JNK India Ltd. has set the price band for its initial public offering in the range of Rs 395-415 per share.
The company, a manufacturer of heating equipment, is launching its initial public offering starting April 23. The IPO will close on April 25, with bidding for anchor investors taking place on April 22, according to red herring prospectus.
The IPO consists of a fresh issue of equity shares valued up to Rs 300 crore, along with an offer-for-sale, or OFS, of up to 84.21 lakh equity shares by the company's promoters and a current shareholder.
The funds raised from the fresh issue will be utilised to finance working capital needs and support general corporate objectives.
Business
The business model involves collaboration with customers, from the initial consultation, specification and design stage to the final installation of the Heating Equipment.
Some of the domestic Customers include Indian Oil Corp., Tata Projects Ltd., Rashtriya Chemicals & Fertilizers Ltd. and Numaligarh Refinery Ltd. Further, the company has catered to overseas customers such as a leading oil & gas exploration and production company in Oman and a middle east arm of European EPC company in oil and gas.
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