Jajoo Rashmi Refractories Files ₹150 Crore IPO with SEBI

On Monday, Jajoo Rashmi Refractories Ltd. filed preliminary documents with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). Jajoo Rashmi Refractories IPO will solely consist of a fresh issue worth up to ₹150 crore, as outlined in the draft red herring prospectus. The equity shares are planned to be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). Unistone Capital Pvt. Ltd. has been appointed as the book-running lead manager, with Bigshare Services Pvt. Ltd. serving as the registrar for the issue.

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The company intends to allocate ₹61.83 crore from the proceeds to partially fund the establishment of new manufacturing facilities aimed at expanding its ferro alloy production capabilities in its upcoming Bokaro project. Additionally, ₹47.67 crore will be used for working capital requirements, with the remaining funds directed towards general corporate purposes.

Headquartered in Jaipur, Jajoo Rashmi Refractories Ltd. specializes in manufacturing and exporting various ferro alloys, such as ferro silicon, ferro manganese, and silico manganese—key raw materials used in steel production.

Company Background

Established in 1995 as the flagship entity of the Jajoo Rashmi Group, the company started its operations with a manufacturing unit in Jaipur. Initially focused on producing quartz powder, it gradually expanded its portfolio to include refractory products like ramming mass, casting powder, and nozzle filling compounds. Over the years, the company diversified further into manufacturing and exporting high-grade ferro alloys.

Jajoo Rashmi Refractories is recognized for its expertise in high-performance refractory materials engineered to endure extreme temperatures while maintaining structural integrity. These products cater to the stringent demands of global steel manufacturers.

Financial Performance

The company's operational revenue grew to ₹334.03 crore in fiscal year 2024, with a profit after tax of ₹24.58 crore. For the quarter ending June 30, 2024, the company reported revenue of ₹117.45 crore and a net profit of ₹6.39 crore.