The initial public offering of Jindal Supreme (India) Ltd, a manufacturer of plastic piping solutions and related products, was subscribed 31.50 times on the second day of bidding on Thursday.
The company’s ₹125-crore IPO received bids for 29,60,44,868 shares against 93,99,600 shares on offer, according to details available with the NSE.
The retail quota was subscribed 39.74 times, while the non-institutional investors category garnered 37.60 times subscription. The portion for Qualified Institutional Buyers (QIBs) was booked 12.50 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. Jindal Supreme shares 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.