The shares of Jainik Power Cables were listed on the NSE Emerge platform at Rs 82 apiece on June 17. This marks a discount of over 25 percent from the SME IPO price of Rs 110 per share.
Notably, the unlisted shares of the company were trading flat with zero grey market premium (GMP) over the IPO price at Rs 110 apiece in the grey market, ahead of listing, according to data on Investorgain.
After the weak market debut, the shares of the company jumped 5 percent to get locked in the upper circuit at Rs 86.10 apiece. The shares then pared significant gains to close 0.73 percent higher at Rs 82.60 apiece.
The Aluminum wire rods-maker had launched its maiden public issue to raise Rs 51.3 crore at a price band of Rs 100-110 per share. The New Delhi-based company's IPO entirely comprised a fresh issue of 46.63 lakh shares.
The SME IPO was subscribed over 1.5 times within its three days of public bidding (June 10 to June 12). Investors could bid for a minimum of 1,200 shares, requiring a minimum investment of Rs 1.32 lakh, and in multiples thereafter.
Incorporated in May 2011, Jainik Power and Cables that sought valuation of nearly Rs 158 crore at the upper price band, intended to utilise the IPO proceeds for its working capital requirement, setting up a plant, and repayment of loans.
With manufacturing facility in Sonipat, Haryana, the company supplies its products to various states, mainly in Delhi, Haryana, Rajasthan, Uttar Pradesh, Uttarakhand.
Fast Track Finsec was the book running lead manager for Jainik Power and Cables IPO.
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