The scrip was listed at Rs 30, a discount of 30.43% compared with the issue price. The scrip hit a high of Rs 30 and a low of Rs 28.50. About 22.80 lakh shares of the company changed hands at the counter.
The initial public offer (IPO) of Jiwanram Sheoduttrai Industries was subscribed 9.48 times. The issue opened for bidding on 8 September 2023 and it closed on 12 September 2023. The price band of the IPO was fixed at Rs 23 per share.
The IPO comprised fresh issue of 74,22,000 shares. The company intends to utilize the net proceeds to meet the working capital requirements; prepayment and repayment of all or a portion of certain unsecured loan availed by our company; and general corporate purpose.
Jiwanram Sheoduttrai Industries is a manufacturing and exporting company specializing in industrial safety gloves and garments. With manufacturing facilities in Baruipur, Nandankanan, and Falta SEZ West Bengal, the company offers customized solutions in the field of industrial safety. Their products include gloves, industrial garments, and other protective PPEs. Since its establishment in 1997, Jiwanram Sheoduttrai Industries has expanded its operations and exports to countries like the United States, Spain, Germany, and Belgium.
The company's business is divided into three main product verticals: manufacturing and export of industrial leather gloves, production of industrial garments with fire retardant and other protective features, and manufacturing of work and casual wear products such as hospital garments, hotel industry garments, shirts, trousers, jeans, jackets, and T-shirts based on customer specifications.
The company recorded revenue from operations of Rs 4231.66 crore and net profit of Rs 402.65 crore for the period as on 31 March 2023.