Tuesday, April 30, 2024

Shares of Heating Equipment Maker JNK India makes a heating debut on the exchange; lists at 50% premium



Shares of Heating Equipment Maker JNK India Limited made a heating debut on the exchange at a premium of 50%, higher than the IPO’s issue price of Rs 415.

The scrip listed Rs 620 per share on BSE and Rs 621 per share on NSE, at a premium of 49.40% and 49.64% respectively. The company's share price closed at Rs 693.95 per share on the BSE, a 67.22% premium, and at Rs 692 per share on the NSE, a 66.75% premium.


As per NSE, the total quantity traded stood at 216.25 lakh shares, on BSE the total Quantity stood at 14.37 lakh shares. Total Turnover (BSE+NSE) on Day 1 stood at Rs 1545.66 crore.

Mr. Arvind Kamath, Chairperson – JNK India Limited, said "We extend our heartfelt gratitude to all our esteemed investors for their unwavering support and confidence as we embark on this exciting journey of listing our units on the exchange. Your commitment fuels our drive towards greater success, and we look forward to delivering exceptional value as we grow together. Thank you for being a vital part of our journey."


The Market Capitalization of the Company at today’s closing price stood at Rs. 3,859.81 Crore as per BSE and Rs. 3848.97 Crore as per NSE


The Initial Public Offering of JNK India Limited was subscribed 28.13 times. Qualified Institutional Buyer Portion was subscribed 75.72 times, Non-Institutional Investors Portion was subscribed 23.26 times, whereas Retail Portion was subscribed 4.11 times.

JNK India Limited is in the business of manufacturing process-fired heaters, reformers, and cracking furnaces (together, the “Heating Equipment”) that are required in process industries such as oil and gas refineries, petrochemicals, and fertilizer industries.

The Company has capabilities in thermal designing, engineering, manufacturing, supplying, installing, and commissioning heating equipment and caters to both domestic and overseas markets. (Source: F&S Report). Over the years the Company has diversified into flares and incinerator systems and has been developing capabilities in the renewable sector with green hydrogen. The Heating Equipment is required in process industries such as oil and gas refineries, petrochemicals, fertilizers, hydrogen and methanol plants, etc.

As of December 31, 2023, it has served 21 customers within India and 8 customers overseas. In India, it has completed projects in, amongst others, Andhra Pradesh, Assam, Bihar, Karnataka, Kerala, Maharashtra, Tamil Nadu, and West Bengal, and globally have completed projects in Nigeria and Mexico. Further, it has ongoing projects in Gujarat, Odisha, Haryana, and Rajasthan in India and globally in Oman, Algeria, and Lithuania. Further, it has completed projects in far-reaching locations which included projects in India at Numaligarh, Assam; Kochi, Kerala; Barauni, Bihar; and overseas at Lagos, Nigeria.

Some of the domestic customers include Indian Oil Corporation Limited, Tata Projects Limited, Rashtriya Chemicals & Fertilizers Limited, and Numaligarh Refinery Limited.

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