Karbonsteel Engineering was incorporated on April 21, 2011. The company specialises in structural engineering and fabrication, focusing on the design, fabrication, and assembly of heavy and precision steel structures tailored to client needs. Its solutions serve diverse sectors such as steel plants, railway bridges, oil & gas, refineries, chemical plants, and large-scale infrastructure projects
| Bidding Dates |
|---|
| 09 Sep 2025 - 11 Sep 2025 |
| Subscription |
|---|
| 71.27x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,41,600 | 2 | 2 | 800 | 3.7 M | ₹151 - ₹159 | 51.78 % | ₹563.2 M - ₹593.0 M | RHP DOC |
Karbonsteel Engineering IPO SUBSCRIPTION STATUS
11 Sep '25Karbonsteel Engineering IPO overall subscription rate was 71.27 times the total available shares
Karbonsteel Engineering IPO retail subscription rate was 62.2 times in the retail segment
Karbonsteel Engineering IPO non-institutional investor subscription rate was 114.92 times in the non-institutional investor category
Karbonsteel Engineering IPO Qualified Institutional Bidder subscription rate was 64.52 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
11 Sep 2025 (Day 3) | 62.2x | 114.92x | 64.52x |
10 Sep 2025 (Day 2) | 3.29x | 6.89x | 2.18x |
09 Sep 2025 (Day 1) | 0.92x | 3.22x | 0.15x |
Karbonsteel Engineering FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY25 | 273.1 | 14.2 | 4.7 | -7.7 | 13.4% |
| FY24 | 218.3 | 9.4 | 6.4 | -4.4 | 11.8% |
| FY23 | 155.6 | 5.1 | 13.5 | 9.1 | 10.4% |
Karbonsteel Engineering IPO SUBSCRIPTION STATUS DETAILS
Karbonsteel Engineering had 3.7 M shares on offer
Karbonsteel Engineering IPO offer price was in the range ₹151 - ₹159
Karbonsteel Engineering IPO minimum Investment was ₹241600
Karbonsteel Engineering IPO issue size was ₹ 563.2 M - ₹ 593.0 M
Karbonsteel Engineering had a minimum lot size of 800 Shares per application
Karbonsteel Engineering NUMBER OF SHARES ON OFFER
Karbonsteel Engineering IPO IMPORTANT DATES
| Issue Open Date | 09 Sep 2025 |
| Issue close Date | 11 Sep 2025 |
| Allotment Date | 12 Sep 2025 |
| Refund Date | 15 Sep 2025 |
| Demat Account Credit Date | 15 Sep 2025 |
| Listing Date | 16 Sep 2025 |
| Listing on Exchange(s) | BSE |
| Karbonsteel Engineering Allotment Status | Exchange/ Registrar |
Karbonsteel Engineering IPO subscription opened on 09 Sep 2025, and closed on 11 Sep 2025
IPO allotment for Karbonsteel Engineering was finalized on Friday, 12 Sep 2025
IPO listing for Karbonsteel Engineering was on BSE on Tuesday, 16 Sep 2025
Karbonsteel Engineering IPO LISTING GAINS
| Issue Price (adjusted) | 159.0 |
| Listing Open Price | 185.1 |
| Listing Close Price | 194.3 |
| Listing Gain% | 16.4% |
| Current Gain% | -34.4% |
Karbonsteel Engineering Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Karbonsteel Engineering Ltd. | 104.3 | 147.5 | 14 | -0.5 | 0.5 | 9.1 | 4.1 | 301.7 | 10.1 | 10.5 | -25.8 | 7.4 | -25.8 |
| APL Apollo Tubes Ltd. | 2020 | 56087 | 45.6 | 0.9 | 2.4 | 22.7 | 13.6 | 23190.8 | 11.6 | 1203.1 | 58.9 | 44.3 | 53.4 |
| Welspun Corp Ltd. | 1848.5 | 48761.7 | 21.1 | 1.4 | 2.8 | 17.6 | 7.9 | 16905.4 | 19.3 | 1613 | -15.5 | 87.5 | 14.9 |
| Usha Martin Ltd. | 516.8 | 15749.1 | 31.1 | 1.2 | 4.1 | 14.1 | 11.1 | 3759.9 | 7 | 466 | 14.4 | 16.6 | 25.4 |
| Vedanta Iron and Steel Ltd. | 37 | 14456.7 | 0 | -191.6 | 0 | 0 | -28.4 | ||||||
| Technocraft Industries (India) Ltd. | 2675.3 | 6065.7 | 21.3 | 1.9 | 2.2 | 14.1 | 8.8 | 2860.8 | 6.1 | 285.3 | 11.4 | 125.8 | 11.4 |
Karbonsteel Engineering INFORMATION ON IPO ISSUE
About Karbonsteel Engineering
Karbonsteel Engineering was incorporated on April 21, 2011. The company specialises in structural engineering and fabrication, focusing on the design, fabrication, and assembly of heavy and precision steel structures tailored to client needs. Its solutions serve diverse sectors such as steel plants, railway bridges, oil & gas, refineries, chemical plants, and large-scale infrastructure projects
Object of the Issue
- Funding of capital expenditure towards expansion of existing Umbergaon facility through construction of new sheds
- Repayment of a portion of certain borrowings availed by the company
- Utilization towards working capital requirements
- General corporate purposes
Karbonsteel Engineering - PROMOTERS
| Name |
|---|
| Shrenik Kirit Shah |
| Mittal Shrenik Shah |
Karbonsteel Engineering - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Shrenik Kirit Shah | Chairman & Managing Director |
| Mittal Shrenik Shah | Whole-Time Director |
| Saurabh Bhansali | Non-Executive Director |
| Mihen Jyotindra Halani | Independent Director |
| Sunil Kathariya | Independent Director |
Karbonsteel Engineering Book Running Lead Manager
Seren Capital Private Limited
info@serencapital.in
Karbonsteel Engineering Registrar to the issue
Maashitla Securities Private Limited
investor.ipo@maashitla.com
Karbonsteel Engineering Strengths
Capability to execute large-scale projects
The company fabricated and supplied 10,000 MT of steel bridge structures for the Mumbai–Ahmedabad High-Speed Rail project and has executed projects across steel, oil & gas, refineries, and high-rise buildings. Its expertise in PEBs and technological structures has grown its order book and expanded its customer base
Strong order book
The company’s order book, representing unexecuted contract value and future revenue visibility, grew from Rs 64.9 crore in FY23 to Rs 198.9 crore in FY25, reaching Rs 329.8 crore as of July 31, 2025. This growth has supported its strong financial performance
In-house manufacturing & testing capabilities
The company operates two manufacturing facilities at Umbergaon, Gujarat, and Khopoli, Maharashtra, with a combined fabrication capacity of 36,000 MT p.a. The Umbergaon unit, spread over 8.56 lakh sq. ft with 30,000 MT p.a. capacity, is equipped with advanced fabrication, testing, and quality control machinery to meet project specifications
Karbonsteel Engineering Risks
Cost overrun risks
The company’s business is exposed to risks of project delays and cost overruns in steel fabrication projects. Any inefficiency in timely execution or rise in costs could adversely affect its business, financial condition, and results of operations
Capital intensive
The company’s business depends heavily on capital investments in the industrial and infrastructure sectors. Any slowdown in these sectors due to economic conditions, government policies, or project-specific factors may adversely impact its business, financial condition, and results of operations
Quality standard compliance
The company’s operations involve fabricating steel bridge structures, pre-engineered buildings, heavy steel structures, and precision technological structures, all of which must meet strict technical specifications and quality standards. Failure to comply may lead to rework, delayed payments, or termination of contracts, adversely affecting its business, financial condition, and results of operations
IPO FAQs
This IPO consists of an offer for sale of up to Rs 11.0 crore, of 690,000 shares. It also consists of a fresh issue of Rs 48.3 crore.
The promoters of the company are Shrenik Kirit Shah and Mittal Shrenik Shah.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 151.0 - 159.0.
The IPO application opens on Sep 09, 2025 and closes on Sep 11, 2025.
The minimum lot size for the IPO is 1600. The maximum lot size for the IPO is 1600.
For all category investors, the minimum application amount for this IPO is Rs. 241,600.0, the maximum value for this IPO is Rs 254,400.0.
This IPO will be allotted on Sep 12, 2025.
The refund will be credited to your account on Sep 15, 2025.
The allotted shares will be credited to your demat on Sep 15, 2025.
Karbonsteel Engineering Ltd.’s shares listed on the stock exchanges on Sep 16, 2025.