Heating equipment maker JNK India files draft papers with Sebi to float IPO

Heating equipment maker JNK India Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).The IPO comprises a 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, according to the Draft Red Herring Prospectus (DRHP) filed on Tuesday.

Those offloading shares in the OFS are of promoters — Goutam Rampelli, Dipak Kacharulal Bharuka, JNK Heaters Co. Ltd. and Mascot Capital and Marketing Pvt Ltd. — and shareholder Milind Joshi.The Mumbai-based company may consider an issue of equity shares aggregating up to Rs 60 crore in the pre-IPO placement round. If such placement is completed, the fresh issue size will be reduced.

As of March 2023, it had an order book of about Rs 868 crore, way higher than the over Rs 143 crore order book in March 2021.In terms of financials, the company’s consolidated revenue from operations surged by 37.42 per cent to Rs 407.30 crore for the fiscal year 2023 from Rs 296.40 crore a year earlier and net profit increased by 29 per cent to Rs 46.36 crore in fiscal 2023 from Rs 35.98 crore in fiscal 2022.IIFL Securities and ICICI Securities are the book-running lead managers of the public issue. The equity shares are proposed to be listed on BSE and NSE.

Vishnu Prakash Punglia IPO Listing: Shares have bumper debut on bourses, list at 65% premium

Vishnu Prakash Punglia IPO: Vishnu Prakash Punglia shares listed at 65% premium over IPO price on NSE and BSE amid flat domestic market. The share debuted at Rs 163.3 on the BSE, as compared to the issue price of Rs 99. Vishnu Prakash Punglia shares’ grey market premium gained 60% on Tuesday, commanding a premium of Rs 60 over upper end of the IPO price, implying a listing price of Rs 159 per share.

Vishnu Prakash Punglia IPO subscription data

Vishnu Prakash Punglia IPO opened for subscription on 24 August and the issue was fully subscribed 87.82 times on the last day of subscription, helped by overwhelming participation from institutional investors. The Qualified Institutional Buyers (QIBs) category was subscribed 171.69 times, the portion for non-institutional investors received 111.03 times subscription and Retail Individual Investors (RIIs) quota got oversubscribed by 32.01 times. The employee portion was bid for 12.97 times. The public offer comprises a fresh issue of 3.12 crore shares. The infrastructure player has set the price band for the IPO at Rs 94-99 per equity share.

About Vishnu Prakash R Punglia

Vishnu Prakash R Punglia was incorporated in 1986 and the company is in the business of designing and constructing infrastructure projects for the Central and State Governments, autonomous bodies, and private bodies across 9 States and 1 Union territory in India. The company has design and engineering, procurement, project management and quality management teams along with a fleet of 499 construction equipment and vehicles. Its in-house teams deliver projects from design to completion which reduces dependency on third parties for key materials such as RMC, stone aggregates, bitumen and services such as design and engineering, transportation and logistics.

Aeroflex Industries IPO Listing: Shares have bumper debut on bourses, list at 83% premium

Aeroflex Industries IPO: Aeroflex Industries shares listed at 83% premium over IPO price on NSE and BSE amid flat domestic market. The share debuted at Rs 197.40 on the BSE, as compared to the issue price of Rs 108. Aeroflex Industries shares’ grey market premium gained 66% on Thursday, commanding a premium of Rs 71 over upper end of the IPO price, implying a listing price of Rs 179 per share.

Aeroflex Industries IPO subscription data

Aeroflex Industries IPO opened for subscription on 22 August and the issue was fully subscribed 97.11 times on the last day of subscription, helped by overwhelming participation from institutional investors. The Qualified Institutional Buyers (QIBs) category was subscribed 194.73 times, the portion for non-institutional investors received 126.13 times subscription and Retail Individual Investors (RIIs) quota got oversubscribed by 34.41 times.

“On FY23 financials, the IPO is valued at 42x P/E, 26.6xEV/EBITDA and 5.3x EV/Sales. The company is likely to benefit from growth prospects in traditional industrial segments like manufacturing, automotive, oil & gas among others as well as emerging industries like solar, lithium-Ion battery management and robotics among others. Moreover, a strong track record of commercialising and scaling up new products and R&D capabilities puts the company in a good position to capture the requirements of diverse end user industrial sectors. In view of diversified product portfolio, strong financials, global footprint, focus on expanding its capacities, products and R&D capabilities, we recommend a SUBSCRIBE to the issue,” said Reliance Securities.

About Aeroflex Industries

Aeroflex Industries, a subsidiary of SAT Industries manufactures and supplies environment friendly metallic flexible flow solution products like multiple variety of hoses, tubes and hose assemblies.The company’s clientele includes distributors, fabricators, maintenance repair and operations companies (MROs), original equipment manufacturers (OEMs), and companies operating in a wide range of industries. Moreover, the company has recently forayed into manufacturing products made of bronze. The company’s products replace flow solutions made of rubber and polymers. Flexible flow solutions made with stainless steel corrugation are becoming a preferred solution because of their advantages. The company recorded more than 1,700 product SKUs (Stock Keeping Units) in its product portfolio.

Oil ticks higher after China moves to support flagging economy

Oil prices ticked higher on Monday, along with equity markets, after China took steps to support its flagging economy, though investors remained worried about the pace of growth as well as further U.S. interest rate hikes that could dampen fuel demand.

Brent crude rose 22 cents, or 0.3%, to $84.70 a barrel by 0049 GMT while U.S. West Texas Intermediate crude was at $80.08 a barrel, up 25 cents, or 0.3%.

“Unfortunately, after last week’s modest (Chinese central bank interest) rate cut, the announcements above amount to another piecemeal measure that won’t alter investor gloom towards China,” he added.

China’s manufacturing purchasing managers’ index (PMI) due later this week will likely reveal more dour economic news around the world’s second-biggest economy, Sycamore said. The PMI is likely to remain in contraction territory for a fifth consecutive month, he added.

CMC markets analyst Tina Teng said a soft-landing scenario for the U.S. economy buoyed energy markets on Monday despite the Federal Reserve’s ongoing hawkish stance on rate hikes.

Brent and WTI posted a second week of loss on Friday after Fed Chair Jerome Powell said the U.S. central bank may need to raise rates further to cool still-too-high inflation.

However, oil prices remained above $80 a barrel on support from falling oil inventories and supply cuts from the OPEC+ collective of oil producers.

In the United States, energy firms cut the number of active oil rigs for a ninth month in August, Baker Hughes said in its report.

Also, Tropical Storm Idalia has formed in the Caribbean and could strengthen into a hurricane and hit Florida.

The hurricane is forecast to miss oil and gas centres in the Gulf and the most likely impact is a day or two of power outages, said IG’s Sycamore. That “should see some short term support for the oil price”, he said.

Monsoon arrives in Mumbai! IMD issues yellow alert – See Photos

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The India Meteorological Department (IMD) has issued a Yellow alert for Mumbai, predicting heavy rainfall in several parts of Maharashtra for the next 4-5 days. The southwest Monsoon reached the financial capital on Saturday. (PTI Photo)

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In a statement, the weather office said, “The southwest monsoon has further advanced into some more parts of Central Arabian Sea, some more parts of Maharashtra.” (PTI Photo)

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Due to rain, Maharashtra’s capital witnessed waterlogging in several areas. People walk in the rain in Mumbai. (AP Photo)

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The ‘Northern Limit of Monsoon (NLM)’ now passes through Alibag, Solapur, Udgir, Nagpur (in Maharashtra), Mandla, Sonbhadra, Buxar, Siddharthnagar, Pantnagar, Bijnor, Yamunanagar, Una and Dras, IMD said. (PTI Photo)

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A woman enjoys rain near Chhatrapati Shivaji Maharaj Terminus in Mumbai. (PTI Photo)

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Earlier, IMD Mumbai said, “Conditions are favourable for the monsoon to move further towards Raigad, Thane, Mumbai and Palghar. Monsoon is likely to reach Mumbai by June 24.” (PTI Photo)

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Generally, the monsoon officially begins in Mumbai in the second week of June. The Met office had on June 18 provided an update on the onset of monsoon in the country. (PTI Photo)

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The Southwest Monsoon is in the process of resuming its trajectory post-Cyclone Biparjoy, which has been the longest storm in the Arabian Sea. (PTI Photo)