Jungle Camps India’s maiden public issue was fully subscribed at 33.58 times on the first day of bidding, i.e. December 10, backed by retail and non-institutional investors. The offer will remain open till December 12.
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The company that operates wildlife camps and hotels is planning to mobilise Rs 29.42 crore through its initial share sale of 40.86 lakh shares. The price band for the offer is Rs 68-72 per share.
Investors have bid 9.81 crore equity shares against the offer size of 29.23 lakh shares via 55,132 numbers of applications, the subscription data on the BSE showed.
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Retail participants subscribed 61.92 times the portion set aside for them. Non-institutional investors also showed strong interest in the issue, picking 17.84 times the allotted quota, while qualified institutional buyers bid for 1 percent shares of their reserved portion.
Before the issue opened for public, Jungle Camps India has raised Rs 8.38 crore from four anchor investors including Vikasa India EIF I Fund, Saint Capital Fund, and Zeta Global Funds at a price of Rs 72 per share.
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The conservation-focused hospitality group, operating boutique resorts in prime wildlife and tiger reserve national parks across central India is going to spend IPO proceeds (excluding offer expenses) for the project development at Sanjay Dubri National Park, Madhya Pradesh, renovation of existing resort Pench Jungle Camp, at Pench National Park, Madhya Pradesh, the project development at Mathura Hotel Project, Mathura, and general corporate purposes.
