The initial public offering (IPO) of JNK India is set to make its stock market debut on April 30.
The public issue was open for subscription from April 23 to April 25.
Before its listing on the bourses, JNK India’s shares were trading at a premium (GMP) of over 29% in the grey market. With this, the estimated listing price of JNK India stood at Rs 537.
It may be noted that the grey market, albeit unofficial, serves as a platform where stocks of companies are traded illegally before their official listing.
The allotment of JNK India’s shares was finalised on April 26, paving the way for its listing on April 30. Retail investors were required to subscribe to a minimum of 36 shares, amounting to Rs 14,940.
For non-institutional investors (NII), the lot size was 14, with 504 shares aggregating to Rs 2,09,160 for small NII bidders, and a lot size of 67, with 2,412 shares amounting to Rs 10,00,980 for larger NII participants.
It may be noted that the company had set the price band for the IPO at Rs 395 to Rs 415 per share and
IIFL Securities and ICICI Securities served as the book-running lead managers for the JNK India IPO, overseeing the issuance process.
Additionally, Link Intime India was appointed as the registrar for the IPO, managing the allocation and distribution of shares.
Shivani Nyati, Head of Wealth, Swastika Investmart Ltd, said, “JNK India Limited, a manufacturer of process heating equipment for industries like petrochemicals, fertilizers, and oil & gas refineries, is gearing up for a potential blockbuster listing on the stock exchange.”
“The IPO has generated significant investor interest, receiving a healthy subscription of 28 times. The grey market premium (GMP) currently sits at Rs 125, translating to a premium of approximately 30% over the issue price, further fuelling optimism,” Nyati added.
“The IPO valuation of 43x P/E appears to be fairly priced considering the company’s growth prospects and strong order book. This, combined with the high subscription and positive GMP, suggests a strong listing with the potential for significant gains,” she added.
