Refractory Shapes IPO booked over 4 times on day 1 led by retail demand: Check subscription, price band, lot size and allotment
Upstox
3 min read • Updated: May 6, 2024, 6:09 PM
Summary
Refractory Shapes IPO subscription is open until Thursday, May 9. The book-built issue, valued at ₹18.6 crore, consists entirely of a fresh issue of 60 lakh shares. Refractory Shapes IPO price band has been fixed at ₹27 to ₹31 per share.
Refractory Shapes Ltd IPO opened to a strong demand on Monday, May 6, as the public issue was fully subscribed within hours of launch. The initial public offer was subscribed more than 4 times, driven by high retail demand at the end of the first day of bidding.
The ₹18.6-core book-built issue received bids for more than 1.86 crore shares against 39.96 lakh shares on offer for the public investors, reflecting an overall subscription of 4.67% at the end of the day 1 of bidding, the NSE data until 5pm on Monday showed.
The retail portion was booked 8.21 times with biddings for 1.63 crore shares against 19.96 lakh shares on offer for the category. The non-institutional investors’ (NIIs) category was booked 2.56 times as applications for 22.76 lakh shares were received against 8.56 lakh shares reserved for the segment.
The qualified institutional buyers (QIBs) segment saw a tepid response as applications were received only for 16,000 shares compared to 1.44 lakh shares on offer.
The NSE SME IPO of Refractory Shapes Ltd comprises an entirely fresh issue of 60,000 lakh shares of a face value of ₹10 each. The total IPO offer size also includes an anchor allocation of 17 lakh shares and a market maker portion of 3.04 lakh shares.
Refractory Shapes IPO allotment and listing
The Refractory Shapes IPO subscription window is open from May 6 to May 9. Refractory Shapes IPO share allotment status is expected to be finalised by May 10 while the listing date is tentatively fixed as May 14. Refractory Shapes Ltd shares will list on NSE SME platform, Emerge.
The company is expected to initiate refunds for non-allottees and transfer of shares into the Demat accounts of successful bidders by May 13.
To know more and apply for Refractory Shapes IPO, click here
Refractory Shapes IPO price band, lot size and other details
Refractory Shapes IPO price bank has been fixed in a range of ₹27 to ₹31 per share. The retail investors are allowed to bid for a lot size of 4,000 shares and in multiples thereof. The minimum bidding amount for the retail investors for a single lot aggregates to ₹1,24,000. The minimum application size for the High Net-Worth Individuals (HNIs) is two lots, or 8,000 shares, amounting to an investment of ₹2,48,000.
Shreni Shares Limited serves as the book running lead manager of the IPO, with Bigshare Services Pvt Ltd appointed as the registrar for the issue. Shreni Shares also acts as the market maker for the Refractory Shapes IPO.
Refractory Shapes IPO objective
The company intends to use the net proceeds from the IPO to meet capital expenditure for expanding and establishing a new manufacturing unit at the current site in Wankaner, Gujarat. A portion of the funds will also be allocated for capital expenditure associated with buying machinery for this expansion. Additionally, a part of the proceeds will be used for the procurement of a commercial vehicle and for general corporate purposes.
About Refractory Shapes Limited
Refractory Shapes Limited, incorporated in 1996, specialises in the manufacturing of a diverse range of products including bricks, castables, high alumina catalysts and ceramic balls. Their product line includes pre-cast and pre-fired blocks (PCPF), burner blocks, specially shaped refractory bricks, dense and insulating castables, and mortars. The company’s manufacturing facilities are located in the Pimpri Industrial Area, Pune, Maharashtra, and in Wankaner, Morbi district, Gujarat.