Jerai Fitness IPO

About Jerai Fitness IPO

The IPO of Jerai Fitness comprises an offer for sale. It has no fresh issue. The offer for sale is up to 4,392,500 equity shares It’s a 100% book-built issue. The price band is TBA. The IPO opens on TBA and closes on TBA.

The listing date is on TBA and the allotment date is TBA. The credit of shares to the Demat account will take place on TBA, while the initiation of refund will take place on TBA.

Jerai Fitness is into manufacturing and distribution of fitness equipment. The company’s fitness equipment is bifurcated into cardiovascular equipment (which it procures from third-party manufacturers and distribute under its brand, used for cardiovascular exercises), strength training equipment (used for strength training including hypertrophy, power-training, functional training, muscular endurance training) as well as accessories which are used for fitness training.

Objectives of Jerai Fitness IPO

Jerai Fitness will not receive any proceeds from the offer and all the offer proceeds will be received by the selling shareholders after deduction of offer related expenses and relevant taxes thereon, to be borne by the selling shareholders.

Industry Outlook

The global trade of fitness equipment was US$ 9.8 billion in 2019 and reached US$ 10.1 billion in 2024, growing at a CAGR of 1%. The peak in trade value was achieved in 2021, when global fitness equipment trade rose to US$ 18.9 billion, driven by increased spending on home fitness, particularly in countries like the United States.

The fitness equipment market includes cardiovascular training equipment, strength training equipment and other equipment. Cardiovascular training equipment makes up for the largest share of the market, accounting for 55% market share in 2024. This is followed by strength training equipment and other equipment, accounting for 36% and 9% of the market in 2024, respectively.

Also, the Indian fitness equipment market was estimated to be ₹15,000 mn in 2019 and reached ₹ 25,000 mn. In 2024, growing at a CAGR of 11%. The market is further set to grow to ₹46,000 mn by 2029 at a CAGR of 13%.

This growth is fuelled by multiple factors like the increasing number of gyms in the country, shift towards mid to premium gyms investments by celebrities in gym chains, increasing young population with higher disposable incomes, government focus on healthcare, increasing number of residential complexes and hotel chains, growth of gyms in tier 2 and tier 3 cities, etc.

Company Information

Jerai Fitness is into manufacturing and distribution of fitness equipment. The company’s fitness equipment is bifurcated into cardiovascular equipment (which it procures from third-party manufacturers and distribute under its brand, used for cardiovascular exercises), strength training equipment (used for strength training including hypertrophy, power-training, functional training, muscular endurance training) as well as accessories which are used for fitness training.

Strengths of Jerai Fitness

• Manufacturer of fitness equipment in India with a legacy of over three decades, offering a competitive advantage
  
• Extensive product range catering to various fitness requirements with an expanding product portfolio
  
• Caters to a diverse range of customers across multiple industries
  
• Global outreach and expanding international presence
  
• Experienced and qualified management team
  

Risks of Jerai Fitness IPO

• Any damage to brand name, if not immediately and sufficiently remedied, could have an adverse effect on reputation
  
• Any reduction in orders for strength training equipment could have a material adverse effect on business
  
• Any reduction in orders from commercial gyms, whether as a result of decrease in members enrolment or otherwise, could have a material adverse effect on business
  
• Significant increases or fluctuations in prices of, or shortages of, or delay or disruption in supply of primary materials could affect estimated costs
  
• Any slowdown, breakdown, shutdown, or disruption in manufacturing facility could adversely impact business
  
• Failure to adhere to requirements of providing products as per agreed specification could result in the loss of business and reputation
  
• Low repeat business due to the durable nature of products
  
• Sales and profitability may decline as a result of increasing product cost and decreasing selling prices
  

Anchor Investor Bidding Date TBA

IPO Registrar and Book Running Lead Managers

• IPO Registrar: Bigshare Services
• Book Running Lead Managers: Emkay Global Financial Services and Catalyst Capital Partners

Business Model

The fitness equipment of Jerai Fitness is bifurcated into cardiovascular equipment as well as accessories which are used for fitness training. The company distributes a comprehensive range of cardiovascular fitness products sourced from third-party manufacturers, including treadmills, elliptical trainers, recumbent bikes, upright bikes, spinning bikes, stair-climbers, air bikes, air rowers and steppers. Its strength training fitness equipment comprises:

• Selectorised strength equipment
• Load-on fitness equipment
• Benches, racks and free-weights
• Multi-gym and functional training stations

The company also manufactures and retail fitness accessories that complement its fitness equipment line. These include functional training products including various kinds of dip stands, gym belts, plyometric soft box sets, power bag sets, Bulgarian bag sets, kettle bells, wall balls, medicine balls, foam rollers, punching bags, stability balls, exercise wheels, battle ropes and climbing ropes, aerobic step boards, gym balls, bumper plates, boxing gloves, trampolines, etc.

Company Growth Trajectory

The revenue from operations of Jerai Fitness grew from ₹115.425 crores in FY 23 to ₹128.046 crores in FY 25, while its PAT margin increased from 16.70% in FY 23 to 18.28% in FY 25. The number of exporting countries doubled from 7 in FY 23 to 14 in FY 25. Extensive product range coupled with global outreach has helped the company grow over the years.

Market Position

The manufacturing facility of Jerai Fitness is located in Wada, Palghar in Maharashtra. It also offers connectivity to metropolitan areas, particularly Mumbai. The company has established a global footprint, positioning itself as an Indian manufacturer in the international fitness equipment industry.

As of August 31, 2025, the company has customers in 26 countries, including the United Kingdom, Germany, Japan, Australia, Sweden, Ireland, United Arab Emirates (UAE), Saudi Arabia, Qatar, Kuwait, Taiwan, Malaysia, Brazil, Hungary, Malta, Maldives, Serbia, Iraq, Bangladesh, Ghana, Cambodia, Kenya, Poland, France, Netherlands and USA. These exports have been facilitated through a network of 9 international distributors.

How to Check Allotment Status of Jerai Fitness IPO?

1. Visit the Registrar’s Website

• Visit the official website of Bigshare Services
• Choose IPO Allotment Status from ‘Services’
• Click on any one of the servers
• Choose ‘Company Name’ from dropdown
• Enter either your application number, CAF number or beneficiary ID

2. Check on the National Stock Exchange Website

The National Stock Exchange (NSE) website has an IPO bid verification module. You can use it to check the allotment status of Jerai Fitness IPO. Go to the NSE website and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'. On the NSE IPO bid verification page, enter:

• Company name from dropdown
• Application number
• PAN

Then click 'Submit' to know the allotment status.

3. Check on the BSE Website

The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page. On the BSE IPO page, follow these steps:

• Select 'Equity' from the dropdown menu
  
• Choose 'Jerai Fitness' in the next dropdown
  
• Enter your application number
  
• Enter your PAN
  
• Click 'Search’ to know allotment status
  

How to Apply for the Jerai Fitness IPO?

To apply for this IPO:

• Log in to your Kotak Neo Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Specify IPO details: Enter the number of lots and the price you wish to apply for.
  
• Enter UPI ID: After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Mandate Notification: Your UPI app will receive a mandate notification to block funds.
  
• Approve Request: Your funds will be blocked once you approve the mandate request on your UPI.