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Business News/ Markets / Ipo/  JNK India share price makes a stellar debut, stock opens with 50% premium at 621 on NSE
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JNK India share price makes a stellar debut, stock opens with 50% premium at ₹621 on NSE

JNK India share price opened at ₹621 on NSE, 49.63% higher than the issue price. The IPO saw a subscription rate of 28.13 times, with retail investors showing significant interest. The company specialises in manufacturing heating equipment for various industries.

JNK India share price lists on the bourses today. (Photo: Courtesy company website)Premium
JNK India share price lists on the bourses today. (Photo: Courtesy company website)

JNK India share price made a stellar debut on the bourses today. On NSE, JNK India share price opened at 621 per share, 49.63% higher than the issue price of 415. On BSE, JNK India share price today opened at 620 apiece, up 49.40% than the issue price.

Market experts anticipated JNK India share price to open in the range of 500 to 520 per share.

The subscription rate for the JNK India IPO was overall favourable. Retail investors demonstrated significant interest in the JNK India IPO, in addition to the enthusiastic responses of qualified institutional buyers (QIBs) and non-institutional investors (NIIs). On the last day, the JNK India IPO subscription status was 28.13 times. There were 23.26 subscriptions for the retail component and 4.11 subscriptions for the non-institutional investor segment. The quota for QIBs was subscribed 75.72 times.

Also Read: JNK India IPO listing date today. Here's what GMP, subscription status suggest about share debut

On Tuesday, April 23, the JNK India IPO opened, and it concluded on Thursday, April 25. The JNK India IPO has allotted retail investors 15% of the shares, QIB up to 50% of the shares, and NII 15% of the shares.

The price band for the JNK India IPO was set at 395–415 per share, with a 2 face value. With a minimum bid of 36 shares, bids for multiples of 36 shares were taken into consideration.

According to the red herring prospectus (RHP), JNK India is a manufacturer of "heating equipment," which includes process fuelled heaters, cracking furnaces, and reformers. Refineries for oil and gas, fertilizers, and petrochemicals are some of the process industries dependent on them. The company provides services for the design, engineering, manufacturing, supply, installation, and commissioning of heating equipment for both local and foreign markets.

Among the company's domestic clientele are Indian Oil Corporation Limited, Tata Projects Limited, Rashtriya Chemicals & Fertilisers Limited, and Numaligarh Refinery Limited.

Thermax Ltd (P/E of 112.90) and Bharat Heavy Electricals Ltd (P/E of 186.02) are the company's listed peers.

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

JNK India IPO details.
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JNK India IPO details.

JNK India IPO details

Part of the JNK India IPO includes a fresh offering of 300 crore and an offer-for-sale (OFS) by promoter selling shareholders, Mascot Capital and Marketing Private Limited (up to 4,397,661), JNK Global Co. Ltd. (up to 2,432,749), and individual selling shareholder, Milind Joshi (up to 467,835). Together, these offerings total up to 8,421,052 equity shares with a face value of 2.

The company will use the net proceeds, among other things, to meet its working capital requirements and further its overall objectives.

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

On April 22, the company garnered 194.84 crore from anchor investors. Several local and international corporations included Goldman Sachs, Kotak Mutual Fund, HDFC Mutual Fund, Nippon Mutual Fund, Mirae Asset Fund, DSP, LIC Mutual Fund, Bajaj Allianz Life Insurance, and Aditya Birla SunLife Insurance.

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

JNK India IPO GMP today

JNK India IPO grey market premium is +130. This indicates JNK India share price were trading at a premium of 130 in the grey market, according to investorgain.com.

It is anticipated that JNK India shares would list at a price of 545 a share, which is 31.33% higher than the IPO price of 415, after accounting for the top end of the IPO pricing range and the current premium on the grey market.

Based on the grey market's activity over the last 15 sessions, the IPO GMP shows higher and predicts a strong listing. The lowest GMP is estimated by analysts at investorgain.com to be 0 and the maximum GMP to be 130.

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

Also Read: JNK India IPO listing date today. Here's what GMP, subscription status suggest about share debut

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 30 Apr 2024, 10:00 AM IST
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