Jivial Industries Lists at ₹156.80, Down 22.81%

Jivial Industries Ltd, incorporated in 2021 as a manufacturer of finished aluminium railings and fixtures using unfinished extruded aluminium railings and castings designing and manufacturing aluminium railing systems for glass partitions, balconies, viewing windows, and building façades with product portfolio including continuous profiles, handrails, spigots, conceals, bends, brackets, jointers, locks, and endcaps serving construction companies, architects, interior designers, glass providers, and fabricators across India, made a weak debut on BSE SME on Wednesday, July 1, 2026. The Jivial Industries share price opened at ₹156.80 representing steep discount of 20.00% from issue price of ₹196.00, slipped further to ₹151.30 (down 22.81%).

Jivial Industries Listing Details

Jivial Industries launched its fixed price IPO at ₹196 per share with minimum investment of 1,200 shares costing ₹2,35,200 raising ₹31.99 crore comprising fresh issue of ₹26.65 crore and offer for sale of ₹5.34 crore. The IPO was undersubscribed at just 0.93 times - retail severely undersubscribed at 0.22 times, NII at 1.57 times, no QIB portion in fixed price issue.

First-Day Trading Performance

Listing Price: Jivial Industries stock price opened at ₹156.80 representing steep discount of 20.00% from issue price, slipped further to low of ₹149.50 before recovering to ₹151.30 (still down 22.81%), with VWAP at ₹156.74. The weak listing resulted in significant losses for IPO investors with turnover of ₹8.71 crore, traded volume of 5.56 lakh shares, delivery of 100%, and market capitalisation of ₹70.65 crore against pre-IPO market cap of ₹91.52 crore.

Growth Drivers and Challenges

Growth Drivers:

High Margin Business: EBITDA margin of 31.08% and PAT margin of 24.33% with ROE of 28.93% and ROCE of 33.14%.

Near Debt-Free: Debt/equity of just 0.04 with total borrowings of only ₹1.23 crore against net worth of ₹11.66 croreC.

Expansion Plans: IPO proceeds of ₹14.40 crore for machinery and ₹4.00 crore for renovation supporting second manufacturing unit for capacity expansion and backward integration through aluminium extrusion.

Challenges:

IPO Undersubscribed: Total subscription of just 0.93x with retail at 0.22x and only 330 applications.

Static Revenue: Revenue almost flat from ₹12.07 crore in FY25 to ₹12.20 crore for 9M FY26.

Utilisation of IPO Proceeds

Machinery: ₹14.40 crore for purchase of new machineries to expand production capacity.

Facility Renovation: ₹4.00 crore for capital expenditure for renovation of manufacturing facility.

General Corporate Purposes: ₹3.99 crore.

Issue Expenses: ₹4.25 crore.

Financial Performance

Revenue: ₹12.20 crore for 9 months ended December 2025 (101% of full FY25), ₹12.07 crore for FY25, growth from ₹11.06 crore in FY24 and ₹8.40 crore in FY23.

Net Profit: ₹2.95 crore for 9 months FY26 (99% of full FY25), ₹2.97 crore in FY25, growth from ₹2.41 crore in FY24 and ₹1.17 crore in FY23, with post-IPO EPS of ₹8.42 and P/E of 23.29x. Investors tracking Jivial Industries share price should note IPO undersubscribed at 0.93x with only 330 applications, retail severely undersubscribed at 0.22x, near debt-free balance sheet with strong margins but static revenue growth, and 23% listing day loss reflecting weak investor sentiment.