The initial public offering (IPO) of Shining Tools, which opened for bidding today, November 07, received a tepid response from investors, with the issue subscribed at 50% on Day 1.
The retail portion was booked at 63%, while Non-Institutional Investors (NIIs) subscribed at 35%. The company aims to raise ₹17 crore from the issue, which is entirely a fresh issue of 0.15 crore shares.
The minimum and maximum limit for retail investors has been fixed at 2 lots, consisting of 2,400 shares, which requires an investment of ₹2.73 lakh. For HNIs, the minimum and maximum lot was fixed at 3 lots, which requires an investment of ₹4.10 lakh.
The company proposes to use the proceeds from the issue towards the purchase and installation of plant and machinery for Carbide Precision Tools at existing premises, funding of working capital requirements, and general corporate purposes.
The allotment is likely to be finalized on Wednesday, November 12, and the shares are scheduled on BSE SME on Friday, November 14. Sobhagya Capital Options Pvt.Ltd. is the book running lead manager and Maashitla Securities Pvt.Ltd. is the registrar of the issue.
About Shining Tools
Incorporated in May 2013, Shining Tools Limited designs and manufactures high-performance solid carbide cutting tools for various industries in India.
The company offers reconditioning services for used tools, enhancing usability and performance.
It designs and manufactures high-performance solid carbide cutting tools, such as end mills, drills, reamers, and thread mills under the “Tixna” brand.
Shining Tools creates customized tools and offers reconditioning services for automotive, engineering, aerospace, and defense industries.
The company manufactures high-performance cutting tools, including end mills, thread mills, drills, and reamers, providing innovative solutions. These tools are used in commercial metal cutting across various industries.
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