Raajmarg Infra Investment Trust IPO...
05 Mar, 2026
Kanodia Cement IPO
The Kanodia Cement IPO is a book-built issue comprising an entire offer for sale (OFS) of up to 1.49 crore equity shares. The company filed its DRHP with SEBI on May 22, 2025.
The price band and official dates of subscription and listing will be announced by the company later. The equity shares are supposed to be listed on the BSE and the NSE platforms. This issue will be managed by a professional team of book-running lead managers (BRLMs), including Anand Rathi Advisors Ltd., IIFL Capital Services Ltd. and Oneview Corporate Advisors Private Ltd., while MUFG Intime India Private Ltd. is acting as the registrar to the offer.
Company Background
Kanodia Cement Ltd. was established on August 3, 2009 and started operations from Varanasi, Uttar Pradesh, with the corporate office in Noida and headquarters in Bulandshahr. The company has developed into a local player in the cement sector, catering to the North Indian market. The development of the company has been characterized by its resilience in a highly cyclical sector and a competitive environment that consists of some of the biggest players in the cement sector in India.
Operations & Product Range
Kanodia Cement Ltd. has two main business segments: B2C business and contract manufacturing business.
- • B2C segment: The company is engaged in the manufacturing and marketing of cement under its own brands.
- • Contract manufacturing business: The company uses its facilities to manufacture cement for some of the major brands in the country.
The products provided by the company are used for various construction purposes, from basic to advanced. The target market for the company includes retail customers, construction firms and large-scale infrastructure development projects in Uttar Pradesh, Uttarakhand and the National Capital Region (NCR).
Facilities & Capacity
The company’s manufacturing operations are centered around Split Grinding Units (SGUs). Key operational locations include Sikandrabad, located in Western Uttar Pradesh and Amethi, located in Eastern Uttar Pradesh, where the company recently commenced B2C operations in December 2024 to expand its reach in the region.
Brands & Market Presence
Kanodia Cement Ltd. has developed a diversified portfolio of brands to suit different market segments, which includes “Premium Brands,” including Concrete Gold and HBM Gold, “Ghar Ka Expert” and “Regular Brands,” including HBM (Ghar Ka Expert), BigCem Premium Plus, BigCem Cement and Bluestar Cement.
The company has a strong presence in the domestic market, especially in Western Uttar Pradesh, where it enjoys the support of a distribution network consisting of 28 sales promoters, 118 dealers and 519 points of sale or retailers.
Revenue Streams & Business Model
The main source of revenue for Kanodia Cement Ltd. is the cement product sales business model. Although the company has its own brands, it also has a substantial amount of business from contract manufacturing. The business model is its dependence on suppliers; more than 50% of the revenue from operations comes from the top 10 suppliers, including big names such as JK Lakshmi Cement and Prism Johnson.
Management & Shareholding
The promoters of Kanodia Cement Ltd. are Vishal Kanodia, the Nupoor Kanodia Beneficiary Trust and the Trish Kanodia Beneficiary Trust. Before the Kanodia Cement IPO, the equity shares were held by the promoters and other individual selling shareholders, but after the IPO, the shares of the company seem to be diluted as this is a 100% offer for sale (OFS).
Board & Key Management
The leadership team is accountable for the strategic orientation and compliance of Kanodia Cement Ltd. The important people associated with this firm are Vishal Kanodia (the promoter) and the CS & CO, Shikha Mehra Chawla. The board is responsible for important operations such as risk management and policy implementation that keeps pace with the evolving industry dynamics.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Kanodia Cement IPO GMP
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Kanodia Cement IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 10 per Equity Share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Offer for Sale (OFS) |
| Total Issue Size | Up to 14,913,930 Equity Shares (Amount in Cr: [.]) |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | - |
| Offer for Sale | Up to 14,913,930 Equity Shares |
| Net Offered to Public | - |
| Issue Type | 100% Book Built Offer |
| Listing At | BSE and NSE |
| Share Holding Pre Issue | - |
| Share Holding Post Issue | - |
Kanodia Cement IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | 5:00 PM on the Bid/Offer Closing Date |
Kanodia Cement IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | - | ~₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | - | Up to ₹2,00,000 |
| S-HNI (Min) | 14-15 | - | Over ₹2,00,000 |
| S-HNI (Max) | 66-70 | - | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | - | Over ₹10,00,000 |
Kanodia Cement IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 100% |
| Promoter Holding Post Issue | - |
Competitive Strength:
- • Contract manufacturing capacity in established growth markets, building lasting relationships with major cement brands.
- • Effective B2C business model with a distribution network of over 500 points of sale and dedicated sales promoters in its core markets.
- • The variety of both premium and standard brands enables the company to effectively target different customer segments.
Kanodia Cement IPO Financial Information
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing | ||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Dec 2024 | 677.39 | 731.79 | 98.19 | 498.39 | - | 32.00 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 581.78 | 900.12 | 113.87 | 400.20 | - | 14.94 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 500.06 | 669.09 | 55.55 | 286.34 | - | 77.27 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2022 | 498.43 | 493.05 | 40.41 | 230.89 | - | 116.05 | ||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 33.58% |
| ROCE | 36.47% |
| Debt/Equity | -0.23 |
| RoNW | 33.16% |
| PAT Margin | 12.82% |
| EBITDA Margin | - |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 15.27 | 17.56 |
| P/E (x) |
IPO Objectives
The Kanodia Cement Ltd. will not receive any proceeds from this issue as it is a 100% OFS, but the company expects that the listing will enhance its brand image and provide a public market for its equity shares in India.
Conclusion
Kanodia Cement Ltd. is positioning itself as a regional player with a unique combination of own brand retail sales and established contract manufacturing agreements. By focusing on the high demand markets of Uttar Pradesh and NCR, the company has carved out a specialized niche for itself. The upcoming Kanodia Cement Limited IPO will bring the advantages of being a publicly listed company to the company as it continues to implement its strategy of expanding its B2C presence in Eastern Uttar Pradesh and manufacturing capabilities.
IPO DRHP Status
| # | Description | Date | File |
|---|---|---|---|
| 1 | Filed with SEBI/Exchange | 22-05-2025 | View DRHP |
| 2 | SEBI/Exchange approval received | 20-10-2025 | - |
Read more :
Frequently Asked Questions (FAQs)
-
What is the total size of the Kanodia Cement IPO?
The IPO consists of an offer for sale of up to 1.49 crore equity shares with a face value of ₹10 each.
-
Who are the promoters of Kanodia Cement Ltd.?
The promoters are Vishal Kanodia, the Nupoor Kanodia Beneficiary Trust and Trish Kanodia Beneficiary Trust.
-
Does Kanodia Cement Ltd. get any money from this IPO?
No, this is a 100% Offer for Sale (OFS), so the proceeds will go to the selling shareholders. The company will not receive any funds from the issue.
-
Which brands does Kanodia Cement Ltd. own?
The company’s brands include Concrete Gold, HBM Gold, BigCem Premium Plus and Bluestar Cement, among others.
-
Where will the shares of the Kanodia Cement IPO be listed?
The equity shares are supposed to be listed on both the BSE and the NSE.
