Jain Resource Recycling IPO garners 15.9 times subscription

New Delhi, Sep 26 (PTI) The initial public offer of Jain Resource Recycling Ltd garnered 15.90 times subscription on the final day of bidding on Friday.

The IPO received bids for 49,67,45,344 shares against 3,12,49,999 shares on offer, according to details available with the NSE.

Among investors, Qualified Institutional Buyers (QIBs) category received 25.29 times subscription, non-institutional investors 5.30 times and Retail Individual Investors (RIIs) 3.62 times.

Jain Resource Recycling Ltd has mobilised a little over Rs 562 crore from anchor investors.

The IPO has a price band of Rs 220-232 per share. 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.

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. PTI SUM SUM SHW