Strong debut: Jain Resource Recycling shares settle 37% higher on listing day on NSE

Jain Resource Recycling shares to list on stock exchanges on October 1. 

Jain Resource shares settled over 37 percent higher at Rs 318.06 per share on the NSE from its IPO price on the debut day. The shares finished the trade at 20 percent upper circuit.

The stock had listed at a decent premium on the stock exchange on October 1, following a 15.90 times subscription to the issue between September 24-26 in the primary market.

Shares of Jain Resource Recycling were listed at Rs 265.05 per share on the National Stock Exchange (NSE), a premium of 14.25 percent. The Rs 1,250-crore initial share sale had a price band of Rs 220-232 per share.

On the BSE, the shares were listed at Rs 265.25 per share, a premium of 14.33 percent. The company's market capitalization post listing of shares stood at Rs 9,153.40-crore.

Jain Resource Recycling IPO share debut was better than the expectations in the grey market, which had expected a near 6 percent listing gain.

Earlier, the company mobilised a little over Rs 562 crore from anchor investors. The IPO received bids for 49.67-crore shares against 3.12-crore shares on offer, according to details available with the NSE.

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Proceeds from the fresh issue of the Tamil Nadu-based company 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.

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