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Jain Resource Recycling IPO: Key Details, GMP, and Review 2025
Jain Resource Recycling Ltd—India’s leading non-ferrous metal recycler—is coming up with its IPO. Backed by global presence and strong industrial demand, this issue aims to reduce high-cost debt and strengthen growth in metal recycling and gold refining.
Written by: SERNET Research Team
Table of Content
Jain Resource Recycling Ltd
Jain Resource Recycling Ltd is engaged in the recycling and manufacture of non-ferrous metal products. It basically deals in lead, copper, aluminium (both ingots and alloys). It has 3 recycling units in Chennai and a gold refining unit in Sharjah, UAE. Its products are supplied to manufacturers of lead acid batteries, electronics, electrical products, pigments, and to the automotive industry. It has global presence in Singapore, China, Japan, and Korea.
The IPO is a combination of fresh issue and OFS. Fresh funds will be used for repaying part of the high-cost debt of the company. Jain Resource Recycling Ltd was promoted by Kamlesh Jain. The IPO will be lead-managed by DAM Capital, ICICI Securities, Motilal Oswal, and PL Capital; while KFIN Technologies Ltd (KFINTECH) will be the registrar. The company is headquartered at Chennai, in the state of Tamil Nadu.
Highlights of the IPO Issue
Here are the key highlights of the public issue of Jain Resource Recycling Ltd.
- The IPO of will be open from September 24th, 2025 to September 26th, 2025. It has a face value of ₹2 per share and IPO price band is set in range of ₹220 to ₹232 per share.
- The IPO of Jain Resource Recycling Ltd will be a combination of a fresh issue of shares and an offer for sale (OFS) by early shareholders.
- The fresh issue portion comprises the issue of 2,15,51,724 shares (215.52 lakh shares), which at the upper price band of ₹232 per share translates into ₹500 crore.
- The OFS of the IPO comprises the sale of 3,23,27,586 shares (323.28 lakh shares), which at the upper price band of ₹232 per share translates into ₹750 crore.
- The overall IPO will comprise of a fresh issue and an OFS of 5,38,79,310 shares (538.79 lakh shares) worth ₹1,250 crore at the upper band price of ₹232 per share.
The IPO of Jain Resource Recycling Ltd will be listed on the NSE and the BSE on the IPO mainboard.
Key Dates, Investor Allocation, And Lot Sizes
Here are the key dates pertaining to the IPO of Jain Resource Recycling Ltd
| Event | Tentative Date |
| IPO Open Date | 24th September 2025 |
| IPO Close Date | 26th September 2025 |
| Basis of Allotment | 29th September 2025 |
| Initiation of Refunds to non-allottees | 30th September 2025 |
| Credit of Shares to Demat | 30th September 2025 |
| Listing Date on NSE and BSE | 01st October 2025 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Category of Investors | Allocation of shares | % Share |
| Reservation for Employees | Nil Shares | Not Applicable |
| Anchor Allocation | 2,42,45,689 shares | 43.69% of total IPO size |
| QIB Shares Offered | 1,70,45,454 shares | 30.71% of total IPO size |
| NII (HNI) Shares Offered | 85,22,727 shares | 15.36% of total IPO size |
| Retail Shares Offered | 56,81,818 shares | 10.24% of total IPO size |
| Total Shares Offered | 5,54,95,688 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Jain Resource Recycling Ltd for various categories of investors.
| Application | Lots | Shares | Amount |
| 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 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 64 shares)
Financial Highlights
The table captures the key financials of Jain Resource Recycling Ltd for last 3 financial years.
| Particulars | FY25 | FY24 | FY23 |
| Net Revenues (₹ in crore) | 7,125.77 | 4,428.42 | 3,064.07 |
| Sales Growth (%) | 60.91% | 44.53% | |
| Profit after Tax (₹ in crore) | 223.29 | 163.83 | 91.81 |
| PAT Margins (%) | 3.13% | 3.70% | 3.00% |
| Total Equity (₹ in crore) | 726.07 | 369.16 | 199.09 |
| Total Assets (₹ in crore) | 1,836.24 | 1,528.76 | 1,115.96 |
| Return on Equity (%) | 30.75% | 44.38% | 46.12% |
| Return on Assets (%) | 12.16% | 10.72% | 8.23% |
| Asset Turnover Ratio (X) | 3.88 | 2.90 | 2.75 |
| Earnings per share (₹) | 7.16 | 4.70 | 2.65 |
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
The company has shown steady sales growth as well as well as growth in net profits in the last 3 years. However, margins are subdued at around 3%, which is the nature of the recycling business. ROE has averaged around 40% in the last 3 years.
Valuation Metrics
At the current issue price of ₹232 per share, the valuation of the company is at a P/E ratio of 32.4X in terms of latest year EPS of ₹7.16. The good news is that the company has robust ROE and sales growth. Also, the recycling business is gradually becoming a national priority, and hence, greater government support and encouragement can be expected.
The company has advantages like a fully integrated model, strategic locations as well as a pan-global presence. The company has also been managing its commodity price risk quite effectively via hedging mechanisms. Demand for recycling is likely to increase sharply in the coming years, and the company could be well poised to capitalize. However, this is a long-haul game, and investors must only take a long-term view on the IPO.
A Brief on the Anchor Allocation
The anchor issue of Jain Resource Recycling Ltd saw a very strong response on 23rd September 2025 with 43.69% of the IPO size absorbed by anchors. Out of 5,54,95,688 shares (554.96 lakh shares) on offer, anchors picked up 2,42,45,689 shares (242.46 lakh shares) accounting for 43.69% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹232 per share. This includes the face value of ₹2 per share plus a share premium of ₹230 per share. The anchor bidding opened and closed on 23rd September 2025.
Key Points to Note in the Anchor Allocation Process
Here are the key details pertaining to the anchor bidding of Jain Resource Recycling Ltd
| Bid Date | September 23, 2025 |
| Shares Offered | 2,42,45,689 shares |
| Anchor Portion Size (₹ in crore) | ₹562.50 crore |
| Anchor lock-in period end date for 50% shares (30 Days) | October 29, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | December 28, 2025 |
An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.
Anchor Allocation Investors
On 23rd September 2025, Jain Resource Recycling Ltd allotted 2,42,45,689 shares to 40 anchor investors. The allocation was done at the upper IPO price band of ₹232 per share which resulted in overall anchor allocation of ₹562.50 crore. The anchors have already absorbed 43.69% of the total issue size of ₹1,287.50 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹349.01 crores, or, 62.05% of anchor allocation.
| Anchor Investors |
No. of Shares |
% of Anchor Portion |
Value Allocated |
|
| 01 | Goldman Sachs India Portfolio | 25,86,240 | 10.67% | ₹ 60.00 |
| 02 | Axis Small Cap Fund | 23,27,616 | 9.60% | ₹ 54.00 |
| 03 | HDFC Manufacturing Fund | 21,55,200 | 8.89% | ₹ 50.00 |
| 04 | Abu Dhabi Investment Authority | 18,96,576 | 7.82% | ₹ 44.00 |
| 05 | Societe Generale – ODI | 15,51,744 | 6.40% | ₹ 36.00 |
| 06 | Bandhan Small Cap Fund | 11,20,704 | 4.62% | ₹ 26.00 |
| 07 | Motilal Oswal Alternate Investment | 10,77,632 | 4.44% | ₹ 25.00 |
| 08 | Optimix EM Global Fund | 8,62,080 | 3.56% | ₹ 20.00 |
| 09 | Eastspring Global EM Fund | 8,62,080 | 3.56% | ₹ 20.00 |
| 10 | Singularity Equity Fund | 6,03,456 | 2.49% | ₹ 14.00 |
| Grand Total | 1,50,43,328 | 62.05% | ₹ 349.01 |
Data Source: BSE Filings (Value Allocated in ₹ in Crore)
The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below.
Out of the 2,42,45,689 shares allocated to the anchors in the IPO, there were just 83,62,176 shares allocated to mutual funds registered with SEBI. The allocate was made to 14 mutual fund schemes across 5 AMCs. Mutual funds accounted for 34.49% of the total anchor allocation of the IPO. Most of the other anchor shares were allocated to alternative investment funds (AIFs), FPIs and ODIs.
Next Step in the IPO
Post the closure of the IPO subscription on 26th September 2025, the basis of allotment will be finalized on 29th September 2025 and the refunds will be initiated on 30th September 2025. In addition, the demat credits are expected to also happen on 30th September 2025 and the stock will list on 01st October 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 30th September 2025 under ISIN (INE0YD401026).
IPO Subscription Status On Day-1
As of 5.20 pm on 24th September 2025, out of the 312.50 lakh shares on offer in the IPO (excluding anchor portion), Jain Resource Recycling Ltd saw bids for 227.48 lakh shares. This implies an overall subscription of 0.73X at a macro level. The granular break-up of subscriptions as of the close of Day-1 of the IPO of Jain Resource Recycling Ltd was as under:
| Employees (N.A.) | QIBs (1.11X) | HNI / NII (0.12X) | Retail (0.51X) |
The subscriptions were led by the QIB Investors followed by the Retail investors and the HNI / NII investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category |
Subscription (times) |
Shares Offered |
Shares bid for |
Total Amount (₹ in Crore) |
| Anchor Investors | 1.00 | 2,42,45,689 | 2,42,45,689 | 562.50 |
| Employee Quota | N.A. | 0 | 0 | 0.00 |
| QIB Investors | 1.11 | 1,70,45,454 | 1,88,38,592 | 437.06 |
| HNIs / NIIs | 0.12 | 85,22,727 | 9,88,864 | 22.94 |
| Retail Investors | 0.51 | 56,81,818 | 29,20,384 | 67.75 |
| Total | 0.73 | 3,12,49,999 | 2,27,47,840 | 527.75 |
Data Source: NSE / BSE (as of close of Day-1 of the IPO)
The IPO is open up to September 26, 2025, at which point we will know the final subscription status of the IPO.
IPO Subscription Status On Day-2
As of 5.25 pm on 25th September 2025, out of the 312.50 lakh shares on offer in the IPO (excluding anchor portion), Jain Resource Recycling Ltd saw bids for 389.04 lakh shares. This implies an overall subscription of 1.24X at a macro level. The granular break-up of subscriptions as of the close of Day-2 of the IPO of Jain Resource Recycling Ltd was as under:
| Employees (N.A.) | QIBs (1.61X) | HNI / NII (0.49X) | Retail (0.28X) |
The subscriptions were led by the QIB Investors followed by the Retail investors and the HNI / NII investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category |
Subscription (times) |
Shares Offered |
Shares bid for |
Total Amount (₹ in Crore) |
| Anchor Investors | 1.00 | 2,42,45,689 | 2,42,45,689 | 562.50 |
| Employee Quota | N.A. | 0 | 0 | 0.00 |
| QIB Investors | 1.61 | 1,70,45,454 | 2,74,56,960 | 637.00 |
| HNIs / NIIs | 0.49 | 85,22,727 | 42,00,192 | 97.44 |
| Retail Investors | 1.28 | 56,81,818 | 72,46,720 | 168.12 |
| Total | 1.24 | 3,12,49,999 | 3,89,03,872 | 902.57 |
Data Source: NSE / BSE (as of close of Day-2 of the IPO)
The IPO is open up to September 26, 2025, at which point we will know the final subscription status of the IPO.
IPO Subscription Status On Day-3
As of 7.25 pm on 26th September 2025, out of the 312.50 lakh shares on offer in the IPO (excluding anchor portion), Jain Resource Recycling Ltd saw bids for 4,967.45 lakh shares. This implies an overall subscription of 15.90X at a macro level. The granular break-up of subscriptions as of the close of Day-3 of the IPO of Jain Resource Recycling Ltd was as under:
| Employees (N.A.) | QIBs (25.29X) | HNI / NII (5.30X) | Retail (3.62X) |
The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that was the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category |
Subscription (times) |
Shares Offered |
Shares bid for |
Total Amount (₹ in Crore) |
| Anchor Investors | 1.00 | 2,42,45,689 | 2,42,45,689 | 562.50 |
| Employee Quota | N.A. | 0 | 0 | 0.00 |
| QIB Investors | 25.29 | 1,70,45,454 | 43,10,49,600 | 10,000.35 |
| HNIs / NIIs | 5.30 | 85,22,727 | 4,51,44,896 | 1,047.36 |
| Retail Investors | 3.62 | 56,81,818 | 2,05,50,848 | 476.78 |
| Total | 15.90 | 3,12,49,999 | 49,67,45,344 | 11,524.49 |
Data Source: NSE / BSE (as of close of Day-3 of the IPO)
The IPO was open up to September 26, 2025, and the subscriptions have closed as of the close of trading on September 26, 2025. The above subscription table represents the updated status of the IPO as of the close as published by exchanges at 7.00 PM. These are the final subscription numbers for this IPO.
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