JNK India shares see strong market debut; stock lists at 50% premium over issue price

Shares of JNK India kicked-off its maiden trading session at Dalal Street on a solid note. JNK India shares were listed at Rs 621 on NSE, a premium of 49.64 per cent over the issue price of Rs 415. Similarly, the stock debuted at a premium of 49.40 per cent on BSE at Rs 620 over the given issue price.

The listing of JNK India has been better than expected as the stock has delivered a stronger-listing pop to the investors. Ahead of listing shares of JNK India were commanding a grey market premium of Rs 130 apiece, suggesting a listing pop of more than 31 per cent to the investors. The GMP has seen a manifold jump as it stood merely Rs 25 when the issue was closed for bidding.

The IPO of JNK India was open for bidding between April 23 and April 25. The company sold its shares in the fixed price band of Rs 395-415 per share with a lot size of 36 shares. The company raised a little more than Rs 649.47 crore via its primary offering, which included a fresh share sale of Rs 300 crore and an offer-for-sale (OFS) of up to 84,21,052 shares.

The issue was overall subscribed a little more than 28.13 times. The quota for qualified institutional bidders (QIBs) was booked a solid 75.72 times The quota for non-institutional investors was subscribed 23.26 times. The portions reserved for retail investors saw bidding for only 4.11 times during the three-day bidding process.

JNK India, which was incorporated in 2010, is engaged in the design, manufacture, supply, installation, and commissioning of process-fired heaters, reformers and cracking furnaces. IIFL Securities and ICICI Securities are the book running lead managers of the JNK India IPO, while Link Intime India is the registrar for the issue.