Monolithisch India SME IPO
The Monolithisch India SME IPO is all set to open for subscription on June 12, 2025, aiming to raise ₹82.02 crore through a 100% fresh issue. With a price band of ₹135-143 per share and a minimum lot size of 1,000 shares, this IPO has already started generating buzz in the SME investment circles. The company, known for its high-grade ramming mass products used in induction furnaces, plans to list on the NSE SME platform by June 19, 2025.
As the grey market premium (GMP) trends upward and interest from both retail and HNI investors rises, many are asking: Is this the right SME IPO to ride the steel and infrastructure growth wave?
In this blog, we decode the business model, financials, objectives, GMP trends, and how the Monolithisch India SME IPO compares to peers.
Monolithisch India SME IPO Details
The Monolithisch India SME IPO will be open for subscription from June 12 to June 16, 2025. The issue size stands at ₹82.02 crore, entirely consisting of a fresh issue, meaning the company will receive all proceeds to fund its business expansion and working capital needs.
Below are the key IPO details at a glance:
| IPO Particulars | Details |
|---|---|
| IPO Opening Date | June 12, 2025 |
| IPO Closing Date | June 16, 2025 |
| IPO Price Band | ₹135 to ₹143 per share |
| Lot Size | 1,000 shares |
| Application Amount (Retail) | ₹1,43,000 |
| Minimum HNI Lot | 2,000 shares |
| Issue Size | ₹82.02 crore (Fresh Issue only) |
| Face Value | ₹10 per equity share |
| IPO Type | Book Built Issue |
| Listing Exchange | NSE SME |
| Tentative Listing Date | June 19, 2025 |
| Promoter Holding (Pre-Issue) | 100% |
| Promoter Holding (Post-Issue) | 73.61% |
| Retail Quota | Not less than 35% of the Net Issue |
The IPO is expected to attract attention from investors looking to tap into the fast-growing SME sector, especially companies with a strong manufacturing base and consistent financial performance like Monolithisch India.
About the Company – Monolithisch India
Monolithisch India, established in 2018, is a fast-growing manufacturer of specialized ramming mass, a critical refractory material used in induction furnaces by the iron and steel industry. With its strategically located manufacturing unit in Purulia, West Bengal, the company caters primarily to steel producers in West Bengal, Jharkhand, and Odisha, and has recently begun exporting to Nepal.
What Does the Company Do?
Monolithisch India is engaged in the manufacturing and supply of customized ramming mass, which acts as a heat insulation and lining material inside induction furnaces. This material is essential in creating a barrier between the coil and molten metal, preventing energy loss and structural damage.
They also occasionally trade in their products to meet urgent client demands. Their product portfolio includes industry-grade variants such as SGB777, SLM-999, BG-77, LG-86, Quartzite Grain SLM-980, all tailored to different furnace types and operational requirements.
Raw Material Advantage
Monolithisch sources alpha-quartzite, a highly durable and dense variant of quartzite, from regions like Bihar, Jharkhand, and Madhya Pradesh. This material forms the core of its high-performance product line, offering better weather resistance and longer furnace life.
Production Capacity & Facility
- The company began manufacturing in FY 2019-20.
- Over 6 years, it has scaled up to a capacity of 1,32,000 MTPA.
- Its facility is spread over 3.5 acres, with ongoing expansion via additional land purchase.
- Capex spend has been increasing year-on-year: ₹2.23 Cr (FY23), ₹1.69 Cr (FY24), and ₹2.41 Cr (FY25).
Growth Strategy
Monolithisch emphasizes customer-centric development, producing tailored ramming mass based on specifications. With a sharp focus on on-time delivery, quality control, and operational efficiency, it has built a strong client base—growing from 41 customers in FY23 to 63 in FY25. Repeat customers contributed to over 61% of business in FY24.
The company also invests in technology upgrades and follows stringent quality and chemical composition standards, which has helped build trust in a niche but essential product category.
Leadership Team
The company is led by:
- Prabhat Tekriwal – Chairman & Whole-time Director with 36 years’ experience.
- Harsh Tekriwal – Managing Director, with an engineering and MBA background, overseeing operations and production.
- Other promoters include Sharmila Tekriwal and Kritish Tekriwal.
Recent Financial Growth
| Metric | FY25 | FY24 | FY23 |
|---|---|---|---|
| Revenue from Operations | ₹97.34 Cr | ₹68.88 Cr | ₹41.87 Cr |
| EBITDA | ₹21.06 Cr | ₹12.95 Cr | ₹6.71 Cr |
| EBITDA Margin | 21.64% | 18.81% | 16.04% |
| PAT | ₹14.49 Cr | ₹8.51 Cr | ₹4.54 Cr |
| PAT Margin | 14.88% | 12.36% | 10.85% |
| RoE | 53.94% | 59.69% | 58.74% |
| RoCE | 46.22% | 57.86% | 46.80% |
This consistent growth in revenue, profit margins, and return ratios demonstrates the company’s operational scalability and financial efficiency in a competitive market.
Monolithisch India SME IPO Objectives
Monolithisch India is raising ₹82.02 crore through a fresh issue to fund its next phase of growth. The company has clearly outlined a multi-pronged deployment strategy for the IPO proceeds, focused on capacity expansion, strengthening its subsidiary, and meeting operational liquidity needs.
Here’s a breakdown of the proposed utilization of funds:
| Objects of the Issue | Amount (₹ in Cr) |
|---|---|
| Capital expenditure for setting up a new manufacturing facility – including land acquisition, construction, and installation of plant & machinery | ₹16.58 Cr |
| Investment in subsidiary Metalurgica India Pvt Ltd – to fund its capex plans such as land purchase, building and machinery | ₹27.90 Cr |
| Working capital requirements – to support day-to-day business operations, procurement, and inventory management | ₹20.00 Cr |
| General corporate purposes – to enhance brand visibility, expand team, and meet IPO-related expenses | Balance |
Strategic Focus Behind the Fund Utilization:
- Capacity Augmentation: The company has already grown its manufacturing setup to 1.32 lakh MTPA and seeks to expand further to meet increasing demand.
- Backward & Forward Integration: By investing in its subsidiary, Monolithisch India aims to build a vertically integrated ecosystem.
- Operational Liquidity: A chunk of the proceeds will help in financing working capital needs, especially with growing order volumes and expanding customer base.
- Future Readiness: A part of the funds will be kept flexible to deal with unexpected opportunities, marketing campaigns, or R&D efforts.
The planned deployment signals long-term intent, not just to maintain momentum but to scale up responsibly with a wider market reach and enhanced operational efficiency.
Monolithisch India SME IPO Valuation: How It Stacks Up
Valuation plays a critical role in deciding whether an IPO is worth applying for—especially in the SME segment where earnings visibility and business scale are key differentiators.
IPO Price Band: ₹135 to ₹143 per share
Face Value: ₹10
EPS (FY25): ₹9.11
🔹 Implied P/E at upper band: ~15.69x
(₹143 ÷ ₹9.11)
At a P/E of 15.69x, Monolithisch India SME IPO appears moderately priced, particularly when compared to its listed peer:
| Company | EPS (₹) | P/E (x) | RoNW (%) |
|---|---|---|---|
| Monolithisch India | 9.11 | 15.69 | 41.15% |
| Raghav Productivity Enhancers Ltd | 8.05 | 88.64 | 19.12% |
What Makes the Valuation Reasonable?
- High Return Ratios: With RoE of ~54% and RoCE of ~46% in FY25, the company shows capital efficiency far superior to most SMEs.
- Strong Profitability Growth: PAT margin has grown from 10.85% (FY23) to 14.88% (FY25), reflecting operational leverage and cost optimization.
- Industry Leader with Niche Focus: Monolithisch’s specialized ramming mass product offers a defensible niche in steel manufacturing.
Bottom Line
Given its niche product line, robust margins, and fair pricing compared to listed peers, the Monolithisch India SME IPO offers a balanced risk-reward ratio for investors—especially those with a medium to long-term view.
Monolithisch India SME IPO GMP & Listing Estimate
💡 What is GMP?
Grey Market Premium (GMP) is the extra price that investors are willing to pay for IPO shares before they officially list on the stock exchange. While unofficial, GMP gives a rough idea of market sentiment and expected listing gain.
Note: GMP is just an indicative metric and not a guarantee of listing performance.
Latest GMP Trend (As of June 10, 2025):
| IPO Price | GMP | Estimated Listing Price | Expected Listing Gain per Lot (1000 shares) |
|---|---|---|---|
| ₹143 (Upper Band) | ₹28 | ₹171 | ₹28,000 |
- GMP Movement: ₹28 (Stable)
What Does It Indicate?
- A 19.58% premium at the current GMP suggests strong investor interest in the Monolithisch India SME IPO.
- Listing price expectations near ₹171 reflect solid upside potential driven by strong fundamentals and a niche business model.
Should You Apply to the Monolithisch India SME IPO?
Short-Term View – Listing Gains Potential
✅ Apply If You Seek Listing Gains
The current GMP of ₹28 on an upper price band of ₹143 implies an expected listing price around ₹171, offering an ~19.5% upside.
Coupled with:
- Strong IPO demand in SME space
- Attractive fundamentals like high PAT margins (14.88%) and RoE (53.94%)
- Low post-IPO P/E of ~15.68 (based on FY25 EPS of ₹9.11)
This makes it suitable for short-term IPO investors looking for a decent pop on listing day.
Long-Term View – A Niche Growth Story
✅ Apply If You’re a Long-Term SME Investor
Monolithisch India operates in a niche but critical space: specialized ramming mass for induction furnaces, with:
- Revenue growing at a CAGR of over 50% (FY23–FY25)
- Expanding client base (41 to 63 customers in two years)
- Consistently improving EBITDA and PAT margins
- Low leverage and robust RoCE (46.22%)
The company also plans to invest in capacity expansion and subsidiary development—signaling long-term growth intent.
Hence, investors with a 2–3 year horizon looking for high-margin niche industrial players may find this SME IPO a solid addition.
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FAQs
What is the Monolithisch India SME IPO date?
The IPO opens on June 12, 2025 and closes on June 16, 2025.
What is the price band for Monolithisch India IPO?
The price band is fixed between ₹135 to ₹143 per share.
What is the lot size for Monolithisch India SME IPO?
Investors can apply in a minimum lot of 1000 shares, amounting to ₹1,43,000.
What is the GMP of Monolithisch India IPO today?
As of June 10, 2025, the GMP is ₹28, implying a strong listing premium.
When will Monolithisch India IPO list on NSE SME?
Tentative listing date is June 19, 2025.
What does Monolithisch India manufacture?
The company manufactures specialized ramming mass, used in induction furnaces by iron and steel manufacturers.
Is Monolithisch India SME IPO good for listing gains?
Given the GMP and financials, the IPO shows potential for listing gains.
What is the total issue size of Monolithisch India IPO?
The IPO size is ₹82.02 crore, all through fresh issue.
What are Monolithisch India’s financial highlights?
PAT grew by ~70% YoY and revenue surged ~41% in FY25.
Can I apply to Monolithisch India IPO through Angel One?
Yes, Angel One offers easy SME IPO application via its online platform.
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