Goldman Sachs, Nomura bet big on this ₹1,250-cr IPO; should you do it too?

Jain Resource Recycling IPO: The company raised ₹562.5 crore from 40 global and domestic institutional investors through the anchor book

Jain Resource Recycling IPO: The initial public offering (IPO) of Jain Resource Recycling is set to open for public subscription on Wednesday, September 24, 2025. The company seeks to raise ₹1,250 crore from its maiden public issue. The mainline offering comprises a fresh issue of 21.6 million equity shares aggregating to ₹500 crore and an offer for sale (OFS) of 32.3 million equity shares aggregating to ₹750 crore.   The company manufactures non-ferrous metal products by recycling non-ferrous metal scrap. The company's product portfolio comprises of lead & lead alloy ingots, copper & copper ingots and aluminium & aluminium alloys.

 

The company has reserved not less than 75 per cent of the issue for qualified institutional buyers (QIBs), not more than 15 per cent for non-institutional investors (NIIs) and not more than 10 per cent for retail investors.

 

On September 23, 2025, the company raised ₹562.5 crore from 40 global and domestic institutional investors (DIIs) through the anchor book. It allocated 24.24 million equity shares at ₹232 per share, according to the filing on exchanges.

 

Marquee names, including Goldman Sachs, Abu Dhabi Investment Authority, Optimix Wholesale Global Emerging Markets Share Trust, BNP Paribas, Societe Generale, Citigroup Global, Nomura Singapore, East Capital, HDFC AMC, Axis MF, Motilal Oswal AMC, Bandhan Mutual Fund, Helios MF, Tata AIA Life Insurance, Nuvama, Singularity AMC, SBI General Insurance, ICICI Lombard General Insurance, and Edelweiss Life Insurance, participated in the anchor book.

Should you subscribe to the Jain Resource Recycling IPO:

Anand Rathi Research - Subscribe for long term 

According to analysts at Anand Rathi, at the upper price band, the company is valued at 35.9x FY25 P/E, reflecting a post-issue market capitalisation of ₹8,006 crore. 

 

The company is entering copper cathode, wire rod, and busbar production to enhance its value chain and diversify its customer base. Additionally, they are expanding into niche recycling segments—solar panels, automotive tyres, and copper-aluminium radiators 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. 

 

"On this basis, the IPO appears fully priced and warrants a 'Subscribe – Long Term' recommendation," the brokerage said.

 

SBI Securities - Subscribe for long term 

 

SBI Securities, in its note, said Jain Resource Recycling is a pioneer in the recycling and production of non-ferrous metals in India. The company is among the two recycling companies in India to get its lead ingot registered as a brand by LME. 

 

JRR holds a healthy market share in the lead and copper industry. The company has reported a strong Revenue/Ebitda/PAT CAGR of 50 per cent/72 per cent/56 per cent, respectively, between FY22-25. 

 

"At the upper price band of ₹232, the company is valued at FY25 PE and EV/Ebitda of 35.7x and 22.2x, respectively, on post-issue capital. We recommend investors to 'Subscribe' to the issue at the cut-off price for long-term," the brokerage said.

 

Here are the key details of Jain Resource Recycling IPO: 

The three-day subscription window to apply for the Jain Resource Recycling IPO will close on Friday, September 26, 2025. The allotment of shares is expected to be finalised on Monday, September 29. The successful allottees will receive the company's shares in their demat accounts on Tuesday, September 30.

 

Shares of Jain Resource Recycling are scheduled to make their debut on the exchanges, NSE and BSE, tentatively on Wednesday, October 1, 2025. 

 

Kfin Technologies is the registrar of the issue. ICICI Securities, Motilal Oswal Investment Advisors, and PL Capital Markets are the book-running lead managers of the issue. 

 

According to the red herring prospectus (RHP), the company plans to use the net fresh issue proceeds for repayment or prepayment of debt and general corporate purposes.