Jiwanram Sheoduttrai Industries Sheds 5% on Day 1 of Listing
Shares of Jiwanram Sheoduttrai Industries fell 5% and hit the lower circuit on September 18, soon after listing at a 30% premium to issue price on NSE Emerge. The stock started trading at Rs 30 against its issue price of Rs 23. At 12:30pm, it was quoting at Rs 28.50.
The industrial safety gloves and garments manufacturer had received bids for 78.04 crore equity shares against an offer size of 74.22 lakh shares, resulting into a subscription of 105.15 times.
Retail investors had bought 151.6 times the allotted quota while high net-worth individuals and other institutional investors have bid 69.80 times the portion set side for them.
The Kolkata-based company’s Rs 17.07-crore IPO comprised only a fresh issue of 74.22 lakh equity shares. It said that the proceeds would be used mainly for the working capital requirements amounting to Rs 9.11 crore and repaying debts worth Rs 2 crore.
Incorporated in 1997, Jiwanram Sheoduttrai Industries manufactures and exports industrial safety gloves and garments, with manufacturing facilities at Nandankanan and Falta SEZ in West Bengal.
Exports contributed over 59 percent to the topline of Rs 40.69 crore and the remaining revenue came from the domestic business in the year ended March FY23.
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