West Bengal-based JD Cables has raised Rs 27.05 crore from 20 anchor investors, of the total Rs 96-crore offer, on September 17, a day prior to the offer opening for the public.
The company will issue fresh 55.53 lakh shares, while promoter Piyush Garodia will sell 7.6 lakh shares via offer-for-sale. The price band for the offer is Rs 144-152 per share.
The public issue will open for subscription on September 18, and close on September 22.
The cables and conductors manufacturer on Wednesday said it has finalised allocation of 17.8 lakh shares at Rs 152 per share.
Twenty investors including HDFC Bank, Negen Undiscovered Value Fund, Mint Focused Growth Fund, Arrow Emerging Opportunities Fund, Nexus Equity Growth Fund, Venturex Fund, Vira AIF Trust, Mili Capital Investment Trust, and Neo Alternatives Investment Trust participated in the anchor book.
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JD Cables will utilise Rs 45 crore of fresh issue proceeds for its working capital requirements. Further, Rs 26 crore will be used for repayment of certain borrowings, and the remaining funds for general corporate purposes.
The company manufactures cables and conductors for the electricity industry through its two units - Howrah and Hooghly in West Bengal.
GYR Capital Advisors is managing the JD Cables IPO as a merchant banker.
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