Monolithisch India Limited is an established manufacturer and supplier of specialized ramming mass, a heat insulation/lining material primarily used as a refractory consumable in induction furnaces at iron, steel, and foundry plants. The company also occasionally trades its products to meet urgent and excess customer demand, strengthening its customer relationships.

The company is launching a Book Built Issue IPO raising ₹82.02 Crores through a fresh issue of 57.36 lakh equity shares. The IPO subscription period opens on June 12, 2025, and closes on June 16, 2025. The allotment is expected by June 17, 2025, with listing planned on the NSE SME platform on or around June 19, 2025.

IPO Price Band
The price band is fixed between ₹136 and ₹143 per equity share. Based on the upper price band of ₹143, the company’s market capitalization at listing will be approximately ₹310.82 Crores. The IPO lot size is set at 1,000 shares, requiring a minimum retail investment of ₹1,43,000. High Net Worth Individuals (HNIs) must apply for at least 2 lots, costing ₹2,86,000.

IPO Intermediaries

• Book Running Lead Manager: HEM Securities Limited

• Registrar: KFin Technologies Limited

• Market Maker: Hem Finlease Private Limited

Grey Market Premium (GMP) Insight

The Grey Market Premium for Monolithisch India Limited IPO is currently estimated at ₹12 per share, indicating a potential listing gain of about 8.39%. However, investors are advised to treat GMP figures cautiously since they are based on unregulated market demand and supply, and are provided solely for informational purposes.

Financial Performance Highlights

Monolithisch India has demonstrated consistent growth over recent fiscal years:

• Revenue from Operations: ₹97.49 Crores (FY25), ₹68.94 Crores (FY24), ₹41.89 Crores (FY23), ₹24.05 Crores (FY22)

• EBITDA: ₹21.21 Crores (FY25), ₹13.01 Crores (FY24), ₹6.74 Crores (FY23), ₹3.81 Crores (FY22)

• Profit After Tax: ₹14.49 Crores (FY25), ₹8.51 Crores (FY24), ₹4.54 Crores (FY23), ₹2.52 Crores (FY22)

Key financial ratios for FY24 include:

• Pre-issue EPS: ₹9.11

• Post-issue EPS: ₹6.67

• Pre-issue P/E Ratio: 15.69x

• Post-issue P/E Ratio: 21.45x (Industry average ~89x)

• ROCE: 46.22%

• ROE: 53.94%

• Return on Net Worth: 41.15%

These metrics suggest the IPO is fairly priced relative to industry peers, with strong profitability and efficient capital usage.

Objectives of the IPO Proceeds

The company plans to utilise the IPO proceeds for:

1. Funding capital expenditure of a new manufacturing facility through purchase of land, building construction, civil works, and installation of machinery (₹16.58 Crores).

2. Investment in subsidiary Metalurgica India Private Limited for capital expenditure related to its manufacturing setup (₹27.90 Crores).

3. Working capital requirements (₹20 Crores).

4. General corporate purposes.

Promoter and Management Profile

Monolithisch India is promoted and managed by the Tekriwal family:

• Mr. Prabhat Tekriwal, Chairman and Whole-time Director, has over 36 years of experience overseeing finance, legal, compliance, and strategy.

• Mr. Harsh Tekriwal, Managing Director, holds degrees in Mechanical Engineering and Business Administration, with around 7 years of experience focusing on operations and business development.

• Other directors include Sharmila Tekriwal and Kritish Tekriwal, contributing to governance and growth.

IPO Subscription and Allotment Details

• IPO opens for subscription: June 12, 2025

• IPO closes for subscription: June 16, 2025

• Allotment finalization date: June 17, 2025

• Expected listing date: June 19, 2025 on NSE SME

Investors can check allotment status online post allotment date by visiting the registrar’s website, selecting Monolithisch India IPO, and entering application number, PAN, or DP Client ID.

Investment Recommendation

Considering the consistent financial growth, healthy profitability metrics, and a reasonable valuation compared to industry averages, Monolithisch India Limited IPO is recommended for investors seeking potential listing gains and long-term growth in the SME segment.

However, as with all equity investments, investors should assess their risk appetite and consult financial advisors before applying.

Disclaimer: The content provided is for informational and educational purposes only and does not constitute financial advice. Investors should independently verify all details and consult professionals before making investment decisions.

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