• Price Band of ₹395 /- to – ₹415/- per equity share bearing face value of ₹2/- each (“Equity Shares”)
• Bid/Offer Opening Date – Tuesday, April 23rd, 2024 and Bid/Offer Closing Date – Thursday, April 25th, 2024.
• Minimum Bid Lot is 36 Equity Shares and in multiples of 36 Equity Shares thereafter.
• The Floor Price is 197.50 times the face value of the Equity Share and the Cap Price is 207.50 times the face value of the Equity Share
Mumbai, April 18, 2024: JNK India Limited is in the business of manufacturing the process-fired heaters, reformers, and cracking furnaces (together, the “Heating Equipment”) that are required in process industries such as for oil and gas refineries, petrochemical and fertilizer industries. , has fixed the price band of ₹395/- to ₹415/- per Equity Share of face value ₹2/- each for its initial public offer.
The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Tuesday, April 23rd, 2024, for subscription and close on Thursday, April 25th, 2024.
Investors can bid for a minimum of 36 Equity Shares and in multiples of 36 Equity Shares thereafter.
The issue consists of a fresh issue of ₹ 3,000.00 million and offer for sale (OFS) of up to 8,421,052 Equity Shares from promoter selling shareholders and individual selling shareholder.
The Company have capabilities in thermal designing, engineering, manufacturing, supplying, installing, and commissioning heating equipment and caters to both domestic and overseas markets. (Source: F&S Report). Over the years the Company has diversified into flares and incinerator systems and have been developing capabilities in the renewable sector with green hydrogen. The Heating Equipment are required in process industries such as oil and gas refineries, petrochemicals, fertilizers, hydrogen and methanol plants etc.
As of December 31, 2023, it has served 21 customers within India 8 customers overseas. In India, it has completed projects in, amongst others, Andhra Pradesh, Assam, Bihar, Karnataka, Kerala, Maharashtra, Tamil Nadu, West Bengal and globally have completed projects in Nigeria and Mexico. Further, it has ongoing projects in Gujarat, Odisha, Haryana, Rajasthan in India and globally in Oman, Algeria, and Lithuania. Further, it has successfully completed projects in far-reaching locations which included projects in India at at Numaligarh, Assam; Kochi, Kerala; Barauni, Bihar; and overseas at Lagos, Nigeria.
Some of thedomestic customers include Indian Oil Corporation Limited, Tata Projects Limited, Rashtriya Chemicals & Fertilizers Limited, and Numaligarh Refinery Limited. Further the Company has catered to overseas customers such as a leading engineering, procurement and construction (“EPC”) company in Europe, a leading oil & gas exploration & production company in Oman and a middle east arm of European EPC company in oil and gas. Since its inception, the Company have been working closely with JNK Global Co. Ltd (formerly known as JNK Heaters Co. Ltd) , a KOSDAQ-listed company. JNK Global Co. Ltd (formerly known as JNK Heaters Co. Ltd) is oneof the corporate promoters of the Company, holding a 25.79% as of the date of the the Red Herring Prospectus.
The Company operates an in-house fabrication facility at the Mundra Special Economic Zone in Gujarat, spreads over approximately 20,243 square meters with an installed capacity of 5,000 metric tonnes of fabrication and modularization per annum.
As on December 31, 2023, it had an order book of ₹ 8,450.27 million
The Offer is being made through the Book Building Process, wherein not more than 50% of the Offer shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the Offer shall be available for allocation to Non-Institutional Investors and not less than 35% of the Offer shall be available for allocation to Retail Individual Investors.
Disclaimer: JNK INDIA LIMITED is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its Equity Shares and has filed a red herring prospectus dated April 15, 2024 with the RoC. The RHP is made available on the website of the SEBI at www.sebi.gov.in as well as on the website of the BRLMs i.e., IIFL Securities Limited at www.iiflcap.com and ICICI Securities Limited at www.icicisecurities.com, the website of the NSE at www.nseindia.com and the website of the BSE at www.bseindia.com and the website of the Company at www.jnkindia.com. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risks, please see the section titled “Risk Factors” beginning on page 31 of the RHP. Potential investors should not rely on the DRHP for making any investment decision but can only rely on the information included in the Red Herring Prospectus.
The Equity Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (“U.S. Securities Act”) or any state securities laws in the United States, and unless so registered, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable U. S. state securities laws. Accordingly, the Equity Shares are being offered and sold outside the United States in offshore transactions in reliance on Regulation S and the applicable laws of each jurisdictions where such offers and sales are made.
LISTING: The Equity Shares offered through the RHP are proposed to be listed on the Stock Exchanges. Our Company has received in-principle approvals from BSE and NSE for listing of the Equity Shares pursuant to their letters dated November 29, 2023 and November 30, 2023, respectively. For the purposes of the Offer, NSE shall be the Designated Stock Exchange. A signed copy of the RHP has been filed with the RoC and the signed copy of the Prospectus shall be filed with the RoC in accordance with Section 26(4) of the Companies Act, 2013. For details of the material contracts and documents available for inspection from the date of the RHP up to the Bid/Offer Closing Date, see “Material Contracts and Documents for Inspection” on page 445 of the RHP.
DISCLAIMER CLAUSE OF SECURITIES AND EXCHANGE BOARD OF INDIA (“SEBI”): SEBI only gives its observations on the offer documents and this does not constitute approval of either the Offer or the specified securities stated in the Offer Document. The investors are advised to refer to page 359 of the RHP for the full text of the disclaimer clause of SEBI.
DISCLAIMER CLAUSE OF BSE: It is to be distinctly understood that the permission given by BSE Limited should not in any way be deemed or construed that the RHP has been cleared or approved by BSE Limited nor does it certify the correctness or completeness of any of the contents of the RHP. The investors are advised to refer to the page 361-362 of the RHP for the full text of the disclaimer clause of BSE.
DISCLAIMER CLAUSE OF NSE (the Designated Stock Exchange): It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the Offer Document has been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the Offer Document. The investors are advised to refer to page 362 of the RHP for the full text of the disclaimer clause of NSE.
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