The initial public offering of Jindal Supreme (India) Ltd, a manufacturer of plastic piping solutions and related products, received a whopping 181.07 times subscription on the final day of share sale on Friday, with a strong response from investors.
Strong Investor Response
The company’s Rs 125-crore IPO received bids for 1,70,19,83,003 shares against 93,99,600 shares on offer, according to NSE data.
The portion for non-institutional investors was subscribed a huge 327.99 times. The category for retail investors garnered 149.34 times subscription, while the quota for Qualified Institutional Buyers (QIBs) garnered 126.41 times subscription.
IPO Details
Jindal Supreme India Ltd has fixed a price band of Rs 88-93 per share for the IPO.
The IPO comprises a fresh issue of 1.07 crore equity shares, aggregating to nearly Rs 100 crore at the upper end of the price band, along with an Offer-for-Sale (OFS) of 26.86 lakh shares, worth about Rs 25 crore, by promoter group entity VVJ Enterprise Pvt Ltd.
Proceeds from the fresh issue will be used for payment of debt and general corporate purposes. Jindal Supreme shares are proposed to be listed on both the BSE and NSE on September 23.
Sarthi Capital Advisors is the book-running lead manager to the issue, while Bigshare Services is acting as the registrar.