Jainik Power and Cables IPO to hit Dalal Street next week: Check opening date, price band, issue size

Jainik Power and Cables IPO

Aluminum wire rods maker Jainik Power and Cables' initial public offering is set to hit Dalal Street next week, on June 10 with a price band of Rs 100-110 per share. The offer will remain open till June 12.

The IPO share allotment will get finalised by June 13. Investors can start trading in Jainik Power and Cables shares on the NSE Emerge platform effective June 17.

The New Delhi-based company is raising Rs 51.3 crore via maiden public issue of 46.63 lakh shares which comprises of solely fresh issue.

Nearly 45 percent of the IPO size each is reserved for retail and non-institutional investors, and the remaining portion is set aside for qualified institutional buyers.

Incorporated in May 2011, Jainik Power and Cables that seeks valuation of nearly Rs 158 crore at the upper price band intends to utilise IPO proceeds for its working capital requirement, setting up a plant, and repayment of loans.

With manufacturing facility in Sonipat, Haryana, the company supplies its products to various states, mainly in Delhi, Haryana, Rajasthan, Uttar Pradesh, Uttarakhand.

Fast Track Finsec is acting as the book running lead manager for Jainik Power and Cables IPO.