The Maharashtra-based company raised Rs 194.84 crore through its anchor book.
Shares of JNK India Limited made an excellent debut in stock exchange on April 30 after listing at Rs 621, a premium of 50 percent over the issue price of Rs 415.
The listing exceeds grey market estimates where shares were commanding a premium of over 31 percent. The grey market operates as an unofficial platform where shares are traded prior to opening of the subscription until the listing day. This unregulated market allows investors to speculate on the pricing.
The Rs 649.47-crore initial public offer (IPO) saw a subscription of 28.13 times as investors bid for 31.17 crore equity shares against the total issue size of 1.1 crore shares, according to data available from the exchanges.
Retail investors who were allotted shares witnessed their investments grow by nearly 50% in a day. Market experts recommend holding onto the stock long-term, citing the company’s robust fundamentals.
About JNK India
The company specialises in manufacturing “heating equipment,” encompassing a range of products such as process-fueled heaters, cracking furnaces, and reformers. These play a crucial role in various process industries, including refineries for oil and gas, fertilisers, and petrochemicals. Their offerings extend to comprehensive services covering design, engineering, manufacturing, supply, installation, and commissioning of heating equipment, catering to both domestic and international markets.