Jain Resource Recycling IPO Sees Strong Demand On Last Day
Jain Resource Recycling Ltd.’s initial public offering was subscribed 15.90 times on the last day, with the issue receiving strong response from institutional investors. The offering aims to sell shares worth up to Rs 1,250 crore, with the company raising Rs 500 crore via a fresh issue of 2.16 crore shares.
The IPO also includes an offer-for-sale component worth Rs 750 crore and 3.23 crore shares. 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.
IPO Details
- Open date: September 24
- Close date: September 26
- Price Band: Rs 220-232 per share
- Allotment date: September 29
- Listing date: October 1
- IPO size: Rs 1,250 crore
- Fresh issue: Rs 500 crore
- OFS: Rs 750 crore
- Minimum bid: Lot size of 64 shares
The Jain Resource Recycling IPO was subscribed 15.90 times on Friday, with institutional investors (QIB) subscribing 25.29 times, non-institutional investors (NII) subscribing 5.30 times, and retail investors subscribing 3.62 times.
Company Profile
Jain Resource Reycling primarily engages in the recycling of non-ferrous metals, with its portfolio including lead alloy ingots and copper ingots. The company will use proceeds from the IPO to clear its debt and for general corporate purposes.
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Grey Market Premium
The latest grey market premium of Jain Resource Recycling is Rs 3.5, as of 07:30 p.m., according to InvestorGain. The estimated listing price is Rs 235.5, implying a 1.51% premium. Note that GMP does not represent official data and is based on speculation.
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