Super Iron Foundry IPO Day 1: BSE SME IPO booked 36%, check issue size, price band & more

Super Iron Foundry IPO opened on a weak note on Tuesday, March 11, with the SME issue getting subscribed nearly 36% on the first day of bidding. The ₹68.05-crore IPO of Super Iron Foundry Ltd is open for subscription till Thursday, March 13.

According to BSE data at 5 pm, Super Iron Foundry IPO received bids for more than 21.74 lakh equity shares against 59.85 lakh shares on offer.

Retail investors submitted applications for over 17.62 lakh equity shares against the quota of 29.92 lakh shares. The retail portion was subscribed 58%. The Non-Institutional Investors (NIIs) submitted bids for more than 4.11 lakh shares against the allocation of 29.92 lakh shares. The NIIs segment was booked 13%.

Super Iron Foundry IPO Details

Super Iron Foundry IPO is a fixed price issue and comprises a fresh issuance of 63.01 lakh shares, with no offer-for-sale (OFS) component. The company has fixed the IPO price at ₹108 per share. The minimum lot size is 1,200 shares, requiring a minimum investment of ₹1,29,600 from retail investors.

Super Iron Foundry IPO key dates

• Super Iron Foundry IPO is open for booking from March 11 to March 13.
• The company will finalise the IPO share allotment status on Monday, March 17.
• Super Iron Foundry Ltd is likely to credit shares to the demat accounts of IPO investors on Monday, March 18. The non-allottees will also receive refunds on the same day.
• The tentative date for listing Super Iron Foundry Ltd shares is Wednesday, March 19. The stock will be listed on the BSE SME platform.

Super Iron Foundry IPO objective

The company is engaged in the business of iron and steel foundry. Durgapur, West Bengal-based Super Iron Foundry manufactures municipal castings, ductile iron automotive castings, ductile iron pipe fittings, railway castings, ductile iron agricultural castings (rollers and crosskills) and cast-iron counterweights. Municipal castings are used primarily in roadway construction and other products in major construction projects, telecom and utility networks.

These manufactured products are also used in automotive and agriculture equipment. The company also exports products that are compliant with international standards like EN124.

According to its RHP, the company will utilise IPO proceeds for financing working capital requirements; debt repayment/pre-payment; and for general corporate purposes. The company has proposed to use ₹29 crore for working capital requirement. The company will use an estimated amount of up to ₹16 crore from the net proceeds towards pre-payment or scheduled repayment of all or a portion of secured loans availed from UCO Bank and Tata Capital Ltd.

Super Iron Foundry Financials

The company reported revenue from operations of ₹44.98 crore and profit after tax of ₹9.52 crore for the April-December period of FY 2024-25.

Super Iron Foundry reported revenue of ₹68.04 crore in FY 2023-24 against ₹55.32 crore in 2022-23. Profit after tax was ₹3.94 crore in FY24 compared to ₹1.28 crore in the previous financial year.