Jain Resource Recycling IPO: Last Day Update, GMP, Subscription Status, and Listing Details
Jain Resource Recycling Ltd’s initial public offering was subscribed 2.01 times on the last day, with the offering aiming to sell shares worth up to Rs 1,250 crore. The company will raise Rs 500 crore via a fresh issue of 2.16 crore shares, while the IPO also includes an offer-for-sale component worth Rs 750 crore and 3.23 crore shares.
IPO Details
Investors can bid for the company’s IPO at a price band of Rs 220 to Rs 232 per share. The minimum lot size for retail investors is 64 shares, which means the minimum amount of investment required by a retail investor is Rs 14,848. Small institutional investors will need to buy a minimum of 14 lots amounting to Rs 2.07 lakh, and big non-institutional investors will have to buy a minimum of 68 lots, that is an investment of at least Rs 10.09 lakh.
Book Running Lead Managers and Registrar
DAM Capital Advisors Ltd., ICICI Securities, Motilal Oswal Investment Advisors, and PL Capital are the book-running lead managers, while KFin Technologies Ltd. is the registrar of the offer.
IPO Schedule
The IPO opened on Wednesday and closes on Sept. 26. The share allotment will be tentatively finalised by Sept. 29. The firm will transfer shares to the demat accounts of successful bidders on Sept. 30, and refunds to non-allottees will be done on the same day.
Key IPO Dates
- Open date: Sept. 24
- Close date: Sept. 26
- Price Band: Rs 220-232 per share
- Allotment date: Sept. 29
- Listing date: Oct. 1
- IPO size: Rs 1,250 crore
- Fresh issue: Rs 500 crore
- OFS: Rs 750 crore
- Minimum bid: Lot size of 64 shares
Subscription Status
The Jain Resource Recycling IPO was subscribed 1.01 times as of 12:33 p.m. on Friday, with institutional investors (QIB) subscribing 2.12 times, non-institutional investors (NII) subscribing 1.67 times, and retail investors subscribing 2.19 times.
Use of IPO Proceeds
The company will use proceeds from the IPO to clear its debt and for general corporate purposes. Jain Resource Recycling primarily engages in the recycling of non-ferrous metals, with its portfolio including lead alloy ingots and copper ingots.
Grey Market Premium and Estimated Listing Price
The latest grey market premium is Rs 13, as of 12:01 p.m., according to InvestorGain. The estimated listing price is Rs 245, implying a 5.60% premium. Note that GMP does not represent official data and is based on speculation. GMP data is sourced from InvestorGain.
Investor Interest and Market Sentiment
The strong subscription status and grey market premium indicate a positive market sentiment towards the Jain Resource Recycling IPO. However, investors should conduct their own research and consider their risk tolerance before investing in the IPO.
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