Monolithisch India Limited is a manufacturer and supplier of specialized ramming mass, a key refractory consumable used as heat insulation or lining material in induction furnaces installed in iron, steel, and foundry plants. The company also occasionally trades its products to fulfill excess or urgent customer demands. Their expertise and products are crucial in industries requiring heat-resistant lining materials that maintain furnace efficiency and durability.

IPO Details

Monolithisch India Limited is launching a Book Built Issue IPO worth ₹82.02 Crores through a fresh issue of 57.36 lakh shares. The IPO opens on June 12, 2025, and closes on June 16, 2025. The expected allotment date is June 17, 2025, and shares will likely list on the NSE SME platform around June 19, 2025.

The IPO price band is fixed between ₹136 to ₹143 per share. At the upper band of ₹143, the company’s market capitalization will be approximately ₹310.82 Crores. The lot size is set at 1,000 shares, requiring retail investors to invest a minimum of ₹1,43,000, while High-Net-Worth Individuals (HNIs) must apply for at least 2 lots (2,000 shares) amounting to ₹2,86,000.

Key Participants:

• Book Running Lead Manager: HEM Securities Limited

• Registrar: KFin Technologies Limited

• Market Maker: Hem Finlease Private Limited

Grey Market Premium (GMP)

The GMP currently stands at ₹12 per share, indicating an expected listing gain of about 8.39%. This premium reflects market sentiment but is not a guarantee and is driven by unorganized demand and supply dynamics. Investors should rely on official subscription data rather than GMP for decision-making.

Financial Performance

Monolithisch India Limited has shown steady growth over recent years. Key financial highlights (₹ in Lakhs):

This consistent upward trajectory in revenues and profits indicates a growing demand and strong business fundamentals.

Key Ratios for FY24:

• Pre-issue EPS: ₹9.11

• Post-issue EPS: ₹6.67

• Pre-issue P/E: 15.69x

• Post-issue P/E: 21.45x

• Industry P/E: 89x (Monolithisch is fairly priced relative to the industry)

• ROCE: 46.22%

• ROE: 53.94%

• RoNW: 41.15%

These metrics demonstrate healthy profitability and efficient capital utilization.

Promoter & Management

The company is guided by the Tekriwal family, with Mr. Prabhat Tekriwal as Chairman and Whole-time Director, bringing 36+ years of experience overseeing strategy, finance, and compliance. Mr. Harsh Tekriwal, the Managing Director, focuses on business development and operations, holding degrees in Mechanical Engineering and Business Administration, with 7 years of industry experience.

IPO Objectives

The IPO proceeds will be used for:

1. ₹16.58 Crores for setting up a new manufacturing facility (land, buildings, machinery).

2. ₹27.90 Crores for capital expenditure in their subsidiary Metalurgica India Private Limited.

3. ₹20.00 Crores for working capital requirements.

4. General corporate purposes.

How to Check IPO Allotment Status

After the allotment date (June 17, 2025), investors can check their allotment status:

• Visit the IPO allotment page on the registrar’s website (KFin Technologies).

• Select Monolithisch India Limited IPO from the dropdown.

• Enter your application number, PAN, or DP Client ID.

• Submit and view your allotment status.

Investment Recommendation

Given the company’s strong financials, experienced management, growth prospects, and attractive GMP indicating potential listing gains, investors looking for exposure in specialized refractory materials sector may consider applying for the Monolithisch India IPO. However, investors must also consider market risks and seek professional advice as per their risk appetite.

Disclaimer:
This IPO review is for educational and informational purposes only. It does not constitute financial advice or an offer to buy or sell securities. Investors should consult their financial advisors before investing. Investment in securities markets involves risks, including loss of principal. The author and platform disclaim any liability arising from the use of this information.

About the Author:
CA Abhay Kumar (also known as CA Abhay Varn) is a Chartered Accountant and SEBI Registered Research Analyst (Registration No. INH300008465) with over 8 years of experience in stock market analysis and advisory services. He cleared CA at age 21 and has worked with top CA firms.

The Upcoming IPOs in this week and coming weeks are Oswal Pumps,Samay Projects Services, Monolithisch India, Jainik Power Cables.

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