JNK India secures ₹195 crore from anchor investors in Pre-IPO funding round

JNK India is a manufacturing firm of heating equipment, which reported on April 22 that it had made 194.84 crore money from the anchor investors. Their public subscription opens on April 23, 2024, in its initial public offering (IPO).

The JNK India application to the exchange showed that the number of equities shares allocated to anchor investors pre-IPO was 46,94,989 for 12 dollars each on April 22, 2024, as stated in the filing.

The names of the committee members responsible for the Initial Public Offering of our company (IPO Committee) who, after consultation with IIFL Securities Limited and ICICI Securities Limited, have completed the allocation of Equity Shares to Anchor Investors with Anchor Investor Allocation Price (Rs. Furthermore, the document states, "the initial price for one share is 415," elaborating on the situation.

Partnering with global & domestic institutions, the anchor film, thanks to Goldman Sachs, Kotak MF, HDFC MF, Nippon MF, Mirae Asset fund, DSP, and others, participated LIC MF, Bajaj Allianz Life Insurance and Aditya Birla SunLife Insurance.

The JNK India out of 46,94,989 equality shares to Anchor investors, has allocated 27,93,594 equity shares to 7 domestic mutual funds through 11 different schemes to the respective investors with corresponding shareholding amounting to ₹115.93 crores to an overall share of Anchor Book Size (i.e., 59.50%).

JNK India IPO details

The issue size includes ₹3,000 million for Fresh Issuance of equity through the public issue and up to 8,421,052 shares being offered in OFS (Offer for Sale), which will be available for sale from promoter Selling Shareholders and investor Selling Shareholders.

JNK India plans to start the initial public offering of equity shares on Tuesday, April 23, 2024, with the final closing at the end of the business day on Thursday, April 25, 2024. The debt ratio, or gearing level, is categorized as low, and given that the issue is coming from the books of a profitable company, it has a low impact on its equity worth.

The pre-IPO is expected to raise ₹649.47 crore at the top end of the price range announced earlier. To participate, an investor is mandated to purchase at least 36 shares as multiples of 36 shares after that.

The bid is being conducted through the book-building process. The maximum offer is limited to 50% for qualified institutional buyers and 15% for non-institutional investors. In comparison, a minimum of 35% is reserved for Retail Individual Investors.