Jay Bee Laminations
Book Building issueSME₹88.96 Cr issue
+90.00%
Listing gain over issue price
Issue size
₹88.96 Cr
1 lot at cut-off
₹1,46,000
Lot size
1,000shares
Open
27 Aug 2024
Close
29 Aug 2024
Allotment
30 Aug 2024
Listing
03 Sep 2024
Listing performance
Issue price
₹146
Listed at
₹277.40
Listing-day close
₹291.25
Latest price
₹80
Close on 23 Oct 2026
Listing gain
+90.00%
Return since issue
-45.21%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 27 Aug 2024 – 29 Aug 2024
- Listing date
- 03 Sep 2024
- Face value
- ₹10 per share
- Issue price
- ₹146 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹88.96 Cr
- Market cap at offer price
- ₹329 Cr
- Promoter holding
- 97.00% → 70.61% pre-issue → post-issue
- ISIN
- INE0SMY01017
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Swaraj shares & securities Pvt.Ltd.
- Registered office
- 26/36, Upper Ground Floor, East Patel Nagar New Delhi Patel Nagar East, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 17,10,000 | — | — |
| Market maker | 3,05,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹146
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,46,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,92,000 |
| S-HNI (max) | 6 | 6,000 | ₹8,76,000 |
| B-HNI (min) | 7 | 7,000 | ₹10,22,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
17,10,000
Anchor portion
₹24.97 Cr
at ₹146 per share
Valuation and performance
Valuation at offer price
₹146 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.75 | 8.58 |
| P/E (×) | 13.58 | 17.02 |
| Price to book (×) | 4.18 | — |
| Market cap | — | ₹329 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 30.81%
- ROCE
- 39.23%
- Debt / equity
- 0.38
- PAT margin
- 6.39%
- NAV per share
- ₹34.90
- Price to book
- 4.18
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Jay Bee Laminations
Established in 1988, Jay Bee Laminations Limited manufactures and supplies electrical laminations, slit coils, and assembled cores made of Cold Rolled Grain Oriented Silicon steel and Cold-Rolled Non-Grain-Oriented Steel for applications in transformers, UPS, and inverters in the power industry. The company operates two manufacturing facilities located in Noida and Greater Noida, Uttar Pradesh. It generates revenue primarily from the power sector, with transformers representing 97.92% of revenue in FY2024. The company has shown growth in revenue from operations from ₹14,167.39 Lakhs in FY2022 to ₹30,349.56 Lakhs in FY2024, with profit after tax growing from ₹595.17 Lakhs to ₹1,935.27 Lakhs.
Company Analysis
from RHPJay Bee Laminations manufactures electrical laminations, slit coils, and assembled cores from Cold Rolled Grain Oriented Silicon steel and Cold-Rolled Non-Grain-Oriented Steel for transformers, UPS, and inverters in the power industry.
Established in 1988, Jay Bee Laminations Limited manufactures and supplies electrical laminations, slit coils, and assembled cores made of Cold Rolled Grain Oriented Silicon steel and Cold-Rolled Non-Grain-Oriented Steel for applications in transformers, UPS, and inverters in the power industry. The company operates two manufacturing facilities located in Noida and Greater Noida, Uttar Pradesh. It generates revenue primarily from the power sector, with transformers representing 97.92% of revenue in FY2024. The company has shown growth in revenue from operations from ₹14,167.39 Lakhs in FY2022 to ₹30,349.56 Lakhs in FY2024, with profit after tax growing from ₹595.17 Lakhs to ₹1,935.27 Lakhs.
electrical equipment and componentspower sectortransformer manufacturing
Objects of the Issue
- Funding Working Capital Requirements of our Company Up to ₹4,300 Lakhs p.26
- General Corporate Purpose [●] Lakhs p.26
- Meeting working capital requirements and general corporate purposes ₹4,500 Lakhs p.72
- Funding our working capital requirements Up to ₹4,300 Lakhs p.114
- General Corporate Expenses [●] p.114
- Not specified in document excerpt p.178
Issue Structure
- Total Issue
- 60,93,000 Equity Shares of face value of ₹10.00/- each aggregating to ₹[●] Lakhs
- Fresh Issue
- 45,70,000 Equity Shares of face value of ₹10.00/- each aggregating to ₹[●] Lakhs
- Offer for Sale
- 15,23,000 Equity Shares of face value of ₹10.00/- each aggregating to ₹[●] Lakhs
- Price Band
- ₹[●] per Equity Share (Floor Price) to ₹[●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares
- Face Value
- ₹10.00/- per Equity Share
Business Model
The company manufactures electrical steel products (CRGO and CRNGO cores) for transformers, UPS, and inverters. Revenue is generated through sales of these assembled cores to customers in the power sector. The business is working capital intensive, with significant time between raw material purchase and customer collections. Manufacturing capacity utilization was 83% in FY2024.
Business Segments
Supplies electrical laminations, slit coils, and assembled cores made of CRGO and CRNGO steel for transformer applications
Supplies electrical cores for inverters and uninterruptible power supply applications
Products manufactured for power and distribution transformer industry
Manufactures and supplies Cold Rolled Grain Oriented electrical steel cores, slit coils, cut laminations, and assembled cores for power and distribution transformers
Manufactures and supplies Cold-Rolled Non-Grain-Oriented electrical steel products (E & I stampings) for motors, generators, UPS, and inverters
Manufacture and supply of CRGO and CRNGO electrical steel cores and assembled cores for power and distribution transformers in various voltage classes from 11 kV to 220 kV.
Production of cut laminations from CRGO steel.
Assembly and supply of CRGO cores for transformers.
Manufacturing of slit coils from CRGO steel.
Manufacture and supply of electrical steel cores for inverter and UPS applications.
Supply of CRGO electrical steel cores to transformer manufacturers for power and distribution transformers ranging from 11kV to 220kV class
Supply of electrical steel cores to inverter and UPS manufacturers
SWOT Analysis
Strengths
- • Established market presence in electrical laminations and steel cores manufacturing(p.25)
- • Consistent revenue growth trajectory with improving profit margins(p.27)
- • Solid capacity utilization rates across manufacturing facilities(p.33)
- • Improved EBITDA margins and operational efficiency(p.43)
- • Experienced leadership with 35+ years in CRGO steel cores manufacturing(p.68)
- • Technical expertise and proprietary manufacturing knowledge(p.70)
- • Diversified product portfolio serving multiple end-user industries(p.65)
- • Long operational history and industry experience(p.154)
- • Strong production capacity utilization(p.154)
- • In-house integrated manufacturing capabilities(p.154)
- • Quality certifications and standards compliance(p.163)
- • BIS certification and government recognition(p.155)
- • Revenue and profit growth trajectory(p.126)
- • Well-established brand with experienced promoters and targeted sales network(p.169)
- • Strong financial performance with consistent revenue and profitability growth(p.170)
- • Experienced promoters with decades of industry expertise and seasoned management team(p.170)
- • Long-standing customer relationships with high retention rates(p.170)
- • ISO certifications for quality, environment, and occupational health and safety(p.171)
- • Remarkably low rejection rates demonstrating quality control excellence(p.171)
- • Capacity for manufacturing transformer cores up to 220 kV with potential for expansion(p.169)
- • Established market presence with 36 years of operations and diversified customer base(p.246)
- • Strong capacity utilization and production growth trajectory(p.254)
- • High profitability metrics and improving margins(p.261)
- • In-house manufacturing capabilities and quality control infrastructure(p.246)
- • Government recognition and export credentials(p.247)
- • Strong financial growth with improving return metrics(p.261)
Weaknesses
- • History of net loss during COVID-19 period impacting future cost management(p.32)
- • High dependency on a limited number of key customers for revenue(p.34)
- • Heavy reliance on limited number of raw material suppliers(p.39)
- • Significant working capital requirements impacting cash flow(p.45)
- • Historical corporate governance non-compliances and missing documentation(p.40)
- • Missing educational credentials for key personnel(p.40)
- • Significant regulatory and compliance deficiencies in corporate records(p.63)
- • Extensive missing and untraceable corporate secretarial records(p.50)
- • Past non-compliance with financial covenants under financing agreements(p.66)
- • High dependence on key promoter and management personnel(p.68)
- • Majority of directors lack prior experience in listed companies(p.69)
- • Outstanding borrowings with restrictive covenants(p.65)
- • Exposure to counterparty credit risk with significant trade receivables(p.67)
- • Heavy dependence on few large customers(p.158)
- • High raw material cost concentration(p.158)
- • Significant working capital requirements(p.119)
- • Debt burden(p.127)
- • Limited production capacity relative to growth(p.155)
- • Concentration of revenue in Cut Laminations product line(p.165)
- • High concentration of top customers representing majority of revenue(p.171)
- • Dependence on promoter personal guarantees for borrowings(p.187)
- • Reliance on substantial power and fuel consumption critical to operations(p.165)
- • Concentration of supply base in Maharashtra state(p.166)
- • High concentration of revenue and purchases from top customers and suppliers(p.268)
- • Significant reliance on imported raw materials subject to regulatory restrictions(p.252)
- • High raw material cost intensity relative to revenues(p.250)
- • Multiple ongoing litigations with customers regarding disputed payments(p.270)
- • Contingent liabilities related to tax proceedings(p.275)
- • Concentration of manufacturing facilities in limited geographic locations(p.253)
Opportunities
- • Expansion of Unit-II to increase production capacity and achieve economies of scale(p.35)
- • Growing India's electricity demand creating increased transformer and UPS market need(p.25)
- • Potential to increase export revenues beyond current 13.94% contribution(p.42)
- • Geographic expansion opportunity across underrepresented regions(p.42)
- • Expansion of manufacturing capacity at Unit-II in Greater Noida(p.66)
- • Use of IPO proceeds for working capital and general corporate purposes(p.72)
- • Growth in revenue from operations demonstrating market demand(p.73)
- • Growing power sector infrastructure demand(p.153)
- • Expanding renewable energy adoption(p.139)
- • Higher voltage transformer segment expansion(p.118)
- • Unit-2 expansion for production capacity(p.118)
- • Government manufacturing and infrastructure initiatives(p.143)
- • Export growth potential(p.145)
- • Expansion of manufacturing capacity at Unit-II to tap into higher voltage transformer segments(p.172)
- • Entry into 400 kV and 765 kV transformer core segments with limited competition(p.172)
- • Opportunity to expand amorphous metal cores business for distribution transformers(p.172)
- • Significant potential to increase export footprint targeting higher value-added products(p.172)
- • Government initiatives driving electricity distribution creating transformer demand(p.179)
- • Growing demand for transformers and power distribution infrastructure in India(p.249)
- • Expansion into emerging end-use segments beyond transformers(p.249)
- • Geographic expansion with regional market growth(p.262)
- • Capacity to increase production based on existing facility utilization(p.253)
- • Strategic positioning in high-margin, quality-sensitive transformer core market(p.246)
- • Capital investment for further manufacturing capabilities(p.225)
Threats
- • Heavy concentration in transformer sector creating end-market dependency risk(p.37)
- • Demand linked to broader power sector growth and economic conditions(p.37)
- • Price volatility and scarcity of key raw materials CRGO and CRNGO steel(p.38)
- • Import restrictions on critical raw materials could disrupt supply chain(p.44)
- • Disruption risk from operational concentration in Noida and Greater Noida facilities(p.32)
- • Regulatory licensing and approval requirements for continued operations(p.49)
- • Dependence on adequate electricity, water, and fuel supply for manufacturing(p.48)
- • Outstanding litigation and potential regulatory penalties(p.49)
- • Labor disputes and inability to attract skilled workforce(p.65)
- • Global economic instability and financial market volatility(p.73)
- • Natural disasters, pandemics, and geopolitical conflicts(p.73)
- • Inflation and inability to pass on cost increases to customers(p.75)
- • Foreign exchange fluctuation exposure(p.68)
- • Competition from group company M.S. Stampings Private Limited(p.71)
- • Changes in tax laws and loss of tax benefits(p.74)
- • Technology obsolescence and competitive disadvantage(p.71)
- • GST compliance dependency on entire supply chain(p.74)
- • Product liability claims and defects(p.65)
- • Raw material price volatility(p.153)
- • International trade and tariff risks(p.153)
- • Global economic slowdown risks(p.134)
- • DISCOM financial stress impacting domestic demand(p.151)
- • Import competition and market consolidation(p.153)
- • Regulatory and compliance requirements(p.153)
- • Risk of delays and cost overruns in Unit-II expansion affecting growth prospects(p.172)
- • Risk of manufacturing capacity underutilization affecting financial performance(p.172)
- • Increasing imports from China representing significant competitive pressure(p.166)
- • Market consolidation trend post-BIS Quality Control Order implementation(p.169)
- • Scarcity of consistent suppliers in higher voltage transformer classes limits market entry(p.169)
- • Volatility in global commodity prices affecting raw material costs(p.250)
- • Dependency on third-party transportation providers subject to disruption risks(p.252)
- • Potential disruption to manufacturing operations from unforeseen events(p.253)
- • Regulatory changes and labor code implementation requirements(p.252)
- • Industry cyclicality and government policy dependence(p.249)
- • Potential loss or changes in major customer relationships and orders(p.249)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Munish Kumar Aggarwal | Promoter and Promoter Selling Shareholder | 76.69% | 54.41% |
| Mr. Mudit Aggarwal | Promoter | 6.07% | 4.84% |
| Ms. Sunita Aggarwal | Promoter | 13.21% | 10.53% |
| Munish Kumar Aggarwal | Promoter/Chairman and Whole-time Director | — | — |
| Mudit Aggarwal | Promoter/Managing Director | — | — |
| Sunita Aggarwal | Promoter/Executive Director | — | — |
| Mr. Munish Kumar Aggarwal | Promoter | 76.69% | 54.41% |
| Mr. Mudit Aggarwal | Promoter | 6.07% | 4.84% |
| Ms. Sunita Aggarwal | Promoter | 13.21% | 10.53% |
| M/s MK Aggarwal HUF | Promoter group | 0.67% | 0.53% |
| Ms. Priya Gupta | Promoter group | 0.33% | 0.27% |
| M/s Mudit Aggarwal HUF | Promoter group | 0.03% | 0.03% |
| Mr. Munish Kumar Aggarwal | Promoter/Chairman & Whole-Time Director | 76.69% | — |
| Mr. Mudit Aggarwal | Promoter/Managing Director | 6.07% | — |
| Ms. Sunita Aggarwal | Promoter/Executive Director | 13.21% | — |
| Munish Kumar Aggarwal | Promoter | — | — |
| Mudit Aggarwal | Promoter | — | — |
| Sunita Aggarwal | Promoter | — | — |
| Munish Kumar Aggarwal | Promoter Selling Shareholder | — | — |
Leadership
Mr. Munish Kumar Aggarwal · Chairman and Managing Director
Mr. Mudit Aggarwal · Director
Ms. Sunita Aggarwal · Director
Ms. Arti Chauhan · Company Secretary and Compliance Officer
Mr. Subhash Raghav · Chief Financial Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Jay Bee Laminations IPO FAQs
What is the lot size of Jay Bee Laminations IPO?
The minimum lot size of Jay Bee Laminations IPO is 1,000 shares. One lot costs ₹1,46,000 at the cut-off price.
When does Jay Bee Laminations IPO open and close?
Jay Bee Laminations IPO opened for subscription on 27 Aug 2024 and closed on 29 Aug 2024.
What is the listing date of Jay Bee Laminations IPO?
Jay Bee Laminations IPO listed on 03 Sep 2024.