Nilachal Carbo Metalicks Limited, established in 2003, has made its mark in the manufacturing of metallurgical coke, specifically FAP grade Ultra & Low Phosphorus – Low Ash Metallurgical Coke. Over the years, the company has built strong supply chain ties with major Ferro Chrome manufacturers, becoming one of the leading suppliers of high-quality coke products in India.

The company has now launched its Initial Public Offering (IPO), opening for subscription on September 08, 2025, and closing on September 10, 2025. This IPO is a Fixed Price Issue amounting to ₹56.1 crore, comprising a fresh issue of 26 lakh shares worth ₹22.1 crore and an offer for sale of 40 lakh shares totaling ₹34 crore. The IPO price has been fixed at ₹85 per equity share.

The market capitalisation of Nilachal Carbo Metalicks at IPO price will be ₹211.88 crore. The lot size is 1,600 shares, and investors must apply for a minimum of 2 lots (3,200 shares) amounting to ₹2,72,000. The shares are expected to list on the BSE SME exchange on September 15, 2025, with the allotment date set for September 11, 2025.

IPO Management and Registrar
The IPO is managed by Sun Capital Advisory Services Pvt. Ltd., while KFin Technologies Ltd. is the registrar. NNM Securities Pvt. Ltd. is the sole market maker for this issue.

Use of IPO Proceeds
The net proceeds from the IPO will be used for:

1. ₹1,346 lakh for installing a new Coke Oven Plant to expand capacity.

2. ₹303.31 lakh for modernisation of existing plants.

3. ₹267.46 lakh for general corporate purposes.

Financial Performance
Nilachal Carbo Metalicks has shown consistent revenues over the last three fiscal years.

• FY 2023-24 revenue: ₹20,278.89 lakh

• FY 2022-23 revenue: ₹26,712.65 lakh

• FY 2021-22 revenue: ₹26,845.98 lakh

Its EBITDA for FY 2025 was ₹2,712.97 lakh, while the Profit After Tax (PAT) stood at ₹1,401.57 lakh. Previous year PATs were ₹1,581.81 lakh (FY24) and ₹1,481.68 lakh (FY23).

The company’s key ratios reflect its strong financial base:

• Pre-issue EPS: ₹6.28

• Post-issue EPS: ₹5.62

• Pre-issue P/E: 13.54x

• Post-issue P/E: 15.12x

• Industry P/E: 264x

• ROCE (FY24): 22.74%

• ROE (FY24): 17.90%

• RoNW (FY24): 17.90%

These numbers suggest a fair valuation of the IPO, though it is modest compared to industry peers.

Grey Market Premium (GMP)
Currently, the GMP is at ₹0, meaning no expected listing gains. The GMP reflects demand and supply in the unregulated market, but in this case, analysts note low activity and lack of premium buying interest.

Management and Leadership
The company is led by Mr. Bibhu Datta Panda, the Promoter and Managing Director, who has more than 20 years of experience in the coal and coke industry. His leadership has been key in building the company’s strong customer base and implementing strategies for growth.

IPO Subscription Status
On the first day (September 8, 2025), the IPO was subscribed 0.65 times. The subscription updates will continue to reflect investor sentiment as the issue progresses.

Allotment Process
Investors can check their IPO allotment on the registrar’s website after September 11, 2025, by entering their application number, PAN, or DP Client ID.

Analyst Recommendation
While Nilachal Carbo Metalicks has shown stable financial performance and has an experienced management team, the lack of Grey Market Premium indicates weak listing gains potential. Thus, analysts recommend investors to avoid this IPO for listing gains. However, long-term investors with an interest in the metallurgical coke sector may consider it based on fundamentals.

The Upcoming IPOs in this week and coming weeks are Karbonsteel Engineering, Taurian MPS, L. T. Elevator, Galaxy Medicare, Airfloa Rail Technology, Dev Accelerator, Jay Ambe Supermarkets, Urban Company, Shringar House of Mangalsutra, .

The Current active IPO are Nilachal Carbo Metalicks, Krupalu Metals, Vashishtha Luxury Fashion, Sharvaya Metals, Vigor Plast India, Austere Systems.

Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in Choice Broking FinX.