JB Ecotex Files DRHP with SEBI for Initial Public Offering Featuring Rs 400 Crore Fresh Issue

Surat-headquartered PET recycling and sustainable manufacturing player JB Ecotex Ltd has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise capital via an initial public offering (IPO) on the mainboard.

The equity shares, carrying a face value of ₹5 each, are proposed to be listed on both the BSE and the National Stock Exchange of India (NSE).

Issue Structure and Size

The public issue consists of a combination of fresh capital mobilization and a secondary share sale:

• Fresh Issue: Up to ₹400 crore.
• Offer for Sale (OFS): Up to 1,29,50,000 equity shares offloaded by members of the promoter group.
• Pre-IPO Placement: The company, in consultation with book-running lead managers, may evaluate a pre-IPO placement of up to ₹80 crore. If executed, the fresh issue component will be scaled down proportionally.

The selling shareholders participating in the OFS include promoters Jitendrakumar Fulchand Arya, Ayodhyaprasad Jugalkishore Singhal, Rajesh Ramniwas Gupta, Vishal Kejriwal, Ramdas Laxminarayan Jindal, Himanshu Surendra Jariwala, Hemant Vimalkumar Dhandharia, Monika Rajesh Gupta, and Sajjan Kumar Kejriwal.

The issue is structured under the book-building mechanism, allocating not more than 50% to Qualified Institutional Buyers (QIBs), not less than 15% to Non-Institutional Bidders (NIIs), and not less than 35% to Retail Individual Bidders (RIBs).

Objects of the Issue

Out of the gross fresh issue proceeds, JB Ecotex intends to allocate:

• ₹320 crore toward full or partial repayment or prepayment of certain borrowings availed by the company and its material subsidiary.
• The remaining amount toward general corporate purposes.

Business and Operational Footprint

Incorporated in 2012, JB Ecotex has grown to become India’s second-largest polyethylene terephthalate (PET) recycling company by installed capacity, boasting 1,80,360 tonnes of capacity as of August 31, 2026, according to a 1Lattice report cited in the draft papers.

The firm recycles post-consumer PET bottles and industrial PET waste into recycled polyester staple fibre, food-grade recycled PET (rPET) resins, recycled flakes, and chemically recycled resins. JB Ecotex operates two manufacturing facilities in Dhamdod near Surat, Gujarat. It is also one of the rare domestic recyclers utilizing both mechanical and commercial-scale chemical recycling technologies, for which it has filed patent applications.

Between FY16 and FY26, the company recycled 31,244.83 million PET bottles, processing over 3,528.44 million bottles in FY26 alone (averaging over 9.67 million bottles daily). It caters to more than 700 domestic and international customers across 25 countries, supplying packaging giants and bottlers such as Varun Beverages Ltd and Moon Beverages Ltd.

Financial Snapshot

JB Ecotex reported strong top-line expansion over the past three fiscal years:

• Revenue from Operations: Stood at ₹827.6 crore in FY26, rising from ₹527.3 crore in FY24.
• Net Profit: Expanded to ₹22.4 crore in FY26 compared to ₹21.1 crore posted in FY24.

Issue Intermediaries

Motilal Oswal Investment Advisors and JM Financial are acting as the book-running lead managers for the public offer, while MUFG Intime India is serving as the registrar to the issue.

Tags: JB Ecotex SEBI IPO BSE NSE Waste Management