JNK India IPO subscription status: Retail investors grab spotlight on day 2 - Hindustan Times

JNK India IPO subscription status: Retail investors grab spotlight on day 2

Apr 24, 2024 05:18 PM IST

Check out the JNK India IPO subscription today. Notably, tomorrow is the last day for investors to submit their bids.

JNK India, engaged in engineering, manufacturing, supplying, installing, and commissioning of process fired heaters, reformers, and cracking furnaces, is currently seeking to raise funds in the primary market. Today is the second day and the process has been moving smoothly. JNK India is all set to raise as much as 649.47 cr via its IPO. So far, JNK India IPO subscription has hit the 76 percent mark at 13:51 p.m., LiveMint reported.

JNK India IPO subscription has been moving at a good pace over the last two days. Know what analysts are saying. (Representational image)
JNK India IPO subscription has been moving at a good pace over the last two days. Know what analysts are saying. (Representational image)

On the first day of the JNK India IPO hitting the markets, the investors who grabbed the spotlight were qualified institutional buyers (QIBs). However, Day 2 saw a change in equations as retail investors came to the fore in the bidding process and gobbled up as much as 88 percent of the allotment earmarked for them. On the other hand, the non-institutional investors have taken up 61% and QIBs bought up 67 percent of their allotment.

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On day 1, JNK India IPO subscription was 49% - QIBs taking 67%, retail investors 48% and NIIs 25% of their respective quotas. In case you are interested, know the quotas for each segment - about 15% for NII, up to 50% for QIBs, and 35% for retail investors.

The issue will close on April 25 and expectations are positive. The founder of Kejriwal Research and Investment Services, Arun Kejriwal has termed the business that JNK India is in as interesting. He highlighted the Korean partnership on the basis of which it has received accreditations from all over the world.

In its review, brokerage Swastika Investmart said that JNK India, for the last 3 fiscals, has done well financially - both its topline and bottomline. The brokerage said because of a number of considerations it took into account, investors may apply for this IPO. However, the eye should be on the long-term.

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In its review, Nirmal Bang said that JNK's valuation is at the lower end of the spectrum, but its growth and return ratios are better than comparable companies. Citing a robust order backlog, little competition and a favourable industry structure, Nirmal Bang advises subscribing to the IPO, Live Mint reported.

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Notably, the issue is made up of two components. While one is a fresh issuance of shares worth 300 crore, the other is an offer-for-sale (OFS) worth 349.47 crore. This is by existing shareholders including JNK Global, Mascot Capital, Goutam Rampelli, and Milind Joshi.

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