For Quick Alerts
For Daily Alerts

Jhunjhunwala-Backed John Energy Files For Rs 350 Cr IPO


John Energy, backed by ace investor Rakesh Jhunjhunwala, has filed draft papers with markets regulator SEBI to raise an estimated Rs 350 crore through an Initial Public Offering (IPO).

Jhunjhunwala-Backed John Energy Files For Rs 350 Cr IPO

The IPO comprises fresh issuance of shares worth Rs 218 crore and an offer for sale of up to 16,77,744 scrips by the existing shareholders, including IL&FS Financial Services and India Rig Company, the draft red herring prospectus (DRHP) filed with Sebi showed.

Proceeds from the issue will be utilised towards repayment of certain borrowing availed by the company and for other general corporate purposes.

Established in 1987, John Energy is a leading Indian company catering to the upstream and midstream oil and gas industry.

Jhunjhunwala has 18.21% stake in the company, while ICICI Bank owns 4.47% holding in the firm.

IDFC and Keynote Corporate Service will manage the companys public issue. The equity shares are proposed to be listed on the BSE and the National Stock Exchange (NSE).

In 2016-17, John Energy reported a consolidated revenue of Rs 582 crore, compared to Rs 565 crore the previous year. Besides, the firm posted a profit after tax of over Rs 71 crore in 2016-17 against Rs 29 crore in the preceding fiscal.

Inputs From PTI

Read more about: ipo john energy
Story first published: Monday, February 19, 2018, 0:39 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X