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JNK India Ltd IPO

Status:

Overview

IPO date
23 Apr 2024 to 25 Apr 2024
Face value
₹ 2 per share
Price
₹ 395 to ₹415 per share
Issue Size
15,649,967 shares
(aggregating up to ₹ 649.47 Cr)
Allotment Date
26 Apr 2024
Listing at
NSE
Issue type
Book Building
Sector

Objectives of JNK India Ltd IPO

Initial public offering of 15,649,967 equity shares of face value of Rs. 2 each ("Equity Shares") of JNK India Limited ("The Company" or the "Issuer") for cash at a price of Rs. 415 per equity share (including a share premium of Rs. 413 per equity share) (the "Offer Price") aggregating to Rs. 649.47 crores (the "Offer"), comprising a fresh issue of 7,228,915 equity shares aggregating to Rs. 300.00 crores ("Fresh Issue") and an offer for sale of 8,421,052 equity shares (the "Offered Shares") aggregating to Rs. 349.47 crores (the "Offer for Sale"), comprising 1,122,807 equity shares by Goutam Rampelli aggregating to Rs. 46.60 crores, 2,432,749 equity shares by JNK Global Co. Ltd (formally known as JNK Heaters Co. Ltd) ("JNK Global") aggregating to Rs. 100.96 crores and 4,397,661 equity shares by Mscot Capital and Marketing Private Limited ("Mascot Capital") aggregating to Rs. 182.50 crores (the "Promoter Selling Shareholders") and 467,835 equity shares aggregating to Rs. 19.42 crores by Milind Joshi ("Individual Selling Shareholder", collectively, the "Selling Shareholders"). The offer constituted 28.14% of the post-offer paid-up equity share capital. While the company at the time of filing the draft red herring prospectus had contemplated a pre-ipo placement, the company has not undertaken a pre-ipo placement. The face value of the equity share is Rs. 2 each and the offer price is 207.50 times the face value of the equity shares.

JNK India Ltd IPO Strategy

  • Geographical expansion with focus on high growth markets to capitalise on the industry tailwinds.
  • Enhance its diversified offerings including renewables.
  • Pursue strategic investment, partnerships and acquisition opportunities and integrate them with its business operations.

About JNK India Ltd

JNK India Limited was incorporated as 'JNK India Private Limited', a Private Limited Company in Thane, Maharashtra dated June 14, 2010, granted by the Registrar of Companies. The Company converted from a Private Company into a Public Company and the name was changed to 'JNK India Limited', vide a fresh Certificate of Incorporation on May 26, 2023. JNK India are one of the leading Heating Equipment companies in India in terms of new order booking and have capabilities in thermal designing, engineering, manufacturing, supplying, installing and commissioning process fired heaters, reformers and cracking furnaces. The Company is one of the well-recognized process fired heater companies in India, having a market share of approximately 27% in the Indian Heating Equipment market, in terms of new order booking in Fiscal 2023. The Heating Equipment comprising of process fired heaters, reformers and cracking furnaces are required in process industries such as oil and gas refineries, petrochemicals, fertilizers, hydrogen and methanol plants etc. Heating equipment such as process fired heaters and reformers are used in a typical refinery and are also an effective and efficient heating solution for a wide range of industrial applications, but proper design, installation, and operation are critical to ensure safe and reliable performance. Process fired heaters are the critical equipment in a refinery. Around 10 - 20 process fired heaters are used in any typical refinery. Of all the process fired heaters, four applications such as the CDU, VDU, delayed coker unit and catalytic reforming units are the most critical and the capex for these heaters is also high when compared with the other heater application areas in the refinery. The Company has been working closely with JNK Heaters a KOSDAQ listed company. While for certain projects, the Company is able to participate independently and acquire projects in Heating Equipment, for certain projects it partner as a global joint engineering and implementing partner for JNK Heaters. JNK Heaters is also one of the Corporate Promoters of the Company with a shareholding of 25.79% as on Aug' 22, 2023. In India, the Company completed projects in Andhra Pradesh, Assam, Bihar, Karnataka, Kerala, Maharashtra, Tamil Nadu, West Bengal and globally in Nigeria and Mexico. Thereafter, it completed projects in India at Numaligarh, Assam; Kochi, Kerala; Barauni, Bihar; and overseas at Lagos, Nigeria. In 2019, the Company received first purchase order in Nigeria for erection work from a private refinery company of a multinational industrial conglomerate from Nigeria; later in 2021, it received purchase order for supply of natural gas and bio - compressed natural gas reforming based hydrogen infrastructure for refuelling fuel cell buses and purchase order for flare systems, in Nigeria during the same period. The Company is proposing Public Issue of Equity Shares aggregating Rs 300 Crores through Fresh Issue and by issuing 8,421,052 Equity Shares through Offer for Sale.

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Strengths vs Risks of JNK India Ltd

Know the pros & cons

Strengths

  • arrowEstablished track record with a diverse customer base.
  • arrowWell-positioned to capture industry tailwinds through its demonstrated capabilities over time.
  • arrowDiversifying product portfolio to cater to varied industries.
  • arrowDemonstrated financial performance with a robust Order Book reflecting revenue visibility for last three Fiscals.
  • arrowSkilled and experienced Promoters and management team with committed employee base.

Risks

  • arrowThe company derives a significant portion of its revenue from orders which are contracted to the company by Contracting Customers, any failure to obtain new contracts may impact its revenue from operations, cash flows and financial conditions materially and adversely.
  • arrowThe number of orders the company has received in the past, the company current Order Book and its growth rate may not be indicative of the number of orders the company will receive in future. The order wins and any delays in execution of its orders expose it to time and cost overruns and variability in revenue, materially and adversely impacting the company revenue from operations, cash flows and financial conditions.
  • arrowThe company is unable to trace some of the historical records and there have been certain instances of regulatory non-compliances in the past. Its may be subject to regulatory actions and penalties for any such past or future non- compliance or delays and its business, financial condition and reputation may be adversely affected.
  • arrowThe company has derived majority of its revenues from its Corporate Promoter, JNK Global and use their experience and technology support for select projects. Any kind of dissociation with JNK Global may have an adverse impact on its business, results of operations and cash flows.
  • arrowAvailability and cost of raw materials may adversely affect its business, results of operations, financial condition and cash flows. Also, the company does not enter into any long-term contracts with its suppliers.
  • arrowAny downside in the capital expenditure of oil and gas, petrochemical and fertilizers industry would create an adverse impact on its revenue from operations, cash flows and financial conditions.
  • arrowThe company derives a majority portion of its revenues from sales of Heating Equipment. Loss or decline in the demand of such Heating Equipment may result in an adverse effect on its business, revenue from operations and financial condition.
  • arrowThe company is subject to various laws and regulations, including environmental and health and safety laws and regulations. If the company fail to obtain, maintain or renew the licenses, permits and approvals required to operate its business, or fail to comply with applicable laws, its business, results of operations and financial condition may be adversely affected.
  • arrowThe company is an asset light Company wherein its outsource its fabrication process to third-party fabricators for most of the company projects which presents numerous risks.
  • arrowIts market capitalization to revenue from operations multiple, market capitalization to tangible assets multiple and enterprise value to EBITDA multiple at the Offer Price may not be indicative of the market price of its Equity Shares on listing or thereafter.
  • arrowIts failures to expand geographically may have an adverse effect on the company's business, financial condition and results of operations.
  • arrowThe company does not have any trademark or logo registered in its name. The company use the logo and trademark of one of its Corporate Promoters, JNK Global, pursuant to the Co-operation Agreement dated May 17, 2023 and consent letter dated July 20, 2023. Any default in the contractual obligations or termination of the Co-operation Agreement or revocation of the consent would prohibit it from using the trademark and logo and may have an adverse impact on its business.
  • arrowThe Company will not receive any proceeds from the Offer for Sale. The Selling Shareholders will receive the proceeds from the Offer for Sale.
  • arrowIts insurance policies may not be adequate to cover all losses incurred in the company's business. An inability to maintain adequate insurance cover to protect its from material adverse incidents in connection with the company's business may adversely affect its operations and profitability.
  • arrowConflicts of interests may arise out of the business ventures in which one of its Corporate Promoters and Directors are interested.
  • arrowThe Company has a high working capital requirement and working capital projections made by the Company are based on its management's assumptions. The company may require alternate funding in Fiscal 2024 and Fiscal 2025 post the utilization of Net Proceeds and if the Company is unable to raise sufficient working capital, the operations of the Company will be adversely affected.
  • arrowThe company is subject to strict performance requirements and delivery within scheduled timelines and any failure by it to comply with these performance requirements may lead to the invocation of performance bank guarantee and liability claims.
  • arrowThe Company has significant working capital requirements. If the company has to borrow or raise additional financing or furnish bank guarantees or performance bank guarantees in future, it would adversely impact its business, cash flows and results of operations.
  • arrowThe company has borrowed and may raise additional financing for its operations. The company have furnished personal guarantee and corporate guarantee that have been provided by its Promoters, for the company working capital requirements/ funding requirements. If its Promoters withdraw/ don't provide such guarantees in future, it will adversely impact its funding and may impact thd company's business, cash flows and results of operations.
  • arrowThe company is dependent on its Promoters, Directors, Key Managerial Personnel and Senior Management, including other employees with technical expertise. Any loss of or its inability to attract or retain such persons could adversely affect its business, results of operations and financial condition.
  • arrowA majority of its Directors does not have a prior experience of directorship in any of the companies listed on recognized stock exchange, therefore, they will be able to provide only a limited guidance in relation to the affairs of the Company post listing.
  • arrowThe trading volume and market price of the Equity Shares may be volatile following the Offer.
  • arrowIts expansion into new business lines may not be successful.
  • arrowThe immediate relatives of one of its Promoters, who are deemed to be a part of the Promoter Group under Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements), 2018 have not provided consent, information or any confirmations or undertakings pertaining to themselves which are required to be disclosed in relation to a member of the Promoter Group in this Red Herring Prospectus.
  • arrowThe company has in the past entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders.
  • arrowIts business subjects it to certain risks due to the company's operations in multiple jurisdictions.
  • arrowIts industry is competitive and the company inability to compete effectively may adversely affect its business, results of operations, financial condition and cash flows.
  • arrowBidding for a tender involves cost estimations for the bidding process. Inability to accurately estimate the cost or match the prices quoted by its competitors, may lead to loss of tender creating an adverse impact on the company's business, results of operations, financial condition and cash flows.
  • arrowThe company carry out in-house fabrication at some leased facilities and any slowdown or shutdown in its manufacturing operations could have an adverse effect on the company's business, financial condition and results of operations.
  • arrowThe company faces foreign exchange risks that could adversely affect its results of operations.
  • arrowCertain sections of this Red Herring Prospectus disclose information from the industry report which has been commissioned and paid for by it exclusively in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risk.
  • arrowThe company does not have any research and development ("R&D") facility and may have to relies on one of its Corporate Promoters, JNK Global, for any new technological development.
  • arrowThe company have certain contingent liabilities which, if materialized, may adversely affect its financial condition.
  • arrowThere are outstanding legal proceedings involving the Company, Promoters, and Directors. Any adverse outcome in such legal proceedings may affect its business, results of operations and financial condition.
  • arrowThe company's business may be subject to labour conflicts, strikes, or other types of conflicts with its workforce and the company third-party fabricators which may adversely impact on its business, results of operations and financial condition.
  • arrowInability to meet its obligations, including financial and other covenants under the company debt financing arrangements could adversely affect its business and results of operations.
  • arrowIts Promoters, Directors, Key Managerial Personnel and Senior Management may have an interest in the Company other than reimbursement of expenses incurred or normal remuneration or benefits.
  • arrowIts Registered and Corporate Office are located on premises taken on a leave and license basis or leased. There can be no assurance that these leave and license or leased agreements will be renewed upon termination, or that we will be able to obtain other premises on leave and license basis on same or similar commercial terms or at all.
  • arrowFailure or any disruption of its IT systems, may adversely affect the company's business, financial condition, results of operations and prospects.
  • arrowFailures in internal control systems could cause operational errors which may have an adverse impact on its profitability.
  • arrowIts funding requirements and proposed deployment of the Net Proceeds are not appraised by any independent agency and are based on management estimates and may be subject to change based on various factors, some of which are beyond its control.
  • arrowAny variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
  • arrowThe company may be unable to detect, deter and prevent all instances of fraud or other misconduct committed by its employees which may have a material adverse effect on the company's business, results of operations and financial condition.
  • arrowAs on December 31, 2023, the company conduct majority of its business through its facilities situated at Mundra, Gujarat and Jajpur, Odisha. Its Facility at Mundra, Gujarat may have low capacity utilization that could adversely affect the company's results of operations.
  • arrowNon-GAAP measures presented in this Red Herring Prospectus may have limitations as analytical tools, may vary from any standard methodology applicable across the Heating Equipment industry, and may not be comparable with financial or statistical information of similar nomenclature presented by other peer companies.
  • arrowThe Company has issued Equity Shares during the last 12 months at a price which may be lower than the Offer Price.
  • arrowThe continuing impact of the COVID-19 pandemic on its business and operations is uncertain and it may be significant and continue to have an adverse effect on the company's business, operations and its future financial performance.

JNK India Ltd Peer Comparison

Understand the company’s industry standing

JNK India Ltd
Thermax Ltd
Bharat Heavy Electricals Ltd
Face Value
2
2
2
Standalone / Consolidated
Consolidated
Consolidated
Consolidated
Total Income Rs. Cr.
407.302
8089.81
23364.94
EPS-Basis
9.66
39.98
1.37
EPS-Diluted
9.51
39.98
1.37
NAV Per Share
25.45
343.67
77.05
P/E-Basic EPS
---
112.90
186.02
P/E-Diluted EPS
---
---
---
RONW(%)
47.71
12.24
1.79
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 23 Apr 2024 & closes on 25 Apr 2024.

JNK India Limited was incorporated as 'JNK India Private Limited', a Private Limited Company in Thane, Maharashtra dated June 14, 2010, granted by the Registrar of Companies. The Company converted from a Private Company into a Public Company and the name was changed to 'JNK India Limited', vide a fresh Certificate of Incorporation on May 26, 2023. JNK India are one of the leading Heating Equipment companies in India in terms of new order booking and have capabilities in thermal designing, engineering, manufacturing, supplying, installing and commissioning process fired heaters, reformers and cracking furnaces. The Company is one of the well-recognized process fired heater companies in India, having a market share of approximately 27% in the Indian Heating Equipment market, in terms of new order booking in Fiscal 2023. The Heating Equipment comprising of process fired heaters, reformers and cracking furnaces are required in process industries such as oil and gas refineries, petrochemicals, fertilizers, hydrogen and methanol plants etc. Heating equipment such as process fired heaters and reformers are used in a typical refinery and are also an effective and efficient heating solution for a wide range of industrial applications, but proper design, installation, and operation are critical to ensure safe and reliable performance. Process fired heaters are the critical equipment in a refinery. Around 10 - 20 process fired heaters are used in any typical refinery. Of all the process fired heaters, four applications such as the CDU, VDU, delayed coker unit and catalytic reforming units are the most critical and the capex for these heaters is also high when compared with the other heater application areas in the refinery. The Company has been working closely with JNK Heaters a KOSDAQ listed company. While for certain projects, the Company is able to participate independently and acquire projects in Heating Equipment, for certain projects it partner as a global joint engineering and implementing partner for JNK Heaters. JNK Heaters is also one of the Corporate Promoters of the Company with a shareholding of 25.79% as on Aug' 22, 2023. In India, the Company completed projects in Andhra Pradesh, Assam, Bihar, Karnataka, Kerala, Maharashtra, Tamil Nadu, West Bengal and globally in Nigeria and Mexico. Thereafter, it completed projects in India at Numaligarh, Assam; Kochi, Kerala; Barauni, Bihar; and overseas at Lagos, Nigeria. In 2019, the Company received first purchase order in Nigeria for erection work from a private refinery company of a multinational industrial conglomerate from Nigeria; later in 2021, it received purchase order for supply of natural gas and bio - compressed natural gas reforming based hydrogen infrastructure for refuelling fuel cell buses and purchase order for flare systems, in Nigeria during the same period. The Company is proposing Public Issue of Equity Shares aggregating Rs 300 Crores through Fresh Issue and by issuing 8,421,052 Equity Shares through Offer for Sale.

JNK India Ltd IPO will close on 25 Apr 2024.

  • Established track record with a diverse customer base.
  • Well-positioned to capture industry tailwinds through its demonstrated capabilities over time.
  • Diversifying product portfolio to cater to varied industries.
  • Demonstrated financial performance with a robust Order Book reflecting revenue visibility for last three Fiscals.
  • Skilled and experienced Promoters and management team with committed employee base.

S.No Promoters Name Pre Issue Shares Pre Issue Percentage Post Issue Shares Post Issue Percentage
1 Mascot Capital & Marketing Pvt 22560000 46.62 18162339 32.65
2 JNK Global Co Ltd 12480000 25.79 10047251 18.06
3 Arvind Kamath --- --- --- ---
4 Goutam Rampelli 5760000 11.9 4637193 8.34
5 Dipak Kacharulal Bharuka 4960000 10.25 4960000 8.92

  • The company derives a significant portion of its revenue from orders which are contracted to the company by Contracting Customers, any failure to obtain new contracts may impact its revenue from operations, cash flows and financial conditions materially and adversely.
  • The number of orders the company has received in the past, the company current Order Book and its growth rate may not be indicative of the number of orders the company will receive in future. The order wins and any delays in execution of its orders expose it to time and cost overruns and variability in revenue, materially and adversely impacting the company revenue from operations, cash flows and financial conditions.
  • The company is unable to trace some of the historical records and there have been certain instances of regulatory non-compliances in the past. Its may be subject to regulatory actions and penalties for any such past or future non- compliance or delays and its business, financial condition and reputation may be adversely affected.
  • The company has derived majority of its revenues from its Corporate Promoter, JNK Global and use their experience and technology support for select projects. Any kind of dissociation with JNK Global may have an adverse impact on its business, results of operations and cash flows.
  • Availability and cost of raw materials may adversely affect its business, results of operations, financial condition and cash flows. Also, the company does not enter into any long-term contracts with its suppliers.
  • Any downside in the capital expenditure of oil and gas, petrochemical and fertilizers industry would create an adverse impact on its revenue from operations, cash flows and financial conditions.
  • The company derives a majority portion of its revenues from sales of Heating Equipment. Loss or decline in the demand of such Heating Equipment may result in an adverse effect on its business, revenue from operations and financial condition.
  • The company is subject to various laws and regulations, including environmental and health and safety laws and regulations. If the company fail to obtain, maintain or renew the licenses, permits and approvals required to operate its business, or fail to comply with applicable laws, its business, results of operations and financial condition may be adversely affected.
  • The company is an asset light Company wherein its outsource its fabrication process to third-party fabricators for most of the company projects which presents numerous risks.
  • Its market capitalization to revenue from operations multiple, market capitalization to tangible assets multiple and enterprise value to EBITDA multiple at the Offer Price may not be indicative of the market price of its Equity Shares on listing or thereafter.
  • Its failures to expand geographically may have an adverse effect on the company's business, financial condition and results of operations.
  • The company does not have any trademark or logo registered in its name. The company use the logo and trademark of one of its Corporate Promoters, JNK Global, pursuant to the Co-operation Agreement dated May 17, 2023 and consent letter dated July 20, 2023. Any default in the contractual obligations or termination of the Co-operation Agreement or revocation of the consent would prohibit it from using the trademark and logo and may have an adverse impact on its business.
  • The Company will not receive any proceeds from the Offer for Sale. The Selling Shareholders will receive the proceeds from the Offer for Sale.
  • Its insurance policies may not be adequate to cover all losses incurred in the company's business. An inability to maintain adequate insurance cover to protect its from material adverse incidents in connection with the company's business may adversely affect its operations and profitability.
  • Conflicts of interests may arise out of the business ventures in which one of its Corporate Promoters and Directors are interested.
  • The Company has a high working capital requirement and working capital projections made by the Company are based on its management's assumptions. The company may require alternate funding in Fiscal 2024 and Fiscal 2025 post the utilization of Net Proceeds and if the Company is unable to raise sufficient working capital, the operations of the Company will be adversely affected.
  • The company is subject to strict performance requirements and delivery within scheduled timelines and any failure by it to comply with these performance requirements may lead to the invocation of performance bank guarantee and liability claims.
  • The Company has significant working capital requirements. If the company has to borrow or raise additional financing or furnish bank guarantees or performance bank guarantees in future, it would adversely impact its business, cash flows and results of operations.
  • The company has borrowed and may raise additional financing for its operations. The company have furnished personal guarantee and corporate guarantee that have been provided by its Promoters, for the company working capital requirements/ funding requirements. If its Promoters withdraw/ don't provide such guarantees in future, it will adversely impact its funding and may impact thd company's business, cash flows and results of operations.
  • The company is dependent on its Promoters, Directors, Key Managerial Personnel and Senior Management, including other employees with technical expertise. Any loss of or its inability to attract or retain such persons could adversely affect its business, results of operations and financial condition.
  • A majority of its Directors does not have a prior experience of directorship in any of the companies listed on recognized stock exchange, therefore, they will be able to provide only a limited guidance in relation to the affairs of the Company post listing.
  • The trading volume and market price of the Equity Shares may be volatile following the Offer.
  • Its expansion into new business lines may not be successful.
  • The immediate relatives of one of its Promoters, who are deemed to be a part of the Promoter Group under Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements), 2018 have not provided consent, information or any confirmations or undertakings pertaining to themselves which are required to be disclosed in relation to a member of the Promoter Group in this Red Herring Prospectus.
  • The company has in the past entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders.
  • Its business subjects it to certain risks due to the company's operations in multiple jurisdictions.
  • Its industry is competitive and the company inability to compete effectively may adversely affect its business, results of operations, financial condition and cash flows.
  • Bidding for a tender involves cost estimations for the bidding process. Inability to accurately estimate the cost or match the prices quoted by its competitors, may lead to loss of tender creating an adverse impact on the company's business, results of operations, financial condition and cash flows.
  • The company carry out in-house fabrication at some leased facilities and any slowdown or shutdown in its manufacturing operations could have an adverse effect on the company's business, financial condition and results of operations.
  • The company faces foreign exchange risks that could adversely affect its results of operations.
  • Certain sections of this Red Herring Prospectus disclose information from the industry report which has been commissioned and paid for by it exclusively in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risk.
  • The company does not have any research and development ("R&D") facility and may have to relies on one of its Corporate Promoters, JNK Global, for any new technological development.
  • The company have certain contingent liabilities which, if materialized, may adversely affect its financial condition.
  • There are outstanding legal proceedings involving the Company, Promoters, and Directors. Any adverse outcome in such legal proceedings may affect its business, results of operations and financial condition.
  • The company's business may be subject to labour conflicts, strikes, or other types of conflicts with its workforce and the company third-party fabricators which may adversely impact on its business, results of operations and financial condition.
  • Inability to meet its obligations, including financial and other covenants under the company debt financing arrangements could adversely affect its business and results of operations.
  • Its Promoters, Directors, Key Managerial Personnel and Senior Management may have an interest in the Company other than reimbursement of expenses incurred or normal remuneration or benefits.
  • Its Registered and Corporate Office are located on premises taken on a leave and license basis or leased. There can be no assurance that these leave and license or leased agreements will be renewed upon termination, or that we will be able to obtain other premises on leave and license basis on same or similar commercial terms or at all.
  • Failure or any disruption of its IT systems, may adversely affect the company's business, financial condition, results of operations and prospects.
  • Failures in internal control systems could cause operational errors which may have an adverse impact on its profitability.
  • Its funding requirements and proposed deployment of the Net Proceeds are not appraised by any independent agency and are based on management estimates and may be subject to change based on various factors, some of which are beyond its control.
  • Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
  • The company may be unable to detect, deter and prevent all instances of fraud or other misconduct committed by its employees which may have a material adverse effect on the company's business, results of operations and financial condition.
  • As on December 31, 2023, the company conduct majority of its business through its facilities situated at Mundra, Gujarat and Jajpur, Odisha. Its Facility at Mundra, Gujarat may have low capacity utilization that could adversely affect the company's results of operations.
  • Non-GAAP measures presented in this Red Herring Prospectus may have limitations as analytical tools, may vary from any standard methodology applicable across the Heating Equipment industry, and may not be comparable with financial or statistical information of similar nomenclature presented by other peer companies.
  • The Company has issued Equity Shares during the last 12 months at a price which may be lower than the Offer Price.
  • The continuing impact of the COVID-19 pandemic on its business and operations is uncertain and it may be significant and continue to have an adverse effect on the company's business, operations and its future financial performance.

The Issue type of JNK India Ltd is Book Building.

The minimum application for shares of JNK India Ltd is 36.

The total shares issue of JNK India Ltd is 15649967.

Initial public offering of 15,649,967 equity shares of face value of Rs. 2 each ("Equity Shares") of JNK India Limited ("The Company" or the "Issuer") for cash at a price of Rs. 415 per equity share (including a share premium of Rs. 413 per equity share) (the "Offer Price") aggregating to Rs. 649.47 crores (the "Offer"), comprising a fresh issue of 7,228,915 equity shares aggregating to Rs. 300.00 crores ("Fresh Issue") and an offer for sale of 8,421,052 equity shares (the "Offered Shares") aggregating to Rs. 349.47 crores (the "Offer for Sale"), comprising 1,122,807 equity shares by Goutam Rampelli aggregating to Rs. 46.60 crores, 2,432,749 equity shares by JNK Global Co. Ltd (formally known as JNK Heaters Co. Ltd) ("JNK Global") aggregating to Rs. 100.96 crores and 4,397,661 equity shares by Mscot Capital and Marketing Private Limited ("Mascot Capital") aggregating to Rs. 182.50 crores (the "Promoter Selling Shareholders") and 467,835 equity shares aggregating to Rs. 19.42 crores by Milind Joshi ("Individual Selling Shareholder", collectively, the "Selling Shareholders"). The offer constituted 28.14% of the post-offer paid-up equity share capital. While the company at the time of filing the draft red herring prospectus had contemplated a pre-ipo placement, the company has not undertaken a pre-ipo placement. The face value of the equity share is Rs. 2 each and the offer price is 207.50 times the face value of the equity shares.