Jain Resource Recycling IPO: A Boost for Non-Ferrous Metal Recycling

Jain Resource Recycling Ltd's initial public offering (IPO) was met with enthusiastic investor response, achieving 73 percent subscription on its first day of bidding, Wednesday.

The three-day IPO saw bids for over 2.27 million shares against the 3.12 million shares available, according to National Stock Exchange (NSE) data. Notably, the quota for qualified institutional buyers was oversubscribed by 1.11 times, while the category for retail individual investors received 51 percent bids, and non-institutional investors recorded a 12 percent subscription rate.

The Tamil Nadu-based company, specializing in non-ferrous metal recycling, aims to raise over Rs 562 crore from anchor investors. The IPO price band is set between Rs 220-232 per share, valuing the company at over Rs 8,000 crore at the upper limit. Proceeds will be used to pay down debt and support corporate activities.