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 opens for subscription on May 6, 2024 and closes on May 9, 2024. The allotment for the Refractory Shapes IPO is expected to be finalized on Friday, May 10, 2024. Refractory Shapes IPO will list on NSE SME with tentative listing date fixed as Tuesday, May 14, 2024.
Refractory Shapes IPO price band is set at ₹27 to ₹31 per share. The minimum lot size for an application is 4000 Shares. The minimum amount of investment required by retail investors is ₹124,000. The minimum lot size investment for HNI is 2 lots (8,000 shares) amounting to ₹248,000.
Shreni Shares Limited is the book running lead manager of the Refractory Shapes IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. The market maker for Refractory Shapes IPO is Shreni Shares.
Refer to Refractory Shapes IPO RHP for detailed information.
Refractory Shapes IPO Details
| 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 Reservation
Refractory Shapes IPO offers 6,000,000 shares. 1,144,000 (19.07%) to QIB, 856,000 (14.27%) to NII, 1,996,000 (33.27%) to RII and 1,700,000 (28.33%) to Anchor investors.
| Investor Category | Shares Offered |
|---|---|
| Anchor Investor Shares Offered | 1,700,000 (28.33%) |
| Market Maker Shares Offered | 304,000 (5.07%) |
| QIB Shares Offered | 1,144,000 (19.07%) |
| NII (HNI) Shares Offered | 856,000 (14.27%) |
| Retail Shares Offered | 1,996,000 (33.27%) |
| Total Shares Offered | 6,000,000 (100%) |
Refractory Shapes IPO Anchor Investors Details
Refractory Shapes IPO raises Rs 5.27 crore from anchor investors. Refractory Shapes IPO Anchor bid date is May 3, 2024. Refractory Shapes IPO Anchor Investors list
| 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 |
Refractory Shapes IPO Timeline (Tentative Schedule)
Refractory Shapes IPO opens on May 6, 2024, and closes on May 9, 2024.
| 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
Investors can bid for a minimum of 4000 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 4000 | ₹124,000 |
| Retail (Max) | 1 | 4000 | ₹124,000 |
| HNI (Min) | 2 | 8,000 | ₹248,000 |
| Lot Size Calculator | |||
Refractory Shapes IPO Promoter Holding
The company’s promoters are Mr. Dayashankar Krishna Shetty, Ms. Pratibha Dayashankar Shetty, and Ms. Prajna Shravan Shetty.
| Share Holding Pre Issue | 100.00% |
| Share Holding Post Issue | 72.48% |
About Refractory Shapes Limited
Refractory Shapes Limited was founded 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.
On September 30, 2023, the company had 38 employees.
Refractory Shapes Limited Financial Information (Restated)
Refractory Shapes Limited’s revenue increased by 47.7% and profit after tax (PAT) dropped by -33.2% between the financial year ending with March 31, 2023 and March 31, 2022.
| 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
The market capitalization of Refractory Shapes IPO is Rs 67.58 Cr.
KPI as of December 31, 2023.
| KPI | Values |
|---|---|
| ROE | 15.58% |
| ROCE | 9.79% |
| Debt/Equity | 1.18 |
| RoNW | 15.58% |
| P/BV | 4.95 |
| PAT Margin (%) | 10.47 |
Check Refractory Shapes IPO Peer Comparison here.
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 1.21 | 1.88 |
| P/E (x) | 25.55 | 16.46 |
Note:
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2023 that is available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of December 31, 2023 that is available in RHP.
Objects of the Issue (Refractory Shapes IPO Objectives)
The company proposes to utilize the Net Proceeds from the Issue towards funding the following objects:
- 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;
- 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;
- Purchase of commercial vehicle; and
- General corporate purposes.
Refractory Shapes IPO Review (May apply)
[Dilip Davda] 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 annualized earnings, the issue appears fully priced. Well-informed investors may park moderate funds for the medium to long term rewards. Read detail review…
Refractory Shapes IPO Subscription Status (Bidding Detail)
The Refractory Shapes IPO is subscribed 2.15 times on May 6, 2024 1:33:59 PM (Day 1). The public issue subscribed 3.97 times in the retail category, 0.00 times in the QIB category, and 0.77 times in the NII category. Check Day by Day Subscription Details (Live Status) Reload Subscription
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB | 0.00 | 11,44,000 | 0 |
| NII* | 0.77 | 8,56,000 | 6,56,000 |
| Retail | 3.97 | 19,96,000 | 79,24,000 |
| Total | 2.15 | 39,96,000 | 85,80,000 |
Total Application : 1,981
*Market Maker portion is not included to NII/HNI.
Refractory Shapes IPO Prospectus
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Refractory Shapes Limited Contact Details
Refractory Shapes Limited
B 201, Rustomjee Central Park Chakala,
Andheri-Kurla Road, Andheri (East),
Mumbai – 400069
Phone: +91 9819995930
Email: investors@refshape.com
Website: https://www.refshape.com/
Refractory Shapes IPO Registrar
Bigshare Services Pvt Ltd
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: https://ipo.bigshareonline.com/ipo_status.html