Asirvad MFI gets Sebi approval for IPO; JNK India surges 67% on debut

Asirvad Micro Finance, a subsidiary of Manappuram Finance, has obtained the nod from the market regulator, the Securities and Exchange Board of India (Sebi), to launch its initial public offering (IPO). The microfinance (MFI) lender is looking to raise Rs 1,500 crore in fresh capital through the IPO.

Manappuram, which holds 97.59 per cent in the MFI, doesn’t plan to sell any stake in the IPO. Shares of Manappuram rose 1.7 per cent to end at Rs 200 on Tuesday. Asirvad, which offers microfinance loans to low-income women, servicing and empowering an unbanked population of the socially and economically underprivileged, had its IPO papers with Sebi on October 4, 2023.

JNK India surges 67% on debut

Shares of JNK India, an industrial heater manufacturer, saw its market value rise 67 per cent during its trading debut on Tuesday. Its stock ended at Rs 694, up Rs 279, or 67.2 per cent, over its issue price of Rs 415. The stock hit a high of Rs 712 and a low of Rs 621, with Rs 1,449 crore worth of shares changing hands on the National Stock Exchange. At the last close, JNK India was valued at Rs 3,849 crore.

The company’s IPO had garnered 28 times subscription. The Rs 650-crore IPO was a mix of fresh issue (Rs 300 crore) and offer for sale (Rs 350 crore). Founded in 2010, JNK India specialises in thermal designing, engineering, manufacturing, and commissioning of process-fired heaters, reformers, and cracking furnaces, which are essential components in various industrial sectors including oil and gas refineries, petrochemical plants, and fertilizers.

The company is also venturing into the renewable energy sector, focusing on green hydrogen production, hydrogen fuel stations, and solar photovoltaic projects. During the first nine months of FY24, JNK India had reported a net profit of Rs 462 crore on revenue of Rs 2,534 crore.

BSE changes expiry day for stock derivatives

BSE on Tuesday announced a revision in the expiry day of monthly contracts of single stock derivatives from last Thursday of the month to the second Thursday of the month, effective July 1. The move is seen as a product differentiation strategy. Meanwhile, BSE also announced a hike in trans action charges on Bankex and Sensex options with effect from May 13.