JNK India stock price up by 50% on listing

30 Apr 2024 , 10:11 AM

JNK India Limited had an impressive debut on the stock exchange on April 30. It opened at ₹621 per share, a remarkable 50% premium over its issue price of ₹415.

The company’s IPO, valued at ₹649.47 Crore, garnered substantial investor interest, with a subscription rate of 28.13 times on the final day of bidding. Qualified institutional buyers led the charge, oversubscribing their quota by a staggering 75.72 times. Non-institutional investors followed closely, subscribing 23.26 times the allotted quota, while retail investors showed strong interest by purchasing 4.11 times the reserved portion.

With a price band set at ₹395-415 per share, the IPO comprised a fresh issue of over ₹300 Crore and an offer for sale of shares worth ₹349.47 Crore.

In the fiscal year 2023, JNK India reported a revenue of ₹407.32 Crore, marking a significant increase from ₹296.40 Crore in the previous year. The oil and gas segment played a pivotal role, contributing 77% of the total revenue. Net profit also saw a healthy rise to ₹46.36 Crore from ₹35.98 Crore in the preceding year. As of the nine months ending in 2023, the company’s debt stood at ₹56.73 Crore.

Specializing in the design, manufacturing, supply, installation, and commissioning of process-fired heaters, reformers, and cracking furnaces, JNK India has a strong track record of successfully executing projects across various states in India, including Andhra Pradesh, Assam, Bihar, Karnataka, Kerala, Maharashtra, Tamil Nadu, and West Bengal.