Bricks manufacturer Refractory Shapes will soon be launching its initial public offerings (IPO). The small and medium enterprise (SME) IPO will open for subscription on May 6 and will close on May 9.
The Mumbai-based company has set the price band of the upcoming IPO at ₹27 to ₹31 per share. Retail investors must invest a minimum of ₹124,000, with the minimum lot size for an application being 4000 shares.
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Refractory Shapes IPO is a book-built issue looking to raise over ₹18.60 crore and is entirely a fresh issue of 60 lakh shares.
Established in 1996, Refractory Shapes Limited specializes in the production of a diverse range of products including bricks, castables, high alumina catalysts, and ceramic balls. The company’s offerings encompass pre-cast and pre-fired blocks (PCPF), burner blocks, specially shaped refractory bricks, dense and insulating castables, as well as mortars. Additionally, the company caters to orders for metallic anchors, essential for supporting the installation of refractory castings. These anchors necessitate various raw materials such as tabular alumina, low alumina bricks, and insulating bricks.
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Dayashankar Krishna Shetty, Pratibha Dayashankar Shetty, and Prajna Shravan Shetty are the promoters of the company.
Around 50% of the issue is reserved for QIB investors, not less than 30% of the offer is reserved for retail investors and 15% is allocated to NII.
Shreni Shares Limited serves as the book running lead manager for the Refractory Shapes IPO, with Bigshare Services Pvt Ltd appointed as the registrar for the issue. Additionally, Shreni Shares is the market maker for the Refractory Shapes IPO.
Refractory Shapes IPO GMP
The shares of Refractory Shapes IPO is currently not trading in the grey market. This means that the shares of Refractory Shapes is available at a premium of ₹0, according to market obeservers.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
