Jain Resource Recycling IPO Subscribed 73% on Day 1

New Delhi, Sep 24 (PTI) The initial public offer of Jain Resource Recycling Ltd received 73 per cent subscription on the first day of bidding on Wednesday.

The three-day IPO got bids for 2,27,44,384 shares against 3,12,49,999 shares on offer, as per NSE data.

The quota for qualified institutional buyers (QIBs) garnered 1.11 times subscription. The category for retail individual investors (RIIs) received 51 per cent bidding, and the portion for non-institutional investors got subscribed 12 per cent.

Jain Resource Recycling Ltd has mobilised a little over Rs 562 crore from anchor investors.

The IPO, with a price band of Rs 220-232 per share, will conclude on September 26. At the upper end, the company is valued at over Rs 8,000 crore.

The Tamil Nadu-based company's IPO has a fresh issue of equity shares aggregating to Rs 500 crore and an offer for sale (OFS) valued at Rs 750 crore.

The OFS comprises the sale of shares worth Rs 715 crore by promoter Kamlesh Jain and Rs 35 crore by shareholder Mayank Pareek.

Proceeds from the fresh issue will be utilised for the payment of debt and general corporate purposes.

Jain Resource Recycling is primarily focused on the manufacturing of non-ferrous metal products through the recycling of non-ferrous metal scrap. The company's product portfolio comprises lead and lead alloy ingots; copper and copper ingots; and aluminium and aluminium alloys.

DAM Capital Advisors, ICICI Securities, Motilal Oswal Investment Advisors and PL Capital Markets are the book-running lead managers to the offer.