3 weeks ago
Juniper Green, MV Electro deliver up to 22% listing pop
Two companies in India, Juniper Green Energy and MV Electrosystems, decided to sell shares to the public for the first time.
This is called an IPO.
People who wanted to buy shares had to apply, and lots of people did — together they sent in millions of applications.
When the shares finally started trading on the stock market, which is called Dalal Street, their prices jumped by up to 22%.
That means the people who bought the shares made money right away.
Juniper Green Energy makes electricity from renewable sources and raised Rs 1,800 crore.
MV Electrosystems makes electrical parts for trains and raised Rs 290 crore.
Investors wanted shares of both companies very badly.
A 'grey market premium' showed that people expected the share prices to go up.
In the end, both companies had a very happy first day on the stock market.
Juniper Green Energy and MV Electrosystems made strong Dalal Street debuts, delivering a listing pop of up to 22%.
Juniper Green Energy's IPO raised Rs 1,800 crore via a fresh issue of up to 8,00,09,150 equity shares in the Rs 214-225 price band.
The Juniper Green Energy issue was subscribed 7.97 times, attracting about 2.20 lakh applications and bids worth over Rs 10,600 crore.
MV Electrosystems raised Rs 290 crore from up to 68,23,528 shares priced at Rs 400-425, with the issue subscribed 188.85 times and bids worth over Rs 32,000 crore.
Both IPOs were open for subscription from July 30 to August 03, with strong grey market premiums for both issues.
- Who
- Juniper Green Energy and MV Electrosystems, the two companies whose IPOs listed on Dalal Street.
- What
- Both companies made strong stock market debuts, with their shares delivering listing gains of up to 22%.
- Where
- Dalal Street, India's stock market; the companies are based in New Delhi and Faridabad.
- When
- After both IPOs were open for subscription from July 30 to August 03, with listings following the close of bidding.
- Why
- Strong investor demand, reflected in high subscription multiples, large bid values and firm grey market premiums.
Key facts
- Companies
- Juniper Green Energy; MV Electrosystems
- Listing Performance
- Up to 22% listing pop on Dalal Street
- Juniper Green Energy IPO
- Raised Rs 1,800 crore; price band Rs 214-225; subscribed 7.97 times
- MV Electrosystems IPO
- Raised Rs 290 crore; price band Rs 400-425; subscribed 188.85 times
- Subscription Period
- July 30 to August 03
- Juniper Green Energy Business
- New Delhi-based renewable energy independent power producer
- MV Electrosystems Business
- Faridabad-based maker of electrical and power electronics equipment for railway rolling stock
- Total Bids Value
- Juniper Green Energy: over Rs 10,600 crore; MV Electrosystems: over Rs 32,000 crore
Sources
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