Latest news with #JainikPowerCables
Mint
5 days ago
- Business
- Mint
Jainik Power Cables IPO booked 60% so far on first bidding day; check GMP, other key details
Jainik Power Cables Ltd IPO has opened for subscription on Tuesday, June 10 and close on Thursday, June 12. Jainik Power Cables IPO price band has been fixed in the range of ₹ 100 to ₹ 110 per equity share of face value of ₹ 10 each. Bids can be made for a minimum of 1,200 equity shares and in multiples of 1,200 equity shares thereafter. Jainik Power Cables began manufacturing aluminum wire rods in 2023 and has accumulated over a decade of experience in the metal industry, having previously been involved in aluminum rod trading. The company produces and supplies aluminum wire rods while adhering to Environmental, Health, and Safety (EHS) standards, as shown by its ISO certifications. Its Quality Assurance Department conducts purity evaluations using spectrometers to detect hidden impurities. The organization sells its products in the areas of Delhi, Haryana, Rajasthan, Uttar Pradesh, and Uttarakhand. According to the red herring prospectus (RHP), the company has comparable listed competitors, including Hind Aluminium Industries Ltd (with a P/E of 13.73) and Arfin India Ltd (with a P/E of 43.23). Jainik Power Cables IPO subscription status is 60%, on day 1, so far. The retail portion was subscribed 74%, and NII portion was booked 59%. The company has received bids for 26,43,600 shares against 44,29,200 shares on offer, at 15:20 IST, according to data on Jainik Power Cables IPO consists of a fresh issue of 46,63,200 equity shares, aggregating to ₹ 51.30 crore. There's no offer for sale (OFS) component. The Jainik Power Cables IPO intends to utilise the net proceeds from the offering for various purposes, such as fulfilling working capital requirements, establishing and financing a plant, partially repaying the company's loans, covering general corporate expenses, and addressing costs related to the issuance. Fast Track Finsec Pvt Ltd serves as the main lead manager for the Jainik Power Cables IPO, while Skyline Financial Services Private Ltd is responsible for the registry of the offering. The market-making role for the Jainik Power and Cables IPO is fulfilled by Rikhav Securities Limited. Jainik Power Cables IPO GMP today or grey market premium was ₹ 0, which meant shares were trading at their issue price of ₹ 110 with no premium or discount in the grey market according to 'Grey market premium' indicates investors' readiness to pay more than the issue price. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Time of India
5 days ago
- Business
- Time of India
Jainik Power Cables IPO opens for subscription
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel The 51.3 crore initial public offering of Jainik Power Cables , a manufacturer of aluminium wire rods, opened for subscription on Initial Public Offering (IPO) priced in the range of Rs 100-110 per share, will remain open until June 12, the company said in a of the company will be listed on NSE Emerge, and the investors can bid for a minimum of 1,200 shares and in multiples thereof, it IPO is entirely a fresh issue of 46.63 lakh from the IPO will be utilised for setting up a plant, repayment of debt, funding working capital requirements and general corporate purposes."The launch of our IPO marks a significant milestone in our journey of transformation from a trading-based business to a fully integrated manufacturing enterprise. The capital raised through this issue will enable us to scale our operations, optimise our financial structure, and drive long-term value creation," Jainik Power Cables' Managing Director Shashank Jain FY25, the company reported a revenue of Rs 351.7 crore and profit after tax of Rs 9.24 crore. Fast Track Finsec is the sole book running lead manager while Skyline Financial Services is the registrar for the IPO. PTI
