Refractory Shapes Ltd IPO Timeline

Refractory Shapes Ltd IPO opens on 06-May-2024, and closes on 09-May-2024. The Refractory Shapes Ltd IPO bid date is from 06-May-2024 to 09-May-2024. The Cut-off time for UPI Mandate confirmation is 12 P.M. on the next day of issue closing day.

Event Date
Refractory Shapes Ltd IPO Opening Date 06-May-2024
Refractory Shapes Ltd IPO Closing Date 09-May-2024
Basis of Allotment 10-May-2024
Initiation of Refunds 13-May-2024
Credit of Shares to Demat 13-May-2024
Refractory Shapes Ltd IPO Listing Date 14-May-2024

Refractory Shapes Ltd IPO Lot Size

Refractory Shapes Ltd IPO lot size is 4000 shares. A retail-individual investor can apply for up to 1 lots (4000 shares or 124000).

Application Lots Shares Amount
Minimum 1 4000 ₹124000
Maximum 1 4000 ₹124000

Refractory Shapes Ltd IPO Details

Refractory Shapes Ltd IPO Date 06-May-2024 to 09-May-2024
Refractory Shapes Ltd IPO Face Value Shares of ₹10 per share
Refractory Shapes Ltd IPO Price ₹27 to ₹31 per share
Refractory Shapes Ltd IPO Lot Size 4000
Issue Size Shares of ₹10 (aggregating up to ₹18.6 Cr)
Fresh Issue Shares of ₹10 (aggregating up to ₹18.6 Cr)
Offer for Sale -
Issue Type Book Building - SME
Listing At NSE - SME
QIB Shares Offered -
Retail Shares Offered -
NII (HNI) Shares Offered -
Company Promoters Dayashankar Krishna Sheety, Pratibha Dayashankar Sheety, Prajna Shravan Sheety.

Objects of the Issue

The company proposes to utilise the Net Proceeds from the Fresh Issue towards funding the following objects:

  • 1 Funding of capital expenditure towards civil construction required for expansion of existing mfg unit at the existing location situated at
  • 2 Funding of capital expenditure towards purchase of plant and machinery for expanding existing mfg unit at the existing location situated at
  • 3 Repayment/prepayment of all or certain borrowings availed by the company
  • 4 Purchase of commercial vehilces
  • 5 General corporate purposes

Company Financials

Refractory Shapes Ltd Financial Information (Restated)

Period Ended Total Assets Total Revenue Profit After Tax
03-2024 51.26 43.03 4.02
03-2023 50.04 38.72 1.92
03-2022 36.85 26.22 2.87
Amount in ₹ Crore
  • ISO 9001:2015, 14001:2015 & 45001:2018 certified.
  • ISO/IEC 17025:2017.
  • Approved EIL vendor.
  • Wide range of our products.
  • Location Advantage.
  • Well established relationship with clients.
  • Leveraging the experience of its Promoters and Directors.
  • Strong Marketing Practices.
  • There are outstanding legal proceedings involving the Company, Promoters, Promoter Group, Directors and Group Companies. Any adverse decision in such proceedings may have a material adverse effect on its business, results of operations and financial condition.
  • The Company had negative cash flows in the past years, details of which are given below. Sustained negative cash flow could impact its growth and business.
  • The Company is an Approved Vendor having enlisted by Engineers India Limited ("EIL"). If, the Company does not receive the recognition then it may harm its Brand Value or Reputation and may adversely affect its Business, Results of Operations, Financial Condition and Cash Flows.
  • Any delays, interruptions or reduction in the supply of raw materials to manufacture its products and any abrupt fluctuations in the prices of its raw materials may adversely affect the pricing of its products and may have an impact on its Business, Results of Operation, Financial Condition and Cash Flows.
  • The Company sells its products for specific use by certain Industries. Any reduction in the demand or requirement of its products in such Industries may result in loss of Business and may affect its Financial Performance and Financial Condition.
  • Any slowdown or shutdown of its Manufacturing operations at the company's Manufacturing Facilities could have an adverse effect on its Business, Financial Condition and Results of Operations.
  • Overcapacity and Oversupply in the Global Refractory Industry may adversely affect the Company's Profitability.
  • The Restated Financial Statements have been provided by Peer Reviewed Chartered Accountants who is not Statutory Auditor of the Company.
  • The Company in the usual course of Business does not have any long term contracts with its Customers and the company relies on purchase orders for delivery of its products and the company Customers may cancel or modify their orders, change quantities, delay or change their sourcing strategy. Loss of one or more of its top Customers or a reduction in their demand for the company products or reduction in revenue derived from them may adversely affect its Business, Results of Operations and Financial Condition.
  • The company is unable to trace few of its historical records, Also, in the past, there have been some instances of delays/ nonfiling/ non-compliance with certain statutory authorities, In the event the company is found not to be in compliance with any applicable regulations in relation to the regulatory filings or corporate actions, its may be subject to regulatory actions or penalties for any such possible non-compliance/ non-filing/ delay and its business, financial condition and reputation may be adversely affected.
  • The company has not yet placed orders in relation to the funding Capital expenditure through civil work required for Expanding a manufacturing unit at the existing location situated at Wankaner, Gujarat which is proposed to be financed from the Issue proceeds of the IPO. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the equipment in a timely manner, or at all, may result in time and cost over-runs and its business, prospects and results of operations may be adversely affected. its proposed capacity expansion plans are subject to the risk of unanticipated delays in implementation due to factors including delays in construction, obtaining regulatory approvals in timely manner and cost overruns.
  • The company intends to utilise a portion of the Net Proceeds for funding its Capital Expenditure for purchase of certain Machineries. The company is yet to place orders for such Capital Expenditure Machinery.
  • The company intends to utilise a portion of the Net Proceeds for Purchase of Commercial Vehicle. The company is yet to place orders for such Purchase.
  • The company does not have long-term Agreements/ Contracts with suppliers for its raw materials and an increase in the cost of, or a shortfall in the availability or quality of such raw materials could have an adverse effect on its Business, Financial Condition and Results of Operations.
  • The company generate its major portion of sales from its operations in certain geographical domestic region. Any adverse developments affecting its operations in these regions could have an adverse impact on the company revenue and results of operations.
  • Pressure from Customers with regards to pricing may affect its Gross Margins, Profitability and ability to Increase the company Prices.
  • Its ability to anticipate changes in Customer Preferences, and Industry trends to meet customers' demands and any variations in the Government Regulations/policies or Technology Upgradation is a significant factor to remain competitive, any failure to identify and understand the trends may materially adversely affect its Business.
  • One of its Group Company is in the same line of business and consequently the interest of this Company may be in conflict with the interest of the Company.
  • The company is dependent on third-party transportation providers for the supply of raw materials and delivery of its finished products.
  • Any inability to protect its Intellectual Property or any claims that the company infringe on the Intellectual Property Rights of others could have a material adverse effect on it.
  • The Company logo "S" is currently not registered with Registrar of Copyright; any infringement of its logo or failure to get it registered may adversely affect its Business. Further, any kind of negative publicity or misuse of its logo could hamper the company Goodwill and its future Growth Strategies could be adversely affected.
  • Its Registered Office and Manufacturing unit I is not owned by it. In the event the company lose such rights, its Business, Financial Condition and Results of Operations and Cash Flows could be adversely affected.
  • The company has an in-house testing laboratory in accordance with ISO/IEC 17025:2017 to conduct raw material and final product sample testing. If the company fail to test the quality of raw material and final product as required, its business, financial condition, cash flows and operations will be adversely affected.
  • The company has entered into and may enter into related party transactions in the future also.
  • The company may not be able to accurately manage its inventory, this may adversely affect the company goodwill and business, financial condition and results of operations.
  • The company faces competition from domestic market and its inability to compete effectively may have a material adverse impact on its business, financial condition and results of operations.
  • KYC document of one of the member of promoter group evidencing her identity is not traceable.
  • There are certain discrepancies in the names of its 2 independent directors and the company its not able to verify their DIN with their PAN on the MCA website owing to which its may struck with certain technical issues while filing for its records with the Ministry of Corporate Affairs.
  • The Company has availed certain unsecured loan which can be recalled at any time.
  • The company has incurred indebtedness. In addition, certain of its financing agreements involve variable interest rates and an increase in interest rates may adversely affect its results of operations and financial condition.
  • The company is subject to strict quality requirements and any product defects or any failure by it to comply with quality standards may lead to the cancellation of existing and future orders, product recalls and exposure to potential product liability claims, warranty claims and other disputes.
  • Failure to deal effectively with fraudulent activities on emails would increase its fraud losses and harm its business and could severely diminish seller and consumer confidence in and use of its services.
  • The dependence on third-party services could have an adverse effect on the business, financial condition and results of operations.
  • Its inability to meet the changes in technology or advancement requirements in its current manufacturing process, may render its current technologies obsolete or may require additional investments which may have an adverse effect on the Business, financial condition and results of operations.
  • In case of its inability to obtain, renew or maintain the statutory and regulatory licenses, permits and approvals required to operate its business it may have a material adverse effect on the company's business.
  • The Company engages contract labourers at its Manufacturing Facilities.
  • Certain of its Promoters may be interested in it other than in terms of remuneration and reimbursement of expenses, and this may result in conflict of interest with its.
  • The Company operates under several statutory and regulatory permits, licenses and approvals. Its failure to obtain and/or renew any approvals or licenses in future may have an adverse impact on its business operations.
  • Its success largely depends upon the knowledge and experience of its Promoters, Directors, its Key Managerial Personnel and Senior Management. Any loss of its Promoter, Directors, Key Managerial Personnel, Senior Management could adversely affect its business, financial condition and results of operations.
  • The company depends on skilled personnel and if its is unable to recruit and retain skilled personnel, its ability to operate or grow the company business could be affected.
  • The industry in which its operate is labour intensive and the company manufacturing operations may be materially adversely affected by strikes, work stoppages or increased wage demands by its employees or those of the company suppliers.
  • Its funding requirements and proposed deployment of the Net Proceeds are based on management estimates and the company has not entered into any definitive arrangements to utilize the Net Proceeds of the Issue and the Objects have not been independently appraised by a bank or a financial institution. Any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
  • Its Promoters and members of the company Promoter Group will be able to exercise significant influence and control over it after the Issue and may have interests that are different from or conflict with those of its other shareholders.
  • Portion of its Issue Proceeds are proposed to be utilized for general corporate purposes which constitute [*]% of the Issue Proceed.
  • The deployment of funds raised through this Issue shall not be subject to any Monitoring Agency and shall be purely dependent on the discretion of the management of the Company.
  • Its success largely depends upon the company ability to attract and retain its Promoters, Directors, Key Managerial personnel and Senior Management with technical expertise. Its inability to attract and retain them and other personnel with technical expertise could adversely affect its business, financial condition and results of operations.
  • The orders placed by customers may be delayed, modified or cancelled, which may have an adverse effect on its business, financial condition and results of operations.
  • The company has taken guarantees from its directors in relation to Debt Facilities provided to the company.
  • The company may not be fully insured for all losses its may incur.
  • Its business may expose it to potential product liability claims, which could adversely affect its results operation, goodwill and the marketability of the company products.
  • Failure or disruption of its IT, manufacturing automation systems may adversely affect its business, financial condition and results of operations.
  • Its ability to pay dividends will depends upon future earnings, financial condition, cash flows, working capital requirements, capital expenditures and other factors.
  • Employee misconduct including misuse of confidential data and failure to maintain confidentiality of information could harm it and is difficult to detect and deter.
  • Industry information included in this Draft Red Herring Prospectus has been derived from industry reports. There can be no assurance that such third-party statistical, financial and other industry information is either complete or accurate.
  • Information relating to the installed manufacturing capacity of its manufacturing facilities included in this Draft Red Herring Prospectus are based on various assumptions and estimates and future production and capacity may vary.
  • An investment in the Equity Shares is subject to general risk related to investments in Indian Companies.
  • The determination of the Price Band is based on various factors and assumptions and the Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares upon listing on the Stock Exchange.
  • Its Promoter's average cost of acquisition of Equity Shares in the Company could be lower than the Issue Price to be decided by the Company in consultation with the Book Running Lead Manager.
  • Its Equity Shares have never been publicly traded, and may experience price and volume fluctuations following the completion of the Issue. Further, its Equity Shares may not result in an active or liquid market and the price of its Equity Shares may be volatile and you may be unable to resell your Equity Shares at or above the Issue Price or at all.
  • There is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the NSE Emerge in a timely manner or at all.
  • Any future issuance of Equity Shares may dilute your shareholding and sale of its Equity Shares by the company's Promoter or other shareholders may adversely affect the trading price of the Equity Shares.
  • There are restrictions on daily weekly monthly movement in the price of the equity shares, which may adversely affect the shareholder's ability to sell for the price at which it can sell, equity shares at a particular point in time.
  • Investors may be subject to Indian taxes arising out of capital gains on the sale of the Equity Shares.
  • Significant differences exist between Indian GAAP and other accounting principles, such as US GAAP and IFRS, which may be material to investors assessments of the Company's financial condition. Its failure to successfully adopt IFRS may have an adverse effect on the price of its Equity Shares. The proposed adoption of IFRS could result in its financial condition and results of operations appearing materially different than under Indian GAAP.
  • Foreign investors are subject to foreign investment restrictions under Indian law that limits its ability to attract foreign investors, which may adversely impact the market price of the Equity Shares.
  • Expansion of its Manufacturing Facility.
  • Target new product & customer segments.
  • Introduce Innovative techniques.
  • Increase value addition by changing the Product mix.

Refractory Shapes Ltd IPO Promoter Holding

Pre Issue Share Holding 99.98%
Post Issue Share Holding 72.48%

Refractory Shapes Ltd IPO Subscription Status (Bidding Detail)

The Refractory Shapes Ltd IPO is subscribed 169.9307 times on May 09, 2024 05:00:00 PM. The public issue subscribed - times in the retail category, - times in the QIB category, and - times in the NII category. Check Day by Day Subscription Details (Live Status)

Category QIB NII Retail Employee Total
Subscription (times) - - - - 169.9307

Refractory Shapes Ltd IPO Prospectus

Refractory Shapes Ltd IPO Listing Date

Listing Date 14 May 24
BSE Script 92838
NSE Symbol REFRACTORY
Listing In NSE - SME
ISIN INE0TNX01015
IPO Price ₹31
Face Value ₹10

Refractory Shapes Ltd IPO Registrar

Bigshare Services Pvt Ltd

Phone: 022 - 6263 8200
Email: ipo@bigshareonline.com
Website: www.bigshareonline.com

Refractory Shapes Ltd IPO Lead Manager(s)

  1. Shreni Shares Ltd

FAQs on Refractory Shapes Ltd IPO

Refractory Shapes Ltd IPO, which opens for subscription from 06-May-2024 to 09-May-2024 has an issue size of ₹18.6 crore. The issue type is book building issue.

In case of pre-apply, your IPO order will be placed on the Exchange as soon as the official bidding for Refractory Shapes Ltd IPO begins. You will receive a UPI request within 24 hours after the bidding period opens.

Refractory Shapes Ltd IPO Opens for subscription from 06-May-2024 to 09-May-2024.

The lot size of Refractory Shapes Ltd is 4000 shares. Retail investors can subscribe to minimum 1 lot and maximum 1 lots. The minimum and maximum application value is ₹124000 and ₹124000 respectively.

Allotment date for Refractory Shapes Ltd is 10-May-2024 and refund of application amount (in case allotment is not received) will begin from 13-May-2024. If your allotment goes through, then shares will be credited in your Demat account by 13-May-2024.

The registrar for Refractory Shapes Ltd IPO is Bigshare Services Pvt Ltd . You can check your IPO allotment status on the registrar's website.

The shares of Refractory Shapes Ltd are proposed to be listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

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