Kolkata-based Jiwanram Sheoduttrai Industries' IPO will be opening for subscription on September 8, with a plan to raise Rs 17.07 crore at a price of Rs 23 per share.
It is a fixed-price issue.
The initial public offering of 74.22 lakh equity shares comprises only a fresh issue by the industrial safety gloves and garments maker. Out of the total issue, 3.72 lakh shares are reserved for the market maker and the remaining portion of 70.5 lakh shares is the net issue.
Further, the net issue is divided equally between retail investors and high networth individuals, i.e. 35.25 lakh shares each.
The lot size has been fixed at 6,000 equity shares and in multiples of 6,000 shares thereafter. Retail investors can bid for only 6,000 shares worth Rs 1.38 lakh as it can exceed the investment limit of up to Rs 2 lakh, while high networth individuals can make a minimum investment of Rs 2.76 lakh for 12,000 shares.
Also read: Samhi Hotels IPO to open on September 14, fresh issue size revised upwards to Rs 1,200 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.
The fresh issue proceeds will be utilised mainly for the working capital requirements amounting to Rs 9.11 crore and repaying debts worth Rs 2 crore. The remaining money will be used for general corporate purposes and offer expenses of Rs 2.76 crore.
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The public issue will close on September 12 and the basis of allotment of IPO shares will be finalised with the consultation of NSE by September 15.
The equity shares will be transferred to the demat accounts of successful investors by September 20, while the refunds will be credited to bank accounts of unsuccessful investors by September 18.
The trading in equity shares will commence on the NSE Emerge with effect from September 21.
Also read: Meson Valves India IPO to open on September 8, to mop up over Rs 31 crore
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