The initial public offering of Jindal Supreme India Ltd, a manufacturer of plastic piping solutions and related products, was subscribed 7.53 times on the first day of bidding on Wednesday.
The ₹125-crore IPO received bids for 7,07,73,346 shares against 93,99,600 shares on offer, according to data available with the NSE.
The retail portion garnered 11.59 times subscription. The category for non-institutional investors was subscribed 6.74 times and the Qualified Institutional Buyers (QIBs) segment was booked 1.02 times.
Jindal Supreme India Ltd has fixed a price band of ₹88-93 per share for the IPO.
The IPO comprises a fresh issue of 1.07 crore equity shares, aggregating to nearly ₹100 crore at the upper end of the price band, along with an Offer-for-Sale (OFS) of 26.86 lakh shares worth about ₹25 crore by promoter group entity VVJ Enterprise Pvt Ltd.
Proceeds from the fresh issue will be used for payment of debt and general corporate purposes.
The equity shares of the company are proposed to be listed on both the BSE and NSE on September 23.
Sarthi Capital Advisors is the book-running lead manager to the issue, while Bigshare Services is acting as the registrar.