HDFC Bank Among Anchor Investors in JD Cables' Rs 69 Crore SME IPO
JD Cables, a manufacturer of cables and conductors for power transmission, is set to launch its SME IPO after raising over Rs 27 crore from 20 anchor investors. HDFC Bank invested Rs 1 crore, while Beacon Stone Capital VCC-Beacon Stone I was the largest anchor investor with a Rs 2.72 crore investment. The IPO aims to raise Rs 69 crore, offering shares at Rs 144-152 each from September 18-22. The grey market shows a positive sentiment with a premium of Rs 30 per share.
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JD Cables, a manufacturer of cables and conductors for power transmission and distribution, is set to launch its Small and Medium Enterprise (SME) Initial Public Offering (IPO) with a strong backing from anchor investors, including HDFC Bank.
Anchor Investment Details
The company has successfully raised over Rs 27 crore from 20 anchor investors ahead of its public offering. Notable among these is HDFC Bank, which has invested Rs 1.00 crore, acquiring 66,400 shares at Rs 152 per share. This investment represents 3.73% of the total anchor investor quota.
Beacon Stone Capital VCC-Beacon Stone I emerged as the largest anchor investor, securing a 10.07% allocation with 1,79,200 shares worth Rs 2.72 crore.
IPO Highlights
| Aspect | Details |
|---|---|
| Subscription Period | September 18 to September 22 |
| Issue Size | 45,35,200 equity shares |
| Price Band | Rs 144 - Rs 152 per share |
| Total Fund Raise | Rs 69.00 crore |
Company Profile
JD Cables, incorporated in 2015, specializes in manufacturing cables and conductors crucial for power transmission and distribution networks. The company's decision to go public marks a significant step in its growth trajectory.
Market Sentiment
The grey market is showing positive sentiment towards JD Cables' IPO. The grey market premium currently stands at Rs 30 per share, representing a 20% premium over the upper end of the issue price. This indicates an expected listing price of around Rs 182.
Investor Interest
The strong response from anchor investors, including established names like HDFC Bank, suggests a positive outlook for JD Cables' public offering. This pre-IPO investment round not only provides the company with immediate capital but also potentially boosts investor confidence in the upcoming public subscription.
Investors and market watchers will be keenly observing the public response to this SME IPO, given the current market dynamics and the essential nature of JD Cables' business in the power infrastructure sector.
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