John Energy to file for ₹300cr initial public offering

Integrated oilfield services company John Energy Ltd, backed by India’s best known stock market investor Rakesh Jhunjhunwala, is looking to go public and will soon file its draft initial public offering (IPO) papers, said three people aware of the development. Ahmedabadbased John Energy is a provider of oilfield services such as drilling, providing skilled manpower, and manufacture of drilling rigs for onshore oil and gas exploration and production.

“John Energy is in advanced stages of preparation of its draft red herring prospectus and they are likely to file the DRHP with Securities and Exchange Board of India (Sebi) by end of January or early next month,” said one of the three people cited above, requesting anonymity, as he is not authorised to speak with the media.

IDFC Bank and Keynote are advising the company on its initial share sale, he added.

The proposed IPO could see the company raise around ₹300 crore, said the second person cited above, requesting anonymity.

As of March 31, 2016, Jhunjhunwala held a 19.06% stake in the company, data from the company’s filings with the registrar of companies shows. Jhunjhunwala had invested ₹50 crore in the company in 2007.

Emails sent to John Energy on Wednesday did not elicit any response.

Emails sent to Jhunjunwala, IDFC Bank and Keynote too did not elicit any response.

MUMBAI: