Jainik Power Cables IPO Fully Subscribed On Day 2: Check GMP Today
The price band for the NSE SME IPO has been set between Rs 100 to Rs 110 per share.
The initial public offering of Jainik Power and Cables Ltd. which launched its initial public offering (IPO) on June 10, was fully subscribed on Wednesday.
The company aims to raise over Rs 50 crore from the primary market. The company is in the business of manufacturing aluminium wire rods.
Here's all you need to know about Jainik Power Cables IPO.
Jainik Power Cables IPO: All You Need To Know
The Jainik Power Cables IPO is a book-building issue worth Rs 51.30 crore, comprising entirely a fresh issuance of 46.63 lakh shares.
The price band for the NSE SME IPO has been set between Rs 100 to Rs 110 per share.
Retail investors can participate in the IPO by bidding for a minimum of a single lot size, or 1,200 shares, requiring an investment of Rs 1,32,000.
Of the 46,63,200 shares on offer, 4,45,200 (9.55%) are allocated to Qualified investors, 19,92,000 (42.72%) to Non-institutional investors, 19,92,000 (42.72%) to Retail investors.
Fast Track Finsec Pvt. is the book-running lead manager of the Jainik Power and Cables IPO. Skyline Financial Services Pvt. is the registrar, and Rikhav Securities Ltd. is the market maker for the issue.
Jainik Power And Cables IPO Important Dates
The Jainik Power and Cables IPO will remain open for subscription from June 10 to June 12. The allotment of shares is proposed to be finalised on June 13. Successful bidders will have the shares credited to their accounts on June 16. Refunds for non-allottees will be initiated on the same day.
Shares of the company are expected to be listed on the NSE SME platform on June 17.
Jainik Power And Cables IPO Subscription Status: Day 2
Jainik Power and Cables IPO has been subscribed 1.10 times as of 3:49 p.m. on Wednesday.
Qualified Institutions: 0.51 times
Non-Institutional Buyers: 0.93 times
Retail Investors: 1.39 times
Subscription status will be updated at regular intervals.
Jainik Power And Cables IPO GMP Today
According to InvestorGain, the grey market premium (GMP) for the Jainik Power and Cables IPO was Rs 7 as of 2:31 p.m. on June 11. As per the latest GMP, the unlisted shares of Jainik Power and Cables IPO were trading at Rs 117 at the grey market, indicating a premium of 6.36%.
Note: GMP does not represent official data and is based on speculation.
Jainik Power And Cables: Business And Financials
Jainik Power and Cables is a manufacturer and supplier of aluminium wire rods. The company was founded in 2011.
Use Of Proceeds
The company has proposed to use proceeds from the IPO to meet working capital requirements, clear debt and for general corporate purposes.
Financials
The company reported an 84% year-on-year (YoY) increase in profit after tax (PAT) to Rs 9.24 crore in FY25 from Rs 5.02 crore in FY24. Revenue from operations rose 3.86% YoY to Rs 351.7 crore in FY25 from Rs 338.62 crore in FY24.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
