Jainik Power Cables IPO booked 60% so far on first bidding day; check GMP, other key details
Jainik Power Cables began manufacturing aluminum wire rods in 2023 and has accumulated over a decade of experience in the metal industry, having previously been involved in aluminum rod trading.
The company produces and supplies aluminum wire rods while adhering to Environmental, Health, and Safety (EHS) standards, as shown by its ISO certifications. Its Quality Assurance Department conducts purity evaluations using spectrometers to detect hidden impurities.
The organization sells its products in the areas of Delhi, Haryana, Rajasthan, Uttar Pradesh, and Uttarakhand.
According to the red herring prospectus (RHP), the company has comparable listed competitors, including Hind Aluminium Industries Ltd (with a P/E of 13.73) and Arfin India Ltd (with a P/E of 43.23).
Jainik Power Cables IPO subscription status is 60%, on day 1, so far. The retail portion was subscribed 74%, and NII portion was booked 59%.
The company has received bids for 26,43,600 shares against 44,29,200 shares on offer, at 15:20 IST, according to data on chittorgarh.com
Jainik Power 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 Cables IPO intends to utilise the net proceeds from the offering for various purposes, such as fulfilling working capital requirements, establishing and financing a plant, partially repaying the company's loans, covering general corporate expenses, and addressing costs related to the issuance.
Fast Track Finsec Pvt Ltd serves as the main lead manager for the Jainik Power Cables IPO, while Skyline Financial Services Private Ltd is responsible for the registry of the offering. The market-making role for the Jainik Power and Cables IPO is fulfilled by Rikhav Securities Limited.
Jainik Power 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.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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