The maiden public issue of JD Cables, the cables and conductors maker, continued to attract good interest from investors, subscribing 8.24 times on the second day of bidding, September 19. The IPO will remain open till September 22.
Investors have bid 3.73 crore shares in the last two days compared to the offer size of 45.35 lakh shares through 14,724 applications.
Retail investors have taken the lead amongst them, bidding 10.02 times their reserved portion. The allotted quotas of qualified institutional buyers and non-institutional investors were subscribed 7.2 times, and 6.2 times, respectively.
The JD Cables IPO shares attracted 26 percent premium over the offer price in the grey market, the market observers said.
The company aims to raise Rs 95.99 crore via initial public offering (IPO), which is a combination of fresh issue of 55.53 lakh shares and an offer-for-sale of 7.61 lakh shares by promoters.
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The price range for the offer is Rs 144-152 per share.
The West Bengal-based company that seeks valuation of nearly Rs 350 crore intends to utilise fresh issue proceeds for working capital requirements, debt repayment, and general corporate purposes.
The merchant banker managing the JD Cables IPO is GYR Capital Advisors.
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