Refractory Shapes share price makes a blockbuster debut, stock opens with 142% premium at ₹75 apiece on NSE SME

The subscription period for the Refractory Shapes IPO began on Monday, May 6, and ended on Thursday, May 9. The price band was set between ₹27 and ₹31 per equity share with a face value of ₹10 apiece. The lot size for the Refractory Shapes IPO was 4,000 shares. Following the minimum of 4,000 equity shares, bids could be made for multiples of 4,000 equity shares. Refractory Shapes IPO subscription status was 255.08 times on day 4, as per chittorgarh.com.

Also Read: Winsol Engineers makes a bumper stock market debut; shares list with 386% premium at ₹365 apiece on NSE SME

According to the Red Herring Prospectus (RHP), the company’s main business is to manufacture various types of bricks, castables, ceramic balls, high alumina catalysts, and precast and prefired blocks. Burner blocks, specially designed refractory bricks, dense and insulating castables, and mortars are all examples.

Custom-made items are employed in a variety of sectors, including cement, steel, glass, petrochemicals, fertilisers, and refineries. The firm’s refractories are engineered to endure the harsh conditions seen in these sectors, extending equipment life and increasing operational efficiency.

Refractory Shapes IPO details

Refractory Shapes IPO, which is worth about ₹18.60 crore, consists of a fresh issue of 6,000,000 equity shares with a face value of ₹10. There is no offer-for-sale component.

The company intends to use the net proceeds from the Issue to finance the following goals: financing capital expenditures for the purchase of plant and machinery required for expanding and establishing a new manufacturing unit at the current location in Wankaner, Gujarat; financing capital expenditures for civil construction required for expanding and establishing a new manufacturing unit at the current location in Wankaner, Gujarat; financing a commercial vehicle acquisition.

Bigshare Services Pvt Ltd is the registrar for the Refractory Shapes IPO, with Shreni Shares Limited serving as the book-running lead manager. Shreni Shares is the market maker for Refractory Shapes’ initial public offering.

Also Read: Aadhar Housing Finance IPO allotment out; latest GMP, 4 steps to check allotment status

Refractory Shapes IPO GMP today

Refractory Shapes IPO GMP or grey market premium is +25. This indicates Refractory Shapes share price were trading at a premium of ₹25 in the grey market, according to investorgain.com.

Refractory Shapes shares were expected to list for ₹56 a share, which is 80.65% more than the IPO price of ₹31.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Also Read: TBO Tek IPO allotment finalised; latest GMP, step-by-step guide to check status

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

Milestone Alert!
Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!

Published: 14 May 2024, 10:01 AM IST