3 cheers: SS Retail, Hero Motors, Jindal Supreme end sharply higher on listing day
SS Retail listed at ₹624 against its ₹424 IPO price and rose to ₹748.80, delivering a 76.60% listing-day return
On their first day of trading on Wednesday, SS Retail, Hero Motors, and Jindal Supreme witnessed significant gains, leaving investors with positive outcomes despite varied opening prices.
SS Retail, the top performer, saw its stock price soar from ₹624 to a high of ₹748.80 on the NSE, resulting in a remarkable 76.60 percent return on the listing day. On the BSE, the stock opened at ₹639.10 and closed at ₹765.15, delivering an impressive gain of 80.4 percent. The IPO was highly subscribed, with a subscription ratio of 103 times. The ₹500-crore issue included a fresh issue of ₹360 crore and an OFS of ₹140 crore, which will be utilized for debt repayment and general corporate purposes.
Jindal Supreme (India), another standout, made a 35.5 percent return on investors, with the stock listed at ₹120 and closing at ₹126 against the IPO price of ₹93. The IPO received strong demand from all investor categories, with bids for 181 times. The ₹125-crore IPO comprised a fresh issue of ₹100 crore and an OFS of 26.86 lakh shares, worth approximately ₹25 crore, to be used for debt repayment and general corporate purposes.
Hero Motors, a leading automotive technology company, experienced a less impressive debut, listing at ₹82.1 on the NSE and closing at an upper circuit of 20 percent at ₹98.40, marking a 17.14 percent gain over the IPO price of ₹84. Despite the IPO's strong subscription of 6.66 times, its performance on the first day was relatively subdued. Proceeds from the fresh issue (₹600 crore) will be allocated for debt repayment, equipment purchase for capacity expansion, inorganic growth initiatives, and general corporate purposes.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
