Shri Hare-Krishna Sponge Iron IPO: Latest GMP, Subscription Status, Price Band And More

Shri Hare-Krishna Sponge Iron IPO opened for subscription on Tuesday, June 24. The Rs 30-crore initial public offering (IPO) comprises entirely a fresh issue of 50.7 lakh shares. The company is a manufacturer of sponge iron. Investors who want to bid for shares in the NSE SME IPO can check the following details before making an investment call. 

The Shri Hare-Krishna Sponge Iron IPO is a book-building issue worth Rs 29.91 crore. The price band for the Shri Hare-Krishna Sponge Iron IPO has been set between Rs 56 and Rs 59 per share.

Retail investors can invest by bidding for a single lot size of 2,000 shares, requiring an investment of Rs 1,18,000. For High-Net-Worth Individuals (HNIs), the minimum application size is two lots, comprising 4,000 shares, which amounts to an investment of Rs 2,36,000.

The company has reserved 24.02 lakh shares for the Qualified Institutional Buyers (QIBs) and 7.24 lakh shares for the Non-Institutional Investors (NIIs). The retail quota comprises 16.86 lakh shares.

Hem Securities Ltd. is the book-running lead manager of the Shri Hare-Krishna Sponge Iron IPO. Kfin Technologies Ltd. is the registrar and Hem Finlease Pvt. is the market maker for the issue. 

Investors can bid for shares in the IPO from June 24 to June 26. Allotment of shares is proposed to be finalised on June 27. The company is scheduled to process refunds and transfer shares to the Demat accounts on June 30.

Shri Hare-Krishna Sponge Iron IPO listing date has been tentatively fixed as July 1. Shares of the company will be listed on the NSE SME platform.

Shri Hare-Krishna Sponge Iron IPO has been subscribed 0.04 times as of 11:20 a.m. on Tuesday, as per market tracking site Chittorgarh.

• Qualified Institutions: nil

• Non-Institutional Investors: 0.04 times

• Retail Investors: 0.07 times

*The subscription status will be updated at regular intervals

According to InvestorGain, the grey market premium (GMP) for the Shri Hare-Krishna Sponge Iron IPO stood at nil as of 8:30 a.m. on June 24. It indicates a potentially flat listing for the IPO shares.

Note: GMP does not represent official data and is based on speculation.

The company is a manufacturer of steel shots and grits. Its facilities include sponge iron, steel melting shop and rolling mill. 

Use Of Proceeds

The company has proposed to use proceeds from the IPO to fund capital expenditure for setting up a power plant and for general corporate purposes. 

Financials

The company’s profit after tax (PAT) declined 9.5% year-on-year (YoY) to Rs 9.20 crore in FY25 from Rs 10.17 crore in FY24. Revenue from operations fell 2.2% YoY to Rs 80.47 crore in FY25 from Rs 82.3 crore in FY24. 

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.