The Initial Public Offering (IPO) of Jainik Power and Cables Ltd., which opened on June 10, 2025, is set to close today, June 12, 2025. The IPO aims to raise ₹51.30 crore through a fresh issue of 46,63,200 equity shares. The price band for the IPO has been fixed at ₹100 to ₹110 per share, with a face value of ₹10 each. Investors can bid for a minimum lot size of 1,200 shares, requiring an investment of ₹132,000 at the upper price band.
As of June 11, 2025, the second day of bidding, the IPO was subscribed 1.18 times. The retail portion was subscribed 1.55 times, while the Non-Institutional Investors (NII) portion was booked 0.96 times, and the Qualified Institutional Buyers (QIB) portion was subscribed 0.51 times. On the first day, the IPO saw a subscription of 0.71 times. The company received bids for 52,10,400 shares against the 44,29,200 shares on offer.
The Grey Market Premium (GMP) for Jainik Power Cables IPO is ₹7. This suggests that the share price was trading at a premium of ₹7 in the grey market. Considering the upper end of the IPO price band (₹110) and the current GMP, the estimated listing price of Jainik Power Cables share is indicated at ₹117 apiece, which is 6.36% higher than the IPO price. However, it is important to note that GMP is speculative and doesn't guarantee listing performance.
The company intends to utilize the net proceeds from the IPO for various corporate purposes. 4,45,200 shares (9.55%) are allocated to Qualified investors, 19,92,000 shares (42.72%) to Non-institutional investors, and 19,92,000 shares (42.72%) to Retail investors. Fast Track Finsec Pvt. is the book-running lead manager, Skyline Financial Services Pvt. is the registrar, and Rikhav Securities Ltd. is the market maker for the issue.
The allotment of shares is expected to be finalized on June 13, 2025. Successful bidders will have shares credited to their accounts on June 16, 2025, with refunds for non-allottees initiated on the same day. The shares are proposed to be listed on the NSE SME platform on June 17, 2025.
Jainik Power Cables began manufacturing aluminum wire rods in 2023 and has over a decade of experience in the metal industry, previously trading aluminum rods. The company manufactures 9.5 mm aluminum wire rods and supplies its products to Delhi, Haryana, Rajasthan, Uttar Pradesh, and Uttarakhand. The company reported revenue of ₹352.38 crores in 2025 against ₹339.23 crores in 2024 and a profit of ₹9.24 crores in 2025 against ₹5.02 crores in 2024.
