Business description – Ashoka Metcast is currently engaged in trading of structural steel products such as Round Bars, Flat Bars etc. and through our wholly owned Subsidiary, SGRM we are proposing to manufacture structural steel products like TMT bars, angles, channels, MS Bars etc. The company plans to leverage its group and promoter networks in the real estate and infrastructure space as well as strong balance sheet situation to increase its presence in the structural steel market of Gujarat and Western India. The company commenced its trading operations in September 2017. The company is in the process of building a structural steel focussed trading vertical as well as developing a strong team to cater to its proposed increased operational needs.
Further, the company has recently acquired 100% stake in Shree Ghantakarna Rolling Mills Pvt Ltd (making it its wholly owned Subsidiary Company). The subsidiary company owns a rolling mill having aggregate installed capacity of 12,000 tons; however the same has been non-operational for past 16 years due to internal financial constraints as well as market conditions. Post acquisition, it has begun the process of revamping as well as expanding the production facilities and the company intends to begin the production in April 2018 with an aggregate installed capacity of 18,000 tons per annum. As on 30 November 2017, the company employs 8 people on its payroll.Â
Promoters of Ashoka Metcast – Mr  Shalin Shah and Shalin A. Shah (HUF)
| Ashoka Metcast IPO details | |
| Subscription Dates | 23 – 25 January 2018 |
| IPO Price band | INR20 per share |
| Fresh issue | 6,000,000 shares (INR12 crore) |
| Offer for sale | Nil |
| Total IPO size | 6,000,000 shares (INR12 crore) |
| Minimum bid (lot size) | 6,000 shares |
| Face Value | INR10 per share |
| Retail Allocation | 50% |
| Listing On | BSE SME platform |
Use of funds
- Investment in subsidiary company – SGRMPL for funding capital expenditure requirements in relation to revival and modernisation of existing manufacturing facility at Kadi, Gujarat and working capital requirements – INR7.4 crore
- Repayment of loans – INR2.1 crore
- General Corporate ExpensesÂ
| Ashoka Metcast’s financial performance (in INR lakh) | ||||||
| Â | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 | Till 15 Nov 2017 |
| Total revenue | Â | 0.4 | 0.9 | 0.4 | 9.9 | 652.5 |
| Total expenses | 0.2 | 1.5 | 0.2 | 0.2 | 8.5 | 645.2 |
| Profit after tax | -0.2 | -1.1 | 0.7 | 0.1 | 1.1 | 5.4 |
Ashoka Metcast Contact Details
Ashoka Metcast Limited
7th Floor, Ashoka Chambers
Opposite HCG Hospital Mithakhali Six Roads
Mithakhali, Ahmedabad- 380006
Phone: +91 79- 2646 3226
Email: [email protected]
Website: www.ashokametcast.in
Ashoka Metcast IPO Subscription Details
| Day | Subscription (no. of times) |
| Day 1 | 0.30 |
| Day 2 | 0.57 |
| Day 3 | 1.48 |
| Â | Â |
| Â | Â |
Ashoka Metcast Valuation (Latest FY)
Earnings Per Share (EPS): INR10.67
Price/Earnings (P/E) ratio: 1.87
Return on Net Worth (RONW): 81.95%
Net Asset Value (NAV): INR0.13 per share
Registrar of Ashoka Metcast IPO
Bigshare Services Private LimitedÂ
E2, Ansa Industrial Estate, Sakivihar Road,
Sakinaka, Andheri (E)
Mumbai – 400 072
Phone:Â +91 22Â 4043 0200Â
Fax:Â +91 22Â 2847Â 5201
Email:Â [email protected]
Website:Â www.bigshareonline.com
Ashoka Metcast IPO Allotment Status
Ashoka Metcast IPO allotment status is now available on Bigshare Services’ website. Click on this link to get allotment status.
Listing performance of Ashoka Metcast
IPO Opening Date: 23 January 2018
IPO Closing Date: 25 January 2018
Finalisation of Basis of Allotment: 31 January 2018
Initiation of refunds: 1 February 2018
Transfer of shares to demat accounts: 2 February 2018
Listing Date: 5 February 2018
Listing Price on BSE SME: INR16 per share (down 20% from IPO price)
Closing Price on BSE SME: INR16 per share (down 20% from IPO price)
My income tax statement is much better than this company’s record for the last year and I just can’t trust this year’s figures. Looks all made up.
Haha. You are absolutely correct, numbers in sme ipos are totally fudged. You just can’t trust the financial figures. For some reason, all the companies have good numbers to show in the latest period!!!
true mridul…………. they think public are fool.
No one should be surprised with the listing but it is just unbelievable this company got 1.5 times subscription. Who are these people giving away their money??