Jiwanram Sheoduttrai Industries
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 08 Sep 2023 – 12 Sep 2023
- Listing date
- 18 Sep 2023
- Face value
- ₹10 per share
- Issue price
- ₹23 per share
- Lot size
- 6,000 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹17.07 Cr
- Market cap at offer price
- ₹56.92 Cr
- Promoter holding
- 100.00% → 70.01% pre-issue → post-issue
- ISIN
- INE0N5H01017
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Affinity Global Capital Market Pvt.Ltd.
- Registered office
- 30D, Jawaharlal Nehru Road, 2nd Floor, West Bengal
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 | 3,72,000 | — | — |
Application size
Minimum 6,000 shares per lot, in multiples, at ₹23
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 6,000 | ₹1,38,000 |
| S-HNI (min) | 2 | 12,000 | ₹2,76,000 |
| S-HNI (max) | 7 | 42,000 | ₹9,66,000 |
| B-HNI (min) | 8 | 48,000 | ₹11,04,000 |
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.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 2.32 | — |
| P/E (×) | 9.91 | — |
| Market cap | — | ₹56.92 Cr |
Key performance indicators
- Return on net worth
- 8.38%
- ROCE
- 7.29%
- Debt / equity
- 1.10
- PAT margin
- 9.52%
- NAV per share
- ₹27.72
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Jiwanram Sheoduttrai Industries
Originally incorporated as Jiwanram Sheoduttrai Industries Private Limited on September 23, 1997 in Kolkata and converted to a public limited company effective June 2, 2022, JSIL manufactures and exports industrial safety products across three product verticals: industrial leather gloves (Canadian, Welder, Driver, Mechanical, Combi, Hi-Vis types, thinsulate lined and kevlar stitched), industrial garments (fire retardant, high visibility, water repellent, UV protection, oil and soil repellent, anti-bacterial, anti-peeling), and work and casual wear (hospital garments, hotel industry garments, shirts, trousers, jeans, jackets, T-shirts) made on an order basis. It runs three manufacturing facilities in West Bengal (Baruipur, Nandankanan, and a leased Falta SEZ unit) with 157 permanent employees as of March 31, 2023, exports to over twenty countries including the United States, Germany, Spain and Belgium, and serves the domestic market as a registered OEM on Government e-Marketplace (GeM). Revenue comes from sale of manufactured goods against customer purchase orders under a B2B/B2B2C model (advance payments on orders, credit terms of 0–90 days), plus job-work 'Sale of Services' income for brand owners; in fiscal 2023 revenue from operations was ₹423,166.56 thousand with profit after tax of ₹40,264.91 thousand, and exports contributed 56.98% of revenue from operations. Its products are certified under EN 388, EN 407, EN 511 and EN 659, and its facilities hold ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 certifications.
Company Analysis
from RHPJiwanram Sheoduttrai Industries Limited is a Kolkata-headquartered manufacturer and exporter of industrial safety gloves, industrial garments, and work and casual wear, spanning the personal protective equipment (PPE), leather goods, and textiles/apparel industries.
Originally incorporated as Jiwanram Sheoduttrai Industries Private Limited on September 23, 1997 in Kolkata and converted to a public limited company effective June 2, 2022, JSIL manufactures and exports industrial safety products across three product verticals: industrial leather gloves (Canadian, Welder, Driver, Mechanical, Combi, Hi-Vis types, thinsulate lined and kevlar stitched), industrial garments (fire retardant, high visibility, water repellent, UV protection, oil and soil repellent, anti-bacterial, anti-peeling), and work and casual wear (hospital garments, hotel industry garments, shirts, trousers, jeans, jackets, T-shirts) made on an order basis. It runs three manufacturing facilities in West Bengal (Baruipur, Nandankanan, and a leased Falta SEZ unit) with 157 permanent employees as of March 31, 2023, exports to over twenty countries including the United States, Germany, Spain and Belgium, and serves the domestic market as a registered OEM on Government e-Marketplace (GeM). Revenue comes from sale of manufactured goods against customer purchase orders under a B2B/B2B2C model (advance payments on orders, credit terms of 0–90 days), plus job-work 'Sale of Services' income for brand owners; in fiscal 2023 revenue from operations was ₹423,166.56 thousand with profit after tax of ₹40,264.91 thousand, and exports contributed 56.98% of revenue from operations. Its products are certified under EN 388, EN 407, EN 511 and EN 659, and its facilities hold ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 certifications.
Objects of the Issue
- Funding working capital requirements of our Company ₹ 91,100.10 thousand p.90
- Prepayment or repayment of all or a portion of certain unsecured loans availed by our Company ₹ 20,000.00 thousand p.93
- General Corporate Purposes ₹ 32,000.00 thousand p.94
- To meet the Offer expenses ₹ 27,605.90 thousand p.88
Issue Structure
- Total Issue
- Up to 74,22,000 Equity Shares aggregating up to ₹ 1,707.06 Lakhs (of which Market Maker Reservation of up to 3,72,000 Equity Shares aggregating ₹ 85.56 Lakhs; Net Offer 70,50,000 Equity Shares aggregating ₹ 1,621.50 Lakhs)
- Fresh Issue
- Up to 74,22,000 Equity Shares of face value ₹ 10 each at a price of ₹ 23/- per Equity Share aggregating up to ₹ 1,707.06 Lakhs (entire Offer is a Fresh Offer)
- Offer for Sale
- Nil
- Price Band
- Not applicable — Fixed Price Issue; Offer Price fixed at ₹ 23/- per Equity Share (2.3 times face value)
- Face Value
- ₹ 10 each
Business Model
JSIL earns revenue by manufacturing and selling industrial leather gloves, industrial garments and work & casual wear against customer purchase orders on a business-to-business/business-to-business-to-consumer model — customers place POs with specifications, pay an advance on the purchase order, and settle balances on credit terms varying from 0 to 90 days — with export sales contributing 56.98% of revenue from operations in fiscal 2023. It also generates 'Sale of Services' income by providing job work for brand owners in the work and casual wear segment, and sells domestically as an OEM registered at Government e-Marketplace (GeM) under the Quality Council of India.
Business Segments
SWOT Analysis
- • Significant international presence, especially in the US market for industrial leather gloves(p.119)
- • Wide sales and distribution network built on long-standing global distributor relationships(p.119)
- • Cost-effective production with timely fulfilment of orders(p.119)
- • Established, fully equipped manufacturing facilities with decades of operations(p.119)
- • Products carry national and international certifications (BIS, ISO, etc.)(p.120)
- • Quality management system certified to ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018(p.120)
- • Experienced promoter-led senior management with deep sector knowledge(p.120)
- • High customer concentration - top 10 customers contributed 73.00% of FY2023 sales, with dependence on one significant customer(p.28)
- • Dependence on top suppliers for raw materials - top 10 suppliers contributed 76.00% of FY2023 purchases(p.27)
- • Overdependence on exports - 56.98% of FY2023 revenue from operations(p.30)
- • All manufacturing facilities concentrated in a single state (West Bengal)(p.31)
- • Working-capital intensive business model(p.30)
- • Unsecured borrowings of ₹2,91,626.58 thousand outstanding, recallable on demand(p.33)
- • History of negative net cash flows from operating activities(p.41)
- • Prior IPO prospectus rejected by NSE in December 2022 due to non-satisfactory information furnished(p.29)
- • Expand presence in the domestic market through GeM OEM registration(p.121)
- • Grow internationally via alliances and building a global brand(p.121)
- • Capture market share as industry shifts from unorganised to organised sector(p.120)
- • Growing global industrial protective clothing market (6.9% CAGR to 2030)(p.109)
- • Expanding global leather goods market (6.6% CAGR from 2023 to 2030)(p.106)
- • Rising safety demand as global companies enter India(p.122)
- • Intense competition from domestic and international players, including larger established brands(p.30)
- • Fluctuating prices of key raw materials (leather and fabrics) may raise production costs and compress margins(p.29)
- • Foreign currency fluctuation risk on export-denominated revenues(p.30)
- • Continuing, unpredictable effects of the COVID-19 pandemic on business sentiment and operations(p.42)
- • Evolving regulation, including unnotified new labour codes that may raise employee and labour costs(p.43)
- • Slowdown in Indian economic growth affecting product demand(p.45)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Alok Prakash | Promoter | 1.642% | 1.15% |
| Anupama Prakash | Promoter | 15.504% | 10.85% |
| Gyan Prakash | Promoter | 0.018% | 0.01% |
| Alok Prakash HUF | Promoter | 71.656% | 50.17% |
| Nupur Prakash | Promoter Group | 11.176% | 7.82% |
Leadership
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.