SJP Ultrasonics IPO: GMP, Price, Lot Size, Financials & Review

SJP Ultrasonics Ltd. is raising ₹23.45 crore through an SME IPO that is entirely a fresh issue of 35,00,000 equity shares, with no offer for sale (OFS) component. It is a fixed price issue at ₹67 per share, open for subscription from 30 September 2026 to 5 October 2026, and the shares are proposed to list on BSE SME on 8 October 2026.

SJP Ultrasonics IPO Details

After the market maker portion, the net offer of 33,24,000 shares is split equally: 50% for non-institutional investors (NII/HNI) and 50% for retail investors. Because this is an SME issue, individual investors must apply for a minimum of 2 lots, which works out to ₹2,68,000. If you are new to this segment, read our guide on SME IPO vs mainboard IPO.

About SJP Ultrasonics

Incorporated in 2012, SJP Ultrasonics is an end-to-end plastic joining and automation solutions provider. It offers specialised solutions mainly to the automotive industry, and also serves industries related to medical, electrical, electronics, textile, FMCG, toys, gift and stationery, food and packaging, defence and educational institutes. Its sales are made mostly to manufacturers, so the business is business-to-business (B2B) in nature.

The company operates in three business segments:

• Plastic joining solutions
• Industrial automation
• Laser technology solutions

Its manufacturing facility is located at Shiv Shankar Industrial Complex 2, Vasai East, Palghar, Maharashtra. As of 31 March 2026, the company had 84 employees.

Financial Performance

FY = financial year ending 31 March. Figures are restated.

• Total income grew about 39% in FY25 and about 26% in FY26, so growth has continued but at a slower pace.
• PAT rose about 23% in FY25 and about 26% in FY26. PAT margin (PAT to total income) has stayed close to 20% across all three years.
• Total borrowing more than doubled from ₹2.41 crore in FY25 to ₹5.78 crore in FY26, while net worth rose to ₹20.09 crore.

Key Ratios & Valuation

The key performance indicators disclosed for the period ended 31 March 2025 are:

On FY26 numbers, debt-to-equity works out to roughly 0.29 (₹5.78 crore borrowing against ₹20.09 crore net worth), higher than the FY25 level.

For context, recently listed companies in the industrial products space came at these issue-time P/E multiples: Phychem Technologies 9.96x, Technocrats Plasma Systems 11.38x, Liotech Industries 23.13x, Narmadesh Brass Industries 19.63x and Hy-Tech Engineers (a mainboard issue) 19.63x. SJP Ultrasonics' post-issue P/E of 16.54x sits within this range, though none of these is a direct business comparable. Our guide on IPO valuation ratios explains how to read these numbers.

Objects of the Issue

The company proposes to use the issue proceeds for:

1. Funding capital expenditure towards the purchase of machinery: ₹13.22 crore. The planned purchases include milling machines, a CNC lathe, a 6-axis robot, a CO2 laser cutting unit, a CMM machine, vibration welders and a laser plastic welder, among others.
2. Funding working capital requirements: ₹4.92 crore
3. General corporate purposes: ₹3.05 crore
4. Issue expenses: ₹3.16 crore

Shareholding & Promoters

The promoters are Jignesh Pravinchandra Parekh, Rupal Jignesh Parekh, Parth Jignesh Parekh, Parthvi Jignesh Parekh and Jignesh Pravinchandra Parekh (HUF). Promoter and promoter group holding will fall from 79.51% before the issue to 58% after it. Total shares outstanding will rise from 94,40,000 to 1,29,40,000.

SJP Ultrasonics IPO GMP Today

No active grey market premium had been reported for SJP Ultrasonics as of 29 September 2026. GMP is an unofficial, unregulated grey-market indicator that changes daily and is not a reliable predictor of listing price. Track the live GMP and read what GMP means before relying on it.

Strengths

• Start-to-finish plastic welding solution provider with diverse and comprehensive service offerings.
• Long-standing relationships with raw material and equipment suppliers.
• Long-standing relationships with established customers, with potential to expand the customer base.
• A diverse range of specialised plastic products across varied industry segments.
• Quality standard certifications and quality tests.

Risks to Consider

• Sector concentration: the company says its solutions are offered mainly to the automotive industry, so a slowdown there could affect demand.
• Rising debt: borrowing rose to ₹5.78 crore in FY26 from ₹2.41 crore in FY25.
• Slower growth: total income growth eased from about 39% in FY25 to about 26% in FY26.
• Dilution and valuation: the fresh issue raises the P/E from 12.07x pre-issue to 16.54x post-issue, and the stock is priced at 4.26x book value.
• Single facility: manufacturing is carried out at one location in Palghar, Maharashtra.
• SME liquidity: SME shares trade in fixed lots on BSE SME, and a market maker provides quotes, but trading can still be thin and exit may be difficult. Read about SME IPO liquidity risks and market maker rules.

How to Check Allotment Status

Maashitla Securities Pvt. Ltd. is the registrar, and the basis of allotment is expected to be finalised on 6 October 2026. You can check your status on our allotment status page once it is out. To understand how shares are allotted in an oversubscribed issue, read how IPO allotment works.

Disclaimer: This article is for educational purposes only and is not investment advice. GMP is unofficial and can change quickly. Read the RHP and consult a SEBI-registered adviser before investing.