JNK India IPO to debut on the bourses tomorrow; here's what GMP indicates ahead of listing

The JNK India IPO listing date has been scheduled for tomorrow (Tuesday, April 30). The JNK India IPO allotment was finalised on Friday, April 26.

Shares that have been allotted to individuals will be credited to their demat accounts today, Monday, April 29. In addition, for individuals who have not yet received their shares, the share refunding process will be finished today.

The JNK India IPO saw an encouraging overall subscription rate. While qualified institutional buyers (QIBs) and non-institutional investors (NIIs) responded to the JNK India IPO with huge enthusiasm, retail investors showed substantial interest. The JNK India IPO subscription status was 28.13 times on the last day. The retail component was booked 23.26 times, while the non-institutional investor portion was subscribed 4.11 times. The quota for qualified institutional buyers (QIBs) was subscribed 75.72 times.

Also Read: JNK India IPO allotment finalised today; latest GMP, 6 steps to check status

The JNK India IPO ended on Thursday, April 25, after opening on Tuesday, April 23. About 15% of the shares in the JNK India IPO have been allocated for retail investors, up to 50% for QIB, and 15% for NII.

JNK India IPO price band was fixed at ₹395-415 per share, with a face value of ₹2. Bids for multiples of 36 shares were considered, with a minimum bid of 36 shares.

The IPO attracted a lot of investor interest, as seen by the robust 28 subscriptions received, according to Shivani Nyati, Head of Wealth, Swastika Investmart Ltd. Optimism is further fuelled by the grey market premium (GMP), which is now around ₹125. This represents a premium of almost 30% above the issue price.

Also Read: JNK India IPO: Here's what GMP, subscription status signals ahead of listing

Let's check what does JNK India IPO GMP today signal ahead of listing.

JNK India IPO GMP or JNK India IPO grey market premium is +122. This indicates JNK India share price were trading at a premium of ₹122 in the grey market, according to investorgain.com.

It is anticipated that JNK India shares would list at a price of ₹537 a share, which is 29.4% higher than the IPO price of ₹415, after accounting for the upper end of the IPO pricing range and the current premium on the grey market.

Based on the grey market's activity over the last 14 sessions, the IPO GMP shows higher and predicts a strong listing. According to investorgain.com analysts, the greatest GMP is ₹122 and the lowest GMP is ₹0.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Also Read: JNK India IPO Day 2: Here are 5 key things to know from RHP before subscribing to issue

JNK India IPO details

The JNK India IPO includes a fresh issue of ₹300 crore in addition to an offer-for-sale (OFS) by promoter selling shareholders to the tune of up to 8,421,052 equity shares with a face value of ₹2 from Goutam Rampelli, JNK Global Co. Ltd., Mascot Capital and Marketing Private Limited, and individual selling shareholder Milind Joshi.

The company will use the net proceeds, among other things, to pay for other general corporate objectives and working capital requirements.

The JNK India IPO's issue registrar is Link Intime India Private Ltd, while ICICI Securities Limited and IIFL Securities Ltd are the book running lead managers.

The company garnered ₹194.84 crore on April 22, Monday, from anchor investors. Some of the domesticand globalcompanies included Aditya Birla SunLife Insurance, Bajaj Allianz Life Insurance, Goldman Sachs, Kotak Mutual Fund, HDFC Mutual Fund, Nippon Mutual Fund, Mirae Asset Fund, DSP, and LIC Mutual Fund.

Also Read: JNK India IPO: Issue subscribed 28.13 times on the last day of bidding process led by QIBs, NIIs. Check GMP

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