Jain Resource Recycling IPO Witnesses Overwhelming Demand

Jain Resource Recycling Ltd's IPO was 15.90 times oversubscribed on its closing day, receiving significant attention from Qualified Institutional Buyers, non-institutional investors, and Retail Individual Investors. The company raised over Rs 562 crore from anchor investors, with plans to utilize IPO proceeds for debt repayment and corporate purposes.

Jain Resource Recycling Ltd's initial public offering (IPO) closed with impressive subscription figures, oversubscribed by 15.90 times on Friday. The IPO attracted bids for a staggering 49,67,45,344 shares compared to the 3,12,49,999 on offer, according to data from the National Stock Exchange.

The IPO witnessed substantial interest from various investor segments: Qualified Institutional Buyers subscribed 25.29 times, non-institutional investors 5.30 times, and Retail Individual Investors 3.62 times. The company successfully raised over Rs 562 crore from anchor investors.

The IPO, priced between Rs 220 and Rs 232 per share, values the Tamil Nadu-based company at over Rs 8,000 crore. Proceeds are earmarked for debt repayment and general corporate purposes. The entity specializes in manufacturing non-ferrous metal products from recycled material, and its book-running leads include DAM Capital Advisors, ICICI Securities, Motilal Oswal, and PL Capital Markets.

(With inputs from agencies.)