Monolithisch India Limited, a leading manufacturer of high-quality premixed ramming mass in India, is all set to enter the capital markets with its Initial Public Offering (IPO) worth ₹82.02 crores. The issue comprises a fresh offering of 57.36 lakh equity shares. The subscription window opens on June 12, 2025, and will close on June 16, 2025. The company’s shares are scheduled to be listed on the NSE SME platform on Thursday, June 19, 2025, marking a key milestone in its growth journey.
The IPO offers equity shares with a face value of ₹10 each, priced within a band of ₹135 to ₹143 per share. The lot size is set at 1,000 shares. Retail investors can participate with a minimum investment of ₹1,35,000 for one lot, while High Net-worth Individuals (HNIs) can invest with a minimum of ₹2,86,000 for two lots. The allotment of shares is expected to be finalized on June 17, 2025, ensuring a quick turnaround before the listing date. With this IPO, Monolithisch India is positioning itself for expansion and inviting investors to be part of its growth story within the evolving steel and refractory ecosystem.
Monolithisch India Limited IPO is a fundraise worth ₹82.02 crores comprising purely of a fresh issue with 57,36,000 shares reserved for the market maker Hem Finlease Private Limited. The IPO will be available for subscription from June 12, 2025, to June 16, 2025, providing an opportunity for investors looking to gain a stake in the ramming mass sector.
| Monolithisch India IPO date | June 12, 2025 - June 16, 2025 |
| Price band | ₹135 to ₹143 per share |
| Face value | ₹10 per share |
| Lot size | 1,000 shares |
| Issue type | Book Built Issue IPO |
| Fresh issue size | 57,36,000 shares amounting to ₹82.02 crores |
| Total issue size | 57,36,000 shares amounting to ₹82.02 crores |
| Listing at | NSE SME |
| Market maker portion | 2,88,000 shares - Hem Finlease Pvt Ltd |
| Shareholding post-issue | 2,17,36,000 shares |
| Shareholding pre-issue | 1,60,00,000 shares |
The Monolithisch India Limited IPO opens for subscription on June 12, 2025, and closes on June 16, 2025, with allotment scheduled for June 17, 2025.
| IPO open date | June 12, 2025 (Thursday) |
| IPO close date | June 16, 2025 (Monday) |
| Basis of allotment | June 17, 2025 (Tuesday) |
| Initiation of refunds | June 18, 2025 (Wednesday) |
| Credit of shares to Demat account | June 18, 2025 (Wednesday) |
| Listing date on NSE SME | June 19, 2025 (Thursday) |
| Cut-off time for UPI mandate confirmation | 5 PM on June 16, 2025 (Monday) |
Monolithisch India Limited, incorporated in August 2018, is engaged in the manufacturing and supply of specialized "ramming mass", a heat-insulating refractory material primarily used in induction furnaces within the iron and steel industry. The company offers a range of products including SGB-777, SLM-999, BG-77, Quartzite Grain SLM-980, and SLM 980. With ISO certification, Monolithisch focuses on producing high-quality refractory consumables tailored for iron, steel, and foundry plants. Its manufacturing facility is located in Purulia, West Bengal, strategically serving a client base concentrated in Eastern India, particularly in West Bengal, Jharkhand, and Odisha.
Over the years, the company has seen steady growth in its clientele, increasing from 43 customers in 2023 to 61 in 2025. As of March 31, 2025, Monolithisch India Limited employs 26 full-time staff and also engages contract labor to support various manufacturing operations at its facility.
The net proceeds from the Monolithisch India IPO are proposed to be utilized for multiple strategic objectives, including funding capital expenditure for setting up a new manufacturing facility through land acquisition, factory construction, and installation of additional plant and machinery. Additionally, some funds will be invested in its subsidiary, Metalurgica India Private Limited, to support similar capital expenditure initiatives. The company also plans to allocate the proceeds towards meeting working capital requirements, with the remaining proceeds directed towards general corporate purposes.
The Monolithisch India Limited IPO has caught the eyes of investors as the company reportedly saw an annual rise of 41% in its revenue and 70% yearly increase in the Profit After Tax (PAT), during the financial year ended March 31, 2024.
As of March 31, 2024, the key performance indicators reflect the company's financial health with a Return on Equity of 53.94%, Return on Capital Employed (ROCE) at 46.22% and a Debt-to-Equity ratio of 0.21. The Return on Net-Worth (RoNW) stands at 41.15%, and the PAT Margin was 14.88. The Price to Book Value was 12.20. The company’s market capitalisation is ₹310.82 crore.
| Period Ended | March 31, 2024 | March 31, 2024 | March 31, 2023 |
| Revenue | 97.49 | 68.94 | 41.90 |
| Assets | 55.90 | 27.64 | 16.20 |
| Net Worth | 35.20 | 18.52 | 10.01 |
| Profit After Tax | 14.49 | 8.51 | 4.54 |
| Reserves & Surplus | 19.20 | 16.72 | 8.21 |
| Total Borrowing | 7.43 | 2.70 | 3.67 |
Amount in ₹ crores
The pre-IPO EPS is at ₹9.05 while the post-IPO EPS will be ₹6.67. Similarly, the pre-IPO Price to Earnings ratio is 15.79 and will become 21.45 post-IPO.
Monolithisch India benefits from an established manufacturing facility strategically located near raw material sources, ensuring cost efficiency and uninterrupted supply. The company has cultivated long-standing relationships with iron and steel producers, particularly in Eastern India, strengthening its customer base and recurring demand. It is backed by experienced promoters and a capable management team, contributing to consistent operational execution. Furthermore, the company has demonstrated a strong financial track record, with steady growth in revenue and profit after tax (PAT), indicating sound business fundamentals.
Looking ahead, the company is well-positioned to expand its customer base beyond Eastern India, tapping into opportunities across the country and in international markets. It also has the potential to diversify its product offerings beyond ramming mass, enhancing its resilience. With India’s growing steel consumption, driven by a government-led infrastructure push, Monolithisch stands to benefit from rising sectoral demand, creating a favorable environment for future growth.
Despite its strengths, Monolithisch India faces certain limitations. A significant concentration of customers in Eastern India poses geographic diversification challenges, exposing the business to regional demand fluctuations. The company’s reliance on a single product line—ramming mass—limits its product diversification and increases vulnerability to shifts in industry needs. Additionally, the iron and steel sector’s inherent cyclicality makes the company susceptible to market downturns and fluctuating demand patterns. The planned capital expenditure may also lead to increased debt levels, potentially straining financial flexibility.
Moreover, the company operates in a highly competitive landscape, facing pressure from well-established refractory manufacturers. Volatility in raw material prices can impact cost structures and profitability. Being closely tied to the iron and steel industry also heightens exposure to its cyclical trends. Lastly, any adverse regulatory changes affecting the metals sector could have a direct impact on the company's operations and growth outlook.
Being among the early public investors in Monolithisch India Limited could present an opportunity to participate in the company's growth trajectory in the manufacture of high-quality premixed ramming mass in India. However, investors should carefully assess multiple factors including the company's operational track record, financial health, sector dynamics, and growth strategy, while also considering their own investment objectives and risk appetite before making an investment decision. It's recommended to review the offer document and seek professional advice if needed to make an informed choice about participating in this IPO.
What is the Monolithisch India Limited IPO?
The Monolithisch India Limited IPO is an NSE SME offering consisting of 57.36 lakh equity shares with a face value of ₹10, aiming to raise ₹82.02 crore. The price band has been set between ₹135 to ₹143 per share, with a minimum order quantity of 1,000 shares. This IPO will be open for subscription from June 12, 2025, to June 16, 2025. Hem Securities Limited is the book-running lead manager, Kfin Technologies Limited is the registrar while Hem Finlease Private Limited is the market maker.
When will the Monolithisch India IPO open?
The Monolithisch India Limited IPO will open for subscription on June 12, 2025, and will close on June 16, 2025.
When is the Monolithisch India IPO listing date?
The tentative listing date for the Monolithisch India Limited IPO is Thursday, June 19, 2025.
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