Jainik Power and Cables set to debut on NSE SME. GMP flat ahead of listing

Jainik Power and Cables is all set to list its shares on the NSE SME platform today following the successful completion of its Rs 51.3 crore IPO. The issue, which was entirely a fresh equity sale of 46.63 lakh shares and priced at Rs 110 per share, closed with a modest subscription of 1.54 times.

Ahead of listing, the grey market premium (GMP) for Jainik Power and Cables IPO remains flat at Rs 0, indicating muted near-term sentiment among investors. With no premium currently visible in the unofficial market, the estimated listing price is likely to hover around the issue price of Rs 110, reflecting little to no gain on debut.

The retail category showed relatively stronger traction, getting subscribed 2.08 times, while the non-institutional investor (NII) portion was booked 1.13 times. The qualified institutional buyer (QIB) segment saw marginal interest with a subscription of 1.01 times.

Founded in May 2011, Jainik Power and Cables was previously engaged in trading aluminium rods and ventured into manufacturing only in 2023.

Its core product line now includes aluminium wire rods, which are produced at its ISO-certified facility in Sonipat, Haryana. The company caters to industrial clients across Delhi, Haryana, Rajasthan, Uttar Pradesh, and Uttarakhand.

Financially, Jainik Power and Cables reported a 4% increase in revenue and an 84% jump in profit after tax for FY25. Revenue stood at Rs 352.38 crore, while PAT rose to Rs 9.24 crore.Jainik intends to use the IPO proceeds to meet working capital requirements, set up a new manufacturing plant, repay certain loans, and fund general corporate purposes.