Jain Resources Recycling Raises Rs 562 Crore From Anchor Investors Prior To IPO Launch
Five domestic mutual funds have applied through 14 schemes to acquire stake in Jain Resources Recycling.
Jain Resource Recycling Ltd. has raised Rs 562.5 crore from anchor investors on Tuesday, ahead of its initial public offering. The company allotted 2.42 crore shares at Rs 232 apiece to 40 anchor investors.
Goldman Sachs Funds- Goldman Sachs India Equity Portfolio got the highest allocation of 10.67%. Axis Mutual Fund Trustee Ltd.'s fund got the second highest allotment of 9.60% and HDFC Mutual Fund- HDFC Manufacturing Fund got 8.89% stake in the company.
Five domestic mutual funds have applied through 14 schemes, the recycler of non-ferrous metals said in an exchange filing on Tuesday. They have collectively netted 34.49% of the anchor portion. HDFC Mutual Fund, Axis Mutual Fund and Motilal Oswal were the major fund houses in this category.
DAM Capital Advisors Ltd., ICICI Securities, Motilal Oswal Investment Advisors and PL Capital are the book-running lead managers, while KFin Technologies Ltd. is the registrar of the offer.
The company will launch its initial public offering on Wednesday to raise up to Rs 1,250 crore. The company has set a price band of Rs 220-232 per share for its three-day IPO. Jain Resources aims to raise up to Rs 500 crore via a fresh issue, while existing shareholders will sell shares via an offer for sale aggregating up to Rs 750 crore. The minimum application lot size is 64 shares.
The offer, which concludes on Friday, is set to list on the BSE and the National Stock Exchange.
The company will use proceeds from the IPO to clear its debt and for general corporate purposes.
Jain Resource Recycling primarily engages in the recycling of non-ferrous metals. Its portfolio includes lead alloy ingots and copper ingots. The company reported a 36.3% year-on-year increase in profit after tax to Rs 223.29 crore in fiscal 2025 from Rs 163.83 crore in fiscal 2024. Revenue from operations rose 60.9% year-on-year to Rs 7,125.77 crore in fiscal 2025 from Rs 4,428.42 crore in financial year 2024.
