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Surani Steel IPO is a book built issue of Rs 12.92 crores. The issue is entirely a fresh issue of 24.84 lakh shares.
Surani Steel IPO bidding started from January 25, 2019 and ended on January 29, 2019. The shares got listed on NSE SME on February 6, 2019.
Surani Steel IPO price band is set at ₹51 to ₹52 per share. The minimum lot size for an application is 2000 Shares. The minimum amount of investment required by retail investors is ₹104,000.
Pantomath Capital Advisors Pvt Ltd is the book running lead manager of the Surani Steel IPO, while Link Intime India Private Ltd is the registrar for the issue.
Refer to Surani Steel IPO RHP for detailed information.
| IPO Date | January 25, 2019 to January 29, 2019 |
| Listing Date | February 6, 2019 |
| Face Value | ₹10 per share |
| Price Band | ₹51 to ₹52 per share |
| Lot Size | 2000 Shares |
| Total Issue Size | 2,484,000 shares (aggregating up to ₹12.92 Cr) |
| Fresh Issue | 2,484,000 shares (aggregating up to ₹[.] Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | NSE SME |
| Share holding pre issue | 5,800,000 |
| Share holding post issue | 8,284,000 |
| Market Maker portion | 126,000 shares |
Surani Steel IPO offers 2,484,000 shares. 1,242,000 (50.00%) to NII, 1,242,000 (50.00%) to RII.
| Investor Category | Shares Offered |
|---|---|
| Anchor Investor Shares Offered | - |
| Market Maker Shares Offered | 126,000 (5.07%) |
| NII (HNI) Shares Offered | 1,242,000 (50.00%) |
| Retail Shares Offered | 1,242,000 (50.00%) |
| Total Shares Offered | 2,484,000 (100%) |
Investors can bid for a minimum of 2000 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 2000 | ₹104,000 |
| Retail (Max) | 1 | 2000 | ₹104,000 |
| Lot Size Calculator | |||
The promoters of the company are Mukesh Patel, Dinesh Patel, Karshan Patel, Prakash Patel, Mani Patel, Prakash Karsanbhai Patel HUF and Karsanbhai Devjibhai Patel HUF. They hold, in aggregate 20,95,000 Equity Shares representing 36.12% of the pre-issue paid-up share capital of the Company.
| Share Holding Pre Issue | 20,95,000 Shares (36.12%) |
| Share Holding Post Issue |
Incorporated in 2012, Gujarat based Surani Steel Tubes Limited is a company engaged in the business of manufacturing of Electric Resistance Welding Mild Steel ("ERW MS") Pipes. The company's products are used in many industries like Architectural, Infrastructural, Industrial and Engineering etc. Surani majorly relies on its dealer network to sell its products. As on March 31, 2018, it has arrangements/understanding with more than 300 dealers spread across Gujarat. Selling of scraps also contributes to its revenue.
Surani Steel is ISO 9001: 2015 certified for manufacturing and Supply of ERW pipes. The company's manufacturing plant is located at Dahegam, Gandhinagar in Gujarat. The plant has installed capacity of 25,000 MT p.a. Surani is setting up a new manufacturing facility at Dahegam, Gandhinagar to increase its product range.
The company has 52 employees on its payroll across various functions.
| Particulars | For the year/period ended (in Rs. Lakhs) | |||||
|---|---|---|---|---|---|---|
| 31-Mar-18 | 31-Mar-17 | 31-Mar-16 | 31-Mar-15 | 31-Mar-14 | ||
| Total Assets | 3,528.36 | 2,836.35 | 2,298.30 | 1,594.83 | 1,541.34 | |
| Total Revenue | 10,079.72 | 7,670.08 | 6,845.89 | 5,814.16 | 3,599.92 | |
| Profit After Tax | 172.44 | 99.90 | 109.60 | 16.25 | (2.99) | |
The objects of the Issue are-
1. Funding the working capital requirements of the company
2. General Corporate Purposes
[Dilip Davda]
Company has posted growth in top lines but bottom line has shown inconsistency. Considering exorbitant pricing of the issue, there is no harm in giving it a miss as better options are available in the secondary markets.
Read detail review...The Surani Steel IPO is subscribed 1.55 times on January 29, 2019 6:00:00 PM. The public issue subscribed 1.23 times in the retail category, times in the QIB category, and 1.70 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) |
|---|---|
| NII | 1.70 |
| Retail | 1.23 |
| Total | 1.55 |
| Listing Date | February 6, 2019 |
| BSE Script Code | |
| NSE Symbol | SURANI |
| ISIN | INE01ZJ01015 |
| Final Issue Price | ₹52 per share |
| Price Details |
|---|
| Final Issue Price |
| Open |
| Low |
| High |
| Last Trade |
| NSE SME |
|---|
| ₹52.00 |
| ₹53.10 |
| ₹50.45 |
| ₹53.25 |
| ₹53.25 |
Surani Steel Tubes Limited
S. No. 110, 115, Opp. Vinayak TMT,
Bayad Road, Sampa, Tal. Dahegam,
Gandhinagar, Gujarat-382315,
Phone: +91 9825515372
Email: cs@suranisteel.com
Website: http://www.suranisteel.com/
Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: suranisteel.ipo@linkintime.co.in
Website: https://linkintime.co.in/initial_offer/public-issues.html
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Surani Steel IPO is a SME IPO of 2,484,000 equity shares of the face value of ₹10 aggregating up to ₹12.92 Crores. The issue is priced at ₹51 to ₹52 per share. The minimum order quantity is 2000 Shares.
The IPO opens on January 25, 2019, and closes on January 29, 2019.
Link Intime India Private Ltd is the registrar for the IPO. The shares are proposed to be listed on NSE SME.
The Surani Steel IPO opens on January 25, 2019 and closes on January 29, 2019.
Surani Steel IPO lot size is 2000 Shares, and the minimum amount required is ₹104,000.
You can apply in Surani Steel IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.
The finalization of Basis of Allotment for Surani Steel IPO will be done on [.], and the allotted shares will be credited to your demat account by [.]. Check the Surani Steel IPO allotment status.
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