Economic Laws Practice (ELP) assisted Jain Resource Recycling Limited in filing of the Draft Red Herring Prospectus (DRHP) for their proposed initial public offering to raise an amount aggregating up to ₹2,000 crore via fresh issue aggregating up to to ₹500 crore and sale of equity shares aggregating up to ₹1,500 crore via offer for sale.

ELP’s team was led by Geeta Dhania (Partner) and Prashaant Vikram Rajput (Partner) and assisted by Tripti Pandey (Principal Associate), Vedaarth Uberoi (Associate), Anusha Agrawal (Associate) and Shefali Jain (Associate).

The IPO comprises a fresh issue of equity shares worth ₹500 crore and an Offer for Sale (OFS) of ₹1,500 crore. The OFS includes ₹1,430 crore worth of shares by promoter Kamlesh Jain and ₹70 crore by shareholder Mayank Pareek.

The proceeds from the fresh issue are earmarked for the pre-payment or scheduled repayment of certain outstanding borrowings, along with general corporate purposes. This capital infusion is expected to bolster the company's financial flexibility and support its ongoing expansion and operational goals.

Jain Resource Recycling Ltd specializes in the processing and production of non-ferrous metal products, including lead and lead alloy ingots, copper and copper alloy ingots, and aluminum products. The company is recognized by CRISIL as the largest and fastest-growing non-ferrous metal recycling company in India by revenue for FY22 to FY24.

If you would like your Deals, Columns, Press Releases to be published on Bar & Bench, please fill in the form available here.