New Delhi: Jindal Supreme (India) Ltd, a manufacturer of plastic piping solutions and related products, has fixed the price band for its upcoming ₹125 crore Initial Public Offering (IPO) at ₹88-93 per share.
The Supreme IPO will open for public subscription on September 16 and close on September 18. The anchor investor portion will open a day earlier on September 15, according to a public announcement.
At the upper end of the price band, Jindal Supreme is expected to command a post-listing market capitalisation of ₹474.52 crore.
Fresh Issue and OFS Details
The IPO comprises a fresh issue of 1.07 crore equity shares, which could raise nearly ₹100 crore at the upper price band.
It also includes an Offer for Sale (OFS) of 26.86 lakh shares by promoter group entity VVJ Enterprise Private Limited. The is valued at around ₹25 crore at ₹93 per share.
Together, the fresh issue and OFS take the total IPO size to approximately ₹124.88 crore at the upper end of the price band.
Where Will Jindal Supreme Use IPO Funds?
Jindal Supreme plans to use proceeds from the fresh issue primarily for the repayment or payment of debt. The remaining funds will be deployed towards general corporate purposes.
Since the OFS involves shares being sold by an existing shareholder, proceeds from that portion will not go to the company.
Jindal Supreme Listing Date
The company’s are proposed to be listed on both the BSE and NSE on September 23.
Sarthi Capital Advisors is the book-running lead manager for the Jindal Supreme IPO, while Bigshare Services has been appointed registrar to the issue.
The IPO adds to the growing pipeline of companies tapping India’s primary market for capital and providing liquidity to existing shareholders.