The initial public offer (IPO) of Shri Hare-Krishna Sponge Iron received bids for 2,33,34,000 shares as against 36,30,000 shares on offer. The issue was subscribed 6.42 times.
Qualified Institutional Buyers (QIBs) bid for 1,05,52,000 shares, Non-Institutional Investors (NIIs) for 75,60,000 shares, while Retail Individual Investors (RIIs) placed bids for 52,22,000 shares.
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 equity shares will list on NSE's SME platform.
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.
The company recorded revenue from operations of Rs 80.47 crore and net profit of Rs 9.19 crore for the period ended 31 March 2025.