JNK India IPO subscribed 41% on Day 1, QIBs take lead
The Rs 649.47-crore initial public offering (IPO) of JNK India, a heating equipment manufacturer, was subscribed 41 percent by the afternoon of April 23, the first day of bidding.
Investors bought 45.26 lakh equity shares against an issue size of 1.1 crore, subscription data available with the exchanges showed.
Qualified institutional buyers (QIBs) took the lead, picking 67 percent of the shares set aside for them. Retail investors bought 38 percent of their allotted quota, while non-institutional investors were yet to warm up to the issue.
The IPO is a fresh issue of Rs 300 crore and an offer-for-sale (OFS) of 84.21 lakh shares worth Rs 349.47 crore. The price band for the IPO, which closes April 25, has been fixed at Rs 395-415 a share.
The Maharashtra-based process-fired heaters, reformers and cracking furnaces maker mobilised Rs 194.84 crore through the anchor book on april 22.
Natixis International Funds, Kotak Mutual Fund, Goldman Sachs, HDFC Mutual Fund, Allianz Global Investors Fund, DSP Mutual Fund, and LIC Mutual Fund invested through the anchor book.
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