Upcoming IPO: Jainik Power and Cables IPO opens on June 10; issue price band set at ₹100-110 apiece; check GMP
Jainik Power and Cables Limited has been producing aluminum wire rods since 2023 and boasts over ten years of experience in the metal sector, having previously engaged in the trading of aluminum rods.
The firm manufactures and distributes aluminum wire rods while complying with Environmental, Health, and Safety (EHS) regulations, as evidenced by its ISO certifications. Its Quality Assurance Department performs purity assessments utilising spectrometers to identify concealed impurities.
The company markets its products across the regions of Delhi, Haryana, Rajasthan, Uttar Pradesh, and Uttarakhand.
As per the red herring prospectus (RHP), the company's listed peers are Hind Aluminium Industries Ltd (with a P/E of 13.73), and Arfin India Ltd (with a P/E of 43.23).
Jainik Power and Cables IPO consists of a fresh issue of 46,63,200 equity shares, aggregating to ₹ 51.30 crore. There's no offer for sale (OFS) component.
The Jainik Power and Cables IPO aims to use the net proceeds from the offering for several purposes, including meeting working capital needs, funding and establishing a plant, repaying part of the loans taken by the company, covering general corporate expenses, and addressing issue-related costs.
Fast Track Finsec Pvt Ltd is the primary lead manager for the Jainik Power and Cables IPO, whereas Skyline Financial Services Private Ltd acts as the registrar for the offering. The market maker for the Jainik Power and Cables IPO is Rikhav Securities Limited.
Jainik Power and Cables IPO GMP today or grey market premium was ₹ 0, which meant shares were trading at their issue price of ₹ 110 with no premium or discount in the grey market according to investorgain.com
'Grey market premium' indicates investors' readiness to pay more than the issue price.
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