NSE SME Jeyyam Global Foods makes a tepid debut

Shares of Jeyyam Global Foods were trading at Rs 62.50 on the NSE, a premium of 2.46% compared with the issue price of Rs 61.

The scrip was listed at Rs 61, matching the initial public offer (IPO) price. The stock was currently up 2.46% over its listing price.

The counter hit a high of Rs 63.95 and a low of Rs 57.95. About 35.18 lakh shares of the company changed hands at the counter.

Jeyyam Global Foods' IPO was subscribed 80 times. The issue opened for bidding on 2 September 2024 and it closed on 4 September 2024. The price band of the IPO was set at Rs 59 to Rs 61 per share.

 

The issue size comprised of fresh issue of 1,20,88,800 and offer for sale (OFS) of 13,43,200 shares by existing promoter selling shareholder, Shripal Veeramchand Sanghvi.

The company intends to utilize the net proceeds to meet working capital requirements, capital expenditures and general corporate expenses.

Ahead of the Jeyyam Global Foods on 30 August 2024, raised Rs 23.03 crore from anchor investors. The board allotted 37.76 lakh shares at Rs 61 per share to 6 anchor investors.

Jeyyam Global Foods specialized in manufacturing and supply of Bengal Gram (locally known as Chana), Fried Gram and Besan Flour to wide variety of market like distributors, large retailers, hotels, restaurants, caterers, branded supermarkets and wholesalers. The company is ready to enter into the B2C business of spices and masala, ready to cook and ready to eat foods, salt, sugar, soya and vermicelli, among others. The companys product portfolio includes, jeyyam fried gram (split) / jeyyam fried gram (whole) / standard fried gram (split)/ standard fried gram (whole), leader gram flour, leader gram flour and ponni gram flour. As of 31 March 2024, the company has 155 permanent employees.

The company recorded revenue from operations of Rs 629.81 crore and net profit of Rs 15.09 crore for the period as on 31 March 2024.

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