IPO Details

Bidding Dates

06 May '24 - 09 May '24

Minimum Investment

₹1,24,000 / 1 Lot ( 4,000 Shares )

Price Range

₹27 - ₹31

Maximum Investment

₹1,24,000 / 1 Lot ( 4,000 Shares )

Retail Discount

Not Applicable

Issue Size

₹18.60 cr

Investor category and sub category

Qualified Institutional Buyers  |   Retail Individual Investors  |   Non-institutional Investor  |  

Refractory Shapes IPO Important Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

May 6, 2024

IPO Closing Date

May 9, 2024

Basis of Allotment

May 10, 2024

Initiation of Refunds

May 13, 2024

Credit of Shares to Demat

May 13, 2024

IPO Listing Date

May 14, 2024

Cut-off time for UPI mandate confirmation

May 9, 2024

About Refractory Shapes Ltd

Founded in 1996, Refractory Shapes Limited specialises in the manufacturing of a wide range of refractory products, including bricks, castables, high alumina catalysts, and ceramic balls. Their product lineup encompasses pre-cast and pre-fired blocks, burner blocks, specially shaped refractory bricks, dense and insulating castables, as well as mortars. 

Additionally, the company fulfills orders for metallic anchors, which are essential for supporting refractory castings during installation and require raw materials such as tabular alumina, low alumina bricks, and insulating bricks.

The company operates manufacturing facilities situated in Pimpri Industrial Area, Pune, Maharashtra, covering a total area of 34,788 sq. ft., and in Wankaner, Morbi district, Gujarat, spanning 1,74,246 sq. ft. Furthermore, Refractory Shapes Limited possesses an additional 4 acres of land adjacent to the existing unit in Wankaner, Gujarat, measuring 1,74,240 sq. ft.

This expansion space aims to accommodate the installation of an additional kiln and the incorporation of pressing machines to diversify production capabilities and manufacture various types of refractory bricks.

Industry Outlook:

  1. Despite global economic disruptions from the Russia-Ukraine war, the refractories market expanded from $26.55 billion in 2022 to $27.91 billion in 2023, exhibiting a 5.1% CAGR.
  2. Forecasts indicate continued growth, with the market projected to reach $31.25 billion by 2027, albeit at a slightly slower pace with a CAGR of 2.9%.

Refractory Shapes Ltd IPO Details

Refractory Shapes IPO Date

Refractory Shapes IPO is open from May 6, 2024, to May 9, 2024. The IPO will be listed on NSE Emerge.

Refractory Shapes Ltd Price Band

Refractory Shapes is a book-built issue IPO. The price band is set at ₹27 to ₹31 per share. 

Refractory Shapes IPO Lot Size

The lot size for Refractory Shapes Limited’s IPO is 4,000 shares with a minimum investment of ₹1,24,000.

Refractory Shapes IPO Objectives 

The company plans to allocate the net proceeds from the issuance to the following purposes:

  1. Funding for civil construction to expand and establish a new manufacturing unit at the current site in Wankaner, Gujarat.
  2. Capital allocation is needed to purchase plant and machinery to support the expansion and setup of the new manufacturing unit in Wankaner, Gujarat.
  3. Acquisition of a commercial vehicle.
  4. Allocation of funds for general corporate needs.

Peer Details

The companies considered by Refractory Shapes as its peers include:

  1. Sp Refractories Limited
  2. Ifgl Refractories Ltd

How to Check the Allotment Status of the Refractory Shapes Limited IPO?

Steps to check IPO allotment status on Angel One’s app:

  • Log in to the Angel One app
  • Go to the Individual order details page of the IPO that you had applied for. 
  • Check the IPO allotment status. As such, Angel One will notify you of your IPO allotment status via push notification, email and SMS.

Contact Details of Refractory Shapes Limited 

Registered office: B 201, Rustomjee Central Park Chakala, Andheri-Kurla Road, Andheri (East), Mumbai-400069, Maharashtra, India

Phone: +91 9819995930

E-mail: investors@refshape.com

IPO Financials

Particulars 6-Month period Ending on September 30, 2023 Year ending on March 31, 2023 Year ending on March 31, 2022 Year ending on March 31, 2021
Revenue from Operations (in ₹ lakh) 1,917.91 3,796.92 2,550.32 2,088.90
Profit After Tax (PAT) (in ₹ lakh) 232.21 191.74 287.04 156.39
Cash & Cash Equivalents (in ₹ lakh) 627.69 460.19 623.30 773.09
Net Worth (in ₹ lakh) 1,900.85 1,668.64 1,476.90 1,189.86
Debt to Equity Ratio(x) 1.15 1.23 1.06 1.04
Return on Equity (%) 12.22% 12.19% 21.53% 14.07%
Return on Capital Employed (RoCE) (%) 12.11% 12.11% 11.26% 7.49%
Diluted Earning Per Share (EPS)-in absolute ₹ 2,322.10 1,917.40 2,870.40 1,563.90

Know before investing


  1. With over 2 decades in manufacturing various refractory products and high alumina catalysts since 2003, led by seasoned executives, leveraging expertise to drive business success.

  2. Meticulous selection and processing of raw materials ensure superior product quality, giving a competitive advantage in the market.

  3. Approval as an Engineer India Limited (EIL) vendor signifies adherence to stringent standards, enhancing reputation and credibility in the refinery and petrochemical sector.


  1. With numerous outstanding legal proceedings, including taxation matters and litigation against directors and group companies, adverse decisions could impact financial and operational stability.

  2. Historical negative cash flows, such as net cash generated from operating activities declining from ₹757.03 lakhs in 2021 to ₹170.15 lakhs in 2023, may hinder growth and financial resilience.

  3. Reliance on sectors like steel, refineries, and petrochemicals for revenue exposes vulnerability to market fluctuations, potentially leading to reduced demand and impacting financial performance adversely.

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Refractory Shapes IPO FAQs

What is Refractory Shapes Ltd's IPO?

Refractory Shapes Limited IPO is a book-built IPO. The IPO will be open from May 6, 2024, to May 9, 2024.

When will Refractory Shapes Ltd's IPO be allotted?

The Basis of Allotment will happen on Friday, May 10, 2024.

When will Refractory Shapes Ltd's IPO open for subscription?

The IPO subscription window will open on May 7, 2024.

What minimum lot size can retail investors subscribe to?

The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is 4,000 shares.

When will Refractory Shapes Ltd list on exchanges?

The listing date for Refractory Shapes is Tuesday, May 14, 2024.

What would be the listing gains on the Refractory Shapes Ltd IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.

I have finished the application process for the Refractory Shapes Ltd IPO, but the funds still need to be debited. What is the reason?

Initially, the bank will only block the amount in your account. The money will not be debited until the stocks are allotted to you.

How do I approve the UPI mandate request for Refractory Shapes Ltd's IPO?

You must complete the payment process by logging in to your UPI handle and approve the payment mandate.

Can I submit more than one application for the public issue of Refractory Shapes Ltd using one PAN?

You can submit only one application using your PAN card.