Jivial Industries' SME IPO will open for subscription on Tuesday, with the grey market indicating a subdued listing. The company's shares commanded a grey market premium (GMP) of 0% ahead of the issue, suggesting no expected listing gains at current levels.
The BSE SME issue will close on June 25, while the shares are scheduled to list on July 1. The IPO is priced at Rs 196 per share and comprises a combination of a fresh issue worth Rs 26.65 crore and an offer for sale (OFS) of Rs 5.34 crore, taking the total issue size to Rs 31.99 crore.
Retail investors can bid for a minimum of 1,200 shares, requiring an investment of Rs 2.35 lakh.
Incorporated in 2021, Jivial Industries manufactures aluminium railing systems and architectural fixtures used in residential and commercial buildings. Its product portfolio includes handrails, spigots, brackets, locks, endcaps, bends, jointers and other aluminium fittings used for balconies, glass partitions, façades and viewing windows.
The company caters to construction firms, architects, interior designers, fabricators and glass solution providers across India, with a strong presence in Gujarat, Maharashtra and Chhattisgarh. It also exports a small portion of its products to Oman.
Jivial operates a manufacturing facility in Rajkot and plans to establish a second unit to expand production capacity and strengthen backward integration through aluminium extrusion.
The company plans to utilise the fresh issue proceeds to purchase new machinery, renovate its manufacturing facility, meet issue-related expenses and for general corporate purposes.
For the nine months ended December 2025, Jivial Industries reported revenue of Rs 12.2 crore and profit after tax of Rs 2.95 crore. For FY25, the company posted revenue of Rs 12.07 crore and net profit of Rs 2.97 crore, while maintaining a relatively low debt level of Rs 1.23 crore.
With the GMP at zero, the grey market is not pricing in listing gains at present. Investors may therefore focus on the company's long-term growth prospects and execution of its expansion plans rather than short-term listing expectations.
