The Initial Public Offering of J.G.Chemicals Limited was subscribed 2.47 times on the first day of bidding.
The issue received bids of 2,01,54,538 shares against the offered 81,68,714 equity shares, at a price band of ₹210-221, according to the data available on the stock exchanges.
Retail and Non-Institutional Investors Portion was subscribed 3.64 times and 2.90 times respectively, whereas Qualified Institutional Buyer Portion subscribed 0.02 times. The issue kicked off for subscription on Tuesday, March 05, 2024 and will close on Thursday, March 07, 2024.
A day prior to the opening of the issue, J.G.Chemicals Ltd had raised Rs 75.35 crores from anchor investors. Foreign and Domestic Institutions who participated in the anchor were Massachusetts Institute of Technology, Carnelian, Pinebridge and SBI General Insurance Company.
Brokerage firms like Ventura Securities, BP Wealth, AnandRathi and Reliance Securities have given a “Subscribe” rating to J.G.Chemicals Ltd, given its dominant market position, diversified customer base and has built a long-standing relationship with customers across end-user industries. JGCL is the largest manufacturer of zinc oxides in India and among the top ten manufacturers of zinc oxides globally. The company also enjoys high entry barriers in the form stringent vendor approval process, raw material tie-ups and technical expertise. The company is also expanding its production capacities and R&D capabilities to further diversify their product offerings and enter new verticals.
