Ashish Kacholia’s Early Bet on Jain Recycling Shines as Stock Surges 41% Post IP

[Michael Gonsalves]

Ace investor Ashish Kacholia, often dubbed the "Big Whale of Midcaps," has struck gold—quite literally—with his early investment in Jain Recycling Ltd. The specialty metals and gold refining company, which went public recently, has delivered a 41% gain from its IPO price of ₹232 per share.

Kacholia, known for spotting high-growth industrial and manufacturing stories before the crowd, was allotted a 1.14% pre-IPO stake in Jain Recycling. That holding, now worth approximately ₹128 crore, underscores his knack for identifying scalable businesses in under-the-radar sectors.

Institutional Frenzy Meets Retail Enthusiasm

The IPO of Jain Recycling witnessed robust institutional demand, with the qualified institutional buyers (QIB) portion oversubscribed 27 times. Analysts attribute this to the company's strong fundamentals and its position in the fast-expanding circular economy value chain.

Post listing, the stock has seen continued buying interest from mutual funds and long-only investors, indicating confidence in the company's long-term profitability.

"Jain Recycling operates in a segment with strong tailwinds — precious metal recovery and responsible waste processing," said a fund manager at a large domestic AMC. "Its efficient refining process and steady margins make it a rare sustainable play in metals."

Business Outlook

Jain Recycling is engaged in recycling non-ferrous metals and refining gold, catering to industries spanning jewelry, electronics, and automotive manufacturing. The company benefits from the growing regulatory push for metal recovery and the rising demand for refined gold in the domestic market.

Analysts expect the firm's margins to expand further as it scales capacity and capitalizes on India's evolving recycling ecosystem.

Kacholia's timely bet reaffirms his reputation for identifying high-quality businesses at an early stage. For Jain Recycling, the strong listing and continued institutional appetite suggest the market is rewarding companies aligned with sustainability, resource efficiency, and India's formalization of the recycling industry.