SJP Ultrasonic IPO Day 1: Subscribed 0.07x; Retail demand triples to 0.03x
- SJP Ultrasonic IPO subscribed 0.07x on Day 1
- Retail investors lead with 0.03x demand
- QIBs and Big HNIs remain unsubscribed
- Issue closes on October 5, 2026
*this image is generated using AI for illustrative purposes only.
SJP Ultrasonic IPO opened on September 30, 2026, recording a cumulative subscription of 0.07x on Day 1. Retail investors led the demand with a 0.03x subscription, while QIBs and Employees remained unsubscribed.
Subscription Status
The initial day of bidding for SJP Ultrasonics Limited saw minimal activity across all investor categories. The total subscription stood at 0.07x by the close of Day 1. Retail investors were the primary contributors to this figure, with their subscription rising from 0.01x in the morning to 0.03x by the afternoon. Non-Institutional Investors (Small HNI) registered a 0.10x subscription, while Big HNIs, QIBs, and Employees saw zero subscription.
Subscription Progression
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 30-09-2026 | 0.00x | 0.00x | 0.10x | 0.03x | 0.07x |
Intra-day Timeline
The following table details the subscription status as of 12:15 IST on the first day:
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.00x | 0.01x | 0.04x |
| 12:15 | 0.00x | 0.00x | 0.03x | 0.07x |
Category-wise Breakdown
- Retail: The retail segment recorded a subscription of 0.03x, showing a significant intra-day jump from 0.01x.
- Non-Institutional Buyers (Small HNI): sHNIs subscribed to the extent of 0.10x.
- Qualified Institutional Buyers (QIB): No subscription was recorded from institutional investors.
- Employees: The employee quota remained unsubscribed.
- Non-Institutional Buyers (Big HNI): No bids were received from big HNIs.
Offer Details
- Company: SJP Ultrasonic
- Price Band: ₹67.00 - ₹67.00
- Issue Size: ₹2.68 crore - ₹5.00 lakh (Note: Data provided as 268000 - 500000, likely in lakhs or specific units per source context, treated as raw figures from input)
- Min Bid Qty: 4000
- Open Date: 2026-09-30 10:00:00
- Close Date: 2026-10-05 16:00:00
About the Company
SJP Ultrasonics Limited, incorporated on January 27, 2012, is an end-to-end plastic joining and industrial automation solution provider headquartered in Vasai East, Palghar, Maharashtra. The company operates across three segments — Plastic Joining Solutions, Industrial Automation, and Laser Technology Solutions — serving B2B customers in automotive, medical, electrical, electronics, FMCG, defence, and packaging industries.
The company holds ISO 9001:2015 certification and is led by Promoter and MD Jignesh Parekh. It has a total workforce of 84 employees.
Financial Highlights
| Metric | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations (₹ Cr) | 26.56 | 21.06 | 15.21 |
| Profit After Tax (₹ Cr) | 5.24 | 4.17 | 3.40 |
| Total Assets (₹ Cr) | 35.20 | 27.06 | 16.97 |
| Net Cash Flow (₹ Cr) | -0.55 | -0.05 | 0.23 |
Note: Financials are standalone. FY2026 PAT includes profit before tax of ₹7.02 Cr.
Objects of the Issue
The company proposes to utilize the net proceeds for the following purposes:
- Funding Capital Expenditure towards the Purchase of Machineries: ₹13.22 crore for purchasing Milling Machines, CNC Lathe Machines, Compressors, Robots, Laser Cutting Units, and other equipment to enhance in-house manufacturing capabilities.
- Funding Working Capital Requirements: ₹4.92 crore to support present and future growth, including expanding geographical reach and optimizing production capacities in Fiscal year ending March 2027.
- General Corporate Purpose: ₹3.05 crore for strategic initiatives, brand building, marketing activities, meeting operating expenses, repayment of borrowings, and other business exigencies.
Risk Factors
- Revenue Concentration: Approximately 97% of revenue is generated from Plastic Joining Solutions and Industrial Automation segments. Decline in demand or pricing pressures could adversely affect performance.
- Customer Dependence: Top five customers contributed 38.52% and top ten customers contributed 55.28% of total revenue in FY2026. Loss of key customers could cause material fluctuations in revenue.
- Negative Cash Flows: The company reported negative net cash flows from operating activities of ₹287.68 lakhs in FY2025 and ₹269.87 lakhs in FY2026, relying on financing activities to sustain operations.
- Regulatory Non-Compliance: Failure to register under EPF and ESIC Acts until June 15, 2024, exposes the company to potential fines, penalties, and increased contribution demands.
- Working Capital Intensity: Trade receivables rose sharply from ₹404.85 lakhs (FY2024) to ₹1,162.57 lakhs (FY2025), representing 55.21% of revenue, driven by extended credit periods to OEM customers.
What's Next
The SJP Ultrasonic IPO closes on October 5, 2026. Allotment is scheduled for October 6, 2026, with listing expected on October 8, 2026.
Will the zero institutional interest and low retail subscription force SJP Ultrasonics to reduce its IPO price band or offer additional incentives before the October 5 closing?
How might the company's negative operating cash flows and reliance on financing activities impact its ability to execute the ₹13.22 crore capital expenditure plan if the IPO is undersubscribed?
Given that 97% of revenue comes from just two segments, what specific strategies is management implementing to diversify income streams and mitigate customer concentration risks post-listing?
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