Jain Resource Recycling IPO Subscription Status: A Detailed Analysis
The initial public offering (IPO) of Jain Resource Recycling Ltd. has concluded with an overwhelming response, subscribing 15.90 times on the final day of bidding. The IPO, which opened on September 24, aims to raise Rs 1,250 crore, comprising a fresh issue of Rs 500 crore and an offer-for-sale (OFS) component worth Rs 750 crore.
IPO Details: Price Band, Lot Size, and Important Dates
Investors could 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 was set at 64 shares, requiring a minimum investment of Rs 14,848. Small institutional investors needed to purchase a minimum of 14 lots, amounting to Rs 2.07 lakh, while big non-institutional investors had to buy a minimum of 68 lots, translating to an investment of at least Rs 10.09 lakh.
The IPO schedule is as follows:
- 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 Status: Category-Wise Breakup
The Jain Resource Recycling IPO witnessed a strong response from institutional investors, with the qualified institutional buyers (QIB) category subscribing 25.29 times. Non-institutional investors (NII) subscribed 5.30 times, while retail investors contributed to a subscription of 3.62 times.
Company Profile and Business Overview
Jain Resource Recycling primarily engages in the recycling of non-ferrous metals, with a portfolio including lead alloy ingots and copper ingots. The company aims to utilize the proceeds from the IPO to clear its debt and for general corporate purposes.
Grey Market Premium and Estimated Listing Price
As of the latest update, the grey market premium (GMP) of the Jain Resource Recycling IPO is Rs 3.5, according to InvestorGain. The estimated listing price is Rs 235.5, implying a 1.51% premium. However, please note that GMP does not represent official data and is based on speculation.
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