IPO Overview
Incorporated in 2021, Jivial Industries Limited is engaged in the manufacturing of finished aluminium railings and fixtures using unfinished extruded aluminium railings and aluminium castings as raw materials. The company is a Rajkot-based manufacturer of aluminium railings and architectural fixtures used in glass partitions, balconies, façades, staircases, and commercial as well as residential construction projects. The company converts unfinished aluminium extrusions and castings into value-added finished products through processes such as cutting, drilling, buff polishing, anodizing, and powder coating. Its product portfolio includes aluminium handrails, bottom railings, spigots, brackets, bends, jointers, locks, conceals, and endcaps. Notably, the company holds three design patents for its proprietary aluminium spigot products. The company operates a manufacturing facility in Rajkot, Gujarat, with current capacity utilization reaching 81% for aluminium railings and 70% for fixtures in FY25.
The company is now coming out with its SME fixed price IPO, comprising a fresh issue of 12,78,000 equity shares along with an Offer for Sale of 2,72,400 equity shares. The indicative price band stands at ₹196 per share (as per latest available data). The IPO opens on 23 June 2026 and closes on 25 June 2026, with listing proposed on BSE SME, tentatively on 1 July 2026.
Note: Final price band, exact issue size, and lot size figures were not fully confirmed across sources at the time of writing — investors should verify final figures from the official RHP/exchange filing before applying.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Fixed Price Issue – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 23 June 2026 |
| IPO Close Date | 25 June 2026 |
| Allotment Date | 29 June 2026 (Expected) |
| Listing Date | 1 July 2026 (Tentative) |
| Price Band | ₹196 per share (indicative) |
| Face Value | ₹10 per share |
| Lot Size | 600 shares |
| Fresh Issue | 12,78,000 equity shares |
| Offer For Sale (OFS) | 2,72,400 equity shares |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | 0% |
| Non-Institutional Investors (NII/HNI) | 50% |
| Retail Investors | 50% |
OFS / Selling Shareholders
The IPO includes an Offer for Sale of 2,72,400 equity shares by existing shareholders/promoters, alongside the fresh issue component. Detailed individual selling shareholder breakup was not specified in available sources.
Objects of the Issue (Fund Utilization)
The IPO proceeds are largely earmarked for machinery acquisition and manufacturing facility expansion, which could support future growth and capacity enhancement.
- Acquisition of new machinery
- Manufacturing facility expansion
- General corporate purposes
Lead Managers & Registrar
- Lead Manager: Corporate Makers Capital Ltd.
- Registrar to the Issue: Bigshare Services Pvt. Ltd.
Promoters & Management
The promoters of the company are Mr. Anand Jitendrabhai Chovatiya and Mrs. Sheetalben Anand Chovatiya.
Company Details
Jivial Industries is a Rajkot-based manufacturer of aluminium railings and architectural fixtures used in glass partitions, balconies, façades, staircases, and commercial as well as residential construction projects.
Sectors Served:
- Residential Construction
- Commercial Construction
- Architectural & Interior Hardware
Key Products Manufactured:
- Continuous Profiles (used for holding glass at the bottom)
- Handrails (used for holding glass at the top, with design for hand support)
- Aluminium Spigots (patented design)
- Aluminium Conceal Systems
- Aluminium Bends, Brackets, Jointers, Locks, Endcaps
Key Capabilities:
- Holds three design patents for proprietary aluminium spigot products, reflecting a focus on product innovation and differentiation.
- Processes: cutting, drilling, buff polishing, anodizing, and powder coating
- Current capacity utilization of 81% for aluminium railings and 70% for fixtures in FY25.
Manufacturing Facility:
- Located in Rajkot, Gujarat
- As of 31 August 2025, the company had 18 permanent employees.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹11.06 | ₹2.41 |
| FY25 | ₹12.07 | ₹2.97 |
Key Financial Metrics
- Revenue increased by 9% and profit after tax (PAT) rose by 23% between FY24 and FY25.
- ROE: 41.09% | ROCE: 47.12% | PAT Margin: 24.75% | Debt-Equity Ratio: 0.04 (very low debt levels)
Company Strengths
- Strong profitability profile, healthy return ratios, and very low debt levels.
- Operates in the growing aluminium railing and architectural hardware segment, catering to rising demand in residential and commercial construction.
- Differentiated product portfolio backed by 3 design patents for proprietary spigot products
- Consistent growth in revenue and profitability over the last three years.
- High capacity utilization (81% railings, 70% fixtures), indicating efficient existing operations
- Extremely low debt-equity ratio of 0.04 — strong balance sheet
Key Risks & Challenges
- Final issue price, issue size valuation, and post-issue earnings metrics were yet to be officially announced at the time of analysis — investors should track final RHP details closely.
- Small company size with limited employee base (18 permanent employees) — concentration/key-person risk
- Single manufacturing facility located in Rajkot, Gujarat — geographic concentration risk
- High existing capacity utilization (81%) — may require continuous capex to sustain growth, increasing execution risk
- SME IPO liquidity risk — limited secondary market trading volumes on BSE SME platform
- Presence of OFS component — part of the funds raised will go to selling shareholders rather than the company
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
