- Price band
- ₹196
- Issue size
- ₹31.99 Cr
- Lot size
- 600 sh
- Bidding
- 23 – 25 Jun
- Grey market
- —
Face value ₹10.00
83% fresh capital
Lists 1 Jul 2026
No quote recorded
Market data to 28 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Jivial Industries makes finished aluminium railings and the fixtures that hold glass balustrades together, from a single 6,500 square foot plant in the Aji GIDC estate at Rajkot, Gujarat, with 19 employees. Revenue from operations was Rs 8.40 crore in FY23, Rs 11.06 crore in FY24 and Rs 12.01 crore in FY25, with profit after tax of Rs 1.17 crore, Rs 2.41 crore and Rs 2.97 crore over the same three years. The issue was priced at Rs 196 (band low and high both Rs 196) and sized at Rs 31.99 crore, being Rs 26.65 crore fresh and Rs 5.34 crore offer for sale; the only subscription snapshot the record carries, dated 25 June 2026, shows 0.98 times overall, with the non-institutional portion at 1.75 times and retail at 0.22 times. It listed on BSE SME on 1 July 2026 at Rs 156.80, closed day one at Rs 161.70, and last traded at Rs 78 on 21 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for Jivial Industries, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2018 · Rajkot, Gujarat · 19 employees
Jivial Industries manufactures finished aluminium railings and the fixtures that hold them together, from a single 6,500 square foot plant in the Aji GIDC estate at Rajkot, Gujarat. It buys unfinished extruded aluminium profiles and aluminium castings and cuts, drills, anodises, buff-polishes and powder-coats them to each customer's specification. The output is two railing types — continuous profiles that grip glass at the bottom, and handrails that hold it at the top — plus the supporting hardware: spigots, conceals, bends, brackets, jointers, locks and endcaps. These go into glass partitions, balconies, viewing windows, staircases and building facades. Buyers are small and mid-sized construction companies, architects, interior designers, glass providers and fabricators. The company holds three Indian patents on its spigot designs. Gujarat, Maharashtra and Chhattisgarh together produced 72.87% of FY25 revenue.
Revenue is per-unit product sales — handrails sold in running feet, fixtures by piece — from one Rajkot unit. The dominant cost is metal: materials consumed were 60.14% of revenue from operations in FY25, 64.95% in FY24 and 68.60% in FY23, so margin tracks aluminium prices and finishing yield. Restated FY25 revenue from operations was Rs 12.01 crore with EBITDA of Rs 3.75 crore, a 31.23% margin. The structural constraint is capacity and the missing first step: at 31 December 2025 the plant ran at 66.75% utilisation on railings and 58.50% on fixtures, and it buys its extrusions in. Fresh-issue proceeds fund a second Rajkot unit with its own extrusion line.
The company on paper
- Legal name
- Jivial Industries Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 23 Jun 2021trading as Jivial Industries since 2018
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U28999GJ2021PLC123516
- Sector
- Materials · Aluminium railings and architectural fixtures for glass balustrades
- Employees
- 19
- Registered office
- Rajkot, Gujarat
- Promoters
- Anand Jitendrabhai Chovatiya, Sheetalben Anand Chovatiya
- Promoter holding, pre-issue
- 94.5%
- Promoter holding, post-issue
- 61.2%
- Website
- jivialrailings.com
The numbers
Financial performance
Revenue has compounded at 19.6% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
83% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹26.65 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹5.34 Cr
- Total issue size
- ₹31.99 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
- Market maker portionSME issues require a market maker to provide two-way quotes
- 81,600
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 33.4% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹196.00
- Listed at
- ₹156.80
- Listing gain
- down 20.0%
- Since listing
- down 50.3%
- Against the issue price
- down 60.2%
Trading at ₹78.00 on 28 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 1,200
- At cut-off price
- ₹196.00
- Amount blocked
- ₹2,35,200
One lot is 600 shares at ₹1,17,600. This issue requires a minimum of 2 lots, so the smallest application is ₹2,35,200. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~100%
chance of one lot, per application
- Retail subscription
- 0.22×
- Applicants per share available
- 0.2× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹156.80
listed at, −20.0% against the issue price
- Issue price
- ₹196.00
- Premium said
- —
- If allotted 600 shares
- −₹23,520
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- EBITDA margin was higher in each later year the record carries: Rs 1.42 crore on revenue of Rs 8.40 crore in FY23 (16.90%), Rs 3.08 crore on Rs 11.06 crore in FY24 (27.85%) and Rs 3.75 crore on Rs 12.01 crore in FY25 (31.22%).
- Materials consumed were a smaller share of revenue from operations in each later year on record: 68.60% in FY23, 64.95% in FY24 and 60.14% in FY25.
- Total borrowings were small beside net worth in every year the record carries: Rs 0.18 crore against Rs 1.53 crore in FY23 (0.12x), Rs 0.44 crore against Rs 5.75 crore in FY24 (0.08x) and Rs 0.38 crore against Rs 8.72 crore in FY25 (0.04x).
- The record states the company holds three Indian patents on its spigot designs.
What to weigh against it
- Revenue rose 31.67% in FY24 (Rs 8.40 crore to Rs 11.06 crore) and 8.59% in FY25 (Rs 11.06 crore to Rs 12.01 crore); profit after tax rose 105.98% in FY24 (Rs 1.17 crore to Rs 2.41 crore) and 23.24% in FY25 (Rs 2.41 crore to Rs 2.97 crore).
- The record states that Gujarat, Maharashtra and Chhattisgarh together produced 72.87% of FY25 revenue.
- FY25 revenue from operations was Rs 12.01 crore, generated from one 6,500 square foot plant at Rajkot with 19 employees.
- The shares last traded at Rs 78 on 21 October 2026, against the Rs 196 issue price (-60.2%) and against the Rs 156.80 listing price (-50.26%); the listing price itself was 20% below the issue price.
Easy to miss in the prospectus
- The record carries one subscription row only, dated 25 June 2026 (total 0.98 times, non-institutional 1.75 times, retail 0.22 times), with the QIB and employee figures null and no day-1 or day-2 rows.
- No financial period later than 31 March 2025 appears in the record, although the capacity utilisation it quotes - 66.75% on railings and 58.50% on fixtures - is dated 31 December 2025.
- The record holds no valuation, no allocation split, no anchor book, no peer set and no itemised offer objects; the only use of proceeds it states in prose is a second Rajkot unit with its own extrusion line.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Corporate Makers Capital Limited
- RegistrarAllotment status is checked on the registrar's own site
- Bigshare Services Private Limited
How these figures were checked
Reconciled to Jivial Industries's own prospectus and to exchange disclosures, then cross-checked against 5 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Prospectus dated June 17, 2026 (final, fixed price issue) - company investor relations PDF · read 16 Oct 2026
- Draft Prospectus dated September 30, 2025 - company investor relations PDF · read 16 Oct 2026
- BSE quote page, Jivial Industries Ltd (JIVIAL | 544805 | INE0V3T01017) · read 16 Oct 2026
- Jivial Industries corporate website - About Us · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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