bid and execute projects.
Rest of the proceeds to be utilised for other general corporate purposes.
Subscription Status: Day 3
The IPO has been subscribed 28.13 times as of 7 p.m. on Thursday.
Institutional investors: 75.72 times.
Non-institutional investors: 23.26 times.
Retail investors: 4.11 times.
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