Jay Bee Laminations Listing: Stock makes bumper market debut, lists with 90 per cent premium at ₹277

Jay Bee Laminations made an impressive market debut on Tuesday, September 3. Its shares are listed at ₹277.40 each on the NSE SME, representing a 90 per cent premium over the upper band of the issue price, which was set at ₹146. Following the strong opening, the stock surged further, reaching a 5 per cent upper circuit at ₹291.25 per share.

Investors who were allotted shares saw their investments double within just an hour. The IPO garnered significant attention during its bidding period from August 27 to August 29, 2024, with a price range between ₹138 and ₹146.

The IPO achieved an overall subscription rate of 113.95 times, with non-institutional investors particularly active, subscribing at 230 times. Retail investors also showed robust interest, with a subscription rate of 87 times, according to Chittorgarh.com.

The SME IPO, valued at ₹88.96 crore, included a fresh issue of 45.7 lakh shares amounting to ₹66.72 crore and an offer for the sale of 15.23 lakh shares totalling ₹22.24 crore.

The company plans to use the net proceeds from the fresh issue to fund its working capital requirements and general corporate expenses.

About Jay Bee Laminations

Jay Bee Laminations Ltd., founded in 1988, supplies cold-rolled grain-oriented (CRGO) and cold-rolled non-grain-oriented (CRNGO) steel cores. The company uses both CRGO and CRNGO steel to produce various products, including electrical laminations, slotted coils, and assembled cores. These products are primarily used in transformers, UPS systems, and inverters within the power industry.

The company's manufacturing facilities, spanning 10,878 square meters, are fully equipped with specialized machinery for cutting, slitting, assembling, and testing electrical steel cores. It also maintains an in-house laboratory for material testing and a tooling department dedicated to blade sharpening.

As of December 31, 2023, the company had utilized 84 per cent of its installed capacity, catering to customers that produce transformers up to 220 kV.

According to the company's DRHP report, Jay Bee Laminations serves a diverse customer base, including manufacturers of power and distribution transformers with voltage ratings ranging from 11 kV to 220 kV. 

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