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JNK India IPO Listing: Shares of JNK India made a strong debut on the stock exchange on Tuesday, April 30. The company's shares are listed at Rs 621, which is about 50 percent more than the issue price of Rs 415. This means that investors investing in this IPO got 50 percent profit on listing. This is even higher than the gray market estimate. Before listing, JNK India shares were trading at a 31 per cent premium to the gray market. Let us tell you that gray market is an unofficial platform. Where shares are traded before being listed on the stock exchange. Most investors look to the gray market to get an estimate of the listing price.
Let us tell you that JNK India's IPO was opened for bidding between April 23 and 25 and it got a total oversubscription of 28.3 times. Qualified institutional buyers oversubscribed the shares reserved for its quota by 75.72 times. Whereas in the quota of non-institutional investors the company has received 23.26 times more bids. Retail investors have subscribed this IPO 4.11 times.
The size of the IPO was Rs 649.47 crore. Out of this, Rs 300 crore was brought. While shares worth about Rs 349.47 crore have been put up for sale to its existing promoters and shareholders. The price band of the IPO was Rs 395-415 per share.
The company's revenue in FY 2023 is Rs 407.32 crore, which was Rs 296.40 crore last year. A major portion of the company's revenue, about 77 percent, comes from the oil and gas segment. Its net profit in FY 2023 stood at Rs 46.36 crore, which was Rs 35.98 crore last year. The company's loan in the first nine months of FY 2023 was Rs 56.73 crore.
What does JNK India do?
JNK India manufactures heating equipment for process industries such as oil refineries and petrochemical plants. The company handles everything from design to installation and provides services to both domestic and international markets. Its competitor in India is Thermax Limited. The company has also expanded into flares, incinerator systems and is also entering the renewable space with green hydrogen.