New Delhi, Jun 17 (KNN) Jainik Power and Cables Limited commenced trading on the NSE SME platform on Tuesday, opening at Rs 82 per share, representing a decline of more than 25 percent from its initial public offering price of Rs 110.
The stock subsequently recovered to trade at Rs 86.10, marking a 5 percent gain from its listing price.
The listing performance fell short of grey market expectations, where unlisted shares had been trading at par with the upper price band of Rs 110 ahead of the market debut, according to sources monitoring unofficial trading activities.
The initial public offering attracted moderate investor interest, receiving bids for 70.76 lakh shares against the 46.63 lakh shares on offer.
This resulted in an oversubscription of 1.5 times by the close of the subscription period, as per NSE data. The shares were offered within a price range of Rs 100-110 with a minimum lot size of 1,200 shares.
The public offering comprised entirely of fresh equity shares, with the company issuing 46.6 lakh equity shares to raise Rs 51.3 crore. No offer for sale component was included in the structure.
The subscription period ran from June 10 to June 12, 2025, with share allotment finalised on June 13, 2025.
Skyline Financial Services served as the registrar for the issue, while Fast Track Finsec acted as the book-running lead manager for the offering.
According to the company’s red herring prospectus, the net proceeds from the public issue will be allocated toward meeting working capital requirements, establishing and funding a new manufacturing plant, and partially repaying existing loans. The remaining funds are earmarked for general corporate purposes.
Jainik Power and Cables, incorporated in May 2011, transitioned to manufacturing aluminium wire rods in 2023 after operating as a trader of aluminium rods for over a decade.
The company operates its manufacturing facility in Sonipat, Haryana, and distributes products across multiple states including Delhi, Haryana, Rajasthan, Uttar Pradesh, and Uttarakhand.
(KNN Bureau)
