Boutique luxury wildlife resorts operator Jungle Camps India closed its initial public offering with a strong 460 times subscription on December 12, driven by the demand from across categories of investors. The issue was opened on December 10.
The company approached primary market to raise Rs 29.42 crore via maiden public issue of 40.86 lakh equity shares at a price of Rs 72 per share. The price band for the offer was Rs 68-72 per share.
Investors applied for 134.46 crore equity shares against the offer size of 29.23 lakh shares through 4.91 lakh applications, the subscription data on the BSE showed.
Non-institutional and retail investors showed strong interest in the public issue, buying 562.89 times and 551.20 times their reserved portion. The part set aside for qualified institutional buyers was subscribed 196.52 times.
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Investors can start trading in Jungle Camps India shares on the BSE SME effective December 17. Ahead of listing and given the robust demand to the issue, its IPO shares were available at more than 80 percent premium over the upper price band in the grey market, the market observers said. The grey market is an unofficial market for trading in IPO shares till the listing.
The company that operates in the wildlife and nature-based tourism segment is going to spend IPO money for the project development at Sanjay Dubri National Park (Madhya Pradesh), renovation of existing resort Pench Jungle Camp, at Pench National Park (Madhya Pradesh), the project development at Mathura Hotel Project, Mathura, and general corporate purposes.
The conservation focused hospitality group owns and manages total of 87-room accommodation across six properties in Madhya Pradesh and Maharashtra.
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