Jain Resource Recycling Secures Rs 562 Crore from Anchors Ahead of IPO

Jain Resource Recycling Ltd has raised over Rs 562 crore from anchor investors for its upcoming IPO. The Tamil Nadu-based company focuses on recycling non-ferrous metal scrap to produce various metal products. The IPO, valued at over Rs 8,000 crore, opens for subscription from September 24 to 26.

Jain Resource Recycling Ltd has successfully raised a little over Rs 562 crore from anchor investors as it prepares to launch its Initial Public Offering (IPO). The Tamil Nadu-based firm, renowned for its recycling of non-ferrous metal scrap, has allocated 24,245,689 shares to 40 investment funds at Rs 232 each, according to a circular released on the BSE website.

The IPO, set for subscription from September 24 to 26, offers a price band of Rs 220 to Rs 232 per share, valuing the company at over Rs 8,000 crore. The offering comprises a fresh issue of equity shares aggregating Rs 500 crore and an Offer For Sale (OFS) amounting to Rs 750 crore, primarily from promoter Kamlesh Jain and stakeholder Mayank Pareek.

The capital raised will aid in debt repayment and support general corporate purposes. Jain Resource Recycling, specializing in manufacturing lead, copper, and aluminium products, has partnered with Ikon Square Ltd UAE for a gold refining facility in Sharjah. The IPO is managed by DAM Capital Advisors and others, with the company expected to list on October 1.

(With inputs from agencies.)