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Business News/ Markets / Ipo/  JG Chemicals IPO: Issue fully booked on day 1 on strong retail interest. Check GMP, other key details

JG Chemicals IPO: Issue fully booked on day 1 on strong retail interest. Check GMP, other key details

JG Chemicals IPO price band set at ₹210-221 per share. Raised ₹75.35 crore from anchor investors. India's largest zinc oxide manufacturer with strong financial performance.

JG Chemicals IPO opens for subscription on Tuesday, March 5, and will close on Thursday, March 7. (
JG Chemicals IPO opens for subscription on Tuesday, March 5, and will close on Thursday, March 7. (

With its retail portion being fully subscribed within a few hours of opening, JG Chemicals IPO had a great start on its first day of subscription. Eventually, the issue has been fully subscribed on the first day of opening. JG Chemicals IPO subscription status was 2.47 times, as per BSE data.

JG Chemicals IPO's retail investors portion has been subscribed 3.64 times, Non Institutional Investors (NII) portion is booked 2.90 times, and Qualified Institutional Buyers (QIB) portion is booked 2%. 

Also Read: JG Chemicals IPO opens today: GMP, subscription status to review. Should you apply?

It has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors.

JG Chemicals IPO opens for subscription on Tuesday, March 5, and will close on Thursday, March 7.

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JG Chemicals IPO details.
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JG Chemicals IPO details.

JG Chemicals IPO price band has been set in the range of 210 to 221 per equity share of the face value of 10. Investors can bid for a minimum of 67 equity shares and in multiples of 67 equity shares thereafter. JG Chemicals raised 75.35 crore from anchor investors on Monday, March 4.

In terms of both output and income, JG Chemicals is India's largest manufacturer of zinc oxide, according to the Red Herring Prospectus (RHP).

The firm is one of the top 10 producers of zinc oxides worldwide and distributes more than 80 grades of the metal.

Also Read: JG Chemicals IPO: Price band set at 210-221 per share; check issue details, key dates, more

Numerous industrial sectors, including the rubber sector (tyres and related products), ceramics, paints and coatings, pharmaceuticals and cosmetics, electronics and batteries, agrochemicals and fertilisers, specialty chemicals, lubricants, oil and gas and animal feed, use the company's products.

As per the RHP, the company's listed peers are Rajratan Global Wire Ltd ( with a P/E of 33.43), NOCIL Ltd (with a P/E of 30.97), and Yasho Industries Ltd (with a P/E of 30.03).

Between March 31, 2022, and March 31, 2023, JG Chemicals Limited's profit after tax (PAT) climbed by 31.69%, while its sales increased by 27.47%.

JG Chemicals IPO subscription status

JG Chemicals IPO has received bids for 2,01,54,538 shares against 81,68,714 shares on offer, according to data from the BSE.

The retail investors' portion received bids for 1,49,93,260 shares against 41,15,000 shares on offer for this segment.

The non-institutional investors' portion received bids for 51,21,413 shares against 17,63,572 on offer for this segment.

The Qualified Institutional Buyers (QIBs) portion have received 39,865 shares against 22,90,142 shares on offer for this segment.

Also Read: JG Chemicals IPO to open tomorrow: GMP, issue details, 10 key things to know before investing to 251.19-crore issue

JG Chemicals IPO details

JG Chemicals IPO, which is worth 251.19 crore, comprises a fresh issue of 165 crore, and an offer-for-sale (OFS) of up to 3,900,000 equity shares of face value of 10, aggregating to 86.19 crore, each by the promoters and other investors.

The selling shareholders are Vision Projects & Finvest Private Ltd (offloading up to 2,028,900), Jayanti Commercial Limited (selling up to 1,100 equity shares), Suresh Kumar Jhunjhunwala (HUF) (selling up to 1,260,000 equity shares), and Anirudh Jhunjhunwala (HUF) (offloading up to 610,000 equity shares).

The net proceeds will be used for the following purposes by the company: investing in the Material Subsidiary, BDJ Oxides; (i) repaying or prepaying all or some of the borrowings that the Material Subsidiary has taken out; (ii) financing the capital expenditures needed to establish a research and development centre in Naidupeta; and (iii) financing the extended working capital needs of the company.

The book running lead managers of the JG Chemicals IPO are Centrum Capital Limited, Emkay Global Financial Services Ltd, and Keynote Financial Services Ltd. The registrar of the offering is Kfin Technologies Limited.

JG Chemicals IPO GMP today

JG Chemicals IPO grey market premium is +50. This indicates JG Chemicals share price were trading at a premium of 50 in the grey market, according to

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of JG Chemicals share price was indicated at 271 apiece, which is 22.62% higher than the IPO price of 221.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Also Read: J.G. Chemicals IPO: Zinc oxide maker raises 75.35 crore from anchor investors ahead of public issue

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 05 Mar 2024, 12:45 PM IST
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