Jain Resources Recycling IPO: Check allotment status, latest GMP & listing date

Jain Resource Recycling is likely to finalize the basis of allotment of its shares on Monday, September 29. Applicant bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate latest by Tuesday, September 30. The non-ferrous metal player saw a decent response from the investors.

The IPO of Jain Resource Recycling was open for bidding between September 24 and September 26. It had offered its shares in the price band of Rs 220-232 per share with a lot size of 64 shares. The company raised a total of Rs 1,250 crore via IPO, which included a fresh share sale of Rs 500 crore and an offer-for-sale (OFS) 3,23,27,586 equity shares worth Rs 750 crore.

The issue was overall subscribed 15.90 times fetching more than 3 lakh applications, fetching bids more than Rs 11,500 . The allocation for the qualified institutional bidders (QIBs) was subscribed 25.29 times, while the portion for non-institutional investors' (NIIs) saw bids for 5.30 times. However, the retail investors' quota was booked at 3.62 times.

The grey market premium (GMP) of Jain Resource Recycling has remained stable, thanks to decent bidding for the issue. Last heard, the company was commanding a grey market premium of Rs 18-20 apiece in the unofficial market, suggesting a listing pop of 8-9 per cent for the investors. The GMP stood at Rs 30, before the bidding kicked-off.

Incorporated in 2022, Chennai-based Jain Resource Recycling is engaged in the recycling and manufacturing of non-ferrous metal products. Its product portfolio includes lead and lead alloy ingots, copper and copper ingots, and aluminium and aluminium alloys. It operates three recycling facilities located at SIPCOT Industrial Estate, Gummidipoondi, Chennai.

ICICI Securities, PL Capital Markets, and Motilal Oswal Investment Advisors are the book running lead managers of Jain Resources Recycling and Kfin Technologies is the registrar of the issue. Refund initiation and credit of shares shall be initiated on Tuesday, September 30. Shares of the company shall be listed on both BSE and NSE on Wednesday, October 1.

Investors, who had bid for the issue of Jain Resources Recycling, can check the allotment status on the Bombay Stock Exchange (BSE) website:

1) Visit https://www.bseindia.com/investors/appli_check.aspx

2) Under the issue type, click Equity

3) Under the issue name, select Jain Resources Recycling Limited in the dropbox

4) Write the application number

5) Add the PAN card ID

6) Click on 'I am not a Robot' and hit search button

Investors can also check the allotment status on the online portal of KFin Technologies Limited (https://kosmic.kfintech.com/ipostatus), the registrar to the issue.

The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries.

1) Go to the web portal of KFin Technologies Limited

2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized

3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID

4) In application type, select between ASBA and non-ASBA

5) Enter the details of the mode you selected in Step 2

6) For security purposes, fill the captcha accurately

7) Hit submit.