Jain Resource Recycling IPO: A Comprehensive Overview
Jain Resource Recycling Ltd.’s initial public offering was subscribed 15.90 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.
Investor Interest and Subscription 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.
The IPO opened on September 24 and closed on September 26. The share allotment will be tentatively finalized by September 29. The firm will transfer shares to the demat accounts of successful bidders on September 30 and refunds to non-allottees will be done on the same day.
IPO Details at a Glance
- 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
Subscription Numbers
The Jain Resource Recycling IPO was subscribed 15.90 times on the last day, with institutional investors (QIB) subscribing 25.29 times, non-institutional investors (NII) subscribing 5.30 times, and retail investors subscribing 3.62 times.
Company Overview and Business Operations
Jain Resource Recycling 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.
Grey Market Premium and Estimated Listing Price
The latest grey market premium 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.
For investors looking to stay updated on the latest IPO news and stock market analysis, it is essential to keep track of the company’s financial performance, industry trends, and market sentiment.