Jain Resource Recycling Ltd shares debuted on the BSE at ₹265.25, 14.33% above the issue price of ₹232, and closed at ₹318.25, hitting the upper circuit limit (37.17% gain).
On NSE, the stock opened at ₹265.05 and ended at ₹318.06, also at the upper circuit limit (37.09% gain).
The company’s market valuation is ₹10,982.36 crore.
IPO received 15.9 times subscription on the final day of bidding.
Jain Resource Recycling Shares Jump Over 37% in Market Debut
The stock started trading at ₹265.25, up 14.33% from the issue price on the BSE
Jain Resource Recycling Ltd Jain Metal Group
Summary
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Shares of Jain Resource Recycling Ltd on Wednesday ended with a premium of over 37% against the issue price of ₹232.
The stock started trading at ₹265.25, up 14.33% from the issue price on the BSE. Shares of the company later ended at its upper circuit limit of ₹318.25, recording a surge of 37.17%.
On the NSE, the stock made its market debut at ₹265.05, a jump of 14.24%. The stock finally ended at ₹318.06 apiece -- its upper circuit limit, with a jump of 37.09%.
The company's market valuation stood at ₹10,982.36 crore.
The initial public offer of Jain Resource Recycling Ltd garnered 15.90 times subscription on the final day of bidding on Friday last week.
The IPO had a price band of ₹220-232 per share.
The Tamil Nadu-based company's IPO had a fresh issue of equity shares aggregating to ₹500 crore and an offer for sale (OFS) valued at ₹750 crore.
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Proceeds from the fresh issue will be utilised for the payment of debt and general corporate purposes.
Jain Resource Recycling is primarily focused on the manufacturing of non-ferrous metal products through the recycling of non-ferrous metal scrap. The company's product portfolio comprises lead and lead alloy ingots, copper and copper ingots, and aluminium and aluminium alloys.
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