Jeyyam Global Foods share price lists flat at ₹61, hits 5% lower circuit

Jeyyam Global Foods listing: After the successful subscription of the company's initial public offering (IPO), shares of Jeyyam Global Foods made a flat debut on the NSE SME on Monday, September 9. Jeyyam Global Foods share price opened at ₹61 on the NSE against the issue price of ₹61 and hit its 5 per cent lower circuit of ₹57.95 shortly after.

The ₹81.94 crore Jeyyam Global Foods IPO opened for subscription on Monday, September 2, and ended on Wednesday, September 4. The IPO comprised 12,088,800 new shares and 13,43,200 shares for sale, and the company intended to raise ₹81.94 crores for corporate, capital, and working capital needs.

The Jeyyam Global Foods IPO witnessed an overall subscription of about 119.4 times, receiving bids for 107.3 crore shares against 89.8 lakh shares offered. The segment reserved for non-institutional buyers was subscribed nearly 322 times, receiving bids for 61.6 crore shares against 19.14 offered. The retail segment was subscribed 70 times, with bids for 31.45 crore shares against 44.7 lakh offered.

Meanwhile, the Indian stock market traded flat in the morning session on Monday, mirroring weak global sentiment as investors remained cautious ahead of the release of key macro data, including the August US Consumer Price Index (CPI), due on Wednesday, followed by the Producer Price Index (PPI) on Thursday.

The Sensex and the Nifty 50 were down about 0.1 per cent each around 10:30 am, with shares of Tata Motors, Tata Steel and NTPC among the top losers.

According to V K Vijayakumar, chief investment strategist at Geojit Financial Services, the US presidential election and the Fed's monetary policy will likely affect the market in the future.

"The presidential election is tight now and can go both ways. The market will be concerned about a possible Trump victory and its consequences on policy, particularly on trade tariffs, which markets fear can trigger a trade war. The other concern is regarding the Fed rate action: whether the Fed will cut by 25 bps or 50 bps in September. A 25 bp cut may be inadequate in the context of the slowing economy, and a 50 bps cut may confirm recession fears. This dilemma has to be resolved by Fed Chief Jerome Powell in his message," said Vijayakumar.

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