SS Retail, Jindal Supreme make solid stock market debut; Hero Motors disappoints with a weak listing

Three companies namely- Hero Motors, SS Retail and Jindal Supreme (India)- made their respective stock market debut on Wednesday, September 23. All the three issues were open for subscription between September 16 and September 18, cumulatively raising nearly 1,625 crore from investors.

Hero Motors
Shares of Hero Motors made a weak stock market debut as the shares were listed at a discount of 2.38 per cent at Rs 82 on NSE and a premium of 2.26 per cent Rs 82.10 on BSE, against the issue price of Rs 84 per share. Even ahead of its listing, the stock was commanding a muted grey market premium (GMP), suggesting a weak listing for the investors.

Hero Motors after the company raised Rs a total of Rs 1,000 crore via its IPO, selling its shares for Rs 79-84 apiece. The issue was overall subscribed over 6.66 times, fetching nearly 16.26 lakh applications. DAM Capital Advisors Ltd, ICICI Securities and JM Financial Ltd were the book running lead managers for the Hero Motors IPO and Kfin Technologies Ltd was the registrar of the issue.

SS Retail
Shares of SS Retail a solid stock market debut as the shares were listed at a premium of 50.73 per cent at Rs 639.10 on BSE and a premium of 47.17 per cent Rs 624 on NSE, against the issue price of Rs 424 per share. Ahead of its debut, it was commanding a GMP of Rs 155-160 per share, hinting at a strong debut.

SS after the company raised a total of Rs 500 crore via its IPO, selling its shares for Rs 403-424 apiece. The issue was overall subscribed solid more than 103.30 times, fetching nearly 40.98 lakh applications. Anand Rathi Advisors and Emkay Global Financial Services Ltd are the book running lead managers for the Hero Motors IPO and Kfin Technologies Ltd is the registrar of the issue.

Jindal Supreme (India)
Shares of Jindal Supreme (India) a strong stock market debut as the shares were listed at a premium of 31.08 per cent at Rs 121.90 on BSE and a premium of 29.03 per cent Rs 120 on NSE, against the issue price of Rs 424 per share. Ahead of its debut, it was commanding a GMP of Rs 25-30 per share, signaling at a positive debut.

Jindal Supreme raised Rs 125 crore via primary as it sold shares of Rs 88-93 per share with a lot size of 161 equity shares between September 16-18. The issue saw overall bidding sold 181.07 times, fetching over 20.38 lakh applications. Sarthi Capital Advisors is the sole book running lead manager and Bigshare Services is the registrar of the issue.