Juniper Green, MV Electro make a strong Dalal Street debut; deliver up to 22% listing pop

Shares of Juniper Green Energy and MV Electrosystems made a strong Dalal Street debut on Thursday, August 06 as both the counters delivered listing gains. First, shares of Juniper Green Energy were listed at Rs 245 on NSE, a premium of 8.89 per cent over its issue price of Rs 225. Similarly, the stock kicked off its maiden trading session with a premium 7.56 per cent at Rs 242 on BSE.

On the other hand, shares of MV Electrosystems settled with a premium of 22.35 per cent over its issue price of Rs 425 at Rs 520 on NSE. The stock began its trading on BSE from Rs 519, a premium of 22.12 per cent over the given issue price. Both listings have been largely in the line to the expectations.

Juniper Green Energy's grey market premium rose sharply after the close of bidding, while MV Electrosystems continues to command a strong premium despite some correction from its bidding-period levels. Both IPOs were open for subscription from July 30 to August 03.

Juniper Green Energy was offered in a price band of Rs 214-225 per share with a lot size of 66 shares. The IPO raised Rs 1,800 crore through a fresh issue of up to 8,00,09,150 equity shares. The issue was subscribed 7.97 times and attracted nearly 2.20 lakh applications, with bids worth more than Rs 10,600 crore.

New Delhi-based Juniper Green Energy is a renewable energy independent power producer engaged in developing, building, operating and maintaining utility-scale renewable energy projects. ICICI Securities, HSBC Securities & Capital Markets, JM Financial and Kotak Mahindra Company were the book-running lead managers to the issue, while Kfin Technologies Ltd was the registrar.

MV Electrosystems offered shares in the price band of Rs 400-425 per share with a lot size of 34 shares. The company raised Rs 290 crore through a fresh issue of up to 68,23,528 equity shares. The issue was subscribed 188.85 times and drew nearly 37.77 lakh applications, with bids worth more than Rs 32,000 crore.

Faridabad-based MV Electrosystems is engaged in the design, development, assembly and manufacturing of electrical and power electronics equipment used in railway rolling stock. Sundae Capital Advisors was the sole book-running lead manager for the IPO, while Kfin Technologies was the registrar.