Jerai Fitness files DRHP for IPO: OFS of 43.93 lakh shares; Emkay Global, Catalyst Capital as BRLMs

Mumbai | September 30, 2025: Jerai Fitness Limited has filed the DRHP (Draft Red Herring Prospectus) for its upcoming IPO, which will be a 100% OFS (Offer for Sale) for up to 43,92,500 equity shares of face value ₹10 each. The shares will be listed on both the NSE and BSE. The strength-training equipment manufacturer has not yet disclosed the price band, the total issue size, or the opening and closing dates of the issue.

Emkay Global Financial Services and Catalyst Capital Partners are the book-running lead managers, while Bigshare Services is the registrar.

Jerai Fitness IPO Snapshot

The IPO is a 100% book-built Offer for Sale (OFS) of 43,92,500 equity shares with a face value of ₹10 each. Since it is purely an OFS, the company will not receive any proceeds, and funds will go to the promoters-Rajesh Ramsukh Rai, Rinku Rajesh Rai, and Rajesh Ramsukh Rai HUF.

Key stakeholders include Emkay Global and Catalyst Capital Partners as BRLMs and Bigshare Services as registrar. The issue will be listed on BSE and NSE, though price band and opening/closing dates are yet to be announced.

Jerai Fitness Company Background

The company was incorporated in 1994 and is based in Mumbai. The company manufactures strength training equipment and trades in cardiovascular machines (sourced from third parties). It is a quite popular brand under the ‘Jerai Fitness’ tag and its portfolio has 11 products, including cardiovascular, strength lines like Proton, X-Tend, Clubline Plus, Falcon, Load-On, benches and racks, JX Fit, home gym and accessories.

Jerai Fitness Financials (FY25, Ind AS)

For FY25 (Ind AS), the company reported revenue of ₹1,280.46 million and a profit after tax of ₹234.01 million, highlighting strong margins. Net worth stood at ₹1,045.65 million, while borrowings were low at ₹14.85 million, reflecting a healthy balance sheet. EPS (basic/diluted) was ₹13.37, and ROE stood at a robust 25.19%, indicating strong returns to shareholders. The firm operated at 69.63% capacity utilisation of its 21,000-unit capacity, with exports contributing 7.70% of FY25 sales, showing moderate international presence.

Jerai Fitness Promoters & Shareholding

The company’s primary Promoters are Rajesh Ramsukh Rai and Rinku Rajesh Rai. The promoters group hold 100% of the company’s equity, and the DRHP has specified promoter contribution and applicable lock-in provisions as per regulations.

Jerai Fitness Offer Structure & Intermediaries

As previously underlined, this is a 100% book-building offer through OFS; no new shares are being offered. It is provided to QIBs, NIIs and retail investors as per SEBI allocation rules, and the anchor investor option can also be considered as per regulations. The lead managers of the issue are Emkay Global and Catalyst Capital Partners. The registrar of the issue is Bigshare Services. The issue will be listed on both NSE and BSE.

Jerai Fitness Major Strengths

The investors should take account the following strengths of the company (as derived from the DRHP):

• Revenue mix concentration: Strength equipment formed a material portion of revenue; any slowdown here can impact performance.
• Customer segment exposure: A significant share of revenue comes from commercial gyms; softer gym enrollments can weigh on demand.
• Raw materials and supply chain: Fluctuations in metal and bought-out parts, as well as import dependencies, can affect costs and delivery schedules.
• Working metrics: Improving utilisation and maintaining cash conversion discipline remain key.

REF: https://nsearchives.nseindia.com/corporate/Registration_29092025172826_DRHP.pdf

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