JSW Infrastructure saw its IPO oversubscribed on the second day of bidding. The issue, worth ₹2,800 crore, has been subscribed 2.13 times.
What Happened: Being the port business division of the $23 billion JSW Group, JSW Infrastructure looks to make a promising entry into the market. Upon the IPO’s opening on Monday, the company received bids for an impressive 29,07,83,556 shares against the offered 13,62,83,186 equity shares. The IPO price band for the issue is ₹113-119 per share.
The company witnessed a robust response from Non-Institutional Investors and Retail investors, who led the subscriptions, with 3.70 times and 4.54 times respectively. Qualified Institutional Buyers subscribed their portion 0.55 times.
See Also: Digikore Studios IPO Oversubscribed By 76 Times, Led By Retail Investor
Before the bidding process started, JSW Infrastructure had already raised ₹1,260 crore from anchor investors. These investors included international and domestic big-hitters like Morgan Stanley, HSBC Global, and SBI MF.
The IPO is set to close on Wednesday, September 27, 2023, with the shares proposed to be listed on both BSE and NSE. According to stock market experts, the company’s grey market premium is around ₹21.
Brokerages like Canara Securities, Anand Rathi Wealth and Ventura have a ‘subscribe’ rating on the IPO.
Read Next: Manish Malhotra To Revamp Air India’s Crew Dresses As Airline Looks To Ditch Sarees
Engineered by Benzinga Neuro, Edited by Utkarsh Roshan
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.