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Rakesh Jhunjhunwala-Backed John Energy Files Rs 350 Crore IPO Plan

John Energy, which is based in Mehsana, Gujarat, is backed by ace investor Rakesh Jhunjhunwala.

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Rakesh Jhunjhunwala-Backed John Energy Files Rs 350 Crore IPO Plan

Jhunjhunwala holds an 18.21 per cent stake in the company


John Energy Ltd, which makes equipment for Oil & Gas industry along with onshore drilling work has filed for has filed draft papers with markets regulator Sebi to raise an estimated Rs 350 crore through an Initial Public Offering. The IPO will comprise of a fresh issue of shares worth Rs 218 crore and an offer for sale of up to 16,77,744 shares by existing shareholders, including India Rig Company  and IL&FS Financial Services. 

John Energy, which is based in Mehsana, Gujarat, is backed by ace investor Rakesh Jhunjhunwala, who is also listed as  Company Secretary and Compliance Officer in the draft red herring prospectus (DRHP) filed  on February 16.

John Energy caters to the upstream & mid stream Oil and Gas Industry. With an  experience of more than 30 years, the company is active in Onshore Drilling, Work-over and completion services, Natural Gas compression and conditioning services contractor in India, having a rig fleet of 34 rigs, comprising of 19 Drilling, 15 work-over rigs, Multiple Gas compression packages and Gas conditioning Equipment. It started from manufacturing and the company soon transitioned to becoming an integrated service provider for Oil and Gas market.

Proceeds of the issue will be utilised towards repayment of certain borrowing availed by the company and for other general corporate purposes. The equity shares are proposed to be listed on the BSE and the NSE. 

Jhunjhunwala holds an 18.21 per cent stake in the company, while ICICI Bank owns 4.47 per cent stake in the firm.

IDFC and Keynote Corporate Service will be managing the company's public issue.

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. 
 


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