Jain Resource Recycling IPO Details
Jain Resource Recycling IPO is a Book-Built Issue of Rs. 1,250.00 crore, consisting of a fresh issue of 2.16 crore shares worth Rs. 500.00 crore and an offer for sale of 3.23 crore shares aggregating Rs. 750.00 crore.
The IPO will open for subscription on September 24, 2025 and close on September 26, 2025, with allotment expected on September 29, 2025.
The proposed listing is on BSE and NSE, with a tentative listing date of October 1, 2025.
The price band is fixed at Rs. 220 to Rs. 232 per share, with a lot size of 64 shares, requiring a minimum retail investment of Rs. 14,848. For sNII investors, the minimum application is 14 lots (896 shares) worth Rs. 2,07,872, while for bNII investors it is 68 lots (4,352 shares) amounting to Rs. 10,09,664.
Dam Capital Advisors Ltd. is the Book Running Lead Manager and Kfin Technologies Ltd. is the registrar to the issue.
🕗 Last Update: 19 September 2025, 6.00 AM
Key IPO Dates
| Anchor portion | |
| IPO opens on | 24 Sept 2025 |
| IPO Closes on | 26 Sept 2025 |
| IPO Allotment on | 29 Sept 2025 |
| Unblocking of Asba | 30 Sept 2025 |
| Credit of Shares | 30 Sept 2025 |
| Listing of Shares | 1 Oct 2025 |
The Promoter
Kamlesh Jain is the company promoter.
The promoters hold 89.96% shares in the pre IPO capital of the company.
Objects of the IPO
The Offer comprises of fresh issue of capital and offer for sale. The objects of the issue are-
+Pre-payment or scheduled re-payment of a portion of certain outstanding borrowings availed by the Company.
+General corporate purposes
Business-
IPO Details
| IPO opens on | 24 September 2025 |
| IPO closes on | 26 September 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 538,79,310 Shares / Rs 1250 Crore |
| * Fresh Issue | Rs 500 Crore |
| * Offer for Sale | Rs 750 Crore |
| Face Value per share: | Rs. 2 |
| Price Band | Rs. 220-232 |
| Retail Discount | Rs 0 per share |
| Employee discount | Rs. – per share |
| Retail Lot Size | 64 Shares |
| Listing will at | BSE, NSE |
How are the shares offered?
| Investor Category | Shares Offered |
| QIB Shares Offered | Not less than 75% of the Offer |
| Retail Shares Offered | Not more than 10% of the Offer |
| NII Shares Offered | Not more than 15% of the Offer |
How can the shares be applied?
| Application | Lots | Shares | Amount Rs |
| Retail (Min) | 1 | 64 | 14,848 |
| Retail (Max) | 13 | 832 | 1,93,024 |
| S-HNI (Min) | 14 | 896 | 2,07,872 |
| S-HNI (Max) | 67 | 4,288 | 9,94,816 |
| B-HNI (Min) | 68 | 4,352 | 10,09,664 |
Check your allotment
Allotment of this IPO will be announced on 29 September 2025 and the link to check allotment is given below:
https://ipostatus.kfintech.com/
| Registered Office of the company Jain Resource Recycling Ltd. The Lattice, Old no 7/1, New No 20, 4th Floor, Waddles Road, Kilpauk, Chennai, Tamil Nadu – 600010, India Chennai, Tamil Nadu, 600010 Email: cs@jainmetalgroup.com |
|
| Lead Managers of the IPO DAM Capital Advisors Ltd ICICI Securities ltd Motilal Oswal Investment Advisors Ltd. PL Capital Markets Pvt ltd. |
|
| Registrar to the IPO | |
| Kfin Technologies ltd |
Financial Snapshot
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 1,836.24 | 1,528.76 | 1,115.96 |
| Total Income | 7,162.15 | 4,484.84 | 3,107.53 |
| Profit After Tax | 223.29 | 163.83 | 91.81 |
| EBITDA | 368.58 | 227.22 | 124.18 |
| NET Worth | 707.46 | 367.18 | 196.97 |
| Reserves and Surplus | 660.01 | 328.13 | 161.3 |
| Total Borrowing | 919.92 | 909.38 | 732.79 |
| Amount in ₹ Crore | |||
Key Performance Indicators
| KPI | Values |
| ROE | 40.77% |
| ROCE | 24.22% |
| Debt/Equity | 0.92 |
| RoNW | 41.56% |
| PAT Margin | 3.13% |
| EBITDA Margin | 5.17% |
| Price to Book Value | 20.44 |
| EPS | 6.9 |
| PER | 33.62 |
Peer Comparison
| Company Name | P/E (x) | RoNW (%) |
| Jain Resource Recycling Ltd. | 41.56 | |
| Gravita India Limited | 37.67 | 22.33 |
| Pondy Oxides & Chemicals | 55.24 | 12.71 |
Jain Resource Recycling IPO Review by Paresh Gordhandas, CA & Research Analyst
Jain Resource Recycling Limited, engaged in recycling and manufacturing of non-ferrous metals, has delivered strong growth over the last three years. Total Income has more than doubled from Rs. 3,107.53 crore in FY23 to Rs. 7,162.15 crore in FY25, while PAT surged from Rs. 91.81 crore to Rs. 223.29 crore in the same period. Operating performance has improved significantly with EBITDA rising from Rs. 124.18 crore in FY23 to Rs. 368.58 crore in FY25. Net worth has strengthened to Rs. 707.46 crore, backed by healthy reserves of Rs. 660.01 crore, though borrowings remain high at Rs. 919.92 crore, indicating a leveraged balance sheet.
The company’s diversified product portfolio includes lead, copper, aluminium alloys, tin, and plastics, with key customers such as Vedanta, Luminous, Mitsubishi Corporation Japan, and Nissan Trading Co.. Strong global presence in Singapore, China, Japan, and South Korea supports its export-led business. Growth visibility is reinforced by scale and international linkages, but the high debt level and global commodity price volatility are important risks.
Long-term investors may consider the IPO, while short-term listing gains will depend on subscription momentum and GMP trend.
The price band is Rs. 220 – Rs. 232 per share. The lot size is 64 shares, requiring a retail investment of Rs. 14,848 at the upper price band.
The IPO opens on September 24, 2025 and closes on September 26, 2025. Allotment is expected on September 29, 2025, with tentative listing on October 1, 2025 at BSE & NSE.
The company recycles and manufactures non-ferrous metals including lead & alloys, copper, aluminium, tin, and plastics. It operates three recycling plants in Chennai and a gold refining facility in Sharjah (UAE) through its subsidiary JIGV. Clients include Vedanta, Luminous Power, Yash Resources, Mitsubishi Corporation Japan, and Nissan Trading Co.
The company has shown robust revenue and profit growth, supported by strong global customer base and sectoral demand. However, high borrowings and commodity price volatility are risks. Investors with a medium to long-term view may consider subscribing; listing gains will depend on grey market activity and subscription levels.
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