Jain Resource Recycling IPO subscribed 16x on final day of bidding; check GMP

Jain Resource Recycling IPO sees strong subscription on September 26. 

The Tamil Nadu-based company Jain Resource Recycling IPO received 16 times subscription on the final day of bidding on Friday. The IPO received bids for 11.41-crore shares against 3.12-crore shares on offer, according to details available with the NSE till 1:30 p.m.

The quota for qualified institutional buyers (QIBs) was subscribed 49.66 times, and the retail individual investors (RIIs) portion received 3.61 times subscription. The non-institutional investors category got subscribed 5.29 times. Earlier, it 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 6 percent in the unregulated market. Investorgain quoted a GMP of Rs 13 for the shares of the company, indicating a listing gain of 5.6 percent.

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The IPO, with a price band of Rs 220-232 per share, will conclude on Friday.

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 share listing is scheduled to take place on October 1.

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