Investors eagerly awaiting the outcome of JG Chemicals’ Initial Public Offering (IPO) can gear up as the allotment of shares is set to be finalized on March 11, 2024. The company, which witnessed robust subscription numbers, is slated to list on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on March 13, 2024.
Key Dates:
- Allotment Finalization: March 11, 2024
- Listing on BSE and NSE: March 13, 2024
Subscription Overview:
The IPO, which concluded on March 7, 2024, garnered substantial attention from investors, achieving an overall subscription rate of 28.52 times. The retail category witnessed an oversubscription of 18.03 times, the Qualified Institutional Buyers (QIB) category at 32.33 times, and Non-Institutional Investors (NII) at an impressive 47.92 times.
JG Chemicals initially offered 79,56,246 shares but received an overwhelming response with bids for 22,69,11,245 shares.
Checking Allotment Status:
Investors keen to check their share allotment status can follow these steps:
Through BSE:
- Visit the BSE website: BSE Check Allotment
- Select ‘Equity’ in the issue type.
- Enter either the Application Number or PAN Number.
- Verify by clicking on ‘I’m not a robot’.
- Click on the ‘Search’ button.
Through KFin Technologies Limited:
- Visit the website: KFin Technologies IPO Status
- Select JG Chemicals Limited.
- Choose the Application Number/Demat Account/PAN option and enter the details.
- Enter Captcha.
- Click on the ‘SUBMIT’ option.
Grey Market Premium (GMP):
As of March 7, 2024, the Grey Market Premium (GMP) for JG Chemicals IPO stands at Rs 20. Considering the IPO’s price band of Rs 221, the anticipated listing price per share is expected to be around Rs 241, implying a potential gain of approximately 9.05 per cent per share.
IPO Details:
The IPO aims to raise Rs 251.19 crore through a book-built issue, comprising a fresh issue of 75 lakh shares worth Rs 165 crore and an offer for sale of 39 lakh shares worth Rs 86.19 crore. Centrum Capital Limited, Emkay Global Financial Services Ltd, and Keynote Financial Services Ltd serve as the book running lead managers, while Kfin Technologies Limited acts as the registrar for the issue.
The raised funds will be utilized for debt repayment, funding an R&D centre in Andhra Pradesh, and addressing long-term working capital needs, in addition to supporting the company’s general corporate purposes.
