SJP Ultrasonics IPO: GMP, Subscription Status, Review and Allotment Odds

Ultrasonic welding uses high-frequency vibration to fuse plastic parts together without glue or screws. It is how many car parts, medical disposables, electrical housings and food packs are sealed. SJP Ultrasonics builds those machines in Vasai, near Mumbai, along with automation lines and laser systems. It is raising ₹23.45 crore at a fixed price of ₹67 on the BSE SME platform.

This is a genuinely profitable niche: EBITDA margins have stayed above 30% for three years. The issue is priced at about 16.5 times post-issue earnings. But at ₹26.6 crore of revenue the company is very small, and investors have so far been slow to bid. Retail was only 23% subscribed by the end of day 2.

SJP Ultrasonics IPO at a glance

This is a fixed-price issue, so there is no price band to bid within. Individuals must apply for at least two lots, or ₹2,68,000. Monday 5 October is the last day to bid.

What SJP Ultrasonics actually does

SJP Ultrasonics Ltd was incorporated in 2012 and is promoted by Jignesh Pravinchandra Parekh along with Rupal, Parth and Parthvi Parekh and the family HUF. It designs and builds plastic joining equipment, mainly ultrasonic welders, plus industrial automation systems and laser technology solutions.

Its customers are manufacturers in automotive, medical devices, electrical and electronics, textiles, FMCG, toys, food and packaging, defence and education. Because the machines are used across so many industries, the company is not tied to any single sector’s cycle. The factory is at Bhutpada in Vasai East, Palghar district, and the company had 84 employees as of 31 March 2026.

About ₹13.22 crore of the IPO money will buy new machinery, which should raise production capacity. Another ₹4.92 crore goes to working capital.

The numbers behind the business

Here are the figures from the offer documents, in ₹ crore, as reported by IPO data sites.

What these numbers tell us, in plain language:

• Growth is steady. Revenue rose from ₹15.2 crore in FY24 to ₹21.2 crore in FY25 and ₹26.6 crore in FY26. Profit grew from ₹3.4 crore to ₹5.2 crore.
• Margins are the standout. EBITDA margin was about 31% and net margin about 20% in FY26. Specialised capital equipment with application know-how can command good pricing, and these margins have been consistent rather than a one-off.
• Debt is low but rising. Borrowings more than doubled to ₹5.8 crore in FY26, still modest against net worth of ₹20 crore.
• Returns are high. The company reports ROE of 38.9% and ROCE of 50.8%. Both will dip after the issue as equity rises.

How the subscription is playing out, day by day

By 5:07 PM on 1 October the issue was covered 0.54 times overall: NII at 0.85x and retail at 0.23x. There is no QIB or anchor portion in this issue. With only 5 October left after the holiday, a strong final day is needed to fill the book.

The GMP story so far

The grey market premium was flat at ₹0 as of 4 October, pointing to a listing near ₹67. That fits with the slow subscription so far.

How to check SJP Ultrasonics IPO allotment status

1. Go to the Maashitla Securities IPO allotment page, or the BSE allotment status page.
2. Select SJP Ultrasonics from the list of issues.
3. Enter your PAN, application number or DP/Client ID.
4. Submit to see how many shares you were allotted.

Allotment is expected on 6 Oct 2026, with refunds and demat credit on 7 Oct. Shares are due to list on BSE SME on 8 Oct 2026.

The listing outlook

With GMP at zero and subscription below 1x on day 2, the grey market expects a flat listing around ₹67. If the issue fails to fill, the company may still list if minimum subscription is met, but liquidity is likely to be thin.

What to weigh before you apply

Small company, small float

A ₹23 crore issue and an ₹87 crore market cap mean the stock will be thinly traded. Small orders can move the price sharply, which cuts both ways.

Capital goods are cyclical

When manufacturers cut back on spending, orders for new machines are often the first to go. SJP’s spread across sectors helps, but a broad slowdown would still hurt.

Strengths and risks

Strengths

• EBITDA margin above 30% for three straight years
• Diversified customer base across automotive, medical, electrical, packaging and more
• Revenue up 75% in two years
• Low debt and a fair post-issue P/E of about 16.5x
• Entirely fresh issue; no promoter is selling

Risks

• Very small company with ₹26.6 crore in revenue
• Retail at 0.23x and NII at 0.85x on day 2
• GMP flat at ₹0
• Capital goods demand is cyclical
• Thin trading likely after listing
• ₹2.68 lakh minimum ticket for individuals

Your chances of getting an allotment

• The retail quota works out to about 831 lots. Under SEBI’s SME rules every individual investor applies for the minimum of two lots (4,000 shares, ₹2,68,000), so roughly 415 retail applications can be filled in full.
• Once the retail book is oversubscribed, allotment is decided by a random draw. Every successful applicant gets the minimum application size; nobody gets a partial one.
• Applying for more than the minimum does not improve your retail odds. Separate applications from different PANs in your family do.

What to watch from here

• Retail and NII subscription on 5 October
• Whether the GMP moves off zero
• Allotment status on 6 October through Maashitla Securities
• Listing on 8 October
• After listing: order book and the impact of new machinery on capacity

SJP Ultrasonics IPO: frequently asked questions

Disclaimer: This article is for information and education only and is not investment advice. GMP is unofficial and data may differ between sources. Read the RHP and consult a SEBI-registered adviser before investing. Data as of 4 October 2026.