The Nilachal Carbo Metalicks IPO is opening for subscription on September 8, 2025, and will close on September 10, 2025. The shares will be listed on the BSE SME platform with a tentative listing date of September 15, 2025.

Founded in 2003, Nilachal Carbo Metalicks Limited has emerged as one of the leading manufacturers and suppliers of FAP grade Ultra & Low Phosphorus – Low Ash Metallurgical Coke. Over the years, the company has established strong supply chain relationships with major Ferro Chrome manufacturers, building a reputation for delivering high-quality coke products.

The IPO is a fixed price issue of ₹56.1 crores, which includes a fresh issue of 26 lakh shares worth ₹22.1 crores, along with an offer for sale of 40 lakh shares totaling ₹34 crores.

The IPO price per share is fixed at ₹85, leading to a projected market capitalisation of ₹211.88 crores at the issue price.

The lot size is 1,600 shares, with a minimum retail investment of 2 lots (3,200 shares) amounting to ₹2,72,000, which makes the IPO more suited for HNI investors rather than small retail participants.

The book running lead manager of the IPO is Sun Capital Advisory Services Pvt. Ltd., while the registrar is KFin Technologies Ltd.. The market maker for the IPO is NNM Securities Pvt. Ltd.

IPO Subscription and Allotment

On its first day of subscription (8 September 2025), the IPO was subscribed 0.65 times as of 12:30 PM, showing some traction among investors.

The IPO allotment date is scheduled for September 11, 2025, with allotment status available on the registrar’s website. To check the status, investors need to:

• Visit the IPO allotment status page.

• Select “Nilachal Carbo Metalicks Limited IPO.”

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

• Submit details to view allotment result.

This process ensures investors can quickly determine their allotment and proceed with further steps.

Grey Market Premium (GMP)

The Grey Market Premium (GMP) for the IPO as of September 4, 2025 stands at ₹0, indicating no expected listing gains. Investors must note that the grey market is unofficial and unregulated, and therefore cannot be a reliable indicator of the IPO’s performance.

Financial Performance

The company has reported stable revenues and profits over the last three years.

• Revenue from operations:

  • FY23: ₹26,845.98 lakhs

  • FY24: ₹26,712.65 lakhs

  • FY25: ₹20,278.89 lakhs

• EBITDA:

  • FY23: ₹2,231.98 lakhs

  • FY24: ₹2,498.05 lakhs

  • FY25: ₹2,712.97 lakhs

• Profit After Tax (PAT):

  • FY23: ₹1,481.68 lakhs

  • FY24: ₹1,581.81 lakhs

  • FY25: ₹1,401.57 lakhs

Despite a slight dip in revenues in FY25, the company has managed to maintain profitability and EBITDA margins, reflecting a relatively stable performance.

Valuation and Ratios

Key valuation metrics include:

• 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

Additionally, the company has shown strong returns with:

• ROCE: 22.74%

• ROE: 17.90%

• RoNW: 17.90%

These figures suggest that the IPO is fairly valued, though the high industry P/E makes direct comparisons tricky.

Objectives of the IPO

The net proceeds from the fresh issue will be used for:

1. ₹1,346 lakhs for funding capital expenditure to install a new Coke Oven Plant for capacity expansion.

2. ₹303.31 lakhs for modernization of the existing plant.

3. ₹267.46 lakhs for general corporate purposes.

This expansion is expected to strengthen the company’s manufacturing capacity and efficiency.

Leadership and Promoters

The company is led by Mr. Bibhu Datta Panda, Promoter and Managing Director, with 20+ years of industry experience. His strategic vision and leadership have been pivotal in expanding operations and ensuring consistent financial performance. The management’s depth of expertise positions the company well to tackle both opportunities and challenges in the metallurgical coke industry.

Conclusion and Recommendation

Nilachal Carbo Metalicks has a long industry presence, strong promoter leadership, and consistent profitability. However, with GMP at zero and limited near-term listing gains, the IPO may not suit investors looking for short-term returns.

For those seeking long-term exposure to the metallurgical coke sector and its future expansion plans, Nilachal Carbo Metalicks IPO may be considered. For listing gains, however, investors are advised to avoid.

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.