Jivial Industries IPO GMP Day 2: Grey Market Premium at ₹0, Expected Listing at ₹196

The Jivial Industries IPO GMP on Day 2 of the subscription period stands at ₹0, meaning the grey market has not assigned any premium to the issue. The expected listing price implied by the current Jivial Industries IPO GMP is ₹196 — exactly the fixed issue price — with no informal listing gain anticipated. The Jivial Industries IPO is a BSE SME fixed-price issue raising ₹31.98 crore at ₹196 per share. The lot size is 600 shares, with retail investors required to apply for a minimum of 2 lots (1,200 shares), implying a minimum investment of ₹2,35,200.

Jivial Industries Limited, incorporated in 2021 and based in Rajkot, Gujarat, is a manufacturer of finished aluminium railings and architectural fixtures including handrails, spigots, conceal systems, bends, brackets, and end caps. The company converts unfinished extruded aluminium into value-added railing systems used in glass partitions, balconies, staircases, and building facades. Despite the current Jivial Industries IPO GMP of nil, the company’s fundamentals are notably strong: ROE of 41.09%, ROCE of 47.12%, PAT margin of approximately 24.75%, and an almost debt-free balance sheet. Ankit Jaiswal, Senior Research Analyst at Univest notes that the company’s 3 patented products and 35 distributors across India give it a defensible competitive position in the premium architectural hardware segment.

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Jivial Industries IPO GMP: Complete Snapshot

Parameter	Details
Issue Type	Fixed Price Issue — BSE SME
Issue Price	₹196 per share (fixed price)
Lot Size	600 shares (min retail: 1,200 shares = 2 lots)
Minimum Investment	₹2,35,200 (at issue price)
Issue Size	₹31.98 Crore (Fresh ₹26.59 Cr + OFS ₹5.34 Cr)
GMP Today	₹0 (nil grey market premium)
Expected Listing Price	₹196 (at issue price, no premium)
Expected Listing Gain	0%
Exchange	BSE SME
Registrar	Bigshare Services Pvt. Ltd.
Lead Manager	Corporate Makers Capital Ltd.

Jivial Industries IPO GMP Analysis: What the Grey Market is Saying

A Jivial Industries IPO GMP of ₹0 through Day 2 of the subscription period is not unusual for a fixed-price SME IPO in a niche manufacturing segment. Unlike book-built issues where strong QIB anchoring drives grey market enthusiasm, fixed-price SME IPOs often see flat GMP until Day 2 or Day 3 subscription data reveals actual demand. The company’s fundamentals — ROE above 40%, ROCE above 47%, near-zero debt, and 3 patented product designs — are strong for its scale (₹12 crore revenue in FY25). However, the small size and early-stage track record since 2021 mean grey market participants are waiting for subscription numbers before assigning a premium. Monitor the Jivial Industries IPO GMP and subscription ratio closely on Day 2 and Day 3.

About Jivial Industries Limited

Jivial Industries Limited manufactures two primary types of aluminium railings: continuous profiles that hold glass from the bottom, and handrails that support glass from the top. Its product range includes aluminium spigots, conceals, bends, jointers, locks, and end caps catering to residential, commercial, and infrastructure applications. The company serves construction companies, architects, interior designers, glass providers, and fabricators across Gujarat, Maharashtra, Chhattisgarh, Rajasthan, and Delhi. With 3 patented product designs and plans to expand into aluminium extrusion manufacturing (backward integration), Jivial is building a more integrated business model. IPO proceeds fund new machinery purchases, manufacturing facility renovation, and general corporate purposes.

Jivial Industries IPO: Key Financials

For FY25, Jivial Industries reported revenue from operations of ₹12.01 crore, EBITDA of ₹3.75 crore, and PAT of ₹2.97 crore. ROE stood at 41.09% and ROCE at 47.12%, exceptional return ratios for a manufacturing SME. The company is nearly debt-free with a debt-equity ratio of approximately 0.04. For the nine months ended December 2025, the company reported similar profitability levels, indicating business stability. The company had 18 permanent employees as of the filing date and is still in an early growth phase.

Should You Apply for Jivial Industries IPO?

Track Jivial Industries IPO GMP and Subscription on Univest Screener

The Jivial Industries IPO GMP of ₹0 suggests the grey market has not yet shown enthusiasm for the issue, but the company’s strong return ratios and near-zero debt differentiate it from the average SME IPO. This IPO may be suitable for informed investors with a medium-term horizon who believe in India’s construction and architectural hardware growth story. The minimum investment of ₹2,35,200 and BSE SME liquidity risk mean this is not appropriate for conservative or first-time SME IPO investors. Read the RHP and consult a SEBI-registered financial advisor before applying.

Conclusion

The Jivial Industries IPO GMP on Day 2 is ₹0, implying an expected listing at the issue price of ₹196. The aluminium railings manufacturer from Rajkot has impressive return ratios (ROE 41%, ROCE 47%) and a near-zero debt balance sheet despite a flat GMP. Track the Jivial Industries IPO GMP and live subscription data on Univest. Consult a SEBI-registered financial advisor before investing.

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Frequently Asked Questions

What is the Jivial Industries IPO GMP today?

Ans. The Jivial Industries IPO GMP on Day 2 is ₹0, meaning no grey market premium has been assigned. The expected listing price implied by the current GMP is ₹196, which is the fixed issue price, with no anticipated listing gain at current grey market sentiment.

What is the Jivial Industries IPO price?

Ans. Jivial Industries IPO is a fixed-price issue at ₹196 per share. The lot size is 600 shares, with retail investors required to apply for a minimum of 2 lots (1,200 shares) at ₹2,35,200. HNI investors start from 3 lots at ₹3,52,800.

What does Jivial Industries do?

Ans. Jivial Industries Limited is a Rajkot, Gujarat-based manufacturer of finished aluminium railings and architectural fixtures. Products include continuous profile railings (bottom glass support), handrails (top glass support), spigots, conceals, bends, brackets, jointers, locks, and end caps. Applications span balconies, staircases, glass partitions, and building facades in residential, commercial, and infrastructure projects.

What are Jivial Industries IPO financials?

Ans. For FY25, Jivial Industries reported revenue of ₹12.01 crore, PAT of ₹2.97 crore (24.75% margin), ROE of 41.09%, and ROCE of 47.12%. The company is nearly debt-free with a debt-equity ratio of ~0.04. For 9M FY26 (April-December 2025), the company reported similar revenue and PAT, indicating stable profitability. It has 18 permanent employees and 3 patented product designs.

Why is Jivial Industries IPO GMP at zero?

Ans. The Jivial Industries IPO GMP of ₹0 reflects grey market caution toward a small (₹12 Cr revenue), early-stage (incorporated 2021), single-plant SME company with limited track record. Fixed-price SME IPOs also tend to see flat GMP until subscription data from Day 2 or Day 3 shows actual demand, especially when the company is in a niche segment like aluminium railings.

Is the Jivial Industries IPO GMP a reliable indicator for this issue?

Ans. Jivial Industries has strong return ratios (ROE 41%, ROCE 47%), near-zero debt, and 3 patented products in the growing architectural hardware segment. However, the company is small (₹12 Cr revenue), early-stage (2021), dependent on one plant, and listed on BSE SME where liquidity can be limited. This IPO is suitable only for informed, risk-tolerant investors. The Jivial Industries IPO GMP of ₹0 reflects measured grey market sentiment. Consult a SEBI-registered financial advisor.

What is the Jivial Industries IPO issue size?

Ans. The Jivial Industries IPO issue size is ₹31.98 crore, comprising a fresh issue of 13,59,600 equity shares and an offer for sale of 2,72,400 equity shares (total 16,32,000 shares at ₹196 per share). The shares will be listed on BSE SME. Net proceeds from the fresh issue fund new machinery, facility renovation, and general corporate purposes.

When will Jivial Industries IPO allotment happen?

Ans. The Jivial Industries IPO allotment is expected to be finalised within a few business days of the subscription period closing. Shares will be credited to successful applicants’ demat accounts, and refunds processed for unsuccessful bids. Check allotment status on the Bigshare Services website using your PAN, application number, or demat account details.