SJP Ultrasonic's IPO is 0.45x subscribed on Day 2, with Retail demand rising to 0.13x. QIB and bHNI remain at 0.00x, while sHNI holds steady at 0.70x.

Subscription Status

The issue has seen marginal movement between Day 1 and Day 2, with overall subscription edging up from 0.42x to 0.45x. Retail participation has ticked up slightly from 0.10x to 0.13x, but broader momentum remains subdued heading into the midpoint of the subscription window. The sHNI segment continues to be the sole driver of institutional interest, maintaining its position at 0.70x across both days.

Subscription Progression

Category-wise Breakdown

The sHNI (small HNI) segment remains the standout performer, holding steady at 0.70x. QIB and bHNI (big HNI) have yet to register any bids, both sitting at 0.00x. Retail has shown a slight uptick, moving from 0.10x on Day 1 to 0.13x on Day 2. The issue has not yet crossed the 1x (fully subscribed) threshold.

Intra-day Timeline — October 1, 2026

Offer Details

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. It holds ISO 9001:2015 certification and is led by Promoter and MD Jignesh Parekh, with a total workforce of 84 employees.

Financial Highlights

Objects of the Issue

• Funding Capital Expenditure towards Purchase of Machineries (₹13.22 crore): Purchase of 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 optimising production capacities in FY2027.
• General Corporate Purposes (₹3.05 crore): Strategic initiatives, brand building, marketing activities, meeting operating expenses, repayment of borrowings, and other business exigencies.

Risk Factors

• Revenue Concentration in Two Segments: Approximately 97% of revenue is derived from Plastic Joining Solutions (46.52%) and Industrial Automation (50.48%) in FY2026; any decline in demand or pricing pressure in these segments could materially impact performance.
• Customer Concentration: Top five customers contributed 38.52% and top ten customers contributed 55.28% of total revenue in FY2026; loss of any key relationship could cause material revenue fluctuations.
• Negative Operating 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.
• Non-Compliance with EPF and ESIC Regulations: The company failed to register under the EPF Act and ESIC Act until June 15, 2024, exposing it to potential fines, penalties, and increased contribution demands.
• Single Manufacturing Facility: All manufacturing is conducted from a single facility in Vasai, Maharashtra, which also accounts for 44.05% of revenue; any disruption to this location could materially impact operations.

What's Next

SJP Ultrasonic's IPO is 0.45x subscribed on Day 2, with Retail demand rising to 0.13x. QIB and bHNI remain at 0.00x, while sHNI holds steady at 0.70x.

Subscription Status

The issue has seen marginal movement between Day 1 and Day 2, with overall subscription edging up from 0.42x to 0.45x. Retail participation has ticked up slightly from 0.10x to 0.13x, but broader momentum remains subdued heading into the midpoint of the subscription window. The sHNI segment continues to be the sole driver of institutional interest, maintaining its position at 0.70x across both days.

Subscription Progression

Category-wise Breakdown

The sHNI (small HNI) segment remains the standout performer, holding steady at 0.70x. QIB and bHNI (big HNI) have yet to register any bids, both sitting at 0.00x. Retail has shown a slight uptick, moving from 0.10x on Day 1 to 0.13x on Day 2. The issue has not yet crossed the 1x (fully subscribed) threshold.

Intra-day Timeline

The following table details the subscription status throughout the first day of bidding:

Offer Details

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. It holds ISO 9001:2015 certification and is led by Promoter and MD Jignesh Parekh, with a total workforce of 84 employees.

Financial Highlights

Objects of the Issue

• Funding Capital Expenditure towards Purchase of Machineries (₹13.22 crore): Purchase of 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 optimising production capacities in FY2027.
• General Corporate Purposes (₹3.05 crore): Strategic initiatives, brand building, marketing activities, meeting operating expenses, repayment of borrowings, and other business exigencies.

Risk Factors

• Revenue Concentration in Two Segments: Approximately 97% of revenue is derived from Plastic Joining Solutions (46.52%) and Industrial Automation (50.48%) in FY2026; any decline in demand or pricing pressure in these segments could materially impact performance.
• Customer Concentration: Top five customers contributed 38.52% and top ten customers contributed 55.28% of total revenue in FY2026; loss of any key relationship could cause material revenue fluctuations.
• Negative Operating 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.
• Non-Compliance with EPF and ESIC Regulations: The company failed to register under the EPF Act and ESIC Act until June 15, 2024, exposing it to potential fines, penalties, and increased contribution demands.
• Single Manufacturing Facility: All manufacturing is conducted from a single facility in Vasai, Maharashtra, which also accounts for 44.05% of revenue; any disruption to this location could materially impact operations.

What's Next