Super Iron Foundry IPO Listing: Super Iron Foundry shares made an almost flat entry in the red zone on BSE SME today, and after that, it broke and came into the lower circuit. Its IPO received an overall 1.56 times bid. Shares were issued at a price of Rs 108 under the IPO. Today, it entered at Rs 107.95 on BSE SME, which means that IPO investors did not get listing gain. After listing, there was a further shock when the shares came down further. It broke and came into the lower circuit of Rs 102.60 (Super Iron Foundry Share Price), which means that IPO investors are now in a loss of 5 percent.
Where will the money from Super Iron Foundry IPO be spent
Super Iron Foundry's ₹68.05 crore IPO was open for subscription from March 11-13. The issue was subscribed 1.56 times overall. The half portion reserved for retail investors was filled 1.79 times. Under this IPO, 63,01,200 new shares with a face value of ₹10 will be issued. Out of the money raised through these shares, ₹29 crore will be spent on working capital needs, ₹16 crore on debt repayment and ₹15.24 crore on general corporate purposes.
About Super Iron Foundry
Super Iron Foundry, formed in July 1988, manufactures municipal castings, ductile iron pipe fittings, automotive castings, agricultural castings (rollers and crosspieces), railway castings and cast-iron counterweights. Its products are used in projects related to sewerage, telecom etc. in many countries of the world. Talking about the financial health of the company, it has continuously strengthened.
In the financial year 2022, it had a net profit of Rs 88 lakh, which jumped to Rs 1.28 crore in the next financial year 2023 and reached Rs 3.94 crore in the financial year 2024. During this period, the company's revenue grew at a compound growth rate (CAGR) of more than 8 per cent annually to Rs 156.87 crore. Talking about the current financial year 2024-25, it has achieved a net profit of Rs 9.53 crore and revenue of Rs 94.91 crore in April-December 2024.
