77% post-IPO rally: Ashish Kacholia-backed Jain Resource Recycling anchor lock-in ends, 12 million shares now tradable

Ashish Kacholia-backed Jain Resource Recycling will make another 12 million shares eligible for open market trading from today, after the expiry of the three-month IPO anchor lock-in. According to Nuvama estimates, these shares represent approximately 4% of the company’s total outstanding equity.Although the shares are eligible for sale, the responsibility lies with the investors as to whether or not to sell them.

The stock has had a great run on the D-Street, hitting a high of Rs 461 on the NSE and rising 98% above its issue price in almost a month and a half. Although it has corrected 12% from its high, it is still trading 77% above its 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 of Rs 265 over the IPO price.

The response from investors was strong, with the issue receiving a total of 16.8 subscriptions. Institutional buyers provided the bulk of the demand, subscribing nearly 27 times their reserved share. Non-institutional investors subscribed 5.6 times, while retail investors subscribed 3.8 times. Prior to the issue, the company had also raised Rs 562.5 crore from key investors, a confidence-boosting commitment.

After the company’s listing, Ashish Kacholia’s holding stands at 1.14%, which amounts to 39,16,875 shares, according to BSE’s shareholder 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. This investment places him 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 production of non-ferrous metals such as lead, copper and aluminum. 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 major domestic and global names such as Vedanta, Luminous Power, Mitsubishi Corporation and Nissan Trading. With exports to markets such as Singapore, China, Japan and South Korea, the company has built a footprint outside India in just three years.

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