IPO listings: SS Retail jumps 51% on debut, Jindal Supreme gains 31%; Hero Motors starts at 2% discount
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Shares of three companies - SS Retail, Jindal Supreme (India) and Hero Motors - made their stock market debut on the exchanges today, with the first two starting trade on a strong note, while Hero Motors opened at a discount to its issue price.
SS Retail shares listed at ₹624 on the NSE, a 47.17% premium over its IPO price of ₹424. On the BSE, shares of the multi-brand retail chain for mobile phones, accessories and other electronic items debuted at ₹639.10, up 50.73% over the issue price.
Similarly, Jindal Supreme (India) made a strong debut, opening at ₹120 on the NSE, a 29.03% premium to its IPO price of ₹93. On the BSE, shares of the manufacturer of steel pipes, tubes and related products opened at ₹121.90, 31% above the issue price of ₹93 apiece.
In contrast, Hero Motors made a weak debut, with its shares opening at ₹82.10 on the BSE, down 2.26% from the IPO price of ₹84. On the NSE, the stock opened at ₹82, 2.38% below its final issue price of ₹84.
Post listing, Hero Motors rebounded 6.5% to hit a high of ₹89.49 on the BSE, taking its market capitalisation to ₹4,045 crore. SS Retail shares were trading 43.4% higher at ₹608, taking its market valuation to ₹4,527 crore, while Jindal Supreme shares were up 37.62% at ₹127.99, with a market capitalisation of ₹653 crore.
Three IPOs collectively raise ₹1,625 crore
SS Retail, Jindal Supreme (India) and Hero Motors collectively raised ₹1,624.88 crore through initial public offerings (IPOs), all of which opened for bidding on September 16 and closed on September 18.
The ₹500 crore SS Retail IPO, which comprised a fresh issue of ₹360 crore and an offer for sale of ₹140 crore, received overwhelming demand during the three-day bidding period. The issue was subscribed 107.41 times overall, with the retail portion subscribed 35.81 times, the qualified institutional buyer (QIB) portion 214.22 times and the non-institutional investor (NII) portion 150.33 times.
Meanwhile, the ₹124.88 crore Jindal Supreme IPO comprised a fresh issue of ₹99.89 crore and an offer for sale of ₹24.99 crore. The issue was subscribed a massive 177.03 times, with the retail portion subscribed 141.75 times, the QIB portion 126.41 times and the NII category 326.84 times.
On the other hand, the ₹1,000 crore Hero Motors IPO comprised a fresh issue of ₹600 crore and an offer for sale of ₹400 crore. The issue was subscribed 7.01 times overall, with the retail portion subscribed 8.62 times, the QIB portion 1.59 times and the NII category 10.47 times.
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