JNK India Makes Bumper Debut, Lists 49.64% Above IPO Price

JNK India IPO opens smartly higher

JNK India IPO had a relatively strong listing on 30th April 2024, listing at a premium of 49.64% on the NSE. Certainly, the IPO allottees of JNK India Ltd would be pleased at the way the stock managed to open in the positive. The pattern was largely similar on the BSE also, with the stock opening at a smart premium of 49.40%.  Let us now look at the basic details of listing on both the stock exchanges.

On the NSE, the stock of JNK India IPO listed on 30th April 2024 at a price of ₹621 per share. That represents a premium of 49.64% over the IPO issue price of ₹415 per share. As at 10.55 am on the NSE, the stock was trading at ₹668.45. The current market price is 7.64% above the listing price of JNK India Ltd and a full 61.07% above the issue price of the IPO at ₹415 per share. As of 10.55 am, the traded volumes were 150.75 lakh shares with traded value of ₹995.89 crore. The company currently has a market cap of ₹3,777 crore. Let us turn to BSE.

On the BSE, the stock of JNK India Ltd listed on 30th April 2024 at a price of ₹620 per share. That represents a premium of 49.40% over the IPO issue price of ₹415 per share. As at 10.55 am on the BSE, the stock was trading at ₹668.25. The current market price is 7.78% above the listing price of JNK India Ltd and a full 61.02% above the issue price of the IPO at ₹415 per share. As of 10.55 am, the traded volumes on the BSE were 9.25 lakh shares with traded value of ₹61.59 crore. The company currently has a market cap of ₹3,717 crore.

Read more about JNK IPO and How subscriptions evolved in the JNK IPO period?

How JNK India IPO subscription influenced listing?

The stock had reported strong subscription in the IPO as captured in the table below.

Data Source: BSE

The subscription was 28.07X  overall and QIB subscription was at 75.72X. In addition, the retail portion had got subscribed 4.01X in the IPO while the HNI / NII portion actually got subscribed at 23.19X. Hence the listing was expected to be relatively strong. Normally, the strong subscription have two implications. Firstly, the price discovery is done at the upper end of the band, which is where the price of JNK India Ltd got discovered at ₹415 per share. Secondly, the strong subscription also ensured that the stock listed at a premium, which was the case both on the NSE and on the BSE.

Final word on the listing of JNK India IPO

JNK India Ltd had an opening market capitalization of ₹3,752.47 crore with free-float market cap of ₹750.49 crore. The ratio of market cap to issue size (a sign of market liquidity creation) was 5.73X. The company trades under the code (JNKINDIA) on the NSE, (544167) on the BSE and is held in the demat account under ISIN (INE0OAF01028).

Here is the capture of the upper and lower circuit band filters of the stock for the day.

Data Source: BSE and NSE

The stock, being a mainboard issue is on 20% circuit, both sides, on the day of listing.