Jain Resource Recycling IPO subscribed 1.2x on day 2; check GMP

Jain Resource Recycling sees robust subscription on Day 2. 

Jain Resource Recycling IPO received 1.24 times subscription on the second day of bidding on Thursday. The three-day IPO got bids for 3.88-crore shares against 3.12-crore shares on offer, as per NSE data.

The quota for qualified institutional buyers (QIBs) garnered 1.61 times subscription. The category for retail individual investors (RIIs) received 1.26 times bidding, and the portion for non-institutional investors got subscribed 49 percent. Jain Resource Recycling Ltd has mobilised a little over Rs 562 crore from anchor investors.

Jain Resource Recycling IPO GMP Today Price

According to platforms tracking the grey market activities, the shares of Jain Resource Recycling are commanding a GMP of over 7 percent in the unregulated market. Investorgain quoted a GMP of Rs 17 for the shares of the company, indicating a listing gain of 7.33 percent.

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The IPO of the Tamil Nadu-based company, with a price band of Rs 220-232 per share, will conclude on September 26.

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.

Jain Resource Recycling IPO allotment is expected by September 29, while the share listing is scheduled on October 1.

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