The initial public offer of Jain Resource Recycling Ltd received 15.9 times subscription on the last day of bidding on Friday..
The three-day IPO got bids for 49,67,45,280 shares against 3,12,49,999 shares on offer, as per NSE data.
Category-wise subscription
The quota for qualified institutional buyers (QIBs) garnered 25.29 times subscription. The category for retail individual investors (RIIs) received 3.62 times subscription, and the portion for non-institutional investors got subscribed 5.3 times.
Jain Resource Recycling Ltd has mobilised a little over Rs 562 crore from anchor investors.
Jain Resource Recycling IPO size
The IPO, with a price band of Rs 220-232 per share, is concluding today. At the upper end, the company is valued at over Rs 8,000 crore.
The Tamil Nadu-based company’s IPO has a fresh issue of equity shares aggregating to Rs 500 crore and an offer for sale (OFS) valued at Rs 750 crore.
The OFS comprises the sale of shares worth Rs 715 crore by promoter Kamlesh Jain and Rs 35 crore by shareholder Mayank Pareek.
Proceeds from the fresh issue will be utilised for the payment of debt and general corporate purposes.
Jain Resource Recycling is primarily focused on the manufacturing of non-ferrous metal products through the recycling of non-ferrous metal scrap. The company’s product portfolio comprises lead and lead alloy ingots; copper and copper ingots; and aluminium and aluminium alloys.
DAM Capital Advisors, ICICI Securities, Motilal Oswal Investment Advisors and PL Capital Markets are the book-running lead managers to the offer.