Refractory Shapes IPO: Open/Close Date, Price, Lot Size, Allotment & Subscription

IPO Details

Bidding Dates

05 May '24 - 08 May '24

Minimum Investment

₹1,24,000 / 1 Lot ( 4,000 Shares )

Price Range

₹27 - ₹31

Maximum Investment

₹1,24,000 / 1 Lot ( 4,000 Shares )

Retail Discount

Not Applicable

Issue Size

₹18.60 cr

Investor category and sub category

Qualified Institutional Buyers | Retail Individual Investors | Non-institutional Investor |

Refractory Shapes IPO Important Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

May 5, 2024

IPO Closing Date

May 8, 2024

Basis of Allotment

May 9, 2024

Initiation of Refunds

May 12, 2024

Credit of Shares to Demat

May 12, 2024

IPO Listing Date

May 13, 2024

Cut-off time for UPI mandate confirmation

May 8, 2024

About Refractory Shapes Ltd

Founded in 1996, Refractory Shapes Limited specialises in the manufacturing of a wide range of refractory products, including bricks, castables, high alumina catalysts, and ceramic balls. Their product lineup encompasses pre-cast and pre-fired blocks, burner blocks, specially shaped refractory bricks, dense and insulating castables, as well as mortars.

Additionally, the company fulfills orders for metallic anchors, which are essential for supporting refractory castings during installation and require raw materials such as tabular alumina, low alumina bricks, and insulating bricks.

The company operates manufacturing facilities situated in Pimpri Industrial Area, Pune, Maharashtra, covering a total area of 34,788 sq. ft., and in Wankaner, Morbi district, Gujarat, spanning 1,74,246 sq. ft. Furthermore, Refractory Shapes Limited possesses an additional 4 acres of land adjacent to the existing unit in Wankaner, Gujarat, measuring 1,74,240 sq. ft.

This expansion space aims to accommodate the installation of an additional kiln and the incorporation of pressing machines to diversify production capabilities and manufacture various types of refractory bricks.

Industry Outlook:

Despite global economic disruptions from the Russia-Ukraine war, the refractories market expanded from $26.55 billion in 2022 to $27.91 billion in 2023, exhibiting a 5.1% CAGR.
Forecasts indicate continued growth, with the market projected to reach $31.25 billion by 2027, albeit at a slightly slower pace with a CAGR of 2.9%.

Refractory Shapes Ltd IPO Details

Refractory Shapes IPO Date

Refractory Shapes IPO is open from May 6, 2024, to May 9, 2024. The IPO will be listed on NSE Emerge.

Refractory Shapes Ltd Price Band

Refractory Shapes is a book-built issue IPO. The price band is set at ₹27 to ₹31 per share.

Refractory Shapes IPO Lot Size

The lot size for Refractory Shapes Limited’s IPO is 4,000 shares with a minimum investment of ₹1,24,000.

Refractory Shapes IPO Objectives

The company plans to allocate the net proceeds from the issuance to the following purposes:

Funding for civil construction to expand and establish a new manufacturing unit at the current site in Wankaner, Gujarat.
Capital allocation is needed to purchase plant and machinery to support the expansion and setup of the new manufacturing unit in Wankaner, Gujarat.
Acquisition of a commercial vehicle.
Allocation of funds for general corporate needs.

Peer Details

The companies considered by Refractory Shapes as its peers include:

Sp Refractories Limited
Ifgl Refractories Ltd

How to Check the Allotment Status of the Refractory Shapes Limited IPO?

Steps to check IPO allotment status on Angel One’s app:

Log in to the Angel One app
Go to the Individual order details page of the IPO that you had applied for.
Check the IPO allotment status. As such, Angel One will notify you of your IPO allotment status via push notification, email and SMS.

Contact Details of Refractory Shapes Limited

Registered office: B 201, Rustomjee Central Park Chakala, Andheri-Kurla Road, Andheri (East), Mumbai-400069, Maharashtra, India

Phone: +91 9819995930

E-mail: investors@refshape.com

IPO Financials

Particulars	6-Month period Ending on September 30, 2023	Year ending on March 31, 2023	Year ending on March 31, 2022	Year ending on March 31, 2021
Revenue from Operations (in ₹ lakh)	1,917.91	3,796.92	2,550.32	2,088.90
Profit After Tax (PAT) (in ₹ lakh)	232.21	191.74	287.04	156.39
Cash & Cash Equivalents (in ₹ lakh)	627.69	460.19	623.30	773.09
Net Worth (in ₹ lakh)	1,900.85	1,668.64	1,476.90	1,189.86
Debt to Equity Ratio(x)	1.15	1.23	1.06	1.04
Return on Equity (%)	12.22%	12.19%	21.53%	14.07%
Return on Capital Employed (RoCE) (%)	12.11%	12.11%	11.26%	7.49%
Diluted Earning Per Share (EPS)-in absolute ₹	2,322.10	1,917.40	2,870.40	1,563.90

Know before investing

Strengths

With over 2 decades in manufacturing various refractory products and high alumina catalysts since 2003, led by seasoned executives, leveraging expertise to drive business success.
Meticulous selection and processing of raw materials ensure superior product quality, giving a competitive advantage in the market.
Approval as an Engineer India Limited (EIL) vendor signifies adherence to stringent standards, enhancing reputation and credibility in the refinery and petrochemical sector.

Risks

With numerous outstanding legal proceedings, including taxation matters and litigation against directors and group companies, adverse decisions could impact financial and operational stability.
Historical negative cash flows, such as net cash generated from operating activities declining from ₹757.03 lakhs in 2021 to ₹170.15 lakhs in 2023, may hinder growth and financial resilience.
Reliance on sectors like steel, refineries, and petrochemicals for revenue exposes vulnerability to market fluctuations, potentially leading to reduced demand and impacting financial performance adversely.