JNK India Shares Debut with 50% Premium - Stock Market News
Apr 30, 2024 10:52
JNK India shares surged nearly 50% on their market debut, closing at Rs 620. The heating equipment maker's IPO was oversubscribed 28 times.
New Delhi, Apr 30 (PTI) Shares of heating equipment maker JNK India on Tuesday listed with a huge premium of nearly 50 per cent against the issue price of Rs 415.
The stock listed at Rs 620, up 49.39 per cent from the issue price on the BSE. Later, it zoomed 71 per cent to Rs 709.85.
On the NSE, it started the trade at Rs 621, rallying 49.63 per cent.
The company's market valuation stood at Rs 3,732.16 crore.
The initial public offer of JNK India received 28.07 times subscription on the closing day of bidding on Thursday.
The Rs 650 crore initial share sale had a price range of Rs 395-415 a share.
JNK India is engaged in the business of thermal designing, engineering, manufacturing, supplying, installing, and commissioning heating equipment and caters to both domestic and overseas markets.
The heating equipment is required in industries such as oil and gas refineries, petrochemicals, fertilisers, and hydrogen and methanol plants, among others.
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