Shri Hare-Krishna Sponge Iron IPO to debut today. No GMP seen in unofficial market
Shri Hare-Krishna Sponge Iron is set to list on the NSE SME platform on Tuesday after a fully subscribed Rs 29.91 crore IPO, though grey market premium is currently at Rs 0. The IPO proceeds will primarily fund a captive power plant at its Raipur manufacturing unit. The company reported Rs 83.60 crore in revenue and Rs 9.
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Raipur-based Shri Hare-Krishna Sponge Iron is slated to make its debut on the NSE SME platform on Tuesday following a fully subscribed Rs 29.91 crore IPO. However, the issue is drawing no premium in the grey market, with the GMP currently at Rs 0, reflecting muted listing expectations among investors.The public offer, which ran from June 24 to June 26, was entirely a fresh issue of 50.70 lakh shares priced at Rs 59 apiece.The IPO received anchor backing worth Rs 8.50 crore on June 23, with 14.4 lakh shares allotted to institutional buyers.The registrar to the issue is Kfin Technologies , with Hem Securities managing the book and Hem Finlease acting as market maker.Incorporated in 2003, the company operates a 30,000 metric tonne per annum sponge iron manufacturing unit in Siltara, Raipur, spread over 13.45 acres.Proceeds from the IPO will largely be used to set up a captive power plant at the company's manufacturing site, with Rs 23 crore earmarked for this capex project. The remaining funds will go towards general corporate purposes.On the financial front, the company posted Rs 83.60 crore in revenue and Rs 9.2 crore in PAT for FY25.The absence of grey market interest may reflect broader market caution or limited institutional buzz. Investors will closely watch how the stock performs on debut amid a packed IPO week and several SME listings competing for attention.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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