PNN
Kolkata (West Bengal) [India], March 10: Kolkata based Super Iron Foundry Ltd, a company specializing in manufacturing and exports of Manhole Covers & Sanitary Castings, is planning to raise up to Rs. 68.05 crore from its SME public issue. The company has received approval to launch its public issue on BSE SME Platform. The public issue open for subscription on March 11 and closes on March 13. The Proceeds of the public issue will be used for business expansion, including Funding working capital requirements, Repayment/pre-payment, in full or in part, of certain borrowings availed by the company and general corporate purposes. Horizon Management Private Limited is the lead manager of the issue.
Highlights:
* Fresh Public issue of Rs. 68.05 crore opens for subscription from March 11 to March 13
* Minimum lot size for application is 1200 shares; Minimum IPO application amount Rs. 1,29,600
* Funds raised through the issue will be used for working capital requirements, Repayment/pre-payment of certain borrowings and general corporate purposes
* For FY23-24, the company reported revenues of Rs. 154.83 crore and Net Profit of Rs.. 3.94 crore; For the nine months of FY25 ended December 2024, the company reported revenue of Rs. 87.19 crore and Net Profit of Rs. 9.52 crore
* In FY24, 93.73% of the company's revenues came from exports.
* Horizon Management Private Limited is the lead manager of the issue.
The initial public offering of Rs. 68.05 crore comprises a fresh issue of 63.01 lakh equity shares of face value Rs. 10 each at Rs. 108 per share. Out of the fresh issue of Rs. 68.05 crore, the company plans to utilize Rs. 29 crore towards meeting working capital requirements, Rs. 16 crore towards payment of borrowings and Rs. 15.24 crore towards general corporate purpose. Minimum lot size for the application is 1200 shares, which translates into an investment of Rs. 1,29,600 per application. Retail investor quota for the IPO is kept at 50% of the net offer. Promoter holding post issue will be 70.53%.
Incorporated in in July 1988, Super Iron Foundry Limited manufactures municipal castings, ductile iron pipe fittings, automotive castings, agricultural castings (rollers and crosskills), railway castings, and cast-iron counterweights. The company's products are utilized in significant construction projects to supply access covers for stormwater, sewerage, telecommunications, and other utility networks. The company's products include: Municipal Castings, Ductile Iron Pipe Fittings, etc. The company has a state-of-the-art manufacturing facility and warehouse in Durgapur, West Bengal, which spans 20 acres and has an annual production capacity of 72,000 MT.
With a strong presence in the global market, we specialize in providing durable and reliable casting solutions across multiple industries. In FY24, 93.73% of the company's revenues came from exports.
Company is actively participating in bids for major infrastructure projects in Saudi Arabia, including:
* SIDRA Project
* WAFRA Package of ROSHN Project (Riyadh)
* Murcia Housing Project etc.
These projects present significant opportunities for expansion and reinforce our commitment to supplying high-quality casting solutions for large-scale developments.
For FY23-24 ended March 2024, the company has reported net profit of Rs. 3.94 crore and revenue of Rs. 154.83 crore. For the nine months ended December 2024, the company reported revenue of Rs. 87.19 crore and Net Profit of Rs. 9.52 crore with EBITDA Margin of 27.24% and Net Profit Margin of 10.92%. As on 31st December 2024, ROE of the company was at 14.98%, ROCE at 10.93.
As on 31st December 2024, Net Worth of the company was reported at Rs. 70.59 crore, Reserves & Surplus at Rs. 53.5 crore and Asset base of Rs. 226.62 crore. Shares of the company will be listed on BSE SME platform.
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