Heating equipment maker JNK India Ltd is set to open its initial public offering (IPO) on April 23. The initial share-sale will conclude on April 25 and the bidding for anchor investors will open for a day on April 22, according to the red herring prospectus (RHP) filed on Tuesday. The IPO is a combination of fresh issue of equity shares worth up to Rs 300 crore and an Offer-for-Sale (OFS) of up to 84.21 lakh equity shares by promoters and an existing shareholder. Those offloading shares in the OFS are promoters -- Goutam Rampelli, Dipak Kacharulal Bharuka, JNK Heaters Co. Ltd and Mascot Capital and Marketing Pvt Ltd. -- and a shareholder Milind Joshi. Proceeds from the fresh issue will be used for funding working capital requirements and for general corporate purposes. JNK specialises in process-fired heaters, commanding a market share of about 27 per cent within the Indian heating equipment market for new order bookings during fiscal year 2023, according to F&S Report. As of ..
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