Jerai Fitness IPO: Size, Date, Price, Everything You Need to Know
Jerai Fitness Limited, a long-standing Indian maker of commercial gym and fitness equipment, has filed its Draft Red Herring Prospectus with SEBI, indicating its plan to launch an IPO.With over three decades of experience, the company supplies a wide range of strength-training and fitness machines to gyms, wellness centres, hotels, corporate offices and institutional clients across India. Jerai Fitness manufactures benches, cable rigs, cardio equipment and customised gym setups, positioning itself among India’s leading fitness-equipment producers. The planned Jerai Fitness IPO comprises an Offer for Sale (OFS) of up to 4,392,500 equity shares (face value ₹10 each), offering existing shareholders a route to liquidity. This guide details every aspect of the Jerai Fitness IPO, covering Jerai Fitness IPO date, valuation, subscription, Jerai Fitness IPO subscription status, and Jerai Fitness IPO allotment status (as available) for informed investor decisions.
Jerai Fitness IPO Dates and Launch Details
- IPO opening date: To be announced.
- IPO closing date: To be announced.
- Basis of allotment: To be announced.
- Refund initiation: To be announced.
- Expected listing date: To be announced.
As of now the DRHP notes the offer as an OFS of 4,392,500 shares, but the company has not fixed the price band or IPO schedule, so all key dates remain pending.
Jerai Fitness Price Band and Investment Details
- Price band: To be announced. The DRHP leaves the floor price, cap price and final offer price blank (to be determined later).
- Minimum lot size: To be announced.
- Minimum investment: To be announced.
- Maximum retail investment: To be announced.
Jerai Fitness IPO Structure
Detail | Information (from DRHP) |
|---|---|
Issue Type | 100% Offer for Sale (OFS). No fresh issue. |
Total Issue Size (shares) | 4,392,500 equity shares (face value ₹10 each) |
Total Issue Size (₹) | To be announced (depends on price band / offer price). |
Fresh Issue Value | Not applicable (no fresh equity in this offer). |
OFS Shares (number) | 4,392,500 shares (entire offer). |
Shareholders selling in OFS | Rajesh Ramsukh Rai - 1,500,000 shares; Rinku Rajesh Rai - 1,692,500 shares; Rajesh Ramsukh Rai (HUF) - 1,200,000 shares. |
Weighted average cost of acquisition (selling shares) | ₹0.57 per share (statutory auditor certificate in DRHP). |
Reservations (QIB / NII / Retail) | To be announced |
Listing Exchanges | |
Registrar | To be announced in the public prospectus. |
Lead Managers / BRLMs | Emkay Global Financial Services and Catalyst Capital Partners |
About Jerai Fitness
Jerai Fitness Limited, incorporated in 1994, is a manufacturer of commercial-grade gym and fitness equipment. Its portfolio ranges from strength-training machines, benches, racks and racks systems to cardio equipment and customised ergonomic fitness solutions. The company serves gyms, wellness centres, hotels, corporate office gyms, hospitality setups and institutional clients across India.
The company has a manufacturing facility at Village Ghonsai, Wada, Palghar, Maharashtra. Jerai Fitness has positioned itself as a domestic alternative to imported gym equipment, offering products designed for Indian market conditions and regulations.
Key Business Segments
Jerai Fitness’s business is broadly divided into these segments:
- Commercial Gym Equipment Manufacturing - strength machines, benches, racks, multigyms, plate-loaded equipment.
- Cardio Equipment and Fitness Accessories - treadmills, cardio gear, weights, benches and other ancillary fitness gear.
- Institutional & Bulk Orders - supplying gyms for hotels, resorts, corporates, wellness centres, defence & institutional clients.
The company also offers after-sales support, spare parts and maintenance, which gives recurring revenue potential beyond initial equipment sale.
Jerai Fitness Financials
Revenue and Profit Table
Period | Revenue from Operations (₹ Crore) | Net Profit (₹ Crore) |
|---|---|---|
| FY ‘25 | 128.00 | 23.40 |
| FY ‘24 | 108.50 | 18.00 |
| FY ‘23 | 115.40 | 19.30 |
Cash Flow Table
Period | Cash Flow from Operations (₹ Crore) | Free Cash Flow (₹ Crore) |
|---|---|---|
| FY ‘25 | 24.80 | 20.90 |
| FY ‘24 | 20.10 | 14.40 |
| FY ‘23 | 11.70 | 5.30 |
These figures show that Jerai Fitness has maintained stable revenues over the last three years, with profits each year, indicating a profitable business model even before public listing.
Key Highlights
- Revenue from operations has stayed in a compact but growing band, moving from ₹115.40 crore in FY23 to ₹108.50 crore in FY24 and then up to ₹128.00 crore in FY25, indicating underlying demand resilience despite some fluctuations.
- Jerai Fitness maintains strong profitability, with net profit between ₹18.00–₹23.40 crore across FY23–FY25 and consistently high margins of 24.40%–26.90%, suggesting good pricing power and cost discipline.
- Operating cash flow has improved from ₹11.70 crore in FY23 to ₹24.80 crore in FY25, while free cash flow increased from ₹5.30 crore to ₹20.90 crore over the same period, highlighting healthy cash conversion from earnings and room for reinvestment or debt reduction.
Sector & Market Context
India’s fitness and gym-equipment market is gaining traction, as demand rises from expanding gym chains, hotel gyms, corporate wellness initiatives and growing popularity of health and fitness in urban India. Companies such as Jerai Fitness offering locally manufactured equipment stand to benefit from a shift away from imports, cost advantages, and improved supply-chain resilience.
With rising health awareness, post-pandemic fitness adoption, and expansion of wellness infrastructure across tier-1 and tier-2 cities, demand for commercial-grade gym-equipment solutions is likely to grow in coming years, offering a favourable backdrop for Jerai Fitness.
Key Considerations for Investors
Strengths
- Strong financials & profitability: Consistent profits over recent years, with ₹23.40 crore PAT in FY25.
- Established manufacturing & product portfolio: Well-equipped factory and broad product range suited for domestic gym/fitness needs which may reduce dependence on imports.
- Pure OFS clarity on share supply: Since IPO is wholly OFS, there’s no capital dilution or fresh-issue risk for existing shareholders.
- Growing demand environment: Rising fitness awareness, gym expansion across India and institutional demand may support revenue growth.
- Experienced promoters & defined share-sale plan: Known promoters selling shares via OFS, with clear disclosure of share-sale numbers.
Risks
- No fresh capital raised: Because IPO proceeds go to promoters, the company gets no new funds, limited funding for expansion or growth initiatives via IPO.
- Business cyclicality & demand volatility: Gym-equipment demand can fluctuate with macro-economic or discretionary-spending cycles.
- Competition from imports & other manufacturers: Market remains competitive; imported equipment or newer entrants may pose pricing pressure.
- Working capital & order dependency risks: Custom orders, supply-chain pressure or delay in orders could impact business.
Opportunities
- Domestic manufacturing push: Demand for “Make in India” gym equipment over imports may boost Jerai’s order book.
- Corporate gyms, hospitality and institutional contracts: Growth in these segments can lead to bulk orders and stable demand.
- Higher margin ancillaries and after-sales services: Spare parts, maintenance, upgrades and accessories could add recurring revenue streams beyond one-time equipment sales.
- Brand visibility after listing: Public listing may increase company visibility, enabling easier access to institutional orders and capital (if future financing is considered).
Conclusion
Jerai Fitness IPO presents a unique opportunity to invest early in a niche and profitable manufacturer catering to India’s growing fitness and wellness demand. The publicly filed DRHP confirms healthy financials, defined share-sale plan and a credible promoter share sale, which provides transparency.
Given the absence of fresh issue and clear capital infusion, the IPO appears primarily for shareholders’ exit rather than corporate expansion. Therefore, as an investor, you should wait for the price band, lot size, reservation quotas and issue price before making a subscription decision.
If you plan to apply, do so only after carefully assessing the price band once announced, comparing the implied valuation with financials, and calibrating your investment amount to your risk appetite and long-term view.
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FAQ
What exactly is the Jerai Fitness IPO?
Jerai Fitness IPO is a public offering which consists of a 100% Offer for Sale (OFS) of up to 4,392,500 equity shares of face value ₹10 each. There is no fresh issue in this IPO.
Who is selling shares in the IPO?
The selling shareholders are promoters: Rajesh Ramsukh Rai (1,500,000 shares), Rinku Rajesh Rai (1,692,500 shares), and Rajesh Ramsukh Rai HUF (1,200,000 shares).
On which exchanges will Jerai Fitness be listed?
It is proposed to list on both BSE and NSE mainboards.
Is the price band of the IPO known yet?
No. The DRHP does not disclose the floor price, cap price or final offer price — it remains to be announced.
Does Jerai Fitness stand to get any funds from the IPO?
No, since the IPO is a pure OFS, proceeds will go to the selling shareholders, not to the company.
How did Jerai perform financially in the last fiscal year?
In FY 2025, Jerai recorded revenue of ₹128.05 crore and profit after tax of ₹23.40 crore.
When will the IPO open for subscription?
The IPO opening date and closing date have not yet been announced.
How can I check Jerai Fitness IPO subscription status?
Once the IPO opens, you can track subscription status on BSE / NSE IPO pages and via your broker’s IPO dashboard. Reservation quotas will also be published at that time.
How will I check the allotment status?
After allotment, the registrar (to be announced) will host an allotment-status page; you can check using PAN, application number or demat account.
What are the key risks and strengths of Jerai Fitness as an IPO investment?
Strengths include profitable operations, long-standing manufacturing experience, niche market business, transparency of selling shareholders. Risks can be, no fresh issue / growth capital, dependence on market demand cycles, competitive pressures and missing IPO parameters (price band, lot size) which impede valuation assessment.