JNK India makes strong stock market debut
Apr 30, 2024
New Delhi [India], April 30 : Shares of JNK India Limited made their stock market debut on a strong footing on Tuesday, as they listed with a 50 per cent premium over the issue price.
The shares listed at Rs 621, over the issue price of Rs 415. At the time of filing this report, it was at Rs 673.
During its initial public offering subscription period, investors subscribed to the Rs 649.5 crore initial public offering 28.13 times. Reportedly, institutional investors led the subscriptions with 75.72 times, followed by non-institutional investors with 23.26 times and retail investors 4.11 times.
The IPO was a mix of a fresh issue of Rs 300 crore and an offer for sale of Rs 349.5 crore, with the price band fixed in the range of Rs 395-415 per share.
Founded in the year 2010, JNK India is into thermal designing, engineering, manufacturing, supplying, installing and commissioning process-fired heaters, reformers, and cracking furnaces.
"JNK India Limited, the manufacturer of process heating equipment, defied even optimistic pre-listing forecasts with a spectacular debut on the stock exchanges...This impressive listing significantly surpassed the anticipated 30 per cent premium predicted by the grey market, underscoring the overwhelming investor confidence in JNK India's future potential," said Shivani Nyati, Head of Wealth, Swastika Investmart Ltd.
"While the initial surge might be followed by some volatility, the strong fundamentals and positive outlook suggest long-term potential," said Shivani Nyati, suggesting existing investors to hold their shares with a stoploss at Rs 560 and monitor the performance closely.
