JNK India IPO Subscribed 49% On Day 1

JNK India Ltd. launched its three-day initial public offering to raise up to Rs 649.5 crore on Tuesday and was subscribed 0.49 times on day one. The IPO is 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. Anchor investors had started bidding on April 22.

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 India on Monday 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 share to 19 funds at Rs 415 apiece, according to a circular uploaded on the BSE website.

• 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.

This is how the net proceeds from the issue will be utilised:

• 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.

The IPO was subscribed 0.49 times, or 49%, as of 5 p.m. on Tuesday.

• Institutional investors: 0.67 times or 67%.

• Non-institutional investors: 0.25 times or 25%.

• Retail investors: 0.48 times or 48%.