On April 30, JNK India Limited's shares made a spectacular debut on the stock market, listing for Rs 621, which was 50% more than the issue price of Rs 415.
The listing surpasses forecasts from the gray market, where shares were selling for more than 31% more. Shares are exchanged on the gray market, an unauthorized venue, starting before the subscription period opens and continuing until the listing day. It is possible for investors to speculate on price in an uncontrolled market.
According to statistics available from the exchanges, investors bid for 31.17 crore equity shares against the total issue size of 1.1 crore shares in the Rs 649.47-crore initial public offer (IPO), resulting in a subscription of 28.13 times.
Qualified institutional buyers, or QIBs, took the lead, exceeding their quota by 75.72 times. Retail investors bought 4.11 times the reserved amount, trailed by non-institutional investors who bought 23.26 times the allocated quota.
Through its anchor book, the Maharashtra-based business received Rs 194.84 crore on April 22. Participating were a number of well-known funds, including LIC Mutual Fund, HDFC Mutual Fund, Allianz Global Investors Fund, Kotak Mutual Fund, Goldman Sachs, and Natixis International Funds.
The JNK India offer consists of an offer-for-sale (OFS) of 84.21 lakh equity shares valued at Rs 349.47 crore by current shareholders in addition to the fresh issue of shares totaling Rs 300 crore. Mascot Capital and Marketing, Milind Joshi, JNK Global Company, and Goutam Rampelli are the selling stockholders in the OFS.
The offer's pricing range was set at Rs 395,415.
