JD Cables, the cables and conductors manufacturing company, has received good response for its initial public offering (IPO) from investors on September 18, the first day of bidding as the offer was fully subscribed at 2.93 times.
The company is raising Rs 95.99 crore through its maiden public issue that will remain open till September 22. It will issue 55.53 lakh fresh shares, while promoters will offload 7.6 lakh shares via offer-for-sale.
Investors have bid 1.32 crore shares against the offer size of 45.35 lakh shares via 2,403 applications. Qualified institutional buyers led the charge with their reserved portion subscribed at 7.2 times.
This follows retail and non-institutional investors who put in bids 1.68 times and 92 percent of their allotted quotas, respectively.
West Bengal-based JD Cables that offers cables and conductors to the power transmission and distribution sector will utilise Rs 45 crore of the fresh issue proceeds for its working capital requirements, Rs 26 crore for repaying debt, and the remaining amount for general corporate purposes.
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At the end of fiscal year March 2025, its outstanding secured borrowings were Rs 41.6 crore.
JD Cables competes with listed peer Dynamic Cables which is four times bigger than the company in terms of revenue.
The company will finalise the IPO share allotment by September 23, while its shares will be available for trading on the BSE SME with effect from September 25.
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