NSE SME Shri Hare-Krishna Sponge Iron cools off post listing
The scrip was listed at Rs 64.80, a premium of 9.83% compared with the initial public offer (IPO) price. The stock was currently down 2.48% over its listing price.
The counter hit a high of Rs 65.75 and a low of Rs 61.60. About 19.36 lakh shares of the company changed hands at the counter.
Shri Hare-Krishna Sponge Iron's IPO was subscribed 6.42 times. The issue opened for bidding on 24 June 2025 and it closed on 26 June 2025. The price band of the IPO was set at Rs 56 to 59 per share.
The IPO comprised fresh issue of 50,70,000 shares. The promoter and promoter shareholding diluted to 73.58% from 100% pre-IPO.
The company intends to utilize the net proceeds for funding capital expenditure requirements of towards setup of captive power plant at Siltara - Raipur and for general corporate purpose.
Ahead of the IPO, Shri Hare-Krishna Sponge Iron on 23 June 2025, raised Rs 8.49 crore from anchor investors. The board allotted 14.4 lakh shares at Rs 49 per share to 7 anchor investor.
Shri Hare-Krishna Sponge Iron is engaged in the manufacturing and sale of sponge iron, a key raw material used in steel production, particularly in electric arc furnaces and induction furnaces. Through its sponge iron operations, the company serves the metallic needs of steel producers across select geographies. Its manufacturing facility is located in Siltara - Raipur, Chhattisgarh with an annual production capacity of 30,000 metric tonnes. As of 30 April 2025, the company had a total of 92 full time employees.
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