The IPO of Jain Resource Recycling Limited opened for subscription on Wednesday and will remain open until September 26.
The company has set a price band of ₹220–₹232 per share, with a minimum application size of 64 shares.
A day before the IPO launch, the company raised ₹562.5 crore from anchor investors on Tuesday.
Grey Market Premium (GMP) Signals Strong Demand
Before the IPO opened, Jain Resource’s shares were trading at a premium of ₹30 in the grey market.
Based on the upper price band, the expected listing price is around ₹262 per share, which indicates a possible listing gain of nearly 13%.
According to market experts, this is the highest GMP in the last six trading sessions, ranging from a low of ₹13 to a high of ₹30.
This suggests strong investor interest and a promising listing.
IPO Structure and Fund Utilization
The company aims to raise a total of ₹1,250 crore through this IPO.
This includes:
₹500 crore as fresh equity issue
₹750 crore through Offer for Sale (OFS)
Under the OFS, promoter Kamlesh Jain will sell shares worth ₹715 crore, while Mayank Pareek will offload shares worth ₹35 crore.
The proceeds from the fresh equity issue will be used for:
Repayment of debt
General corporate purposes
The IPO is being managed by DAM Capital Advisors, ICICI Securities, Motilal Oswal Investment Advisors, and PL Capital Markets as the book-running lead managers.
