Jerai Fitness IPO
Jerai Fitness Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a offer for sale only. SEBI issued its observations on 31 December 2025, so the company can open the IPO any time up to 31 December 2026. The draft proposes an offer for sale only of up to 43,92,500 shares by promoters Rajesh Ramsukh Rai and Rinku Rajesh Rai and the Rajesh Ramsukh Rai HUF. In FY25 the company made a profit of ₹23.40 crore on revenue of ₹128.05 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI observations issued31 Dec 2025
- SEBI received draft
- 9 Oct 2025
- Type of issue
- Offer for sale only
- Lead manager
- Emkay Global Financial Services Ltd.
- Must open by
- 31 Dec 202612 months from observations
- Price band and dates
- Not announced
Where it stands
Jerai Fitness IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI9 Oct 2025
- SEBI reviewDone
- SEBI observations31 Dec 2025
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has issued its final observations, which in practice is the go-ahead. The company can now file a red herring prospectus and open the IPO within 12 months.
DRHP at a glance
Jerai Fitness DRHP at a glance
Draft red herring prospectus, 29 Sep 2025What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 183) and Risk Factors (p. 35 to 36)Jerai Fitness makes and sells gym equipment under the Jerai Fitness brand. It makes strength training equipment at its plant in Wada, Palghar, Maharashtra, and buys cardiovascular equipment from other makers to sell under its own brand. It also sells fitness accessories.
Commercial gyms gave 60.77% of FY25 revenue. The company has been in the business for over three decades; it was incorporated in 1994 and is based in Mumbai.
Revenue by product, FY25
- Strength training equipment: 77.95%
- Cardio equipment and other (ours, the remainder): 22.05%
The offer
DRHP cover page, The Offer (p. 79) and Summary of the Offer Document (p. 32)| Offer for sale | Up to 43,92,500 sharesRajesh Ramsukh Rai 15,00,000, Rinku Rajesh Rai 16,92,500 and Rajesh Ramsukh Rai HUF 12,00,000; average cost ₹0.57 a share for each |
| Shares before the IPO | 1,75,00,000The offer for sale is about 25.1% of them (ours). No new shares are issued |
| Pre-IPO placement | None planned |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead managers | Emkay Global Financial Services Limited and Catalyst Capital Partners Private Limited |
| Registrar | Bigshare Services Private Limited |
| Promoters | Rajesh Ramsukh Rai and Rinku Rajesh Rai |
Financials
DRHP, Summary Financial Information (p. 82 to 85) and Basis of Offer Price, KPIs (p. 117 to 120), ₹ crore| ₹ crore | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from operations | 115.43 | 108.50 | 128.05 |
| EBITDA | 31.01 | 29 | 31.22 |
| EBITDA margin | 26.86% | 26.72% | 24.38% |
| Profit after tax | 19.28 | 17.97 | 23.40 |
| Diluted EPS (₹) | 11.02 | 10.27 | 13.37 |
| Net worth | 63.20 | 81.23 | 104.57 |
| Cash from operations | 11.67 | 20.07 | 24.76 |
| Return on equity | 36.00% | 24.88% | 25.19% |
| Debt to equity | 0.12 | 0.02 | 0.01 |
| Inventory days | 186 | 240 | 202 |
Restated figures. Net worth is equity share capital plus other equity. Revenue grew about 5.3% a year from FY23 to FY25 (our calculation).
Listed peers named in the draft
DRHP, Basis of Offer Price (p. 118 to 119). Peer prices as of 26 Sep 2025, converted to ₹ by the DRHP.The DRHP compares Jerai with four foreign listed fitness equipment makers. Figures are given only for Peloton, which had negative net worth. The P/E for Jerai is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Jerai Fitness (FY25) | 13.37 | Set with the price band | 25.19% |
| Peloton Interactive | -25.52 | NM | NM |
| Johnson Health Tech | NA | NA | NA |
| Technogym | NA | NA | NA |
| Dyaco International | NA | NA | NA |
Risks the draft lists first
DRHP, Risk Factors (p. 33 to 40)- BrandSuccess depends on keeping the value and reputation of the Jerai Fitness brand. (Risk factor 1, p. 33)
- Strength equipmentStrength training equipment gave 77.95% of FY25 revenue. (Risk factor 3, p. 35)
- Commercial gymsSales to commercial gyms gave 60.77% of FY25 revenue. (Risk factor 4, p. 36)
- Raw materialsPrice rises, shortages or delays in key materials could raise costs. (Risk factor 5, p. 37)
- Single plantAny disruption at its one manufacturing facility would hurt the business. (Risk factor 6, p. 39)
- Few repeat ordersProducts last long, so repeat business is low and it must keep finding new customers. (Risk factor 8, p. 40)
Documents
Jerai Fitness DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Jerai Fitness IPO FAQs
When will the Jerai Fitness IPO open?
The date is not announced. SEBI issued observations on 31 December 2025, and SEBI rules require the IPO to open within 12 months of that date, so by 31 December 2026 (our calculation). The company announces the dates in its red herring prospectus and price band notice.
Has SEBI approved the Jerai Fitness IPO?
Yes. SEBI issued its final observations on 31 December 2025 (SEBI processing status archive, April 2025 to March 2026). SEBI does not "approve" an IPO as such; its observations let the company go ahead.
What is the Jerai Fitness IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Jerai Fitness IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Jerai Fitness IPO?
Emkay Global Financial Services Ltd. is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
Does Jerai Fitness get any money from the IPO?
No. According to the DRHP, the IPO is an offer for sale only, of up to 43,92,500 shares. The money goes to the selling shareholders, not the company, and no new shares are issued.
What does Jerai Fitness do?
Jerai Fitness makes and sells gym equipment under the Jerai Fitness brand. It makes strength training equipment at its plant in Wada, Palghar, Maharashtra, and buys cardiovascular equipment from other makers to sell under its own brand. It also sells fitness accessories.
Where can I read the Jerai Fitness DRHP?
On SEBI's website, where the draft red herring prospectus was published on 9 October 2025. The draft is dated 29 September 2025 and runs to 461 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 29 September 2025. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.