Jajoo Rashmi Refractories IPO: Draft Papers Filed For Rs 150-Crore Issue
The equity shares of Jajoo Rashmi Refractories are proposed to be listed on both, the NSE and the BSE, following the IPO.
Jajoo Rashmi Refractories Ltd. on Monday filed its preliminary papers with the capital markets regulator SEBI to raise funds through initial public offering. The IPO will only comprise a fresh issue of up to Rs 150 crore, with no offer-for-sale component, according to the draft red herring prospectus.
The equity shares are proposed to be listed on the National Stock Exchange of India Ltd. and BSE Ltd.
Unistone Capital Pvt. is the book-running lead manager for the issue, and Bigshare Services Pvt. is the registrar.
Jajoo Rashmi will use Rs 61.83 crore from the proceeds to partly finance the cost of establishing new manufacturing facilities to expand its production capabilities of ferro alloys in the proposed Bokaro project. The company also intends to use Rs 47.67 crore for funding working capital requirements of its company and for general corporate purposes.
The Jaipur-based firm manufactures and exports various grades of ferro alloys, such as, ferro silicon, ferro manganese and silico manganese, an essential raw material in manufacturing of steel in the steel industry.
Jajoo Rashmi Refractories, the flagship entity of the Jajoo Rashmi Group was established in 1995 with its first manufacturing unit in Jaipur. The group began as a manufacturer, trader and exporter of refractory products.
The company initially focused on producing quartz powder but gradually expanded its offerings to include a diverse range of refractory products, such as ramming mass, casting powder, and nozzle filling compounds. Over time, it also diversified into the manufacturing and export of various grades of ferro alloys, including ferro silicon, ferro manganese, and silico manganese.
Specialising in high-performance refractory products, the company provides materials designed to withstand extreme temperatures while maintaining their physical and chemical integrity. These products are specifically engineered to meet the demanding needs of steel manufacturers globally.
The company's revenue from operations rose to Rs 334.03 crore in fiscal 2024, while the profit after tax increased to Rs 24.58 crore. For the three months ended June 30, 2024, revenue from operations stood at Rs 117.45 crore and profit stood at Rs 6.39 crore.
