JG Chemicals mobilises over Rs 75 crore from anchor investors ahead of IPO

1 month ago

JG Chemicals IPO | The IPO comprises a fresh issue of shares worth Rs 165 crore, and an offer-for-sale of 39 lakh equity shares worth Rs 86.19 crore by the existing shareholders.

March 04, 2024 / 07:13 PM IST

JG Chemicals IPO

JG Chemicals IPO opens on March 5

JG Chemicals, a zinc oxide manufacturer, has raised Rs 75.36 crore from anchor investors on March 4, a day before the issue opening.

This is the second public issue hitting Dalal Street in the current month on March 5, after R K Swamy which opened today for subscription. The IPO will close on March 7.

The Kolkata-based company informed the exchanges that it has finalised allocation of 34,09,818 equity shares to anchor investors at a price of Rs 221 per equity share.

Massachusetts Institute of Technology was the biggest anchor investor, picking over 18.1 lakh equity shares worth Rs 40 crore. Carnelian Structural Shift Fund, Pinebridge Global Funds and SBI General Insurance Company were the other three investors who participated in the anchor book.

JG Chemicals, which makes products for several industries such as ceramics, paints and coatings, pharmaceuticals and cosmetics, electronics and batteries, agrochemicals and fertilisers, specialty chemicals, lubricants, oil and gas, and animal feed, intends to raise Rs 251.19 crore through the initial public offering.

The IPO comprises a fresh issue of shares worth Rs 165 crore, and an offer-for-sale of 39 lakh equity shares worth Rs 86.19 crore by the existing shareholders.

Promoters Vision Projects & Finvest, Jayanti Commercial, Suresh Kumar Jhunjhunwala (HUF), and Anirudh Jhunjhunwala (HUF) are the selling shareholders in the OFS.

The price band for the issue has been fixed at Rs 220-221 per share.

Half of the public issue is reserved for qualified institutional buyers, 35 percent for retail investors, and the remaining 15 percent for non-institutional investors.

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