SJP Ultrasonics Ltd. IPO: SME issue size, fixed price ₹67, dates, business, financials, and risks

SJP Ultrasonics Limited is launching an SME initial public offering (IPO) comprising a ₹23.45 crore fresh issue at a fixed price of ₹67 per share (₹67–₹67). The issue opens on 30 September 2026 and closes on 05 October 2026, with allotment scheduled for 06 October 2026 and listing scheduled for 08 October 2026. There is no offer for sale (OFS), so proceeds are proposed to be used by the company, primarily for machinery capital expenditure (capex), working capital, and general corporate purposes.

IPO structure, lot size, and timeline

The IPO is entirely a fresh issue, which means any money raised (net of issue expenses) is intended to flow to SJP Ultrasonics Limited rather than to selling shareholders. With a single-point price band of ₹67, the offer is structured as a fixed-price issue at the disclosed level.

The lot size is 2,000 shares, which makes the application ticket size comparatively high for retail applicants in rupee terms. The application categories disclosed include a Regular category and a High Networth Individual (HNI) category, each tied to the same lot size.

Key dates disclosed for the issue are explicit: subscription opens on 30 September 2026 and closes on 05 October 2026. The timeline also specifies allotment on 06 October 2026, refunds on 07 October 2026, and listing on 08 October 2026.

What SJP Ultrasonics does: plastic joining, automation, and laser solutions

SJP Ultrasonics Limited is an India-based provider of plastic joining and industrial automation solutions for business-to-business (B2B) manufacturers. Its work spans supplying and integrating plastic welding technologies such as ultrasonic, vibration, hot-plate, spin welding, and heat staking. Beyond equipment supply, the company also provides custom tooling and special-purpose automation systems used in manufacturing environments.

Alongside its plastic joining and automation offering, the company trades and installs laser machines used for marking, welding, and cutting applications. This puts SJP Ultrasonics in a role that combines technology selection, engineering integration, and on-site installation and support.

The company’s stated sector exposure includes automotive, medical, electronics, fast-moving consumer goods (FMCG), packaging, and other manufacturing end-markets. Since these are industrial applications, demand and execution can be shaped by customer project schedules, qualification cycles, and site commissioning requirements.

Milestones and operating developments

SJP Ultrasonics was incorporated in 2012 as SJP Ultrasonics Private Limited. The company’s disclosed milestones show a history of bringing in equipment from multiple countries: it imported an ultrasonic welding machine from Taiwan for the first time in 2016, and also imported an ultrasonic welding machine from Germany for the first time in 2016. It then imported a machine from China for the first time in 2017.

A more recent operational development is from 2024, when the company entered into agreements for service support and demo locations at Gurugram, Pune, and Chennai. For an industrial solutions provider, service support and demo availability can be relevant in customer evaluation, trials, and after-sales service.

The company’s stated strengths include being a start-to-finish plastic welding solution provider with comprehensive service offerings, long-standing relationships with raw material and equipment suppliers, long-standing customer relationships with the potential to expand the customer base, and quality certifications/testing alongside experienced promoter-led management.

Financial trajectory and profitability indicators

The reported financials show an increase in scale from FY2024 to FY2026, with total revenue rising over the period and profit after tax (PAT) also increasing. Total assets expanded as well over the same years. Across these years, PAT margin is shown in the financial disclosures as remaining around the high-teens to low-twenties range, with a lower PAT margin in FY2025 and FY2026 compared with FY2024.

For profitability and returns, the disclosed key performance indicators (KPIs) include EBITDA margin (reported as a percentage), PAT margin, and return ratios such as return on equity (ROE), return on capital employed (ROCE), and return on net worth (RoNW). The company also reports a debt-to-equity ratio in its KPI set.

For IPO valuation context based on the disclosed snapshot metrics, the company reports earnings per share (EPS) and a pre-IPO price-to-earnings (P/E) multiple, along with price-to-book. These valuation indicators are presented as part of the offer’s KPI disclosure, though no peer comparison is included in the supplied context.

Fresh issue proceeds and proposed use of funds

Because the IPO is a 100% fresh issue, the proposed use of proceeds is central to the rationale for the fundraise. The stated objects of the issue are:

1. Funding capital expenditure towards the purchase of machineries

2. Funding working capital requirements of the company

3. General corporate purpose

Within these objects, the largest proposed allocation is towards machinery capex, with working capital and general corporate purpose receiving smaller allocations. The company’s IPO description also frames the fundraise in connection with funding growth of its plastic joining, automation, and laser-solution business, with stated plans to deploy proceeds toward new machinery/equipment to expand in-house manufacturing capability and improve production efficiency, alongside supporting order execution and working-capital needs as the company scales domestically and increases exports.

As with any stated object of issue, these are proposed uses of funds rather than completed spending.

Allocation disclosures, grey market premium, and key risks to track

The reservation data provided for the issue indicates portions for qualified institutional buyers (QIBs) and non-institutional investors (NIIs), and also specifies a retail portion, with no anchor allocation disclosed. Separately, the subscription table notes that the issue has not opened for subscription yet, and category-wise bidding data is expected to update once the issue opens on 30 September 2026.

Grey market premium (GMP) data is available as a dated snapshot observation and is an unofficial market indicator. In the latest observation provided (26 September 2026), GMP is ₹0 versus the referenced issue price of ₹67.

Risks and constraints highlighted in the disclosures include the following:

Revenue and customer concentration: Revenue is described as concentrated in two segments, and the company also lists higher dependence on its top ten customers. This concentration can make financial outcomes more sensitive to changes in customer procurement cycles and segment-specific demand.

Receivables and cash conversion: Receivables are described as high versus sales, particularly with original equipment manufacturer (OEM) credit periods. This can affect how quickly accounting profits convert into operating cash flows.

Compliance-related risk: Past Employees’ Provident Fund (EPF) and Employees’ State Insurance Corporation (ESIC) non-compliance is cited as a risk, with potential for back-payments or penalties.

Key-person dependence and resource constraints: Dependence on a small pool of key personnel and limited financial resources are listed as weaknesses.

External and competitive risks: Increasing competition from new and existing players is cited as a threat, and geopolitical issues are noted as a factor that may disrupt supply chains and affect prices and demand.

Monitoring points to track after the IPO, based on the disclosed risk set and business model:

Working capital discipline, particularly the relationship between receivables and revenue as scale increases.

Order execution consistency across the plastic joining and automation segments given the stated segment concentration.

Statutory compliance maintenance, considering the reference to past EPF and ESIC non-compliance.

Customer concentration trends, including whether reliance on the top ten customers reduces or increases over time.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds

Subscription status (26 Sep 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.