About Jerai Fitness IPO
The Jerai Fitness IPO is a book-built issue, which is entirely an offer for sale (OFS) of up to 43.92 lakh equity shares, with a face value of ₹10 per equity share. The company has filed its DRHP with SEBI on Sep 29, 2025.
The price band and official dates of subscription and listing will be announced by the company later; also, the equity shares are proposed to be listed on the BSE and the NSE. The book-running lead manager (BRLM) of this issue is Emkay Global Financial Services Ltd. and Catalyst Capital Partners Private Ltd., while the registrar to the issue is Bigshare Services Private Ltd.
Company Background
Jerai Fitness Ltd. was incorporated in 1994 as an innovation in the Indian fitness equipment industry, with its headquarters in Mumbai, Maharashtra. Over the years, the organization has grown from an emerging business to an established organization in the fitness equipment industry, with over 3 decades of experience in the industry. Jerai Fitness Ltd. has been at the core of the evolution of the fitness equipment industry in India, which has grown from simple to complex, biomechanically designed equipment that meets international standards.
Operations & Product Range
Jerai Fitness Ltd. is a company that designs, manufactures and distributes various fitness equipment. Its product portfolio comprises strength-training equipment that the company manufactures, such as plate-loaded equipment and plate-loaded racks and cardiovascular equipment that the company imports, such as treadmills. The company offers its customers in the country wide-ranging wellness solutions. Its clientele comprises commercial gyms, hotels and residential customers.
Facilities & Capacity
Jerai Fitness Ltd. has a strong manufacturing facility with a fully automated world-class manufacturing facility in Wada, Palghar, Maharashtra. Robotic welding stations and laser cutting machines, which offer high precision and accuracy in manufacturing, equip the manufacturing unit with world-class infrastructure. This capacity is necessary to compete with international brands in the high-end segment.
Brands & Market Presence
Jerai Fitness Ltd. is the largest fitness equipment manufacturer and importer in India, known for its quality solutions. Since 2003, it has been sponsoring major bodybuilding competitions, which clearly states its commitment to the fitness industry and also caters to the international market, although exports accounted for only 7.70% in FY25.
Revenue Streams & Business Model
Jerai Fitness Ltd.’s main source of revenue is the manufacturing of fitness equipment. The company generated revenue of Rs 128.05 crore in FY25 and a profit after tax (PAT) of Rs 23.40 crore, which reflects high margins. The company mainly focuses on commercial clients. The company has strength training equipment as a source of revenue, which is significant for the company in terms of overall financial performance and the strategy of catering to the fitness market.
Management & Shareholding
The promoter group of Jerai Fitness Ltd. includes Rajesh Ramsukh Rai and family members. Before the IPO, the promoters' stake in the company's equity share capital as of FY24 was approximately 92.83%. The promoters' stake in the company has always been quite high, which is an indication of the support of the family for the business.
Board & Key Management
Jerai Fitness Ltd. has a well-structured board and key management team headed by Rajesh Ramsukh Rai (Chairman & Managing Director), who gives strategic direction to the company. The board consists of Rinku Rajesh Rai (Whole-Time Director) and Dilip Dinkar Lad (Director), along with independent directors to ensure corporate governance. The key management team includes CFO Govind Rathi, who looks after the financial activities and strategic planning of the company.
Jerai Fitness IPO Details
| Detail | Description |
|---|---|
| IPO Date | [.] |
| Listing Date | [.] |
| Face Value | ₹ 10 per Equity Share |
| Issue Price Band | [.] |
| Lot Size | [.] |
| Sale Type | Offer for Sale |
| Total Issue Size | Up to 43,92,500 Equity Shares (aggregating up to ₹[.] Cr) |
| Fresh Issue(Ex Market Maker) | [.] |
| Offer for Sale | Up to 43,92,500 Equity Shares (aggregating up to ₹[.]Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 1,74,99,600 shares |
Jerai Fitness IPO Financial Information
Latest Revenue
134.74
₹ Crore
Profit After Tax
23.39
₹ Crore
Net Worth
104.57
₹ Crore
Total Borrowing
1.49
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| FY 2025 (Mar 31) | 104.57 | 134.74 | 23.39 | 104.57 | 87.07 | 1.49 | |||
| FY 2024 (Mar 31) | 83.65 | 110.55 | 20.44 | 83.65 | 66.15 | 0.47 | |||
| FY 2023 (Mar 31) | 68.23 | 116.76 | 20.01 | 68.23 | 50.73 | 0.87 | |||
| Amount in ₹ Crore | |||||||||
Jerai Fitness Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 22.37% |
| ROCE | 23.51% |
| Debt/Equity | 0.014x |
| RoNW | 25.19% |
| PAT Margin | 17.36% |
| EBITDA Margin | 24.00% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | ₹13.37 (Basic & Diluted) | [.] |
| P/E (x) | [.] | [.] |
IPO Objectives
Since the Jerai Fitness IPO is entirely an Offer for Sale (OFS), the company will not receive any proceeds from the issue. The primary objectives of the offer are
- • Provide a smooth exit to the early investors and promoters.
- • The offer also aims to gain visibility and enhance brand image by listing shares on the stock exchange.
Conclusion
The Jerai Fitness IPO offers investors a unique opportunity to invest in a successful homegrown manufacturing company in the specialized fitness equipment market. The company has maintained a strong brand recall. The company has automated manufacturing capabilities, a profitable financial track record and is well-positioned to capitalize on India's growing fitness wave.
Frequently Asked Questions
Recommended Advisory Services
Ready to take your company public? Explore our specialized IPO advisory services tailored for Indian enterprises.
The India IPO Publication is managed by an editorial team that includes highly experienced finance journalists, market researchers and professionals from the capital markets industry who strive to create high-quality content based on credible sources. Our editors write about IPOs, capital markets, corporate news, capital-raising strategies, regulations and other business matters to ensure our audience stays updated with the latest information. We conduct detailed research and fact-check all information before publishing any content to ensure credibility.
Competitive Strengths
Advanced engineering skills and quality in fitness equipment manufacturing
Diversified product range to suit commercial as well as institutional clients
Extensive manufacturing experience in the fitness industry for almost three decades (for 30+ years)
Well-established presence in the market with strong brand recognition in the Indian fitness equipment market
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | SEBI/Exchange approval received | 31/12/2025 | - |
| 2 | Filed with SEBI/Exchange | 29/09/2025 | View DRHP |
Jerai Fitness IPO Timeline
| IPO Open Date | [.] |
| IPO Close Date | [.] |
| Tentative Allotment | [.] |
| Initiation of Refunds | [.] |
| Credit of Shares to Demat | [.] |
| Tentative Listing Date | [.] |
| Cut-off time for UPI mandate confirmation | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | [.] | ~₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | [.] | Up to ₹2,00,000 |
| S-HNI (Min) | 14-15 | [.] | Over ₹2,00,000 |
| S-HNI (Max) | 66-70 | [.] | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | [.] | Over ₹10,00,000 |