JNK India shares soar on debut, surge nearly 50%

JNK India shares soared 50% to Rs 620 in their debut listing on BSE, an increase from the issue price of Rs 415. The company's IPO was oversubscribed 28 times, with a market valuation of Rs 3,732 crore. JNK India specializes in manufacturing heating equipment for industries like oil and gas, petrochemicals, and fertilizers.

Shares of heating equipment maker JNK India on Tuesday listed with a huge premium of nearly 50 per cent against the issue price of Rs 415.

The stock listed at Rs 620, up 49.39 per cent from the issue price on the BSE. Later, it zoomed 71 per cent to Rs 709.85.

On the NSE, it started the trade at Rs 621, rallying 49.63 per cent.

The company's market valuation stood at Rs 3,732.16 crore.

The initial public offer of JNK India received 28.07 times subscription on the closing day of bidding on Thursday.

The Rs 650 crore initial share sale had a price range of Rs 395-415 a share.

JNK India is engaged in the business of thermal designing, engineering, manufacturing, supplying, installing, and commissioning heating equipment and caters to both domestic and overseas markets.

The heating equipment is required in industries such as oil and gas refineries, petrochemicals, fertilisers, and hydrogen and methanol plants, among others.

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