NSE SME Jay Bee Laminations spurts on debut

The scrip was listed at Rs 277.40, a premium of 90% over the initial public offer (IPO) price. The stock was currently frozen at its upper limit of 5% over its listing price.

The counter hit a high of Rs 291.25 and a low of Rs 277.40. About 17.38 lakh shares of the company changed hands at the counter.

Jay Bee Laminations's IPO was subscribed 105.78 times. The issue opened for bidding on 27 August 2024 and it closed on 29 August 2024. The price band of the IPO was set at Rs 138 to Rs 146 per share.

The issue size comprised of fresh issue of 45,70,00 and offer for sale (OFS) of 15,23,000 shares by existing shareholders.

The company intends to utilize the net proceeds for funding working capital requirements of company and for general corporate purposes.

Ahead of the IPO, Jay Bee Laminations on 26 August 2024, raised Rs 24.96 crore from anchor investors. The board allotted 17.10 lakh shares at Rs 146 per share to 8 anchor investors.

Jay Bee Laminations is engaged in the business of supplying cold rolled grain-oriented silicon steel (CRGO) cores and cold-rolled non-grain-oriented (CRNGO) steel cores. The company manufactures and supplies range of products such as 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, for end-use in power industry.

The company's manufacturing units are equipped with all in-house facilities for slitting, cutting, assembling, and testing of CRGO and CRNGO electrical steel cores spread across total area of 10,878 sq mt. As on 31 July 2024, the company has 310 employees.

The company recorded revenue from operations of Rs 302.90 crore and net profit of Rs 19.35 crore for the period as on 31 March 2024.