Jain Resource Recycling Announces Rs 1,250 Crore IPO, Opening September 24
Jain Resource Recycling Ltd., a non-ferrous metals recycling company, is launching its IPO from September 24 to 26. The IPO aims to raise Rs 1,250 crore, comprising a fresh issue of Rs 500 crore and an OFS of Rs 750 crore. The price band is set at Rs 220-232 per share. The grey market shows a premium of Rs 25, indicating a potential 10.78% listing gain. Shares will list on BSE and NSE on October 1. The company plans to use proceeds for debt repayment and corporate purposes. Jain Resource Recycling reported strong financial performance with revenue of Rs 7,125.77 crore (60.9% YoY growth) and PAT of Rs 223.29 crore (36.3% YoY growth).
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Jain Resource Recycling Ltd., a prominent player in the non-ferrous metals recycling industry, is set to launch its Initial Public Offering (IPO) on September 24. The company aims to raise Rs 1,250.00 crore through this public issue, which will remain open until September 26.
IPO Details
The IPO comprises two components:
- A fresh issue of shares worth Rs 500.00 crore
- An offer-for-sale (OFS) amounting to Rs 750.00 crore
The company has set the price band for its shares between Rs 220.00 and Rs 232.00 per equity share.
Grey Market Premium
The grey market is showing positive sentiment towards the IPO, with a premium of Rs 25.00. This indicates a potential listing gain of 10.78% for investors.
Listing and Use of Proceeds
Jain Resource Recycling's shares are scheduled to list on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on October 1. The company plans to utilize the proceeds from the fresh issue for:
- Debt repayment
- General corporate purposes
Financial Performance
The company has demonstrated strong financial performance in recent times:
| Financial Metric | Value (in crore) | Year-on-Year Growth |
|---|---|---|
| Revenue | 7,125.77 | 60.9% |
| Profit After Tax | 223.29 | 36.3% |
Investors and market watchers will be closely monitoring this IPO, given the company's strong financial performance and the positive grey market premium. As always, potential investors are advised to carefully review the company's prospectus and consider their financial goals before making any investment decisions.
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