Runaya, an enterprising metal recycling firm founded by brothers Annanya and Naivedya Agarwal, offspring of Vedanta’s Vice-Chairman Navin Agarwal, has announced that all necessary documents and preparations for its initial public offering (IPO) have been completed. Awaiting the green light from their financial advisors, the company is poised to take a significant leap into the public market.
The CEO of Runaya, Annanya Agarwal, conveyed to PTI during a candid interaction that the company’s paperwork is in order, with a readiness level of 100 percent. Despite this preparedness, the company has not yet determined specific dates for its IPO, suggesting a strategic and measured approach to going public.
Agarwal emphasizes the company’s dedication to building strong foundations and ensuring operational readiness. “We want to build the best company,” Agarwal stated, expressing that the decision to launch the IPO will coincide with the timing deemed appropriate by their financial consultants.
Runaya has already channeled an investment of approximately Rs 300 crore into its operations and is strategizing to allocate an additional Rs 700 crore in the upcoming 18-20 months. This expansion initiative will largely fortify the company’s aluminum dross and zinc ventures, which are expected to account for 30 percent of the projected value.
In its quest for innovation and sustainability, Runaya is exploring new ventures associated with the production of green aluminum. Touted as the “lowest carbon aluminum in the world,” the company aims to discover and develop a diverse array of products derived from this eco-friendly metal.
An exciting project on Runaya’s horizon involves the manufacturing of green aluminum powder, primarily used in the paint industry. This initiative aligns with Runaya’s mission of environmental stewardship and recycling, which already include the recovery of green aluminum and diversified metal recovery.
The Mumbai-based startup has set ambitious financial targets. Runaya foresees a scaling revenue that is expected to surge to Rs 1,200 crore in the current fiscal year and escalate further to Rs 2,000 crore in the subsequent financial year. This forecast represents a dramatic increase compared to the Rs 500 crore in revenue achieved in FY24.
The company prides itself on its recycling capabilities, having processed 57,377 metric tonnes of waste while producing 24,391 metric tonnes of green metal in the last fiscal year. Aiming high for the future, Runaya anticipates a total waste recycling of up to 100,000 metric tonnes and the production of approximately 45,000 metric tonnes of green metal during the current financial year. Their aspirations extend further into FY26, with projected recycling of 200,000 metric tonnes of waste coupled with 90,000 metric tonnes of green metal output.
Beyond the immediate future, Runaya harbors greater aspirations. They aim to scale up their processing capabilities to a staggering five million tonnes per annum of waste, alongside recovering a colossal 250 kilo tonnes per annum of green metal. These figures not only underscore the startup’s ambitious growth trajectory but also reflect their inherent commitment to fostering sustainable practices within the industry.
Runaya’s planned IPO and expansion strategies highlight the dynamism within the metal recycling sector, echoing a broader environmental consciousness and ingenuity. As Runaya awaits the signal to debut on the public markets, it stands on the precipice of potentially altering the landscape of metal recycling and green production on a global scale. The anticipation surrounding Runaya’s IPO suggests a burgeoning investor interest in enterprises that successfully combine profitability with sustainability.
