JG Chemicals Ropes in ₹75 Crore from Anchors Ahead of IPO

5 Mar 2024 , 07:06 AM

JG Chemicals, a prominent zinc oxide manufacturer, successfully raised ₹75.36 Crore from anchor investors on March 4, one day prior to the commencement of its public offering.

Marking the second public issue to grace Dalal Street this month on March 5, following R K Swamy’s IPO launch today, JG Chemicals’ offering will remain open for subscription until March 7.

The Kolkata-based company disclosed the allocation of 34,09,818 equity shares to anchor investors at a rate of ₹221 per equity share. Notably, Massachusetts Institute of Technology emerged as the primary anchor investor, acquiring over 18.1 lakh equity shares valued at ₹40 Crore. Other participants in the anchor book included Carnelian Structural Shift Fund, Pinebridge Global Funds, and SBI General Insurance Company.

The IPO comprises a fresh issue of shares valued at ₹165 Crore, alongside an offer-for-sale of 39 lakh equity shares worth ₹86.19 Crore by existing shareholders. Prominent among the selling shareholders in the OFS are Vision Projects & Finvest, Jayanti Commercial, Suresh Kumar Jhunjhunwala (HUF), and Anirudh Jhunjhunwala (HUF).

Set within a price band of ₹220-221 per share, the public offering reserves half of its shares for qualified institutional buyers, allocates 35% for retail investors, and reserves the remaining 15% for non-institutional investors.