While the shares will be eligible for sale, the onus rests with the investors whether to sell them or not.
The stock has had a stellar run on the D-Street, hitting a high of Rs 461 on the NSE and rallying 98% over the issue price in nearly a month and a half. Though it has corrected 12% from its high, it is still trading 77% above the issue price of Rs 232 per share.
The Rs 1,250 crore Initial Public Offering (IPO), launched on September 24, consisted of a fresh issue of Rs 500 crore and an offer for sale worth Rs 750 crore. It was listed on October 1, 2025 at a 14% premium at Rs 265 over the IPO price.
The response from investors was strong, with the issue getting subscribed 16.8 times overall. Institutional buyers drove the bulk of demand, subscribing nearly 27 times their reserved portion. Non-institutional investors subscribed 5.6 times, while retail investors came in at 3.8 times. Ahead of the issue, the company had also raised Rs 562.5 crore from anchor investors, a commitment that added to the confidence.
Following the company’s listing, Ashish Kacholia’s stake stands at 1.14%, representing 39,16,875 equity shares, according to BSE shareholding data for the September quarter. According to the company’s Red Herring Prospectus (RHP), the shares were allotted to Bengal Finance & Investment Pvt Ltd — an entity associated with Kacholia, in a pre-IPO offer. With this investment, he figures among the top 10 shareholders of the company.
The value of his stake is worth Rs 160.4 crore according to Trendlyne data.Jain Resource Recycling is engaged in recycling and manufacturing non-ferrous metals such as lead, copper and aluminium. The company operates three recycling facilities near Chennai and also has a gold refining unit in the UAE through a subsidiary.
Its customer base includes large domestic and global names such as Vedanta, Luminous Power, Mitsubishi Corporation and Nissan Trading. With exports to markets like Singapore, China, Japan and South Korea, the company has built a footprint beyond India in just three years of operations.
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