SJP Ultrasonic IPO Day 3: Subscribed 0.60x; bHNI leads at 0.82x, QIB yet to participate
- SJP Ultrasonic IPO subscribed 0.60x on Day 3, unchanged from Day 2.
- bHNI segment leads with 0.82x subscription; QIB participation remains zero.
- Retail subscription stands at 0.23x, holding steady since Day 2.
- Issue closes October 5, 2026, with allotment on October 6 and listing on October 8.
*this image is generated using AI for illustrative purposes only.
SJP Ultrasonic's IPO has held steady at 0.60x overall subscription on Day 3 (October 2, 2026), matching the Day 2 close. The bHNI segment continues to lead demand at 0.82x, while QIB participation remains absent heading into the final stretch of the issue.
Subscription Status
The overall subscription has been ticking up gradually since Day 1, driven primarily by bHNI bidders. Day 3 morning data shows no fresh movement from the Day 2 close, with the total holding at 0.60x as of the 11:15 IST snapshot.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 30-09-2026 | 0.00x | 0.00x | 0.70x | 0.10x | 0.42x |
| Day 2 | 01-10-2026 | 0.00x | 0.82x | 0.82x | 0.23x | 0.60x |
| Day 3 | 02-10-2026 | 0.00x | 0.82x | 0.82x | 0.23x | 0.60x |
Category-wise Breakdown
The bHNI category is the standout performer, holding at 0.82x — the highest among all investor categories. Retail has moved up from 0.10x on Day 1 to 0.23x by Day 2 and has held that level into Day 3. The sHNI segment, which opened at 0.70x on Day 1, has also stabilised at 0.82x. QIB participation remains at 0.00x across all three days.
Intra-day Timeline on 02-10-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.00x | 0.23x | 0.60x |
| 12:15 | 0.00x | 0.00x | 0.23x | 0.60x |
Offer Details
| Parameter | Details |
|---|---|
| Price Band | ₹67 |
| Issue Size | 268,000 – 500,000 shares |
| Minimum Bid Quantity | 4,000 shares |
| Issue Open | September 30, 2026 |
| Issue Close | October 5, 2026 |
| Allotment Date | October 6, 2026 |
| Listing Date | October 8, 2026 |
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
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations (₹ crore) | 15.21 | 21.06 | 26.56 |
| Total Revenue (₹ crore) | 15.22 | 21.15 | 26.63 |
| Total Expenses (₹ crore) | 10.48 | 15.65 | 19.58 |
| Profit Before Tax (₹ crore) | 4.74 | 5.50 | 7.02 |
| Total Profit / PAT (₹ crore) | 3.40 | 4.17 | 5.24 |
| Total Assets (₹ crore) | 16.97 | 27.06 | 35.20 |
| Total Equity (₹ crore) | 6.73 | 14.85 | 20.09 |
Objects of the Issue
- Funding Capital Expenditure towards the 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 Purpose (₹3.05 crore): 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 derived from Plastic Joining Solutions (46.52%) and Industrial Automation (50.48%) in FY2026; any demand decline in these segments could materially affect 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 operations 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: The company failed to register under the Employees Provident Fund Act and Employees State Insurance Act until June 15, 2024, exposing it 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 remains open until October 5, 2026. Allotment is scheduled for October 6, 2026, with listing on October 8, 2026.
How might the complete absence of QIB participation influence the stock's price stability and liquidity on its October 8 listing?
Can SJP Ultrasonic effectively mitigate its negative operating cash flows and rising trade receivables using the allocated capital expenditure funds?
What impact will the company's recent EPF and ESIC compliance gaps have on potential regulatory scrutiny or future institutional investor confidence?
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