Jain Resource Recycling shares jump over 37 pc in market debut

New Delhi, Oct 1 (PTI) Shares of Jain Resource Recycling Ltd on Wednesday ended with a premium of over 37 per cent against the issue price of Rs 232.

The stock started trading at Rs 265.25, up 14.33 per cent from the issue price on the BSE. Shares of the company later ended at its upper circuit limit of Rs 318.25, recording a surge of 37.17 per cent.

On the NSE, the stock made its market debut at Rs 265.05, a jump of 14.24 per cent. The stock finally ended at Rs 318.06 apiece -- its upper circuit limit, with a jump of 37.09 per cent.

The company's market valuation stood at Rs 10,982.36 crore.

The initial public offer of Jain Resource Recycling Ltd garnered 15.90 times subscription on the final day of bidding on Friday last week.

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

The Tamil Nadu-based company's IPO had 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. PTI SUM SUM SHW