Nilachal Carbo Metalicks Limited, incorporated in 2003, has emerged as one of the recognised manufacturers of Ferro Alloy Plant (FAP) grade metallurgical coke. With a particular focus on Ultra and Low Phosphorus – Low Ash Metallurgical Coke, the company has carved a niche in the metallurgical sector by consistently providing high-quality coke products to its clients. Over the years, it has built strong and reliable supply chain relationships with all major Ferro Chrome manufacturers, strengthening its position as a trusted supplier.

Now, Nilachal Carbo Metalicks Limited is coming out with its Initial Public Offering (IPO) on the BSE SME platform, which has already attracted attention due to its product specialisation and the growing importance of coke in the steel and ferroalloy industry.

Company Background

The company specialises in manufacturing metallurgical coke, a critical raw material used in the production of ferroalloys and steel. Its focus on low ash and low phosphorus content makes its products highly sought after by Ferro Chrome manufacturers. Since its inception in 2003, Nilachal Carbo Metalicks has continually modernised its facilities, expanded production capacity, and strengthened its operational expertise.

Being one of the leading players in this space, it not only caters to domestic demand but is also exploring opportunities in a broader market as the demand for high-quality coke rises globally. Its customer base primarily includes major Ferro Chrome manufacturers, highlighting the company’s reputation and consistent product quality.

IPO Details

The Nilachal Carbo Metalicks IPO is a Fixed Price Issue with a total size of ₹56.1 Crores. The issue structure is as follows:

• Fresh Issue: 26.00 lakh shares aggregating to ₹22.1 Crores

• Offer for Sale (OFS): 40.00 lakh shares aggregating to ₹34.0 Crores

The IPO share price is fixed at ₹85 per equity share. At this price, the company’s market capitalisation will stand at ₹211.88 Crores.

The lot size has been set at 1,600 shares, and individual retail investors are required to apply for a minimum of 2 lots (3,200 shares). This brings the minimum investment to ₹2,72,000, indicating that the issue is targeted at serious investors with higher risk capacity.

IPO Timeline

The subscription window opens on September 8, 2025, and closes on September 10, 2025. The allotment is expected to be finalised on September 11, 2025 (Thursday). The tentative listing date is September 15, 2025 (Monday), on the BSE SME platform.

Lead Manager, Registrar, and Market Maker

• Book Running Lead Manager (BRLM): Sun Capital Advisory Services Private Limited

• Registrar: KFin Technologies Limited

• Market Maker: NNM Securities Private Limited

These roles are essential for ensuring smooth management of the IPO, investor services, and post-listing liquidity.

Grey Market Premium (GMP) Trends

As of September 4, 2025, the Grey Market Premium (GMP) for Nilachal Carbo Metalicks IPO stands at ₹0, with the expected listing price the same as the issue price of ₹85. This reflects muted grey market activity around the IPO.

Investors must note that GMP is unofficial and unregulated, dependent solely on unorganised trading activity and speculative demand. Experts advise not to rely solely on GMP figures for making investment decisions, as actual listing prices can differ significantly.

Live Subscription Status

On the first day of subscription (September 8, 2025), as of 12:30 PM, the IPO was subscribed 0.65 times. This indicates steady participation from investors, though the final subscription numbers will be crucial to assess overall demand.

Investors can check the real-time subscription status directly on the BSE website under the IPO subscription section.

IPO Allotment – How to Check

The allotment for Nilachal Carbo Metalicks IPO will be finalised on September 11, 2025. Investors can check their allotment status through the following steps:

1. Visit the KFin Technologies Limited registrar website.

2. Select Nilachal Carbo Metalicks Limited IPO from the dropdown.

3. Enter details such as Application Number, PAN, or DP Client ID.

4. Submit the details to view your allotment status.

This simple process ensures investors know if they have secured shares and can plan further investments accordingly.

Objectives of the IPO

The company plans to utilise the net proceeds from the fresh issue for the following purposes:

1. ₹1,346 Lakh for capital expenditure to install a new Coke Oven Plant for expanding production capacity.

2. ₹303.31 Lakh for modernisation of the existing plant, which will improve efficiency and product quality.

3. ₹267.46 Lakh towards general corporate purposes, including working capital and business development initiatives.

These objectives underline Nilachal Carbo Metalicks’ focus on capacity expansion and technological modernisation, which are expected to drive growth in the coming years.

Industry Outlook

India’s steel and ferroalloy industry is expanding rapidly due to infrastructure development, urbanisation, and rising export demand. Metallurgical coke is a critical input in these industries, and companies producing low ash, low phosphorus coke are in high demand.

Nilachal Carbo Metalicks, with its specialised product offering, is well-positioned to capture this demand. The installation of a new coke oven plant and modernisation of existing facilities will further enhance its competitiveness.

However, challenges exist, such as raw material price volatility, regulatory norms related to emissions, and dependence on ferroalloy industry cycles. Addressing these risks while leveraging its strong customer relationships will be key for long-term success.

Conclusion

The Nilachal Carbo Metalicks IPO provides investors an opportunity to participate in the growth journey of a company that has established itself as a leader in specialised metallurgical coke manufacturing. With plans for capacity expansion, plant modernisation, and strong relationships with major ferro chrome manufacturers, the company has clear growth prospects.

Although the GMP is flat at ₹0, the fundamentals of the company and its expansion plans suggest potential for long-term value creation. Investors should evaluate the risks, particularly the high minimum investment size of ₹2,72,000, and make informed decisions based on their risk appetite

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.