Jain Resource Recycling’s Rs 1,250 cr IPO on Sept 24

New Delhi: Jain Resource Recycling Ltd on Friday announced a price band of Rs 220-232 per share for its upcoming Rs 1,250 crore Initial Public Offering (IPO). At the upper end, the company is valued over Rs 8,000 crore. In its public announcement, the Tamil Nadu-based company said its maiden public offering will open for subscription on September 24 and conclude on September 26.

The IPO comprises a fresh issue of equity shares aggregating to Rs 500 crore and an Offer For Sale (OFS) valued at Rs 750 crore.

The OFS comprises sale of shares worth Rs 715 crore by promoter Kamlesh Jain and Rs 35 crore by shareholder Mayank Pareek. Proceeds from the fresh issue will be utilised for payment of debt and general corporate purposes. Jain Resource Recycling is primarily focused on the manufacturing of non-ferrous metal products through the recycling of non-ferrous metal scrap.

The company’s product portfolio comprises lead and lead alloy ingots; copper and copper ingots; and aluminium and aluminium alloys. The company partnered with Ikon Square Ltd UAE for the purposes of setting up its gold refining facility in Sharjah UAE.