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Jain Resource Recycling IPO
15.86xsubscribed

Jain Resource Recycling IPO

Metal - Non Ferrous
listed
₹14,080Min. investment

Jain Resource Recycling Limited IPO Details

SectorMetal - Non Ferrous
Price range₹220 – ₹232
IPO type
Regular
Lot size64 shares
Issue size₹1,250Cr
Red Herring Prospectus
Read
Market cap
₹8,005CrLower than sector avg
RevenueApr 2024 - Mar 2025
₹7,125CrLower than sector avg
Growth rate3Y CAGR
52.50%Higher than sector avg

Jain Resource Recycling IPO Subscription Status

Date
QIB
NII
Retail
Total
24-Sep-25
0.22 times (X)
0.12 times (X)
0.52 times (X)
0.73 times (X)
25-Sep-25
0.23X
0.49X
1.28X
1.24X
26-Sep-25
14.36X
5.19X
3.48X
15.86X

As on 24-Sep-25, 5:30 PM

Jain Resource Recycling IPO Timeline

  1. Pre-apply
    22 Sep 2025
  2. Bid start
    24 Sep 2025
  3. Bid end
    26 Sep 2025
  4. Allotment
    29 Sep 2025
  5. Release of funds
    30 Sep 2025
  6. Demat transfer
    30 Sep 2025
  7. Listing
    1 Oct 2025

About Jain Resource Recycling Limited

Jain Resource Recycling is engaged in the recycling and production of non-ferrous metals in India, with capabilities to handle multiple products in recycling at a single location and has an extensive global network for sourcing recyclable materials. It is primarily focused on the manufacturing of non-ferrous metal products by way of recycling of non-ferrous metal scrap. Its product portfolio comprises lead and lead alloy ingots, copper and copper ingots, and aluminium and aluminium alloys.
The company’s lead ingot is registered as a brand by the London Metal Exchange, which provides the company advantage of access to a broader customer base by offering products compliant with international quality standards.
The copper and copper ingots segment contributed 44.82% of the revenue, followed by lead and lead alloy ingots contributing 39.46%, Aluminium & Aluminium Alloys 3.83%, and precious metals constituted 9.77% of the revenue in FY25. The company’s recycling operations are vertically integrated with end-to-end recycling processes wherein raw materials are procured both domestically and internationally. Over the last three years, it has sourced raw materials from more than 120 countries.
The company operates through three recycling facilities located at SIPCOT Industrial Estate, Gummidipoondi, Chennai engaged in recycling: (i) copper scrap birch and copper scrap druid (ii) lead scrap including lead scrap radio, lead scrap relay, lead scrap rains, lead scrap rinks and copper scrap including copper scrap birch, copper scrap druid and (iii) aluminium scrap including aluminium scrap tread, aluminium scarp talon and aluminium scrap tense.
Further, the company commenced gold refining operations through its subsidiary, JIGV at the facility situated at Sharjah Airport International Free Zone (SAIF-Zone), UAE from on August 19, 2024. As of July 31, 2025, the recycling facilities are operating with a combined actual production of 64,619 MTPA and the Hosur facility is operating with an actual production of 88 MTPA. However, the gold refining facility operated with the actual production of 28 MTPA as on March 31, 2025, and the actual production as on July 31, 2025, was 0 MTPA due to the closure of business operations for refining precious metals with effect from April 17, 2025, due to low margins, high operational overheads, and working capital constraints.
The company caters to customers in various industries, including lead acid battery, electrical and electronics, pigments, and automotive. Its clientele includes Vedanta Limited-Sterlite Copper, Luminous Power Technologies Private Limited and Yash Resources Recycling Limited and global customers such as Mitsubishi Corporation RtM Japan and Nissan Trading Co. It has an extensive global footprint across major overseas geographies, including Singapore, China, Japan, Taiwan and South Korea. 39.61% of the revenue was generated from the sale of products domestically, and exports constituted 60.39% of the revenue from operations.
Indian lead market continues to expand, with the demand for lead expected to grow at a CAGR of 5.4–6.4%, to reach 1.9-2.0 million tonnes (MT) by FY30. The volume of recycled lead is also expected to rise, thereby inducing increased recovery of tin as a by-product which can then be further refined and processed into tin ingots. Capitalising on this opportunity, the company commenced operations to extract tin and manufacture it into crude tin ingots of 99.5-99.8% purity level and lead tin (Pb) alloy solders/ingots. The market for recycling plastic waste stood at 9.71 MT in FY24 and is projected to rise at a CAGR of 11-12% to reach 18-19 MT from 2023 to 2030. With the aim of tapping this product segment, it has commenced recycling and manufacturing of PPVC granules and PVC granules from the recovered plastic, which would otherwise be disposed of as waste.
The company is aiming to expand its product offerings by expanding into copper cathode, the purest form of copper, wire rod and copper busbar manufacturing business. It is also exploring new recycling domains such as solar panel recycling and e-waste recycling to better serve its customers in domestic and international markets.
Now, Jain Resource Recycling Limited is launching its initial public offering (IPO), which consists of a fresh issue of ₹500 crore and an offer for sale of ₹750 crore. The total issue size of the IPO is ₹1,250 crore. Its shares will be listed on the NSE and BSE.

Jain Resource Recycling Limited IPO Analysis

IPO REVIEW

Jain Resource Recycling IPO | Analysis Video

Should you apply?

Watch our analysts break down the Jain Resource Recycling Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
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Strength and Weakness

Strategically located recycling facilities

The company conducts its recycling operations at three recycling facilities in India, located at SIPCOT Industrial Estate, Gummidipoondi, Chennai, spread across 26.94 acres of leased land, providing it the benefit of integrated and centralised operations. It is located in one of the key industrial hubs, SIPCOT, Tamil Nad,u in South Indi,a near the Chennai port offering connectivity with the Ennore Port and Katupalli Port.

Strong customer base with global footprint

The company has an established presence in international markets. A significant portion of its revenue (60.39%) is generated from the export of its products to more than 20 countries as of March 31, 2025, including China, Singapore, South Korea, the UAE, Taiwan, Japan, etc.

Value-creation from by-products

The company has started extracting and refining tin (via VDF technology) and processing recovered plastics into PP/ PVC granules, turning waste streams into incremental revenue without additional raw-material cost.

High customer stickiness and repeat revenues

In FY25, 203 out of 371 are repeat customers, contributing 83.74% of revenue from operations which gives revenue visibility and cross selling opportunities.

Efficient raw material sourcing abilities

The company has imported materials from over 120 countries and has also developed a deep sourcing network across the globe, sourcing recyclable materials from retail scrap yards in those countries. Its customer relationships have helped expand its product offerings and geographic reach.

Forward integration into copper cathode

The company aims to expand its product offerings by expanding into copper cathode, the purest form of copper, wire rod and copper busbar manufacturing business which will increase its ability to cater to a more diversified consumer base and enlarging the value chain in the business.

Objectives of Jain Resource Recycling Limited IPO

Repayment of loans
75.00%
The company will use up to ₹375 crore to repay its borrowings.
General corporate purposes
25.00%
Part of the IPO proceeds will be used for general corporate purposes.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹7,125Cr52.50%₹223.2Cr₹8,005Cr32.400.92
This sector (avg.)₹9,368.76Cr0.01%₹1,021.73Cr₹17,328.86Cr19.690.52
₹1,52,968Cr---₹21,267Cr₹2,66,361.4Cr28.361.82
₹34,083Cr---₹10,353Cr₹2,65,561.3Cr22.530.82
₹2,38,496Cr---₹16,002Cr₹2,15,225.4Cr12.050.53

*Revenue for financial year 2024-25. Lower P/E and D/E ratios are generally preferred.

Jain Resource Recycling IPO Contact Details

Company NameJain Resource Recycling Limited

How to apply for Jain Resource Recycling IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Jain Resource Recycling Limited IPO FAQs

Investors can apply for the Jain Resource Recycling IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Jain Resource Recycling IPO is 1250 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Jain Resource Recycling IPO will be open between 2025-09-24 and 2025-09-26.
Jain Resource Recycling IPO allotment date is 2025-09-30. For Jain Resource Recycling IPO allotment status check, you can visit the website of the registrar of the IPO.
For Jain Resource Recycling IPO, the IPO registrar is KFin Technologies Limited. You can check Jain Resource Recycling IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Jain Resource Recycling IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Jain Resource Recycling IPO lot size is 64 and minimum order quantity is 64.
Jain Resource Recycling IPO has set the price band for its IPO at 232 per equity share with a face value of 2.