Investors subscribe JG Chemicals IPO 27.78 times on last day of offer

The initial public offer (IPO) of JG Chemicals was subscribed 27.78 times on the final day of bidding on Thursday.

The Rs 251.2 crore IPO received bids for 22,69,11,245 shares against 81,68,714 shares on offer, according to data available with the NSE.

The portion for non-institutional investors received 46.32 times subscriptions while the quota for Qualified Institutional Buyers (QIBs) subscribed 32.09 times, and the category for retail individual investors (RIIs) attracted 17.43 times subscriptions.

The zinc oxide manufacturer's initial public offer proposed a fresh issue of up to Rs 165 crore shares and an offer for sale of up to 39 lakh equity.

The IPO was in a price range of Rs 210-221 a share.

JG Chemicals on Monday said it has collected over Rs 75 crore from anchor investors.

Proceeds from the fresh issue to the tune of Rs 91 crore will be utilised for investing in JG Chemicals' material subsidiary BDJ Oxides, and Rs 35 crore will be used for funding the long-term working capital requirements of the company. Besides, a portion will be used for general corporate purposes.

The Kolkata-based firm is India's largest zinc oxide manufacturer in terms of production and revenue. It sells over 80 grades of zinc oxide and is among the top ten manufacturers of zinc oxides globally.

Centrum Capital, Emkay Global Financial Services and Keynote Financial Services are the managers to the offer.

Equity shares of the company are proposed to be listed on both BSE and NSE.