Kolkata-based JiwanramSheoduttrai Industries Ltd. (JSIL) has seen an overwhelming response to its initial public offering (IPO), which was open for three days from Thursday. The IPO was subscribed 108.38 times, receiving a total of 89,063 applications, with the retail portion subscribed 151.47 times and the Non-Institutional Bidders (NIB) portion subscribed 65.23 times.
JSIL's IPO received bids for 76,41,12,000 shares against the 70,50,000 shares on offer. The retail investors' portion received bids for 53,43,78,000 shares against 35,28,000 shares and the NIB portion received bids for 22,97,34,000 shares against 35,22,000 on offer for this segment.
The company is engaged in the manufacturing of industrial garments and safety gloves and holds a significant place in the global and domestic personal protective equipment (PPE) market. The funds raised through the IPO will be used to meet working capital requirements, repay certain unsecured loans availed by the company and for general corporate purposes.
"We're thrilled by the overwhelming response to our IPO, with retail and Non-Institutional Bidders showing exceptional confidence. JiwanramSheoduttrai Industries Ltd.'s journey is off to an impressive start, reflecting trust in our vision and dedication to the safety sector. We look forward to a promising future," said Alok Prakash, Promoter and Managing Director of JSIL.
The IPO comprises a fresh issue of 74,22,000 equity shares at a fixed price of Rs 23/- per equity share aggregating up to Rs 17.07 crore. The face value of the equity shares is Rs 10 each and the issue price is 2.30 times of the face value of the equity share. The company is offering a minimum of 6,000 equity shares and in multiples of 6,000 equity shares thereafter.
Post-IPO, the promoter group holding will be 70.01 per cent, down from a pre-IPO stake of 99.996 per cent. The share capital of the company will increase to Rs 24.74 crores from Rs 17.32 crore before the public issue.
JSIL began its operations in 1997, manufacturing PPEs and has since grown into one of the top exporters and technology-driven safety solutions providers in India. The company operates three manufacturing facilities and exports to over 20 countries including the United States, Spain, Germany, Belgium and several countries in the Middle East.
The PPE market was valued at USD 68.5 billion in 2022 and is projected to shrink by 1.3 per cent between 2022 and 2027 to reach USD 64.2 billion. The rising need for personal protection equipment in the manufacturing and construction sectors is one of the key drivers fuelling market expansion.
The issue is being managed by Affinity Global Capital Market Private Limited (AGCMPL), a Category I Merchant Banker registered with SEBI. The company's shares will be listed on the NSE EMERGE Platform.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.