Refractory Shapes Limited IPO: Price, Lot Size, Strengths and Risks

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Among the several SMEs set to launch their IPOs in May, Refractory Shapes Limited stands out. This Mumbai-based brick manufacturing company will open for subscription on May 6 and close on May 9. The company, which specialises in manufacturing a diverse range of products such as bricks, ceramic balls, castables and high alumina catalysts, aims to raise over Rs. 18.60 crore through the issuance of 60 lakh fresh shares.

If you are interested in capitalising on this company's public issue, you should explore the Refractory Shapes Limited IPO. Scroll down to learn more about it.

Additional ReadUpcoming IPOs in May 2024

IPO Details 

Here is a brief overview of Refractory Shapes Limited IPO.

IPO Launch Date

May 6th, 2024 – May 9th, 2024

Issue Type

Book built IPO

Listed at

NSE Emerge

Price Band

Rs. 27 to Rs. 31 per share

Face value 

Rs. 10 per share

Minimum Lot Size

4,000 shares (retail investors) 

Fresh Issue Size

60 lakh equity shares

OFS Size


Total Issue Size 

Rs. 18.60 crore

Shareholding Pre-issue


Shareholding Post-issue


About the Company 

Established in 1973, Refractory Shapes Limited focuses on manufacturing bricks with special shapes, custom-made refractory shapes, and ceramic balls with superior performance. The company's products include burner blocks, mortars, specially shaped refractory bricks, dense and insulating castables and pre-cast and pre-fired blocks (PCPF).

The company’s products are primarily used in steel industries and refineries in addition to sectors like petrochemicals, cement, fertilisers and glass. Refractory Shapes Ltd is an approved vendor of Engineers India Limited, a GOI initiative and one of the largest EPC companies in India. 

Refractory Shapes Limited operates a state-of-the-art plant in Pune equipped with modern machinery to manufacture refractory shapes and castables to the highest standards. The company also boasts a sophisticated laboratory capable of conducting chemical analysis and physical tests, ensuring quality control at every stage of production. Additionally, in 2021, Refractory Shapes commissioned a new plant in Wankaner, Gujarat, spanning 10 acres.

Additional Read: How to Invest in an IPO Online

IPO Timeline 

The following table outlines the timeline and important dates associated with Refractory Shapes Limited IPO.

Open Date

Monday, May 6, 2024

Close Date

Thursday, May 9, 2024

Basis of Allotment

Friday, May 10, 2024

Initiation of Refunds

Monday, May 13, 2024

Credit of Shares to Demat

Monday, May 13, 2024

Date of Listing 

Tuesday, May 14, 2024

Cut-off Time for UPI Mandate Confirmation

5 PM on May 9, 2024

Lot Size 

To participate in the upcoming Refractory Shapes Limited IPO, retail investors must purchase at least one lot consisting of 4,000 shares. The table below displays the lot sizes for various categories of investors. Take a look. 

Application Type

No. of Lots



Retail (Min)



Rs. 1,24,000

Retail (Max)



Rs. 1,24,000

HNI (Min)



Rs. 2,48,000

Company Financials 

Before prioritising investment in the Refractory Shapes Limited IPO, it is advisable to review the company's financial statements for the past three years. Here is a financial summary of  Refractory Shapes Limited. 


For the Financial Year Ending (In Rs Lakhs)


March 31, 2023

March 31, 2022

March 31, 2021

Total Assets




Total Liabilities




Total Expenses




Total Revenue




Profit/Loss after Tax








Earnings per Share (Basic and Diluted) (of Rs. 10 each) 




Strengths of the Company 

Let us explore the strengths of Refractory Shapes Limited that set this company apart and may contribute to the successful launch of its IPO. 

  • The company's key strength lies in its experienced leadership, led by Mr Dayashankar Krishna Shetty, who has been in the refractories industry since 1996. Ms Pratibha Dayashankar Shetty and Ms Prajna Shravan Shetty, with considerable industry experience, effectively manage key business operations, further bolstering the company's position.

  • Refractory Shapes is one of the few manufacturing companies that have been enlisted by EIL as an approved vendor, reflecting the company's strong reputation in the refinery & petrochemical industry.

  • It has a PAN India presence, serving a growing and diverse customer base. Unlike many industries, the revenue source of this company is diversified and not over reliant on its top customers. 

  • Refractory Shapes Limited stands out due to its careful selection and processing of raw materials, giving it a competitive edge. The company produces refractory aggregates from such materials, setting it apart from other manufacturers.

  • The company's commitment to delivering exceptional value through its products and services to customers ensures its long-term success.

Additional ReadDifference Between NFO and IPO

Risks Involved 

While Refractory Shapes Limited has its merits, there are certain associated risks to be aware of, as outlined below:

  • Legal proceedings involving the promoters and directors of Refractory Shapes Limited are ongoing. Adverse decisions in these proceedings could significantly impact its business, operations and financial conditions.

  • It has experienced negative cash flows in the previous years, which could potentially impact the overall growth and business if sustained.

  • Delays, interruptions or reduced supply of raw materials for their products, as well as sudden fluctuations in raw material prices, could negatively affect the operations of the company. 

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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Frequently Asked Questions

Who is the book-running lead manager of Refractory Shapes Limited IPO?

Answer Field

The book-running lead manager appointed for the Refractory Shapes Limited IPO is Shreni Shares Limited.

How will the proceeds from the Refractory Shapes Limited IPO be utilised?

Answer Field

The net proceeds from the Refractory Shapes IPO will be allocated towards capital expenditure for establishing a new manufacturing unit in Wankaner, purchasing commercial vehicles and fulfilling general corporate purposes.

Where will the shares of Refractory Shapes Limited get listed?

Answer Field

The shares of Refractory Shapes Limited are scheduled to be listed on the NSE Emerge platform for SME IPOs on May 14, 2024.

When can I invest in the upcoming Refractory Shapes Limited IPO?

Answer Field

The upcoming Refractory Shapes Limited IPO will open on May 6, 2024, and close on May 9, 2024. Thus, you can invest in the company’s IPO during this period.


Who is the registrar of the upcoming IPO of Refractory Shapes Limited?

Answer Field

Bigshare Services Private Limited is the registrar of the upcoming IPO of Refractory Shapes Limited.

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