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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Funding working capital requirements
A significant portion of the fresh issue proceeds is earmarked to fund the company's working capital needs as it executes its project pipeline.
General corporate purposes
The remaining net proceeds are to be used for general corporate purposes.
(₹ in Crore)
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JNK India Limited, incorporated in 2010, designs, manufactures, supplies, installs and commissions process fired heaters, reformers and cracking furnaces used in oil and gas refineries, petrochemicals, fertiliser plants, and hydrogen and methanol production. One of its manufacturing facilities operates within a special economic zone in Mundra, Gujarat, dedicated to export production. The company has executed projects for a broad base of domestic and international clients and counts installations across a large share of India's operating oil refineries. It maintains a strong safety track record and has been building capabilities in newer segments such as green hydrogen, onsite hydrogen production, hydrogen fuel stations and solar photovoltaic EPC work, alongside its core heating equipment business. JNK India competes in a heating equipment market with only a small number of established domestic players. Its equity shares listed on the NSE and BSE in April 2024 following a book built initial public offering that combined a fresh issue with an offer for sale by existing shareholders.
The company raised roughly 195 crore rupees from anchor investors ahead of the issue, at the upper end of the price band. Participants included Goldman Sachs, Allianz Global Investors Fund, Natixis International Funds, Kotak Mutual Fund, HDFC Mutual Fund, Nippon Life India, Mirae Asset, DSP Mutual Fund, Edelweiss Trusteeship, LIC Mutual Fund, Bajaj Allianz Life Insurance and Aditya Birla Sun Life Insurance.
Source: RHP • Analysis provided for informational purposes
Last Updated: 14 July 2026, 5:30 AM
Established track record across major refineries
The company has completed a wide range of projects for domestic and international clients and has installations across a significant share of India's operating oil refineries.
Strong safety record
It has accumulated a large number of safe working hours without any lost-time incidents, reflecting disciplined execution standards.
Positioned in a growing heating equipment market
The company is positioned to benefit from sizeable projected annual demand for heating equipment in India over the coming years.
Client concentration
A large share of revenue has historically come from a single group of related contracts, so any reduction in that relationship would materially affect results.
Execution risk on projects
The business is exposed to potential delays and cost overruns on its project based contracts.
Regulatory and compliance history
The company has had past instances of regulatory non-compliance and gaps in corporate records that could pose ongoing risk.
JNK India Limited
Unit No. 203, 204, 205, 206, Opposite TMC Office, Centrum IT Park, Near Satkar Hotel, Thane West, Thane 400604, Maharashtra, India
View on Maps →MUFG Intime India Private Limited
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Supply chain dependence
The company does not have long term contracts with its raw material suppliers, which could expose it to supply and pricing risk.