JRP Securities issue oversubscribed

Kochi, May 3: The initial public offering by Kerala-based stock, commodity and insurance broking company JRG Securities Ltd was oversubscribed by 4.47 times, company officials have disclosed.

After a gap of ten years, a financial services company from Kerala was going to the public and got an overwhelming support from retail investors, its managing director Regi Jacob told a press conference here last night.

The IPO opened on April 17 for 36,25,000 equity shares of Rs 10 each at a premium of Rs 30 aggregating to Rs 14.50 crore.

Issue closed on April 21 and would now be listed by the third week of May, he said.

Its executive director Giby Mathew said the company was proposing to invest the funds raised through the IPO into technology upgradation of the existing It infrastructure, establishment of 30 new regional offices in the country and for overseas expansion.

UNI