Shri Hare-Krishna Sponge Iron IPO opens for subscription. All you need to know before subscribing

Synopsis

Shri Hare-Krishna Sponge Iron Ltd's IPO, a fresh issue of 50.70 lakh shares priced between Rs 56 and Rs 59, opens on June 24, 2025, aiming to raise Rs 29.91 crore. The company will use the funds to establish a captive power plant. The firm reported a revenue of Rs 83.6 crore and a profit after tax of Rs 9.

The initial public offering (IPO) of Shri Hare-Krishna Sponge Iron Ltd opens for subscription on Tuesday, June 24, 2025, and will close on Thursday, June 26. The Rs 29.91 crore IPO is entirely a fresh issue of 50.70 lakh equity shares, with a price band of Rs 56 to Rs 59 per share.

Retail investors can apply for a minimum of one lot (2,000 shares). Ahead of the issue, the company raised Rs 8.5 crore from anchor investors on June 23, allocating 14.40 lakh shares.

Incorporated in 2003, Shri Hare-Krishna Sponge Iron Ltd manufactures sponge iron used in steel production. Its plant, located in Raipur (Chhattisgarh), has a production capacity of 30,000 metric tonnes per annum. The facility holds ISO certifications for quality, environment, and occupational health and safety management.

The Raipur-based firm plans to utilize the IPO proceeds to fund the setup of a captive power plant and for general corporate purposes. Post-issue, promoter shareholding will decline from 100% to 73.58%.

For FY25, the company reported a revenue of Rs 83.6 crore and a profit after tax of Rs 9.2 crore, down 10% year-on-year.

The company sells its products in Maharashtra, Madhya Pradesh, and Chhattisgarh and employs 92 full-time staff.

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