Strong Debut! JNK India shares off to flying start; surge after listing at premium of 50%

Shares of heating equipment maker JNK India made a strong debut on bourses on Tuesday and listed with a premium of nearly 50 per cent over the issue price of Rs 415. The stock listed at Rs 620, up 49.39 per cent from the issue price on the BSE. On the NSE, it started the trade at Rs 621, rallying 49.63 per cent.

The shares zoomed further after listing to hit the day's high of Rs 709.85.  At the time of filing this report, it was at trading at Rs 67445 on the BSE. The company's market valuation stood at Rs 3,742.45 crore.

Meanwhile, Zee Business Managing Editor Anil Singhvi has advised short-term investors to hold shares of JNK India with =a stop loss of Rs 480.

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.

Founded in the year 2010, JNK India is into thermal designing, engineering, manufacturing, supplying, installing and commissioning process-fired heaters, reformers, and cracking furnaces.

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