Krupalu Metals Ltd. (Jamnagar, Gujarat) manufactures non-ferrous metal products—primarily copper and brass sheets/strips and customized components—supplying to electrical, electronics, and engineering users in India. It operates as a value-add processor with customer-specific sizes and grades. Promoters: Mr. Jagdish Parsottambhai Katariya and Mr. Navinbhai Katariya.
IPO Snapshot
- IPO Type: Fixed Price SME IPO (BSE SME)
- IPO Size: ₹13.48 crore (18,72,000 fresh shares, no OFS)
- Price: ₹72 per share | Face Value: ₹10
- Lot Size: 1,600 shares
- Minimum Retail Investment: ₹1,15,200 (1 lot)
- Maximum Retail Investment: ₹2,30,400 (2 lots)
- Issue Opens: 8 September 2025
- Issue Closes: 10 September 2025
- Allotment Date (tentative): 11 September 2025
- Listing Date (tentative): 15 September 2025
- Registrar: Cameo Corporate Services Ltd.
- Lead Manager: Finshore Management Services Ltd.
- Market Maker: 94,400 shares reserved
About the Company
Krupalu Metals Ltd, incorporated in Jamnagar (Gujarat), manufactures non-ferrous metal products, mainly copper and brass sheets, strips, and customized components. These are widely used in:
- Electrical & electronics industry
- Engineering applications
- Fabrication & appliance manufacturing
The company has built a niche in customer-specific sizes and grades, catering to small and medium industrial buyers. Promoters: Mr. Jagdish Parsottambhai Katariya and Mr. Navinbhai Katariya.
Objects of the Issue
The net proceeds will be used for:
- Working capital requirements
- General corporate purposes
- Issue-related expenses
Key Financials (₹ in Lakh)
| Particulars | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 3,357.94 | 3,711.86 | 4,849.59 |
| PAT | 41.85 | 154.72 | 215.09 |
| Net Worth | 2,562.6 | 4,064.8 | 6,123.9 |
| Borrowings | 7,444.2 | 9,567.7 | 8,372.1 |
| EPS | 1.05 | 3.87 | 5.38 |
| NAV/share | 15.31 (pre-issue) | 33.38 (post-issue est.) |
Highlights:
- Revenue CAGR ~20% (FY23–25)
- PAT grew 5x in 2 years
- Debt levels remain moderate
Valuation Analysis
- P/E (at ₹72): ~13.4× (FY25 EPS ₹5.38)
- P/B: Pre-issue ~4.7× | Post-issue ~2.16×
- RoNW (FY25): ~35%
👉 Multiples are reasonable for an SME IPO, but investors should consider commodity risks.
Grey Market Premium (GMP)
- Current GMP: ₹20–₹30 (unofficial, subject to market sentiment)
- Expected Listing Price: ₹90–₹100 (approx. 25–35% premium if sentiment holds)
⚠️ GMP is not official and changes daily.
IPO Reservation
- Market Maker: 94,400 shares
- Net Issue to Public: 17,77,600 shares
- Retail Quota: Minimum 50% (as per SME IPO rules)
Strengths
- Focused product niche (copper & brass)
- Consistent revenue growth with sharp profit expansion in FY25
- Working capital infusion to support scalability
- Located in Jamnagar – a hub for brass and copper industries
Risks
- Dependent on commodity price volatility (copper, brass)
- SME IPOs have lower liquidity post-listing
- High minimum retail ticket size (₹1.15 lakh)
- Borrowings remain sizeable (₹8.37 crore in FY25)
FAQs
Q1. What are the IPO dates?
8–10 September 2025
Q2. What is the allotment date?
Tentatively 11 September 2025
Q3. When will Krupalu Metals list?
15 September 2025 (BSE SME)
Q4. What is the price band?
Fixed price ₹72
Q5. What is the lot size and minimum investment?
1 lot = 1,600 shares = ₹1,15,200
Q6. How to check IPO allotment?
Through Cameo Corporate Services allotment portal (link below)
Q7. Is there an Offer for Sale (OFS)?
No. Entire issue is fresh shares
Q8. What is the registrar of the IPO?
Cameo Corporate Services Ltd.
Q9. What will the IPO funds be used for?
Working capital, corporate purposes, issue expenses
Q10. What is GMP today?
Around ₹20–₹30 (unofficial, market-driven)
Official Links
SEBI Prospectus: Available on SEBI Filings
Company Website: Krupalu Metals Ltd
Registrar (Allotment Status): Cameo Corporate Services IPO Allotment Portal
BSE SME IPO Page: BSE India SME IPOs