JSW Infrastructure's ₹2,800 Crore IPO Over-Subscribed On Day 2: Check Subscription Status, GMP

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.

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