Jhunjhunwala-Backed John Energy Files For Rs 350 Cr IPO

Written By:
Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    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
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more