Jay Kailash Namkeen
Book Building issueSME₹11.93 Cr issue
+16.44%
Listing gain over issue price
Issue size
₹11.93 Cr
1 lot at cut-off
₹1,16,800
Lot size
1,600shares
Open
28 Mar 2024
Close
03 Apr 2024
Allotment
04 Apr 2024
Listing
08 Apr 2024
Listing performance
Issue price
₹73
Listed at
₹85
Listing-day close
₹80.75
Latest price
₹48.49
Close on 23 Oct 2026
Listing gain
+16.44%
Return since issue
-33.58%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 28 Mar 2024 – 03 Apr 2024
- Listing date
- 08 Apr 2024
- Face value
- ₹10 per share
- Issue price
- ₹73 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Total issue size
- ₹11.93 Cr
- Market cap at offer price
- ₹36.48 Cr
- Promoter holding
- 71.82% → 48.33% pre-issue → post-issue
- ISIN
- INE0MSS01019
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Expert Global Consultants Pvt.Ltd.
- Registered office
- Deeva House, Fourth Floor, Diwanpara 11/12 corner, Rajkot City, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 83,200 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹73
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,16,800 |
| S-HNI (min) | 2 | 3,200 | ₹2,33,600 |
| S-HNI (max) | 8 | 12,800 | ₹9,34,400 |
| B-HNI (min) | 9 | 14,400 | ₹10,51,200 |
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.
Valuation and performance
Valuation at offer price
₹73 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 2.64 | 1.21 |
| P/E (×) | 27.65 | 60.33 |
| Price to book (×) | 5.95 | — |
| Market cap | — | ₹36.48 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 24.72%
- ROCE
- 31.91%
- Debt / equity
- 0.61
- PAT margin
- 9.06%
- NAV per share
- ₹12.27
- Price to book
- 5.95
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Jay Kailash Namkeen
Jay Kailash Namkeen Limited was incorporated on June 30, 2021, and acquired the running business of Kailash Namkeen proprietorship firm on July 26, 2021. The company operates in the packaged Indian snacks segment with a diversified product portfolio of 186 SKUs across 56 products. The company has shifted from a B2B (Business to Business) focus to include B2C (Business to Consumer) from April 2022 onwards. The company manufactures snacks including Chana Jor Namkeen, Masala Chana Jor, Pudina Chana, Masala Mung Jor, Plain Mung Jor, Soya Sticks, and various other traditional Indian snacks in multiple pack sizes. Revenue comes from selling to customers on a purchase order basis in both B2B and B2C channels.
Company Analysis
from RHPJay Kailash Namkeen Limited manufactures and sells packaged Indian snacks across multiple product categories and price points.
Jay Kailash Namkeen Limited was incorporated on June 30, 2021, and acquired the running business of Kailash Namkeen proprietorship firm on July 26, 2021. The company operates in the packaged Indian snacks segment with a diversified product portfolio of 186 SKUs across 56 products. The company has shifted from a B2B (Business to Business) focus to include B2C (Business to Consumer) from April 2022 onwards. The company manufactures snacks including Chana Jor Namkeen, Masala Chana Jor, Pudina Chana, Masala Mung Jor, Plain Mung Jor, Soya Sticks, and various other traditional Indian snacks in multiple pack sizes. Revenue comes from selling to customers on a purchase order basis in both B2B and B2C channels.
Food ProcessingFMCGSnacks ManufacturingPackaged Foods
Objects of the Issue
- To Meet Working Capital Requirement ₹700.00 lakhs p.24
- General Corporate Expenses p.24
- To meet the working capital requirement 700.00 lakhs p.82
- General corporate purpose p.82
- Not specified in this document section
Issue Structure
- Total Issue
- Up to 16,33,600 Equity Shares of face value of ₹10/- each aggregating to ₹ [●] lakhs
- Fresh Issue
- Up to 16,33,600 Equity Shares
- Offer for Sale
- Nil
- Lot Size
- 1,600 Equity Shares and in multiples of 1,600 Equity Shares thereafter
- Face Value
- ₹10/- per Equity Share
Business Model
The company manufactures packaged Indian snacks and sells through purchase orders from customers in B2B and B2C channels. Revenue is earned through the sale of snacks products to customers. The company operates with external manufacturing capacity and sources raw materials from suppliers.
Business Segments
Manufacturing and selling of packaged Indian snacks products including Chana Jor Namkeen, Masala Chana Jor, Pudina Chana, Masala Mung Jor, Plain Mung Jor, Soya Sticks, Haldi Chanas, Chana dal, Sev Murmura, Bhavnagari Gathiya, Sing Bhujia, Popcorn, and Roasted Peanuts
Manufacture and sale of Chana Jor Namkeen and related products
Manufacture and sale of Mung Jor and related products
Manufacture and sale of other snacks including Soya Sticks, Haldi Chanas, Chana dal, Sev Murmura, Garlic Sev Murmura, Bhavnagari Gathiya, Sing Bhujia, Popcorn, Roasted Peanuts, etc.
Different flavoured Chana Jor including Plain Mung Jor, Masala Mung Jor, Plain Chana Jor, Masala Chana Jor
Different Flavoured Sticks and Premium Quality Snacks including Punjabi Crunchy Sticks, Soya Sticks, Pasta Sticks
Different Flavoured Chana including Palak Chana, Hasila Methi Chana, Chatpate Chana, Haldi Chana, Garlic Indian Chana, Nathiyagandhi Chana
Wholesale trade of Chana Jor
Retail trade of Chana Jor under the company's own brand
SWOT Analysis
Strengths
- • Diversified product portfolio spanning 56 products with 186 SKUs(p.24)
- • Positioning in high-growth Indian food processing industry with 11% CAGR(p.24)
- • Diverse product portfolio with 186 SKUs across 56 products(p.114)
- • Established manufacturing facility with modern equipment and certifications(p.114)
- • Established geographic presence across multiple states(p.114)
- • Dual business model (B2B and B2C) providing revenue diversification(p.114)
- • Diversified product portfolio with 18+ products addressing broad consumer base(p.131)
- • Strong existing client relationships supporting repeat business(p.131)
- • Advanced product packaging extending shelf life to 9-12 months(p.131)
- • Rigorous quality assurance at every production stage(p.131)
- • ISO 9001:2015 and ISO 22000:2018 quality certifications(p.129)
- • Stringent quality procedures and FSSAI certification(p.203)
- • Superior quality manufacturing infrastructure(p.203)
- • Hygienic production environment and professional workforce(p.203)
- • Established brand with wholesale and retail operations(p.203)
Weaknesses
- • Limited operating history as early-stage company (incorporated June 2021)(p.30)
- • First-generation entrepreneur promoters with limited management experience(p.31)
- • Rented premises on leave and license basis; risk of non-renewal(p.31)
- • History of delays in statutory dues and tax payments(p.31)
- • Very low production capacity utilization (31.70% in FY2023, 32.31% to Nov 2023)(p.32)
- • Top 10 customers represent 66.59% of revenue; high customer concentration risk(p.34)
- • Unsecured loans of ₹137.05 lakhs subject to recall by lenders at any time(p.35)
- • Negative operating cash flows (-₹186.71 lakhs for 8 months ended Nov 2023)(p.33)
- • Top 10 suppliers represent 95.95% of purchases; high supplier concentration(p.37)
- • Missing CHG-1 form filing for vehicle loan of ₹5,04,993(p.34)
- • Lacking required licenses and statutory approvals; operated without them historically(p.34)
- • Heavy dependence on top customers for revenue(p.118)
- • Concentration of production capacity in single facility(p.114)
- • Limited scale compared to established competitors(p.87)
- • High customer concentration with top 10 customers representing 66.59% of revenue(p.118)
- • Low production capacity utilization at 32.31% as of November 30, 2023(p.133)
- • Very high dependence on single promoter with 70.53% shareholding(p.161)
- • Significant short-term borrowings and debt burden(p.189)
- • Limited distribution network restricted to Gujarat state only(p.128)
- • No long-term supply agreements with raw material suppliers creating procurement risk(p.128)
- • Significant unsecured loans from promoter creating related-party dependency(p.195)
- • High concentration of customer base(p.210)
- • Significant debt obligations with high finance costs(p.213)
- • Rising interest and finance costs(p.207)
- • Declining revenue trend(p.206)
- • Negative cash flows from operations(p.209)
Opportunities
- • Entry into B2C business model from April 2022 to build direct distribution and brand(p.32)
- • Growing working capital requirement supports scaling to ₹2,076.84 lakhs by FY2025(p.37)
- • Rising income levels in rural and urban areas increasing agricultural product demand(p.24)
- • Growing food processing sector with government support through PMKSY and PLISFPI schemes(p.112)
- • Expanding B2C market and organized retail growth(p.108)
- • Rising per capita income and consumption in rural and urban areas(p.109)
- • Growing demand for processed and packaged food products(p.108)
- • Export potential with government incentives through PLI scheme(p.110)
- • Expand distribution network and increase brand awareness through B2C development(p.132)
- • Expand product portfolio aligned to evolving consumer preferences(p.132)
- • Increase operational efficiency and production volumes at existing plant(p.132)
- • Transition from B2B to B2C business model for direct consumer reach(p.170)
- • Strategic shift from low-margin B2B to higher-margin B2C sales(p.206)
- • Expansion through listing on SME platform(p.223)
- • Improved operational efficiency and margin expansion(p.207)
- • Positive net worth and profitability track record(p.223)
Threats
- • Highly competitive market with organized and unorganized players(p.39)
- • Dependence on raw material suppliers with no long-term agreements(p.32)
- • Potential product liability and contamination risks in food manufacturing(p.34)
- • Stringent and increasingly stringent food safety regulations(p.36)
- • Unpredictable consumer preferences affecting product demand(p.32)
- • No purchase orders from customers; reliance on ad-hoc orders(p.40)
- • Exposure to health concerns about fried snacks and obesity risks(p.41)
- • Dependence on electricity and water for manufacturing operations(p.36)
- • Prior IPO withdrawal (NSE EMERGE Feb 2023) and DRHP withdrawal (BSE SME Aug 2023)(p.32)
- • Potential unionization and labor disputes risk(p.41)
- • Commodity price volatility affecting input costs(p.105)
- • Global economic slowdown impacting demand(p.103)
- • Rising inflation and potential monetary policy tightening(p.103)
- • Intense competition from larger established players in snacks industry(p.86)
- • Moderation in India's GDP growth and consumption patterns(p.107)
- • Intense competition from domestic and multinational companies in snack food market(p.131)
- • Competitive pressure dependent on consistent quality, timely delivery and pricing(p.131)
- • Commodity price volatility for raw materials like oil, masala, and pulses(p.128)
- • Regulatory compliance requirements under Food Safety and Standards Act(p.139)
- • Product recall obligations under Food Safety and Standards regulations(p.140)
- • Dependence on third-party logistics for distant deliveries creating operational risk(p.128)
- • Reduction in product demand and competitive pressure(p.203)
- • Regulatory compliance risks(p.203)
- • Supply chain disruption risks(p.203)
- • Natural disaster and calamity risks(p.203)
- • Technology implementation and growth strategy execution risks(p.203)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Neel Narendrabhai Pujara | Promoter | 70.53% | 47.47% |
| Ms. Tulsi Neel Pujara | Promoter | 0.17% | 0.12% |
| Neel Narendrabhai Pujara | Promoter | 70.53% | 47.47% |
| Tulsi Neel Pujara | Promoter | 0.17% | 0.12% |
| Daxa Bhagdev | Promoter Group | 0.54% | 0.36% |
| Ekta Bhagdev | Promoter Group | 0.02% | 0.01% |
| Hasmukhrai Bhagdev | Promoter Group | 0.02% | 0.01% |
| Niraj Bhagdev | Promoter Group | 0.54% | 0.36% |
| Neel Narendrabhai Pujara | Promoter | 70.53% | 47.47% |
| Tulsi Neel Pujara | Promoter | 0.17% | 0.12% |
| Neel Pujara | Promoter | — | — |
| Tulsi Pujara | Promoter | — | — |
Leadership
Mr. Neel Narendrabhai Pujara · Chairman and Managing Director
Ms. Tulsi Neel Pujara · Whole Time Director and Chief Financial Officer
Ms. Anushree Vijay · Company Secretary and Compliance Officer
Mr. Rituraj Singh Solanki · Chief Executive 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 Kailash Namkeen IPO FAQs
What is the lot size of Jay Kailash Namkeen IPO?
The minimum lot size of Jay Kailash Namkeen IPO is 1,600 shares. One lot costs ₹1,16,800 at the cut-off price.
When does Jay Kailash Namkeen IPO open and close?
Jay Kailash Namkeen IPO opened for subscription on 28 Mar 2024 and closed on 03 Apr 2024.
What is the listing date of Jay Kailash Namkeen IPO?
Jay Kailash Namkeen IPO listed on 08 Apr 2024.