Jain Resource Recycling Ltd., a leading non-ferrous metal recycling firm, has filed its draft red herring prospectus with Securities and Exchange Board of India for an initial public offering worth Rs 2,000 crore.
The IPO comprises a fresh issue of Rs 500 crore and an offer for sale of Rs 1,500 crore. The face value of each share is Rs 2, with 10% reserved for retail investors.
The company reported a revenue of Rs 3,107 crore and a profit after tax of Rs 91.8 crore for FY23. For FY24, the revenue surged to Rs 4,485 crore with a PAT of Rs 163.8 crore. In the first half of FY25, Jain Resource Recycling achieved a revenue of Rs 2,909 crore and a PAT of Rs 112.2 crore.
The lead managers for the IPO are DAM Capital, ICICI Securities, Motilal Oswal, and Prabhudas Liladher. The company's clientele includes prominent names such as Vedanta, Luminous Power, Yash Resources, Mitsubishi Corporation, and Nissan Trading Company.
In March 2025, Jain Resource Recycling conducted a private placement and secondary placement, attracting investments from notable investors like Ashish Kacholia, Motilal Oswal Finvest, and Star Trust.
The proceeds from the fresh issue will be utilised for debt repayment and general corporate purposes.
Jain Resource Recycling primarily focuses on manufacturing non-ferrous metal products by recycling metal scrap. Its product portfolio includes lead and lead alloy ingots, copper and copper ingots, and aluminium and aluminium alloys.
Overall, throughout the month of March the IPO market has seen close to no activity but this IPO is likely to offset the IPO winter which the market has been grappling with.
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