Refractory Shapes Limited, an engineering, procurement, construction, and commissioning (EPC) company for wind and solar power, is set to launch its IPO on May 6, 2024.
Refractory Shapes IPO GMP
Refractory Shapes is launching an IPO valued at ₹18.60 crores with 60 lakh new shares. The subscription is open from May 6 to May 9, 2024, with allotment on May 10, 2024. According to sources, the Refractory Shapes IPO GMP is currently hovering around ₹5.
| IPO Date | May 6, 2024 to May 9, 2024 |
| Listing Date | To be announced (Tentative: May 14, 2024) |
| Face Value | ₹10 per share |
| Price Band | ₹27 to ₹31 per share |
| Lot Size | 4,000 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 |
| Listing At | NSE SME |
| Shareholding Pre-Issue | 15,800,000 |
| Shareholding Post-Issue | 21,800,000 |
| Market Maker Portion | 304,000 shares (Shreni Shares) |
The price range is ₹27 to ₹31 per share, with a minimum application of 4,000 shares, costing ₹124,000 for retail investors. High Net Worth Individuals (HNIs) must invest in at least 2 lots (8,000 shares), requiring ₹248,000.
Refractory Shapes IPO Reservation Details
The Refractory Shapes IPO will reserve shares for different investor categories as mandated by SEBI (Securities and Exchange Board of India) regulations. The reservation detail are as follows;
- Qualified Institutional Buyers (QIB): Not more than 50% of the net offer. These typically include institutions like banks, mutual funds, and insurance companies.
- Retail Individual Investors (RII): Not less than 35% of the offer. This category caters to individual investors applying for shares with a total value of less than Rs. 2 lakhs.
- Non-Institutional Investors (NII): Not less than 15% of the offer. This group includes high net-worth individuals (HNIs) or corporate bodies investing more than Rs. 2 lakhs.
- The exact number of shares allocated to each category will be determined based on the total offer size and investor demand during the subscription period.
Refractory Shapes IPO Timeline
The main events in the Refractory Shapes IPO process are:
- IPO Open Date: Monday, May 6, 2024
- IPO Close Date: Thursday, May 9, 2024
- Cut-off time for UPI mandate confirmation: 5 PM on May 9, 2024 (Ensure your UPI mandate is confirmed by this deadline to participate in the IPO)
- Basis of Allotment: Friday, May 10, 2024 (This is when the company finalises share allotment based on investor bids)
- Initiation of Refunds: Monday, May 13, 2024 (If your bid is not allotted shares, the application money will be refunded)
- Credit of Shares to Demat: Monday, May 13, 2024 (Allotted shares will be credited to your Demat account)
- Listing Date: Tuesday, May 14, 2024 (Tentative) (This is when the shares start trading on the NSE SME exchange)
Refractory Shapes IPO Lot Size
Understanding the lot size is crucial for participating in the Refractory Shapes IPO:
- Minimum Lot Size: 4,000 shares
- Bidding Increments: In multiples of the lot size (4,000 shares)
This means you can bid for a minimum of 4,000 shares and then increase your bid in multiples of 4,000 (8,000, 12,000,and so on).
| Investor Category | Minimum Investment (Shares) | Minimum Investment (Amount) |
| Retail Investor | 4,000 | ₹124,000 (4,000 shares * ₹31 per share) |
| HNI Investor | 8,000 (2 lots) | ₹248,000 (8,000 shares * ₹31 per share) |
- Retail investors can participate with a minimum investment of ₹124,000 for 4,000 shares.
- HNIs need a minimum investment of ₹248,000 for 8,000 shares (2 lots).
- Remember, the price band is ₹27 – ₹31 per share. The final allotment price will be determined after the IPO closes.
Refractory Shapes IPO Promoter Holding
The promoter’s stake in the company is important to be aware of, before applying to the IPO:
- Promoters: The company is currently owned by three promoters: Mr. Dayashankar Krishna Shetty, Ms. Pratibha Dayashankar Shetty, and Ms. Prajna Shravan Shetty.
- Pre-Issue Shareholding: Before the IPO, the promoters hold 100.00% of the company’s shares.
- Post-Issue Shareholding: After the IPO, the promoters’ shareholding will be diluted to 72.48%. This means they will be selling a portion of their ownership through the IPO.
Applying for Refractory Shapes IPO
Application Process (During IPO Open Date – May 6th to May 9th, 2024):
- Login to your broker’s online trading platform or mobile app that offers IPO investment.
- Locate the Refractory Shapes IPO offering within the platform.
- Specify the number of shares you wish to apply for (in multiples of the lot size – 4,000 shares).
- Double-check your bid details like the number of shares and price (within the price band of ₹27 – ₹31). Submit the application.
- You’ll likely receive a notification on your UPI app requesting authorization to block funds for the IPO application. Approve the mandate within the stipulated time frame (usually by 5 PM on May 9th, 2024).