JG Chemicals, a manufacturer of zinc oxide, secured Rs 75.36 crore from anchor investors on March 4, a day before its IPO opened for subscription. This marks the second public issue to debut on Dalal Street this month, following R K Swamy, which began its subscription today and will close on March 7.
The Kolkata-based company disclosed that it allocated 34,09,818 equity shares to anchor investors at a price of Rs 221 per share. Massachusetts Institute of Technology emerged as the largest anchor investor, acquiring over 18.1 lakh equity shares valued at Rs 40 crore. Other notable participants in the anchor book included Carnelian Structural Shift Fund, Pinebridge Global Funds, and SBI General Insurance Company.
JG Chemicals caters to various industries, including ceramics, paints and coatings, pharmaceuticals, cosmetics, electronics, batteries, agrochemicals, fertilisers, specialty chemicals, lubricants, oil and gas, and animal feed. The company aims to raise Rs 251.19 crore through its IPO, consisting of 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 existing shareholders.
Promoters Vision Projects & Finvest, Jayanti Commercial, Suresh Kumar Jhunjhunwala (HUF), and Anirudh Jhunjhunwala (HUF) are the selling shareholders in the offer for sale.
The IPO is priced in the range of Rs 220-221 per share, with half of the public issue reserved for qualified institutional buyers, 35 percent for retail investors, and the remaining 15 percent for non-institutional investors.
