Jain Resource Recycling’s IPO subscribed 4X

Chennai-based Jain Resource Recycling 's initial public offering (IPO) got subscribed 4 times, receiving bids for 11.41 crore shares against 3.12 crore shares on offer. The price band of the issue has been fixed at INR 220-232 per share.The portion reserved for the qualified institutional buyers (QIBs) got subscribed 4.86 times. The retail individual investors (RIIs) bid 2.37 times. The non-institutional investors (NIIs) category got subscribed 2.09 times.Founded in 1954, Jain Resource Recycling is primarily focused on the manufacturing of non-ferrous metal products through the recycling of non-ferrous metal scrap.The proceeds from the fresh issue will be primarily used for the repayment of debt.