JNK India Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹415
Per ShareLot Size
36 Shares
Minimum Investment
₹14,940
Issue Size
₹649.47 Cr
Face Value
₹2
Per ShareIPO Type
Book Building
Retail Quota
35%
QIB Quota
50%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
JNK India Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
94.56%
Issue Type
Book Building
ISIN
INE0OAF01028
About the Company
JNK India Limited is in the business of manufacturing the process fired heaters, reformers and cracking furnaces (together, the "Heating Equipment") that are required in process industries such as for oil and gas refineries, petrochemical and fertilizer industries. The Company has capabilities in thermal designing, engineering, manufacturing, supplying, installing and commissioning Heating Equipment and cater to both domestic and overseas market. The Indian heating equipment market is closely competed among seven companies with the Company and Thermax Limited being the most prominent and comparable players. Over the years the company has diversified into flares and incinerator systems and has been developing capabilities in the renewable sector with green hydrogen.
Industry Overview
India is the third largest oil consumer in the world and the oil demand is expected to reach 11 million barrels per day by calendar year 2045. Demand for Heating Equipment from Indian refineries, petrochemicals and fertilizer (urea) segments between Fiscals 2024 and 2029 is estimated at Rs. 270,890 million i.e., approximately Rs. 45,000 million on an annualized basis. Further, 61%, 37% and 2% of this demand would come from petrochemicals, refineries and fertilizers (urea), respectively. Furthermore, 46%, 24%, 16% and 14% of this demand would come from cracking furnaces, low capital expenditure heaters, high capital expenditure heaters and reformers, respectively.
Company History
JNK India Limited was incorporated as "JNK India Private Limited", a private limited company under the Companies Act, 1956 in Thane, Maharashtra, pursuant to a certificate of incorporation dated June 14, 2010, granted by the Registrar of Companies, Maharashtra at Mumbai ("RoC"). Pursuant to the conversion of the Company from a private limited company into a public limited company and as approved by its Board on April 12, 2023, and a special resolution passed by its Shareholders at the EGM on April 14, 2023, the name of the Company was changed to "JNK India Limited", and the RoC issued a fresh certificate of incorporation on May 26, 2023.
Products & Services
- JNK India Limited is in the business of manufacturing the process fired heaters, reformers and cracking furnaces (together, the "Heating Equipment") that are required in process industries such as for oil and gas refineries, petrochem & fert. industries.
Growth 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.
Customer Base
Wholesalers and Retailers
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY23 to FY25.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
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.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- 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.
- 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.