JSW Energy opens at 2% premium on BSE, 6% on NSE

Shares of JSW Energy Ltd, the first company to list on the bourses in 2010, today opened at a premium of 2% over the issue price of Rs100 on the Bombay Stock Exchange.

Shares of the power producer, however, listed higher at Rs106 — a premium of 6% — on the National Stock Exchange.

JSW Energy listed over 164 crore shares on the bourses today, becoming the fourth power company to hit the capital markets in the fiscal after state-run NHPC Ltd, Adani Power and Indiabulls Power.

The IPO of JSW Energy, which is controlled by India's richest woman Savitri Jindal, witnessed a tepid response as it attracted bids only 1.67 times the shares on offer, marking the lowest for an energy share sale in 2009.

While the Sajjan Jindal-promoted company managed to raise Rs2,700 crore through the IPO, the response reflected muted investor sentiment led by poor stock performance of other power firms that listed on the bourses this fiscal.

Bulk of the retail investors, having burnt their fingers earlier with scrips of NHPC and Adani Power that dipped below their issue price, kept away from the public issue of JSW Energy.

"Yes, there has been a lukewarm response from retail investors," JSW Energy managing director Sajjan Jindal told reporters after the company's listing ceremony here.