Rakesh Jhunjhunwala backed John Energy has finally received Sebi’s green signal to raise around INR 350 Cr. through an IPO (Initial Public Offering). John Energy had submitted the draft papers with Sebi in a February month and acquired its “observations” on 27th August.

The observations of Securities and Exchange Board of India (Sebi) are necessary for any firm or company to launch Follow-on Public Offer (FPO) and Initial Public Offer (IPO).

The IPO comprises the fresh issue of approx. INR 218 Crore & also an offer for sale up to 16,77,744 scrips by existing shareholders India Rig Company and IL&FS Financial Services.

Keynote Corporate Services and IDFC will manage the public issue of this company and the will be listed on BSE and NSE.

About John Energy:

It is established in 1987 and is a well-known Indian company for catering to the midstream and upstream oil & gas industry. Rakesh Jhunjhunwala alone has 18.21% stake in this company and 4.47% owned by the ICICI bank.