Refractory Shapes IPO fully subscribed on day 1 amid strong retail interest; Check GMP, subscription status

The company's superior business, according to the Red Herring Prospectus (RHP), is the accumulation of assorted kinds of bricks, castables, ceramic balls, precocious alumina catalysts, and precast and prefired blocks. These see burner blocks, special-shaped refractory bricks, dense and insulating castables, and mortars.

The company's custom-made products are utilized successful a wide scope of industries, specified arsenic cement, steel, glass, petrochemicals, fertilizers, and refineries. The refractories produced by the steadfast are designed to withstand the terrible conditions seen successful these industries, which enhances instrumentality longevity and operating efficiency.

Dayashankar Krishna Shetty, Pratibha Dayashankar Shetty, and Prajna Shravan Shetty are the company's promoters.

The company's listed peers are S P Refractories Ltd (with a P/E of 17.45), and IFGL Refractories Ltd (with a P/E of 31.91).

The company's nett aft taxation (PAT) decreased by -33.2% and its income climbed by 47.7% during the fiscal twelvemonth that ended connected March 31, 2022, and March 31, 2023.

Refractory Shapes IPO subscription status 

Refractory Shapes IPO subscription presumption is 2.57 times connected time 1, truthful far.

The retail information has been subscribed 4.71 times, and NII information has been booked 1.00 times connected time 3. 

The institution has received bids for 1,02,52,000 shares against 39,96,000 shares connected offer, astatine 14:31 IST, according to information connected chittorgarh.com.

Refractory Shapes IPO details 

Refractory Shapes IPO, which is worthy astir ₹18.60 crore, consists of a caller contented of 6,000,000 equity shares with a look worth of ₹10. There is nary offer-for-sale component.

The institution intends to usage the nett proceeds from the Issue to concern the pursuing goals: financing superior expenditures for the acquisition of works and machinery needed for expanding and establishing a caller manufacturing portion astatine the existent determination successful Wankaner, Gujarat; financing superior expenditures for civilian operation indispensable for expanding and establishing a caller manufacturing portion astatine the existent determination successful Wankaner, Gujarat; financing a commercialized conveyance acquisition; and financing wide firm purposes.

Bigshare Services Pvt Ltd is the registrar for the Refractory Shapes IPO, portion Shreni Shares Limited is the publication moving pb manager. Shreni Shares is the marketplace shaper for the Refractory Shapes IPO.

Refractory Shapes IPO GMP today 

Refractory Shapes IPO GMP oregon grey marketplace premium is +13. This indicates Refractory Shapes stock terms were trading astatine a premium of ₹13 successful the grey market, according to investorgain.com.

Once the precocious extremity of the IPO pricing scope and the existing premium connected the grey marketplace are taken into consideration, it is projected that Refractory Shapes shares volition database astatine a terms of ₹44 a share, which is 41.94% higher than the IPO terms of ₹31.

'Grey marketplace premium' indicates investors' readiness to wage much than the contented price.

Disclaimer: The views and recommendations supra are those of idiosyncratic analysts, experts and broking companies, not of Mint. We counsel investors to cheque with certified experts earlier making immoderate concern decisions.

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Published: 06 May 2024, 02:43 PM IST