Shining Tools IPO: 50% subscribed on day 1
Shining Tools's IPO kicked off today and is already 50% subscribed on day one.
Retail investors led the way with 63% subscription, while non-institutional investors came in at 35%.
The company is offering 15 lakh fresh shares, aiming to raise ₹17 crore.
What does Shining Tools do?
Incorporated in 2013, Shining Tools makes precision carbide cutting tools—think end mills and drills—for industries like automotive, aerospace, engineering, and defense.
They also help customers extend tool life with regrinding and re-coating services.
Key details of the issue
If you're thinking of applying, retail folks need to go for at least two lots (2,400 shares) which will set you back about ₹2.73 lakh; HNIs need three lots, which will set you back about ₹4.10 lakh.
Share allotment is set for November 12 and listing on BSE SME follows on November 14.
Funds raised will be used for new machinery, working capital, and general expenses as the company looks to scale up its operations.