Jay Jagdamba IPO
Jay Jagdamba Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, through the confidential pre-filing route. SEBI issued its observations on 23 January 2026, so the company can open the IPO any time up to 23 January 2027. The draft proposes a fresh issue of up to ₹600 crore and an offer for sale of up to 1,50,00,000 shares by promoter Floral Life Pte. In FY26 the company made a profit of ₹261.92 crore on revenue of ₹3,162.09 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI observations issued23 Jan 2026
- SEBI received draft
- 30 Jun 2025
- Type of issue
- Pre-filing
- Lead manager
- Elara Capital (India) Private Limited
- Must open by
- 23 Jan 202712 months from observations
- Price band and dates
- Not announced
Where it stands
Jay Jagdamba IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI30 Jun 2025
- SEBI reviewDone
- SEBI observations23 Jan 2026
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has issued its final observations, which in practice is the go-ahead. The company can now file a red herring prospectus and open the IPO within 12 months.
The company used SEBI's confidential pre-filing route. Under it, the draft is not made public until the company files an updated draft (UDRHP-I) after SEBI's observations.
DRHP at a glance
Jay Jagdamba DRHP at a glance
Updated draft red herring prospectus (UDRHP-I), 24 Aug 2026What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 223 to 224) and Risk Factors (p. 20 to 25)Jay Jagdamba makes and exports stainless steel long products and engineering products. In FY26 it exported to 19 countries, including the UAE, Turkey, the USA and Egypt, and it has exported to 53 countries in all.
Its two plants are at Wada in Palghar district, Maharashtra, and it does not own the land of one plant and parts of the other. It was incorporated in 2004 and is based in Navi Mumbai.
The offer
DRHP cover page and The Offer (p. 72)| Fresh issue | Up to ₹600 croreMoney goes to the company |
| Offer for sale | Up to 1,50,00,000 sharesBy promoter Floral Life Pte. Limited; its average cost is ₹184.35 a share |
| Shares before the IPO | 20,52,84,701The offer for sale is about 7.3% of them (ours) |
| Pre-IPO placement | Up to ₹120 croreOptional; would reduce the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Elara Capital (India) Private Limited |
| Registrar | MUFG Intime India Private Limited |
| Promoters | Narayan Prasad Malpani, Ram Prakash Malpani, Hari Prakash Malpani, Floral Life Pte. Limited and NPM Family Trust |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 115 to 116)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Repaying or prepaying certain borrowings | 450.00 | 75.0% |
| General corporate purposes (set later, up to 25% of the fresh issue) |
Each object's share of the ₹600 crore fresh issue, shown in the table, is our calculation. Offer expenses are deducted before these amounts. The offer for sale money goes to the selling promoter, not the company.
Financials
DRHP, Summary of Financial Information (p. 75 to 77) and Basis for Offer Price, KPIs (p. 131 to 136), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 1,478.73 | 2,194.21 | 3,162.09 |
| EBITDA | 158.45 | 343.17 | 584.09 |
| EBITDA margin | 10.72% | 15.64% | 18.47% |
| Profit after tax | 51.51 | 160.99 | 261.92 |
| Diluted EPS (₹) | 4.55 | 11.34 | 12.84 |
| Net worth | 611.79 | 1,613.53 | 2,088.83 |
| Cash from operations | 184.77 | 51.70 | 72.22 |
| Return on equity | 8.42% | 9.98% | 12.54% |
| Net debt to EBITDA | 4.42 | 2.31 | 2.08 |
Restated consolidated figures. EBITDA excludes other income. Net worth is total equity. Revenue grew about 46.2% a year from FY24 to FY26 (our calculation).
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 132 to 133).The DRHP left Welspun Specialty and Mukand out of its industry average because of unusual earnings. The P/E for Jay Jagdamba is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Jay Jagdamba (FY26) | 12.84 | Set with the price band | 12.54% |
| Ratnamani Metals and Tubes | 68.81 | 34.22x | 12.70% |
| Mukand | 41.81 | 3.28x | 39.69% |
| Welspun Specialty Solutions | 0.34 | 151.12x | 4.97% |
| Venus Pipes and Tubes | 49.43 | 31.49x | 15.25% |
| Scoda Tubes | 6.79 | 18.97x | 9.95% |
| Suraj | 4.07 | 49.75x | 5.42% |
Risks the draft lists first
DRHP, Risk Factors (p. 20 to 25)- Promoter investigationsPromoters Narayan Prasad Malpani and Ram Prakash Malpani and some promoter group members face a criminal proceeding and investigations, including by the Economic Offences Wing and the Enforcement Directorate. (Risk factor 1, p. 20)
- No supply contractsIt has no long-term supply agreements with most suppliers. (Risk factor 2, p. 20)
- Leased landIt does not own the land of one plant and parts of the other. (Risk factor 3, p. 21)
- MaharashtraIts plants are in Maharashtra and its revenue is concentrated there. (Risk factor 4, p. 22)
- ExportsPart of its revenue comes from exports, which depend on overseas demand. (Risk factor 5, p. 23)
- Capacity useIt may not use its capacity well or get its product mix right. (Risk factor 6, p. 25)
Documents
Jay Jagdamba DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Jay Jagdamba IPO FAQs
When will the Jay Jagdamba IPO open?
The date is not announced. SEBI issued observations on 23 January 2026, and SEBI rules require the IPO to open within 12 months of that date, so by 23 January 2027 (our calculation). The company announces the dates in its red herring prospectus and price band notice.
Has SEBI approved the Jay Jagdamba IPO?
Yes. SEBI issued its final observations on 23 January 2026 (SEBI processing status archive, April 2025 to March 2026). SEBI does not "approve" an IPO as such; its observations let the company go ahead.
What is the Jay Jagdamba IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Jay Jagdamba IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Jay Jagdamba IPO?
Elara Capital (India) Private Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Jay Jagdamba do with the IPO money?
According to the DRHP, the fresh issue money goes to repaying or prepaying certain borrowings (₹450.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Jay Jagdamba do?
Jay Jagdamba makes and exports stainless steel long products and engineering products. In FY26 it exported to 19 countries, including the UAE, Turkey, the USA and Egypt, and it has exported to 53 countries in all.
Where can I read the Jay Jagdamba DRHP?
On SEBI's website, where the draft red herring prospectus was published on 25 August 2026. The draft is dated 24 August 2026 and runs to 525 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 24 August 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.