Jainik Power IPO Day 2 update; check subscription status, GMP, key dates

Jainik Power IPO Day 2 subscription status: The SME offering has received bids for 47,24,400 shares against 46,63,200 on offer

Jainik Power and Cables IPO Day 2, subscription status: The initial public offering (IPO) of aluminium maker Jainik Power and Cables has received a lacklustre response from investors so far. The SME offering, which opened for public subscription on Tuesday, June 10, has received bids for 47,24,400 shares, against 46,63,200 on offer, leading to a subscription of 1.01 times at 2:20 PM on Wednesday, showed NSE data.

Jainik Power and Cables IPO grey market premium (GMP)

According to sources tracking unofficial markets, the unlisted shares of Jainik Power were trading at ₹117, commanding a GMP of ₹7 or 6.3 per cent against the issue price of ₹110, on Wednesday, in the grey market. 

Jainik Power IPO details

The company plans to raise ₹51.3 crore through a fresh issue of 4.66 million equity shares. There is no offer for sale (OFS) component. The SME IPO will close for subscription on Thursday, June 12, 2025. The basis of the allotment of shares is expected to be finalised on Friday, June 13, 2025. Shares of Jainik Power are scheduled to be listed on the NSE SME platform, tentatively on Tuesday, June 17, 2025.

 

The company has set the price band in the range of ₹100 to ₹110 per equity share. Retail investors can bid for a minimum of one lot consisting of 1,200 shares with an investment amount of ₹1,20,000. The minimum investment required for high-net-worth individuals (HNIs) is ₹2,64,000 for two lots of 2,400 equity shares.

 

Skyline Financial Services is the registrar of the issue. Fast Track Finsec is the sole book-running lead manager of the issue. 

 

According to the RHP, the company plans to use ₹23.5 crore from the net issue proceeds to meet working capital requirements, ₹10.99 crore to fund and set up a plant, and ₹5 crore for repayment of a portion of loans availed by the company. The remaining funds will be used for general corporate purposes.

About Jainik Power and Cables IPO

Incorporated in May 2011, Jainik Power and Cables has been engaged in the manufacturing of aluminium wire rods since 2023 and has over a decade of experience in the metal industry. Before manufacturing, the company was involved in the trading of aluminium rods. Its manufacturing facility is located in Sonipat, Haryana. The company supplies products across various states, mainly in states of Delhi, Haryana, Rajasthan, Uttar Pradesh, and Uttarakhand.