Shri Hare-Krishna Sponge Iron is set to make its debut on the NSE SME platform today, Tuesday, following a fully subscribed Initial Public Offering (IPO) valued at Rs 29.91 crore. Despite the complete subscription, the company's shares are not seeing any premium in the unofficial grey market, with the Grey Market Premium (GMP) currently at Rs 0, indicating muted listing expectations among investors.

The public offer, which was entirely a fresh issue of 50.70 lakh shares, was open for subscription from June 24 to June 26, with shares priced at Rs 59 apiece. Prior to the public subscription, the IPO received substantial anchor backing worth Rs 8.50 crore on June 23, with 14.4 lakh shares allotted to institutional buyers. Kfin Technologies served as the registrar to the issue, while Hem Securities managed the book, and Hem Finlease acted as the market maker.

Incorporated in 2003, Shri Hare-Krishna Sponge Iron operates a 30,000 metric tonne per annum sponge iron manufacturing unit located in Siltara, Raipur. The facility spans an area of 13.45 acres. A significant portion of the proceeds from the IPO, specifically Rs 23 crore, has been earmarked for capital expenditure projects, primarily to set up a captive power plant at the company’s manufacturing site. The remaining funds generated from the IPO will be utilized for general corporate purposes.

Financially, the company reported a revenue of Rs 83.60 crore and a Profit After Tax (PAT) of Rs 9.2 crore for the fiscal year FY25. The absence of grey market interest for Shri Hare-Krishna Sponge Iron's IPO may reflect broader market caution or a limited institutional buzz surrounding the issue. Investors will closely monitor the stock's performance on its debut, especially given the current environment of a packed IPO week and numerous other SME listings competing for attention in the market.