Jivial Industries made a disappointing debut on BSE SME today, opening at ₹156.80, representing a 20% discount from its issue price of ₹196. The stock continued to decline, slumping 22.83% from the issue price during early trading. The counter hit a high of ₹156.80 and low of ₹149.50, with about 5.63 lakh shares changing hands at the counter. The IPO, which closed with a 93% subscription, featured a total issue size of ₹31.99 crore comprising a fresh issue worth ₹26.65 crore and an offer-for-sale of ₹5.34 crore. The weak listing performance reflects investor concerns about the company's small scale operations and limited market presence.
The retail investor segment saw a 0.22 times subscription, while the non-institutional investor (NII) portion was subscribed 1.57 times, as reported by chittorgarh.com. The IPO had a price band of ₹196 per equity share with a face value of ₹10 per share, and the company received 14,43,000 shares against 15,50,400 shares available for subscription. The IPO comprised 16,32,000 equity shares, including a fresh issue of 13,59,600 equity shares and offer for sale of 2,72,400 equity shares. The promoter and promoter group shareholding diluted to 61.16% from 94.53% pre-offer, indicating significant stake dilution during the public offering.
For the nine-month period ending December 2025, Jivial Industries reported revenue of ₹12.2 crore and net profit after tax of ₹2.95 crore. For fiscal year 2025, the company recorded revenue of ₹12.07 crore and net profit of ₹2.97 crore, while maintaining a fairly low debt level of ₹1.23 crore. The company demonstrated strong financial performance with ROE of 41.09% and ROCE of 47.12%, with an almost debt-free balance sheet. The company's total installed capacity for finished aluminium railings stood at 193,000 running feet as of March 31, 2026, with utilisation at 66.75% for 9MFY26.
Founded in 2021, Jivial Industries manufactures aluminium railing systems and architectural hardware used in residential and commercial construction. The company's product portfolio includes handrails, spigots, brackets, locks, end caps, bends, jointers, and other aluminium fittings designed for balconies, glass partitions, façades, and viewing windows. The company primarily serves construction companies, architects, interior designers, fabricators, and glass solution providers across India, with 72% of total revenue derived from Gujarat, Maharashtra, and Chhattisgarh in 9MFY26. It also exports to Oman and maintains a manufacturing facility in Rajkot, Gujarat with plans to set up a second production unit. The company has secured three patents from the Government of India for its innovative spigot designs, developed by its promoter Anand Jitendra Chovatiya, and had 19 full-time permanent employees as of May 31, 2026.
According to reports from Business Standard, the company plans to deploy the net proceeds from the fresh issue towards acquiring new machinery, renovating and upgrading its manufacturing facility, covering issue-related expenses, and meeting general corporate requirements. Corporate Makers Capital Ltd. serves as the book-running lead manager, while Bigshare Services Pvt. Ltd. has been appointed as the registrar and Sunflower Broking Pvt. Ltd. will act as the market maker. The nil GMP of ₹0 at listing suggests no informal premium above the issue price, with the estimated listing price hovering near the issue price. BSE SME listed stocks often have thin trading volumes, making it difficult for investors to exit large positions at desired prices due to low market depth in early post-listing periods.
