Jupiter Wagons stock falls on QIP launch; floor price set at Rs 689.47 per share

Shares of Jupiter Wagons fell almost 3 percent in early trade on July 9, a day after the company informed that its Fund Raising Committee has approved the launch of a qualified institutional placement (QIP), setting the floor price at Rs 689.47 per equity share.

At 9:40 am, shares of Jupiter Wagons were trading 2.56 percent lower at Rs 710.10 on NSE. So far this year, the stock has zoomed over 118 percent, doubling investors' money.

"We further wish to inform you that the Fund Raising Committee has fixed the ‘Relevant Date’ for the purpose of the Issue, as July 08, 2024, and accordingly the floor price in respect of the issue, based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations is Rs 689.47/- per equity share," Jupiter Wagons said in a regulatory filing.

The preliminary placement document was filed with BSE and the National Stock Exchange (NSE) on July 8, 2024. The decision was made during the committee's meeting. Under SEBI regulations, Jupiter Wagons may offer a discount of up to 5 percent on the floor price for the issue.