John Energy, backed by ace investor Rakesh Jhunjhunwala, has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise an estimated Rs 350 crore through an Initial Public Offering (IPO). The public offer will comprise fresh issuance of shares worth Rs 218 crore and an offer for sale of up to 16,77,744 shares by the existing shareholders.
The shares of the company are proposed to be listed on NSE and BSE. The funds raised through the issue will be used towards repayment of certain borrowing availed by the company and for other general corporate purposes. IDFC and Keynote Corporate Service are the book running lead managers to the offer.
John Energy is a leading Indian company catering 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.
