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.