The Mumbai-based company Refractory Shapes will soon go public with its initial public offerings (IPO). The shares of Refractory Shapes Limited are trading in the grey market. Interested investors can read the article to learn the essential details of the Refractory Shapes IPO, GMP, and other relevant information.
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Refractory Shapes IPO GMP
The Refractory Shapes IPO bidding will begin on 6 May 2024, trading in the unofficial grey market has begun from the last three sessions depicting the demand for the upcoming IPO.
The last updated GMP of the Refractory Shapes is ₹5 with a price band of 31. The estimated listing price of the SME is ₹36 with 16.13% of the expected percentage loss/gain per share.
Here’s the day-wise Refractory Shapes IPO GMP trend from the last three sessions:
| Date | IPO Price | GMP | Subject to Sauda | Estimated Listing Price |
| 02 May 2024 | 31 | ₹5 | 15200 | ₹36 |
| 01 May 2024 | 31 | ₹5↑ | 15200 | ₹36 |
| 30 April 2024 | 31 | ₹0 | – | ₹31 |
Investors should look into other factors as well the GMP trends are based on market sentiments which keep changing.
Refractory Shapes IPO Dates
The Refractory Shapes Limited IPO will open for subscription on 6 May 2024 till 9 May 2024. The allotment of the IPO shares will commence on 10 May 2024.
The initiation of refunds for the subscribed shares that were not allotted during the allotment will be processed on 13 May 2024 and on the same day, the shares will be credited to your Demat account.
The SME company plans to list the shares on NSE after the IPO on 14 May 2024. Investors can mark the following dates of the Refractory Shapes IPO:
| Date | Refractory Shapes IPO Events |
| 06 May 2024 | IPO Opens |
| 09 May 2024 | IPO closes |
| 10 May 2024 | Allotment of IPO |
| 13 May 2024 | Refund Initiation |
| 14 May 2024 | Listing Date |
| 09 May 2024 | UPI Mandate Confirmation |
Refractory Shapes IPO Details
Refractory Shapes Limited plans to raise over ₹18.60 crore from the book-built IPO issue. The fresh issue of the IPO contains 60 lakh shares with a face value of ₹10 per equity share.
The price band or floor price of the issue is set at ₹27 to ₹31 per equity share. The minimum lot market size of the IPO for bidding is 4000 shares.
The market maker of the Refractory shapes, Shreni Shares holds 304,000 shares (5%) of the IPO shares.
According to the RHP prospectus, the registrar of the Refractory Shapes IPO is Bigshare Services Pvt Ltd, and the book-running lead manager of the IPO is Shreni Shares Ltd.
The promoters of the company Ms. Pratibha Dayashankar Shetty, Mr. Dayashankar Krishna, and Ms. Prajna Sharavan Shetty held 100% of shares before the IPO, which will be diluted to 72.48% after the IPO.
company aims to utilize the IPO funds in funding capital expenditure for the construction & setting up of a new manufacturing unit at Wankaner, Gujarat, buying new machinery, and commercial vehicles, and meet the general corporate requirements.
| Company | Refractory Shapes Limited |
| IPO Type | Book-built Issue |
| IPO issue Size | 6000,000 equity shares (matches up to ₹18.60 Crore) |
| Face Value | ₹10 per equity share |
| Price Band | ₹27 to ₹31 per equity share |
| Lot Size | 4000 shares |
| Fresh Issue | 6000,000 equity shares (matches up to ₹18.60 Crore) |
| OFS | Nil |
| Listing at | NSE SME |
| Market Maker | 304,000 shares |
Refractory Shapes IPO Reservation and Lot Size
The company has reserved the offered shares to certain investor category in the following manner:
| Investor Category | Shares Offered |
| Qualified Institutional Buyers (QIB) | Not exceeding 50% of the net issue |
| Retails | Not less than 35% of the offered shares |
| Non-Institutional Investors (HNI) | Not less than 15% of the offered shares |
As we mentioned earlier, the minimum lot size of the IPO issue contains 4000 shares which will be multiplied by the lots. The minimum investment required for a retail investor is ₹124,000 in one lot. The maximum and minimum lot sizes and amounts are shown below:
| Investor Category | Lots | Shares | Amount |
| Retail (min.) | 1 | 4,000 | ₹124,000 |
| Retail (max.) | 1 | 4,000 | ₹124,000 |
| HNI (min.) | 2 | 8,000 | ₹248,000 |
The SME Refractory Shapes IPO market cap is ₹67.58 crore with a RoNW of 15.58%. The PAT of the company has hiked 10.47% in the FY 22-23. If you wish to apply for the refractory IPO, our advice would be to look into the financial statement and the market value of the company to make a well-informed investment decision.
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