The initial share sale of JG Chemicals received 6.39 times subscription on the second day of bidding on Wednesday. The Rs 251.2 crore-initial public offer received bids for 5,21,75,446 shares against 81,68,714 shares on offer, according to data available with the NSE. The quota for non-institutional investors fetched 9.63 times subscription while the Retail Individual Investors (RIIs) part got subscribed 8.30 times. The category for Qualified Institutional Buyers (QIBs) received 45 per cent subscription. The zinc oxide manufacturer's Initial Public Offer (IPO) has a fresh issue of up to Rs 165 crore and an offer-for-sale of up to 39 lakh equity shares. Its price range is fixed at Rs 210-221 a share. JG Chemicals on Monday said it has collected over Rs 75 crore from anchor investors. Proceeds from the fresh issue to the tune of Rs 91 crore will be utilised for investing in JG Chemicals' material subsidiary BDJ Oxides and Rs 35 crore will be used for funding the long-term working .
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