Stellar Market Debut: Jain Resource Recycling Surges Over 37%
Jain Resource Recycling Ltd shares experienced a remarkable rise, closing at a 37% premium over the issue price of Rs 232. The company's IPO, heavily subscribed, raised significant capital. Funds from the IPO will be used for debt repayment and general corporate activities in the non-ferrous metal recycling sector.
- Country:
- India
Shares of Jain Resource Recycling Ltd soared on Wednesday, closing at a remarkable 37 percent premium compared to its issue price of Rs 232.
Trading began at Rs 265.25, a 14.33 percent increase at the BSE. The company's shares ended at their upper circuit limit of Rs 318.25, reflecting a surge of 37.17 percent.
At the NSE, trading started at Rs 265.05, rising 14.24 percent above the issue price, and closed at Rs 318.06 apiece, again hitting the upper circuit with a jump of 37.09 percent.
Jain Resource Recycling Ltd's market valuation reached Rs 10,982.36 crore. Its initial public offering was subscribed 15.90 times on the last bidding day.
The IPO set a price band between Rs 220 and Rs 232 per share, involving a fresh issue of Rs 500 crore in equity and a Rs 750 crore offer for sale.
The raised capital aims to reduce debt and cover general corporate expenses.
Specializing in non-ferrous metal recycling, Jain Resource Recycling Ltd manufactures products such as lead and lead alloy ingots, copper and copper ingots, and aluminium alloys.
(With inputs from agencies.)
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