SJP Ultrasonics, a manufacturer of ultrasonic plastic welding machines, opened its initial public offering for subscription on Tuesday. The SME IPO is priced in the range of Rs 60 to Rs 62 per share, and the issue will close on October 5.

Market watchers reported a grey market premium of around Rs 17, suggesting the shares could list at a premium to the issue price. The company plans to list on the BSE SME platform, with allotment and listing expected in the second week of October.

The company makes ultrasonic welding equipment used in plastics and packaging industries, serving customers across manufacturing segments. Proceeds from the fresh issue are expected to fund working capital and general corporate purposes.

The IPO comes on a busy day for the SME market, with Kolkata-based Sollfege Smart Electronics also opening its Rs 21.78-crore public issue on the same day. Investors tracking the SME segment will watch subscription numbers through the week before taking a call.