Jiwanram Sheoduttrai IPO: Industrial protective gear maker Jiwanram Sheoduttrai Industries Limited has floated its initial public offering (IPO). The Kolkata-based firm's IPO was oversubscribed on the first day of the three-day subscription which commenced today. The subscription will close on September 12.

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According to the offer document, the IPO comprises a fresh issue of 74.22 lakh equity shares. It is looking at raising Rs 17.07 crore from the issue. 

Jiwanram Sheoduttrai is a leading manufacturer of industrial safety gloves and garments maker. The firm is issuing its shares at a price of Rs 23. Bids are invited in the multiple of 6000 shares worth Rs 1,38,000.

On day 1 of subscription, while the NIB quota was subscribed 1.26 times, the retail quota saw 10.52 times of subscription. In total, the issue has been subscribed 5.9 times.

The allotment status of the IPO will likely be finalised on September 15 while its shares will be credited to demat accounts a day prior to the listing on September 21. The equity shares of the MSME company will be listed on the National Stock Exchange SME platform.

The offer document said that post issue, the promoters will hold about 72 per cent stake in the company.

Meanwhile, the company in a statement said that it is looking at carrying out trials and testing for supplying self-heating vests for defence personnel posted at high altitude and freezing conditions.

“We are exploring to supply to the defence sector. We are now evaluating self-heating vests for defence personnel for use at very high altitudes. We are carrying out trials and testing,” JSIL Managing Director Alok Prakash said.

He added the company will also explore other clothing for defence personnel.

The proceeds will be used to meet working capital requirements, prepayment and repayment of all, or a portion of certain unsecured loans availed by the company, and for general corporate purposes.

JSIL has three manufacturing facilities in West Bengal and currently exports 60 per cent of its production and 40 per cent is sold in the domestic market.