Shares of Jain Resource Recycling Ltd. made a strong debut on the stock exchanges on Wednesday, listing at a premium to their issue price. The stock settled at Rs 265.2 on the BSE and Rs 265 on the NSE, compared with the IPO price of Rs 232 per share.
The company's Rs 1,250-crore initial public offering had attracted significant investor interest, being oversubscribed 15.90 times on the final day of bidding on Sept. 26.
According to BSE data, the IPO received bids for 49.67 crore shares against 3.12 crore shares on offer.
Among categories, the Qualified Institutional Buyers' portion was subscribed 25.29 times, the Non-Institutional Investors' portion 5.30 times, and the Retail Investors' quota 3.62 times.
Jain Resource is the only one among the three listings on Wednesday to see gains, with both Epack Fab and BMW Ventures being listed at a discount.
The IPO comprised a fresh issue of Rs 500 crore through 2.16 crore shares and an offer for sale of 3.23 crore shares amounting to Rs 750 crore. The price band was fixed between Rs 220 and Rs 232 per share.
Allotments were finalised on Sept. 29, with refunds processed on Sept. 30 and shares credited to investors' Demat accounts the same day.
Jain Resource Recycling is engaged in recycling non-ferrous metals, with a product portfolio that includes lead alloy ingots and copper ingots.
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