JNK India’s stock had an impressive debut on the market today. Opening at ₹621 per share on the NSE, it marked a significant 49.63% increase from its issue price of ₹415. Similarly, on the BSE, the stock began trading at ₹620 per share. The bullish trend continued post-listing, with the stock reaching a peak of ₹709.80 per share, a notable 14.30% arises from its listing price.
Retail investors who were alloted shares witnessed their investments grow by nearly 50% in a day. Market experts recommend holding onto the stock long-term, citing the company’s robust fundamentals.
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Shivani Nyati, Head of Wealth, Swastika Investmart, said, “JNK India Limited, the manufacturer of process heating equipment, defied even optimistic pre-listing forecasts with a spectacular debut on the stock exchanges. The company’s share price soared around 50% above its issue price of Rs. 415, listed at Rs. 621 per share. This impressive listing significantly exceeded the anticipated 30% premium predicted by the gray market, underscoring the overwhelming investor confidence in JNK India’s future potential.”
“While the initial surge might be followed by some volatility, the strong fundamentals and positive outlook suggest long-term potential. Existing investors may hold their shares with a stop loss of ₹560 and monitor the performance closely,” Shivani added.
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The company specializes in manufacturing “heating equipment,” encompassing a range of products such as process-fueled heaters, cracking furnaces, and reformers. These play a crucial role in various process industries, including refineries for oil and gas, fertilizers, and petrochemicals. Their offerings extend to comprehensive services covering design, engineering, manufacturing, supply, installation, and commissioning of heating equipment, catering to both domestic and international markets.
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Notable among its domestic clients are Indian Oil Corporation Limited, Tata Projects Limited, Rashtriya Chemicals & Fertilisers Limited, and Numaligarh Refinery Limited.
The IPO garnered a robust response from investors across the board, with an overall subscription status of 28.13 times. The retail segment witnessed 23.26 times subscriptions, while non-institutional investors showed a subscription of 4.11 times. The quota for qualified institutional buyers (QIBs) was oversubscribed by an impressive 75.72 times.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
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