JNK India’s Rs650-cr IPO to open on Apr 23

New Delhi: Heating equipment maker JNK India Ltd on Thursday said it has fixed a price band of Rs 395-415 per share for its Rs 650-crore initial public offering (IPO).

The initial share-sale will be open for public subscription during April 23-25 and the bidding for anchor investors will open for a day on April 22, the company said in a statement. The IPO is a combination of fresh issue of equity shares worth up to Rs 300 crore and an Offer-for-Sale (OFS) of up to 84.21 lakh equity shares by promoters and an existing shareholder. Those offloading shares in the OFS are promoters -- Goutam Rampelli, Dipak Kacharulal Bharuka, JNK Heaters Co Ltd and Mascot Capital and Marketing Pvt Ltd -- and a shareholder Milind Joshi. At the upper end of the price band, the IPO price has been pegged at Rs 650 crore. Proceeds from the fresh issue will be used for funding working capital requirements and general corporate purposes. Half of the issue size has been reserved for qualified institutional buyers, 35 per cent for non-institutional investors and the remaining 15 per cent for retail investors.