Akash Jha
On September 8, Jiwanram Sheoduttrai Industries, based in Kolkata, will begin accepting subscriptions for its initial public offering, which aims to raise Rs 17.07 crore at a price of Rs 23 per share.
This issue has a fixed price.
The initial public offering of 74,220,000 shares consists solely of new issues by the industrial safety mittens and clothing manufacturer. 3.72 million shares are allocated for the market maker, with the remaining 70,500,000 shares constituting the net issue.
Moreover, the net issue is split evenly between retail investors and high-net-worth individuals, or 35.25 million shares each.
The lot size has been fixed at 6,000 equity shares, with subsequent lots consisting of multiples of 6,000 shares. Individuals with a high net worth can invest a minimum of Rs 2.76 lakh for 12,000 shares. Retail investors are restricted to bidding for a maximum of 6,000 shares worth Rs 1.38 lakh due to the investment limit of Rs 2 lakh.
Jiwanram Sheoduttrai Industries, founded in 1997, manufactures and exports industrial safety mittens and garments at its facilities in Nandankanan and Falta SEZ in West Bengal.
In the fiscal year that ended in March of FY23, exports accounted for over 59 percent of total revenue of Rs 40.69 crore, with domestic sales accounting for the remainder.
The proceeds from the new issue will be used primarily to meet the working capital requirements of Rs 9,11 crore and to repay debts totaling Rs 2 crore. The remaining funds will be used for general business expenses amounting to Rs 2.76 crore.
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The public offering will conclude on September 12 and the premise for allotting IPO shares will be finalized by September 15 in consultation with the NSE.
By September 20, the equity shares will be transmitted to the demat accounts of successful investors, while refunds will be credited to the bank accounts of unsuccessful investors by September 18.
On September 21, the NSE Emerge will begin trading in equity shares.
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