IPO Details

Bidding Dates

14 Dec '23 - 18 Dec '23

Minimum Investment

₹138,000/1 Lots ( 3000 Shares )

Price Range

43 - ₹46

Maximum Investment

₹138,000/1 Lots ( 3000 Shares )

Retail Discount

Not Applicable

Issue Size

₹22.96 Cr

Investor category and sub category

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

IPO Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

Dec 14, 2023

IPO Closing Date

Dec 18, 2023

Basis of Allotment

Dec 19, 2023

Initiation of Refunds

Dec 20, 2023

Credit of Shares to Demat Account

Dec 20, 2023

IPO Listing Date

Dec 21, 2023

UPI Mandate Expiry Date

Dec 18, 2023

IPO Subscription Details


Day 1Dec 14, 2023

0.05x 8.12x 36.64x 20.07x

Day 2Dec 15, 2023

3.56x 26.38x 106.57x 59.95x

Day 3Dec 18, 2023

96.43x 597.72x 459.11x 385.19x

IPO Subscription Live Status

Investor Category Subscription (Times)
Qualified Institutions Buyers 96.43
Non-Institutional Buyers 597.72
Retail Investors 459.11
Total 385.19

About Company

Incorporated in 2007, Siyaram Recycling is primarily engaged in the segregation of brass scrap, manufacturing of brass ingots, billets and brass rods and also brass-based components for plumbing and sanitary parts. 

Under brass-based components for plumbing, they manufacture various customisable components, such as brass inserts, brass ceramic cartridges, valves, etc., from their 2 manufacturing units in Jamnagar. Some of their renowned customers include Hindware, ROCA, Eauset, Somany, Supreme, AGI Greenpac and Ashirvad Pipes. For FY 2023, their revenue from brass-based components was ₹35.50 crore, contributing 7.20% to the revenue from operations.

They manufacture brass ingots, billets and rods from Jamnagar too, but mainly export these products to China. Their customers in India include Astral Ltd, Kajaria Bathware and AGI Greenpac. In FY 2023, this segment brought in ₹198.64 crore, i.e. 40.30% of the revenue from operations.

They also procure brass scrap, mainly from international markets such as the USA, UK, Europe and the Middle East. Post procurement, brass scrap is segregated and sold in Gujarat. Revenue from this segment was ₹258.30 crore, i.e. 52.41% of the revenue from operations, in FY 2023.

Brass recycling is an important part of the brass industry as brass is an alloy that can be recycled many times. The Indian government has also progressed towards recycling minerals and is formulating a National Resource Efficiency Policy (NREP) that will encourage the recycling of materials in industry. This may, in the future, help a company like Siyaram, which generates revenue from recycled brass, in expanding its operations. 

Siyaram Recycling Industries Ltd IPO Details

Siyaram Recycling Industries Ltd IPO Date

The dates for bidding for the Siyaram Recycling Industries IPO are Thursday, December 14, 2023, to Monday, December 18, 2023.

Siyaram Recycling Industries Ltd IPO Price Band

Siyaram Recycling Industries is a book-built IPO. The exact price range is yet to be announced.

Siyaram Recycling Industries Ltd IPO Lot Size

The Siyaram Recycling Industries Ltd IPO lot size is yet to be announced.

Siyaram Recycling Industries Ltd IPO Objectives 

This IPO is purely an offer for sale, so the proceeds of the IPO will not be received by the company.

Peer Details

Some of the peer companies of Siyaram Recycling Industries include:

  1. Sprayking Agro Equipment Limited
  2. Poojawestern Metaliks Limited

How To Check the Allotment Status of the Siyaram Recycling Industries Ltd IPO?

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

  1. Log in to the Angel One app.
  2. Go to the IPO Section and then to IPO Orders.
  3. Select the individual IPO that you had applied for and check the allotment status.
  4. Angel One will notify you of your IPO allotment status via push notification and email.

Contact Details of Siyaram Recycling Industries Ltd 

Registered office: Plot No. 6 & 7, Village, Lakhabaval Post, Khodiyar Colony, Jamnagar 361006, Gujarat.

Phone: +91-75750-20500

E-mail: cs@siyaramindustries.co.in

Company Financials

Financial year (₹ in Lakhs) Year Ending on March 31, 2023 Year ending on March 31, 2022 Year ending on March 31, 2021
Total Income 49,786.27 42,644.34 13,972.93
Profit After Tax 765.42 322.47 142.28
Return on Capital Employed 13.42 10.38 5.39
Debt Service Coverage Ratio 6.82 10.97 2.19
Current Ratio 1.46 1.58 1.94

Know before investing


  1. The company’s customer base is fairly diversified, ranging from manufacturers in the sanitary and bathware sector to metal dealers and traders.

  2. Their Promoter Director, Mr Ramgopal Ochhavlal Maheshwari, has been engaged in the brass industry for the last 34 years, which gives the company an advantage not only in domain knowledge but also in high contacts with clients and suppliers.

  3. All 3 of their manufacturing units are situated in the district of Jamnagar, Gujarat, which is known as the hub of brass components. The strategic location of their manufacturing units allows them to access a larger consumer base of local brass scrap buyers and reduce logistic costs to achieve economies of scale.


  1. The company’s profits and the cost of production are exposed to the fluctuations in the prices of their raw material. Any disruption in the supply of the raw material or volatility in its pricing could have an adverse effect on the business.

  2. In FY 2023, 63.86% of their raw materials were supplied by their top 10 suppliers. This poses the risk of concentration of supplies from just a few suppliers and poses a risk to their supply chain and profits.

  3. In FY 2023, their top 10 customers contributed 48.70% of their revenue from operations. This poses a risk to their revenue as the loss of a single customer can significantly affect their revenues.

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Siyaram Recycling Industries Ltd IPO FAQs

What is Siyaram Recycling Industries Ltd's IPO?

Siyaram Recycling Industries IPO is a book-built IPO. The dates for the IPO are Thursday, December 14, 2023 to Monday, December 18, 2023.

When will Siyaram Recycling Industries Ltd's IPO be allotted?

The basis of allotment will be finalised on Tuesday, December 19, 2023. The credit of shares to the demat accounts will take place on December 20, 2023.

When will Siyaram Recycling Industries Ltd's IPO open for subscription?

The IPO subscription window is Thursday, December 14, 2023 to Monday, December 18, 2023.

What minimum lot size can retail investors subscribe to?

The lot size for Siyaram Recycling IPO is 3000 shares, with a minimum investment requirement of ₹138,000

When will Siyaram Recycling Industries Ltd list on exchanges?

Siyaram Recycling Industries Ltd will be listed on the BSE SME on Thursday, December 21, 2023.

What would be the listing gains on the Siyaram Recycling Industries Ltd IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange. The date of listing is Thursday, December 21, 2023.

I have finished the application process for the Siyaram Recycling Industries 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 Siyaram Recycling Industries Ltd's IPO?

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

Can I submit more than one application for the public issue of Siyaram Recycling Industries Ltd using one PAN?

You can submit only one application using your PAN card.