- By Aditya Pratap Singh
- Tue, 30 Apr 2024 11:41 AM (IST)
- Source:PTI
JNK India Share Price: Shares of heating equipment manufacturer JNK India are listed at a huge premium of almost 50% against the issue price of Rs 415 on Tuesday. The stock was listed at Rs 620 on BSE, which was 49.39 percent above the issue price. Later, it rose 71% to Rs 709.85. It began trading at Rs 621 on the NSE with a gain of 49.63 percent. The company's market valuation was Rs 3,732.16 crore.
JNK India's initial public offering (IPO) was subscribed 28.07 times on the closing day of bidding on Thursday. The price range for the initial share sale of Rs 650 crore was Rs 395-415 per share. JNK India Thermal is involved in the business of designing, engineering, manufacturing, supply, installation, and commissioning of heating equipment and provides services to both domestic and foreign markets. Heating equipment is required in industries like oil and gas refineries, petrochemicals, fertilizers, and hydrogen and methanol plants.
The overall subscription rate for the JNK India IPO was favorable. The JNK India IPO drew significant interest from retail investors, in addition to enthusiastic responses from qualified institutional buyers (QIBs) and non-institutional investors (NIIs). The subscription status of JNK India IPO on the last day was 28.13 times. The retail component had 23.26 subscriptions, while the non-institutional investor segment had 4.11 subscriptions. The QIB quota was subscribed 75.72 times.
The JNK India IPO opened on Tuesday, April 23, and closed on Thursday, April 25. JNK India IPO has allotted 15% shares to retail investors, 50% shares to QIBs, and 15% shares to NIIs. share. The price band for JNK India IPO was set at Rs 395-415 per share with a face value of Rs 2. Bids for multiples of 36 shares were considered, with a minimum bid of 36 shares.
According to the Red Herring Prospectus (RHP), JNK India is a manufacturer of "heating equipment," including process fuel heaters, cracking furnaces, and reformers. Some of the process industries that rely on them include oil and gas, fertilizer, and petrochemical refineries.
