Refractory Shapes Limited IPO
Refractory Shapes Limited IPO
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Refractory Shapes Limited's successfully completed its Initial Public Offering and commenced trading on 14-05-2024 at the NSE exchange. The company raised 60,00,000 Shares through this public offering, comprising 60,00,000 Shares in fresh capital.
The IPO was priced within the band of ₹27 to ₹31, with minimum application lots of 4000 shares. The offering attracted significant investor interest during its subscription period from 06-05-2024 to 09-05-2024.
Share allotment was finalized on 10-05-2024, distributing equity to successful applicants. The stock's subsequent listing marked a significant milestone in the company's corporate history, providing public market liquidity to shareholders.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
Refractory Shapes IPO About Company
Founded in 1996, Refractory Shapes Limited is a leading manufacturer of high-quality refractory products, including bricks, castables, high alumina catalysts, and ceramic balls. The company operates two strategically located manufacturing facilities—one in Pimpri Industrial Area, Pune, Maharashtra, covering 34,788 sq. ft, and another in Wankaner, Morbi district, Gujarat, spanning 1,74,246 sq. ft. Additionally, it owns 4 acres of land near the Wankaner unit for future expansion. Committed to excellence, the company specializes in producing pre-cast and pre-fired blocks, burner blocks, shaped bricks, castables, mortars, and more, serving a wide range of industrial needs. With a dedicated team of 38 professionals (as of September 30, 2023), Refractory Shapes Limited ensures top-quality products and outstanding service for its customers.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Refractory Shapes IPO Strength Factors
- Wide and Versatile Product Portfolio: Offers a broad range of high-quality refractory products such as pre-cast and pre-fired blocks, burner blocks, shaped bricks, castables, and mortars, enabling the company to cater to diverse industries with tailored solutions.
- Advantageous Manufacturing Locations: Operates facilities in Pune, Maharashtra, and Wankaner, Gujarat, providing strategic proximity to major industrial hubs and supporting efficient production, logistics, and distribution for both domestic and international markets.
- Strong and Long-Standing Client Relationships: Has developed deep trust and loyalty among customers by consistently delivering superior products and reliable service, resulting in repeat business and new opportunities for growth.
Refractory Shapes IPO Risk Factors
- Exposure to Legal Risks: The company, its promoters, directors, and group entities are involved in ongoing legal matters. Any unfavorable decision could affect financial stability, disrupt business operations, and harm its reputation. Legal expenses and potential settlements may further strain resources.
- Concerns Over Negative Cash Flow: Past instances of negative cash flow raise concerns about the company’s ability to fund growth, invest in expansion or R&D, and maintain profitability. Continued negative cash flow may weaken overall competitiveness.
- Risk of Manufacturing Disruptions: Any slowdown or stoppage at the company’s Pune or Wankaner manufacturing units could delay order fulfillment, result in revenue losses, and impact customer trust. Such disruptions may also lead to higher operational costs due to downtime and interrupted production.
Refractory Shapes IPO Lead Manager(s)
- Shreni Shares Limited
Refractory Shapes IPO Promoter(s)
- Mr. Dayashankar Krishna Shetty
- Ms. Pratibha Dayashankar Shetty
- Ms. Prajna Shravan Shetty.
Refractory Shapes IPO FAQs
Refractory Shapes Limited IPO subscribed 247.83 times. The public issue subscribed 245.71 times in the retail category,90.59times in QIB, and -- times in the HNI (10+) category byNovember 26, 2025 11:03:31 AM (Day 26).
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Refractory Shapes IPO IPO Investor Categories
The offer proceeds will be utilised towards the following investor categories in compliance with SEBI regulations:
Qualified Institutional Buyers (QIB)
Financial Institutions, Banks, FIIs, and Mutual Funds registered with SEBI are called QIBs. In most cases, QIBs represent small investors who invest through mutual funds, ULIP schemes, and pension schemes.
Non-Institutional Investors (NII / HNI)
Retail Individual Investors (HNI), NRIs, Companies, Trusts, etc. who bid for shares worth more than ₹2 lakhs are known as Non-Institutional Bidders. Unlike QIBs, they do not need SEBI registration.
Subcategories of NII:
- sNII (Small NII – bids below ₹10 Lakhs)
For bids between ₹2–10 lakhs. One-third of NII shares are reserved for this category, also known as Small HNI (sHNI).
- bNII (Big NII – bids above ₹10 Lakhs)
For bids above ₹10 lakhs. Two-thirds of NII shares are reserved for this category, also called Big HNI (bHNI).
- sNII (Small NII – bids below ₹10 Lakhs)
Retail Individual Investors (RII)
Individual investors or NRIs who apply up to ₹2 lakhs in an IPO are considered under the RII reserved category.
Employee (EMP)
A category of eligible employees who have a reserved quota in the IPO.
Others
This includes eligible shareholders or other investors with reserved quotas in the IPO.
Refractory Shapes IPO FAQs
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