New Delhi, August 11 (HS): Plastic moulding solutions provider Jyoti Global Plast delivered a lacklustre stock market debut on Monday, disappointing IPO investors as its share price quickly plunged to the lower circuit limit.

The company’s shares, issued at ₹66 in its initial public offering, listed on the NSE SME platform at ₹65.90, a marginal discount of 10 paise. However, sustained selling pressure shortly after listing pushed the price down to ₹62.60, the lower circuit threshold, translating into a 5.15% loss for investors on the first day of trade.

The ₹35.44‑crore IPO, open from August 4 to 6, generated an overall subscription of 8.45 times – a moderate response by SME market standards. The Qualified Institutional Buyers (QIB) category was subscribed 1.86×, Non-Institutional Investors (NII) saw robust demand at 14.70×, while the retail investor portion was subscribed 9.54×. The issue comprised fresh equity worth ₹28.51 crore and an Offer for Sale (OFS) of 10.50 lakh equity shares, each with a face value of ₹10.

IPO proceeds are earmarked for setting up a new manufacturing facility, installing a solar power plant, reducing the company’s debt burden, and meeting general corporate requirements.

On the financial front, Jyoti Global Plast has shown a strong upward trajectory. Net profit climbed from ₹2.32 crore in FY 2022‑23 to ₹3.62 crore in FY 2023‑24, and further surged to ₹6.08 crore in FY 2024‑25. Total revenue expanded at a CAGR of over 2%, reaching ₹93.80 crore in the most recent fiscal year.

Despite its improving fundamentals and expansion plans, the stock’s weak listing indicates investor caution towards SME counters, leaving the company with the task of rebuilding sentiment in upcoming trading sessions.

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Hindusthan Samachar / Jun Sarkar