Jain Resource Recycling IPO opens today: Should you subscribe to it?
Jain Resource Recycling is selling its shares in the price band of Rs 220-232 apiece, which could be applied for a minimum of 64 shares and its multiples to raise Rs 1,250 crore between September 24-26.
- Sep 24, 2025,
- Updated Sep 24, 2025 9:37 AM IST
Jain Resource Recycling IPO: The initial public offering (IPO) of Jain Resource Recycling opens for subscription on Wednesday, September 24, 2025. The company shall be offering its shares in the range of Rs 220-232 apiece. Investors can apply for a minimum 64 equity shares and its multiples thereafter. The issue will close bidding on Friday, September 26.
Jain Resource Recycling is looking to raise a total of Rs 1,250 crore via IPO, which includes a fresh share sale of Rs 500 crore and an offer-for-sale (OFS) of up to Rs 750 crore. The net proceeds from issue shall be utilized towards repayment of debt and general corporate purposes.
Incorporated in 2022, Chennai-based Jain Resource Recycling is engaged in the recycling and manufacturing of non-ferrous metal products. Its product portfolio includes lead and lead alloy ingots, copper and copper ingots, and aluminium and aluminium alloys. It operates three recycling facilities located at SIPCOT Industrial Estate, Gummidipoondi, Chennai.
Jain Resource mobilized a total of Rs 562.5 crore from anchor investors as it finalized allocation of 2,42,45,689 shares at Rs 232 apiece. Marquee names like Goldman Sachs, Abu Dhabi Investment Authority, Optimix Wholesale Global Emerging Markets Share Trust, BNP Paribas, Societe Generale, Citigroup Global, Nomura Singapore, and East Capital, participated in the anchor book.
Jain Resource Recycling reported a net profit of Rs 223.29 crore with a revenue of Rs 71,62.15 crore For the financial year ended on March 31, 2025. The company clocked a net profit of Rs 163.83 crore with a revenue of Rs 4,484.84 crore for the year 2023-24. At the current, valuations, it commands a market capitalization nearly Rs 8,006 crore.
Jain Resource Recycling has reserved 75 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) have 15 per cent of allocation. Retail investors have only 10 per cent reservation in the IPO. Last heard, it was commanding a grey market premium (GMP) of Rs 30 apeice, suggesting a 13 per cent listing pop for the investors.
PL Capital Markets, ICICI Securites and Motilal Oswal Investment Advisors are the book running lead managers of Epack Prefab Technologies and Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on Wednesday, October 1. Here's what brokerage firms say about the IPO of Jain Resource Recycling:
Anand Rathi Share & Stock Brokers Rating: Subscribe for long-term Jain Resource Recycling operates three recycling facilities, enabling integrated operations. Their strategic location allows the use of by-products across facilities and shared resources like labs and technical expertise. They have a strong international presence, exporting to over 20 countrie, with a significant portion of revenue derived from these markets, said Anand Rathi.
They are entering copper cathode, wire rod, and busbar production to enhance their value chain and diversify their customer base. They are expanding into niche recycling segmen, to tap into growing market and sustainability opportunities. Leveraging their recycling expertise, they aim to explore new domains, grow internationally, and drive sustainable long-term growth," it said with a 'subscribe for long-term' tag.
SBI Securities Rating: Subscribe for long-term Jain Resource is a pioneer in the recycling and production of non-ferrous metals in India. It is amongst the two recycling companies in India to get its lead ingot registered as a brand by LME. It holds healthy market share in lead and copper Indian market of 8.6 per cent/3.4 per cent respectively despite the fragmented nature of the industry, said SBI Securities.
The company has reported strong revenue/ebitda/PAT CAGR of 53 per cent/72 per cent/56 per cent respectively between FY22-25. The company is valued at FY25 PE and EV/EBITDA of 35.7 times and 22.2 times respectively on post issue capital. We recommend investors to 'subscribe' to the issue at the cut-off price for long-term," it added.
Ventura Securities Rating: Subscribe Jain Resource aims to scale its copper and aluminium recycling businesses, expand its precious metals refining capacity, and capture new opportunities arising from the EV and renewable energy sectors. It reflected a 61 per cent YoY growth in revenue, driven by increasing demand in both domestic and international markets, along with expansion into precious metals refining, said Ventura.
"It strengthened its global footprint through its UAE-based subsidiary, enhancing refining and trading, capabilities in the Middle East and African regions. With a strong leadership team, global supply chain reach, and a sustainability-driven business model, the company is well-positioned to emerge as a leading global player in the resource recycling industry," it said with a 'subscribe' tag.
BP Wealth Rating: Subscribe for long-term On the upper price band, Jain Resource is valued at a P/E of 32.4 times based on FY25 earnings, which is comparatively lower than its peers, said BP Wealth. "Given its strong market position, established global footprint, and healthy financials, JMG is well-placed to deliver sustainable growth. We therefore recommend a 'subscribe' rating for this issue for a long-term," it added.
Jain Resource Recycling IPO: The initial public offering (IPO) of Jain Resource Recycling opens for subscription on Wednesday, September 24, 2025. The company shall be offering its shares in the range of Rs 220-232 apiece. Investors can apply for a minimum 64 equity shares and its multiples thereafter. The issue will close bidding on Friday, September 26.
Jain Resource Recycling is looking to raise a total of Rs 1,250 crore via IPO, which includes a fresh share sale of Rs 500 crore and an offer-for-sale (OFS) of up to Rs 750 crore. The net proceeds from issue shall be utilized towards repayment of debt and general corporate purposes.
Incorporated in 2022, Chennai-based Jain Resource Recycling is engaged in the recycling and manufacturing of non-ferrous metal products. Its product portfolio includes lead and lead alloy ingots, copper and copper ingots, and aluminium and aluminium alloys. It operates three recycling facilities located at SIPCOT Industrial Estate, Gummidipoondi, Chennai.
Jain Resource mobilized a total of Rs 562.5 crore from anchor investors as it finalized allocation of 2,42,45,689 shares at Rs 232 apiece. Marquee names like Goldman Sachs, Abu Dhabi Investment Authority, Optimix Wholesale Global Emerging Markets Share Trust, BNP Paribas, Societe Generale, Citigroup Global, Nomura Singapore, and East Capital, participated in the anchor book.
Jain Resource Recycling reported a net profit of Rs 223.29 crore with a revenue of Rs 71,62.15 crore For the financial year ended on March 31, 2025. The company clocked a net profit of Rs 163.83 crore with a revenue of Rs 4,484.84 crore for the year 2023-24. At the current, valuations, it commands a market capitalization nearly Rs 8,006 crore.
Jain Resource Recycling has reserved 75 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) have 15 per cent of allocation. Retail investors have only 10 per cent reservation in the IPO. Last heard, it was commanding a grey market premium (GMP) of Rs 30 apeice, suggesting a 13 per cent listing pop for the investors.
PL Capital Markets, ICICI Securites and Motilal Oswal Investment Advisors are the book running lead managers of Epack Prefab Technologies and Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on Wednesday, October 1. Here's what brokerage firms say about the IPO of Jain Resource Recycling:
Anand Rathi Share & Stock Brokers Rating: Subscribe for long-term Jain Resource Recycling operates three recycling facilities, enabling integrated operations. Their strategic location allows the use of by-products across facilities and shared resources like labs and technical expertise. They have a strong international presence, exporting to over 20 countrie, with a significant portion of revenue derived from these markets, said Anand Rathi.
They are entering copper cathode, wire rod, and busbar production to enhance their value chain and diversify their customer base. They are expanding into niche recycling segmen, to tap into growing market and sustainability opportunities. Leveraging their recycling expertise, they aim to explore new domains, grow internationally, and drive sustainable long-term growth," it said with a 'subscribe for long-term' tag.
SBI Securities Rating: Subscribe for long-term Jain Resource is a pioneer in the recycling and production of non-ferrous metals in India. It is amongst the two recycling companies in India to get its lead ingot registered as a brand by LME. It holds healthy market share in lead and copper Indian market of 8.6 per cent/3.4 per cent respectively despite the fragmented nature of the industry, said SBI Securities.
The company has reported strong revenue/ebitda/PAT CAGR of 53 per cent/72 per cent/56 per cent respectively between FY22-25. The company is valued at FY25 PE and EV/EBITDA of 35.7 times and 22.2 times respectively on post issue capital. We recommend investors to 'subscribe' to the issue at the cut-off price for long-term," it added.
Ventura Securities Rating: Subscribe Jain Resource aims to scale its copper and aluminium recycling businesses, expand its precious metals refining capacity, and capture new opportunities arising from the EV and renewable energy sectors. It reflected a 61 per cent YoY growth in revenue, driven by increasing demand in both domestic and international markets, along with expansion into precious metals refining, said Ventura.
"It strengthened its global footprint through its UAE-based subsidiary, enhancing refining and trading, capabilities in the Middle East and African regions. With a strong leadership team, global supply chain reach, and a sustainability-driven business model, the company is well-positioned to emerge as a leading global player in the resource recycling industry," it said with a 'subscribe' tag.
BP Wealth Rating: Subscribe for long-term On the upper price band, Jain Resource is valued at a P/E of 32.4 times based on FY25 earnings, which is comparatively lower than its peers, said BP Wealth. "Given its strong market position, established global footprint, and healthy financials, JMG is well-placed to deliver sustainable growth. We therefore recommend a 'subscribe' rating for this issue for a long-term," it added.