JNK India IPO allotment status: Check application, latest GMP and listing date

JNK India is scheduled to finalize the basis of allotment of its shares on Friday, April 26. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate either over the weekend or latest by Monday, April 28. The heating equipment maker had received a decent response from the investors.

The IPO of JNK India ran between April 23 and April 25. The Thane-based company had offered its shares in the fixed price band of Rs 395-415 per share with a lot size of 36 shares. The company raised a little more than Rs 649.47 crore via its primary offering, which included a fresh share sale of Rs 300 crore and an offer-for-sale (OFS) of up to 84,21,052 equity shares.

The issue was overall subscribed more than 28.13 times. The quota for qualified institutional bidders (QIBs) was booked a solid 75.72 times The quota for non-institutional investors was subscribed 23.26 times. The portions reserved for retail investors saw bidding for 4.11 times during the three-day bidding process.

Grey market premium (GMP) of JNK India has surged sharply following the closure of the bidding process. Last heard, the company was commanding a premium of Rs 85-90 per share, suggesting a listing pop of around 20-21 per cent for the investors. However, it was around Rs 25 apiece, when the issue had ran for bidding.

Incorporated in 2010, JNK India is engaged in the design, manufacture, supply, installation, and commissioning of process-fired heaters, reformers and cracking furnaces. The manufacturing is done at the in-house manufacturing facilities and/or third-party vendors.

Brokerage firms were mostly positive on the issue and suggested subscribing to it on the back of strong fundamentals, rising capex cycle, expansion potentials and sound financials. However, they have suggested rising need of working capital and delay in capex plans may dent its prospects.

IIFL Securities and ICICI Securities are the book running lead managers of the JNK India IPO, while Link Intime India is the registrar for the issue. Shares of the company are likely to be listed at both the bourses- BSE and NSE on April 30, Tuesday.

Investors, who had bid for the issue of JNK India, can check the allotment status on the Bombay Stock Exchange (BSE) website:
1) Visit https://www.bseindia.com/investors/appli_check.aspx
2) Under the issue type, click Equity
3) Under the issue name, select JNK India Limited in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on 'I am not a Robot' and hit submit

Investors can also check the allotment status on the online portal of Link Intime India (https://linkintime.co.in/MIPO/Ipoallotment.html), the registrar to the issue.

The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. It is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries post issue.

1) Go to the web portal of Link Intime Limited
2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized
3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID
4) In application type, select between ASBA and non-ASBA
5) Enter the details of the mode you selected in Step 2
6) For security purposes, fill the captcha accurately
7) Hit submit.


Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.