JNK India, a heating equipment maker, saw its shares skyrocket over 67% on its stock market debut, with strong demand driving the impressive performance.
New Delhi, Apr 30 (PTI) Shares of heating equipment maker JNK India ended with a huge premium of over 67 per cent against the issue price of Rs 415 in the debut trade on Tuesday.
The stock listed at Rs 620, up 49.39 per cent from the issue price on the BSE. Later, it zoomed 71.56 per cent to Rs 712 during the day. Shares of the company ended at Rs 693.95, a gain of 67.21 per cent.
On the NSE, it started the trade at Rs 621, rallying 49.63 per cent. The stock ended at Rs 692, rallying 66.74 per cent.
The company's market valuation stood at Rs 3,859.81 crore.
In traded volume terms, 14.37 lakh shares of the company were traded at the BSE and 216.25 lakh shares at the NSE during the day.
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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