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19 Dec 2024
Refractory Shapes Limited IPO
REFRACTORY SHAPES Ltd. produces Special Shapes, Custom made Refractory shapes & Ceramic Balls of Low & Medium purity of top quality with superior performance. The company has a fully equipped plant and is situated in Pune, India, 170 kms. From Mumbai with latest equipment to produce Refractory Shapes and Castables of highest standards. However, its most important asset is the skill of workmen, acquired over three decades of manufacture. Refractory aggregates from carefully selected and processed raw material are also produced at the plant. Refractory Shapes IPO is a book built issue of Rs 18.60 crores.
The issue is entirely a fresh issue of 60 lakh shares. Refractory Shapes IPO price band is set at ₹27 to ₹31 per share. The minimum lot size for an application is 4000 Shares. Shreni Shares Limited is the book running lead manager of the Refractory Shapes IPO, while Big share Services Pvt Ltd is the registrar for the issue. The market maker for the Refractory Shapes IPO is Shreni Shares.
Refractory Shapes IPO Overview
| Detail | Description |
|---|---|
| IPO Date | May 6, 2024 to May 9, 2024 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price Band | ₹27 to ₹31 per share |
| Lot Size | 4000 Shares |
| Total Issue Size | 6,000,000 shares (aggregating up to ₹18.60 Cr) |
| Fresh Issue | 6,000,000 shares (aggregating up to ₹18.60 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | NSE SME |
| Share holding pre issue | 15,800,000 |
| Share holding post issue | 21,800,000 |
| Market Maker portion | 304,000 shares Shreni Shares |
Refractory Shapes IPO Timeline (Tentative Schedule)
| Detail | Description |
|---|---|
| IPO Open Date | Monday, May 6, 2024 |
| IPO Close Date | Thursday, May 9, 2024 |
| Basis of Allotment | Friday, May 10, 2024 |
| Initiation of Refunds | Monday, May 13, 2024 |
| Credit of Shares to Demat | Monday, May 13, 2024 |
| Listing Date | Tuesday, May 14, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on May 9, 2024 |
Refractory Shapes IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 4000 | ₹124,000 |
| Retail (Max) | 1 | 4000 | ₹124,000 |
| HNI (Min) | 2 | 8,000 | ₹248,000 |
Refractory Shapes IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50.00% of the Net offer |
| Retail Shares Offered | Not less than 35.00% of the Offer |
| NII (HNI) Shares Offered | Not less than 15.00% of the Offer |
Refractory Shapes IPO Promoter Holding
| Share Holding Pre Issue | 100.00% |
| Share Holding Post Issue | 72.48% |
Refractory Shapes IPO Anchor Investors Details
| Bid Date | May 3, 2024 |
| Shares Offered | 1,700,000 |
| Anchor Portion Size (In Cr.) | 5.27 |
| Anchor lock-in period end date for 50% shares (30 Days) | June 9, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | August 8, 2024 |
Company & Financials
Refractory Shapes Limited was incorporated in 1996 and manufactures various types of Bricks, Castables, high alumina catalysts and Ceramic Balls. The company's product list includes pre-cast and pre-fired blocks (PCPF), Burner Blocks, specially shaped refractory bricks, dense and insulating castables, and mortars. The company also receives orders for metallic anchors, which are used as supports for the installation of refractory castings and for which raw materials such as tabular alumina, low alumina bricks and insulating bricks, etc. are required. The Company's manufacturing facilities are located at Pimpri Industrial Area, Pune, Maharashtra, with a total area of 34,788 sq. ft, and at Wankaner, Morbi district in Gujarat, with a total area of 1,74,246 sq. ft. The Company also has an additional 4 acres of land with an area of 1,74,240 sq. ft. near the existing unit at Wankaner, Gujarat to expand the production unit, to add an additional kiln and manufacture more various types of refractory bricks with pressing machines.
Refractory Shapes Limited Financial Information
| Period Ended | 31 Dec 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 | ||||||||||||||||||||||||||||||||||||
| Assets | 5,289.90 | 5,003.81 | 3,684.82 | 2,723.72 | ||||||||||||||||||||||||||||||||||||
| Revenue | 2,999.04 | 3,872.23 | 2,621.67 | 2,179.67 | ||||||||||||||||||||||||||||||||||||
| Profit After Tax | 307.94 | 191.74 | 287.04 | 156.39 | ||||||||||||||||||||||||||||||||||||
| Net Worth | 396.58 | 1,668.64 | 1,476.90 | 1,189.86 | ||||||||||||||||||||||||||||||||||||
| Reserves and Surplus | 396.58 | 1,658.64 | 1,466.90 | 1,179.86 | ||||||||||||||||||||||||||||||||||||
| Total Borrowing | 2,341.80 | 2,048.63 | 1,570.12 | 1,234.18 | ||||||||||||||||||||||||||||||||||||
| Amount in ₹ Lakhs | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 15.58% |
| ROCE | 9.79% |
| Debt/Equity | 1.18 |
| RoNW | 15.58% |
| P/BV | 4.95 |
| PAT Margin (%) | 10.47 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 1.21 | 1.88 |
| P/E (x) | 25.55 | 16.46 |
Objectives of Refractory Shapes IPO
The company proposes to utilise the Net Proceeds from the Issue towards funding the following objectives:
- 1. Funding of Capital expenditure towards civil construction required for Expanding and setting up a new manufacturing unit at the existing location situated at Wankaner, Gujarat.
- 2. Funding of Capital expenditure towards the purchase of Plant and machinery for Expanding and setting up a new manufacturing unit at the existing location situated at Wankaner, Gujarat.
- 3. Purchase of commercial vehicles.
- 4. General corporate purposes.
Refractory Shapes Limited IPO Review
The company is operating in a highly competitive and fragmented segment. It marked inconsistency in its bottom lines for the reported periods. Based on FY24 super annualised earnings, the issue appears fully priced. Well-informed investors may park moderate funds for the medium to long term rewards.
FAQs for Refractory Shapes IPO
-
What Is The Size Of The Refractory Shapes IPO?
The offer size of Refractory Shapes Limited is INR 18.60 crores, consisting of a fresh issue of 60, 00,000 lakh shares. The company seeks funds to expand its manufacturing unit, repay debts, purchase equipment and vehicles, and cover general expenses.
-
What Is The Price Band Of The Refractory Shapes IPO?
The price band of the issue is INR 27-31 per share.
-
What Is The Allotment Date Of Refractory Shapes?
The allotment date of the Refractory Shapes IPO is May 10, 2024.
-
What Is The Listing Date Of The Refractory Shapes IPO?
The listing date of Refractory Shapes IPO is May 14, 2024.
-
What is the Refractory Shapes IPO Investors Portion?
The investors’ portion for QIB is 50%, NII is 15%, and Retail is 35%.
DRHP:
DRHP of Refractory Shapes Limited IPO
Anchor Investor Link:
Anchor Investor Link of Refractory Shapes Limited IPO
-
What Is The Size Of The Refractory Shapes IPO?
The offer size of Refractory Shapes Limited is INR 18.60 crores, consisting of a fresh issue of 60, 00,000 lakh shares. The company seeks funds to expand its manufacturing unit, repay debts, purchase equipment and vehicles, and cover general expenses.
-
What Is The Price Band Of The Refractory Shapes IPO?
The price band of the issue is INR 27-31 per share.
-
What Is The Allotment Date Of Refractory Shapes?
The allotment date of the Refractory Shapes IPO is May 10, 2024.
-
What Is The Listing Date Of The Refractory Shapes IPO?
The listing date of Refractory Shapes IPO is May 14, 2024.
-
What is the Refractory Shapes IPO Investors Portion?
The investors’ portion for QIB is 50%, NII is 15%, and Retail is 35%.
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