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JNK India Limited’s Initial Public Offering to open on Tuesday, April 23rd, 2024, price band set at ₹395 /- to ₹415/- per Equity Share

Mumbai, April 18, 2024: 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, has fixed the price band of 395/- to 415/- per Equity Share of face value ₹2/- each for its maiden initial public offer.

The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Tuesday, April 23rd, 2024, for subscription and close on Thursday, April 25th, 2024. Investors can bid for a minimum of 36 Equity Shares and in multiples of 36 Equity Shares thereafter.

The issue consists of a fresh issue of Rs 300 crore and offer for sale (OFS) up to 8.42 million from promoter selling shareholders and individual selling shareholder.

The Company have 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 have been developing capabilities in the renewable sector with green hydrogen. The Heating Equipment are 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 8 customers overseas. In India, it has completed projects in, amongst others, Andhra Pradesh, Assam, Bihar, Karnataka, Kerala, Maharashtra, Tamil Nadu, West Bengal and globally have completed projects in Nigeria and Mexico. Further, it has ongoing projects in Gujarat, Odisha, Haryana, Rajasthan in India and globally in Oman, Algeria, and Lithuania. Further, it has successfully completed projects in far-reaching locationswhich included projects in India at at Numaligarh, Assam; Kochi, Kerala; Barauni, Bihar; and overseas at Lagos,Nigeria.

Some of thedomestic customers include Indian Oil Corporation Limited, Tata Projects Limited, RashtriyaChemicals & Fertilizers Limited, and Numaligarh Refinery Limited. Further the Company has catered to overseas customers such as a leading engineering, procurement and construction (“EPC”) company in Europe, a leading oil & gas exploration & production company in Oman and a middle east arm of European EPC company in oil and gas. Since its inception, the Company have been working closely with JNK Global Co. Ltd (formerly known as JNK Heaters Co. Ltd) , a KOSDAQ-listed company. JNK Global Co. Ltd (formerly known as JNK Heaters Co. Ltd) is oneof the corporate promoters of the Company, holding a 25.79%  as of the date of the the Red Herring Prospectus.

The Company operates an in-house fabrication facility at the Mundra Special Economic Zone in Gujarat, spreads over approximately 20,243 square meters with an installed capacity of 5,000 metric tonnes of fabrication and modularization per annum.

As on December 31, 2023, it had an order book of ₹ 8,450.27million.

The Issue is being made through the Book Building Process, wherein not more than 50% of the Net Issue shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the Net Issue shall be available for allocation to Non-Institutional Investors and not less than 35% of the Net Issue shall be available for allocation to Retail Individual Bidders.

IIFL Securities Limited and ICICI Securities Limited are the book running lead managers and Link Intime India Private Limited is the registrar to the issue.

Notes for Reference:

Issue Size of the IPO based on the upper and lower end of the price band

Fresh

OFS (8,421,052 equity shares)

Total

Lower Band (@Rs 395)

Rs 300 crore

Rs 332.63 crore

Rs 632.63 crore

Upper Band (@Rs 415)

Rs 300 crore

Rs 349.47 crore

Rs 649.47 crore

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