The scrip was listed at Rs 75, a premium of 141.94% compared with the initial public offer (IPO) price. The stock is currently frozen in its upper limit of 5% over its listing price.

The counter hit a high of Rs 78.75 and a low of Rs 75. About 26.32 lakh shares of the company changed hands at the counter.

Refractory Shapes' IPO was subscribed 169.93 times. The issue opened for bidding on 6 May 2024 and it closed on 9 May 2024. The price band of the IPO was fixed between Rs 27 to Rs 31 per share.

The IPO comprised fresh issue of 60,00,000 equity shares. The promoter and promoter group shareholding diluted to 72.48% from 100% pre-IPO.

The company intends to utilise the net proceeds to meet funding of capital expenditure towards civil construction and purchase of Plant & Machineries required for expansion of existing manufacturing unit at the existing location situated at wankaner, Gujarat; Repayment or prepayment of all or certain borrowings availed by the company; purchase of commercial vehicle and general corporate purposes.

Ahead of the IPO, Refractory Shapes on 3 May 2024, raised Rs 5.27 crore from anchor investors. The board allotted 17 lakh shares at Rs 31 per share to 2 anchor investors.

Refractory Shapes manufactures various types of bricks, castables, high alumina catalysts, and ceramic balls, including Pre Cast & Pre Fired Blocks, Burner Blocks, Special shaped Refractory bricks, Dense & Insulating Castables, and Mortars. These products are used in various industries, such as steel, refineries, fertilizers, petrochemicals, glass, and cement. As on 31 December 2023, the company has 38 employees.

The company recorded revenue from operations of Rs 29.42 crore and net profit of Rs 3.07 crore for the period as on 31 December 2023.