Refractory Shapes Limited (NSE SME)
May 6, 2024 – May 9, 2024
| Price | ₹27 - ₹31 |
| Premium | ₹25 |
|---|---|
| Lot size | 4000 |
| Allotment | May 10, 2024 |
| Listing | May 14, 2024 |
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Subscription
Last updated on 09-May-2024 17:14:02
| Category | Offered | Applied | Times |
|---|---|---|---|
| QIB | 1144000 | 103640000 | 90.59 |
| NIB | 856000 | 396272000 | 462.93 |
| RETAIL | 1996000 | 490432000 | 245.71 |
| Total | 3996000 | 990344000 | 247.83 |
| Retail Apps | 122608 | © IPO Premium | |
| HNI Interest Cost Per Share (7 Days) | |||||
|---|---|---|---|---|---|
| @7% ₹19.27 | @8% ₹22.02 | @9% ₹24.77 | @10% ₹27.52 | @11% ₹30.27 | @12% ₹33.03 |
About
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| Retail | 1 | 4000 | 124000 | 499 |
| HNI | 2 | 8000 | 248000 | 214 |
Anchor Details
| Name of Anchor | No. of Shares | % Portion | Amount (cr) |
|---|---|---|---|
| Next Orbit Ventures Fund | 852000 | 50.12% | 2.64 |
| Craft emerging market fund PCC - citadel capital fund | 848000 | 49.89% | 2.63 |
| Total | 1700000 | 100.00% | 5.27 |
IPO Reservation
| Investor Category | Shares Offered | No. of Shares |
|---|---|---|
| Retail | 33.27% | 1996000 |
| NII (HNI) | 14.27% | 856000 |
| QIB | 19.07% | 1144000 |
| Anchor | 28.33% | 1700000 |
| Market Maker | 5.07% | 304000 |
| Total | 100.00% | 6000000 |
Refractory Shapes Limited, established in 1996, is a leading manufacturer specializing in a wide range of refractory products such as bricks, castables, high alumina catalysts, and ceramic balls. With manufacturing facilities strategically located in Pimpri Industrial Area, Pune, Maharashtra, and Wankaner, Morbi district, Gujarat, the company boasts a total area of 34,788 sq. ft and 1,74,246 sq. ft respectively. Additionally, the company holds 4 acres of land near the Wankaner unit for future expansion. Committed to excellence, Refractory Shapes Limited delivers top-quality pre-cast and pre-fired blocks, burner blocks, shaped bricks, castables, mortars, and more, catering to diverse industrial needs. the company employs 38 dedicated professionals as of September 30, 2023, ensuring top-quality products and exceptional service to its customers.
Refractory Shapes IPO Details
| 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 IPO |
| Listing At | NSE SME |
| Share holding pre issue | 15,800,000 |
| Share holding post issue | 21,800,000 |
| Market Maker portion | 304,000 shares Shreni Shares |
Key Performance Indicator
| KPI | Dec-23 | Mar-23 | Mar-22 |
|---|---|---|---|
| ROE | 15.58% | 12.19% | 21.53% |
| ROCE | 9.79% | 8.04% | 11.38% |
| RONW | 15.58% | 11.49% | 19.44% |
| D/E | 1.18 | 1.23 | 1.06 |
| EPS (diluted) | 0.97 | 1.21 | 1.82 |
| P/BV | 4.95 | ||
| P/E (Pre IPO) | 25.55 |
Company Financials
Refractory Shapes Limited Financial Information (Restated)
Refractory Shapes Limited's revenue increased by 47.7% and profit after tax (PAT) dropped by -33.2% between the financial year ending with March 31, 2023 and March 31, 2022.
| Period | Dec 2023 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|
| Assets | 5,289.90 | 5,003.81 | 3,684.82 | 2,723.72 |
| Revenue | 2,999.04 | 3,872.23 | 2,621.67 | 2,179.67 |
| Profit | 307.94 | 191.74 | 287.04 | 156.39 |
| Net Worth | 396.58 | 1,668.64 | 1,476.90 | 1,189.86 |
| Reserves | 396.58 | 1,658.64 | 1,466.90 | 1,179.86 |
| Borrowing | 2341.80 | 2,048.63 | 1,570.12 | 1,234.18 |
| Amount in ₹ Lakhs | ||||
Strength Factors
Wide Range of Products: The company offers a diverse range of high-quality refractory products, including pre-cast and pre-fired blocks, burner blocks, shaped bricks, castables, and mortars. This extensive product portfolio allows the company to cater to various industrial needs and provides flexibility to its customers.
Strategic Location Advantage: With manufacturing facilities situated in Pune, Maharashtra, and Wankaner, Gujarat, Refractory Shapes Limited benefits from strategic locations that offer logistical advantages for both domestic and international distribution. This proximity to key industrial areas enhances efficiency in production, transportation, and delivery, providing a competitive edge in the market.
Well-Established Client Relationships: Over the years, Refractory Shapes Limited has built strong and enduring relationships with its clients. By consistently delivering superior products and providing excellent customer service, the company has earned the trust and loyalty of its clientele. These established relationships contribute to repeat business and help in securing new opportunities in the market.
Risk Factors
Legal Proceedings: The company faces outstanding legal proceedings involving itself, promoters, promoter group, directors, and group companies. Adverse decisions in these proceedings could significantly impact the company's business, results of operations, and financial condition. Legal expenses and potential settlements could also impose financial burdens on the company.
Negative Cash Flows: Refractory Shapes Limited has experienced negative cash flows in past years. Sustained negative cash flow poses a risk to the company's growth and business operations. It may limit the company's ability to invest in expansion, research and development, or other strategic initiatives, potentially hindering competitiveness and profitability.
Manufacturing Operations Risks: Any slowdown or shutdown of manufacturing operations at the company's facilities in Pune, Maharashtra, and Wankaner, Gujarat, could have adverse effects on its business, financial condition, and results of operations. Disruptions in manufacturing could lead to delays in fulfilling customer orders, loss of revenue, reputational damage, and increased costs associated with idle facilities or production interruptions.
Strength
Weakness
Lead Manager(s)
Address
Refractory Shapes Limited
B 201, Rustomjee Central Park Chakala,
Andheri-Kurla Road, Andheri (East),
Mumbai - 400069
Phone: +91 9819995930
Email: investors@refshape.com
Website: https://www.refshape.com/