Kasturi Metal Composite shares to list today. Here's what GMP indicates ahead of debut

Synopsis Kasturi Metal Composite's IPO is set for listing with a 0% grey market premium, despite strong subscription. The Rs 18 crore issue, entirely fresh capital, aims to fund a new manufacturing unit. Investors appear cautious, focusing on future execution rather than immediate listing gains. The shares of Kasturi Metal Composite are heading for listing with a grey market premium (GMP) of 0%, indicating muted listing expectations even as the issue saw strong demand during the subscription period. The Rs 18 crore book-built IPO, which is entirely a fresh issue, closed on January 29 and is scheduled to list on the BSE SME platform on February 3. The price band for the issue was fixed at Rs 61–64 per share, with the final issue price set at Rs 64. At this price, the company is valued at a pre-IPO market cap of about Rs 66.5 crore. In the grey market, which often acts as an informal indicator of listing sentiment, Kasturi Metal Composite shares are currently trading at par with the issue price. A zero GMP suggests that traders are not pricing in any immediate listing gains, pointing to expectations of a flat debut. This comes despite the IPO receiving a robust overall subscription of 17.75 times. The non-institutional investor segment was the standout, with bids worth nearly 39 times the shares on offer, while the retail portion was subscribed over 16 times. Qualified institutional buyers subscribed the issue four times. The company had also raised Rs 5 crore from anchor investors ahead of the public issue. Kasturi Metal Composite is a Maharashtra-based manufacturer of steel fibre products used in industrial applications. Incorporated in 2005, the company produces steel wool fibre for brake pads and clutches, industrial flooring fibres and steel fibres used in infrastructure projects such as tunnels, roads, bridges and mining applications. It operates three manufacturing units in MIDC Amravati and is in the process of setting up a fourth unit. Live Events The proceeds from the IPO are largely earmarked for capital expenditure. Around Rs 13.3 crore will be used to set up a new manufacturing facility at Amravati, with the balance going towards general corporate purposes. There is no offer-for-sale component, meaning all the funds raised will go into the company. Financially, Kasturi Metal Composite has reported steady growth, though profitability has been somewhat uneven. For the six months ended September 2025, the company reported revenue of Rs 32.3 crore and a profit after tax of Rs 2.47 crore. For FY25, revenue stood at Rs 57.2 crore with a net profit of Rs 2.07 crore. The lack of a premium in the grey market also mirrors the broader risk-off sentiment seen in SME listings recently, where investors have become more selective and listing gains are no longer taken for granted. While strong subscription provides some comfort, the absence of grey market enthusiasm suggests that investors may be taking a cautious view and looking beyond short-term listing pop to the company’s execution on capacity expansion and earnings growth in the coming quarters. (You can now subscribe to our ETMarkets WhatsApp channel) (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price ...moreless (You can now subscribe to our ETMarkets WhatsApp channel) (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price ...moreless Zoho announces Zoho ERP for a fast-scaling India Go First fix: Rules for grounded aircraft eased. Enough to protect lessors? Titan’s U-turn to sparkle when gold goes beyond reach How India’s STT evolved and why raising it now pinches Have derivatives joined cigarettes & whiskey in the sin club? Stock Radar: BEL hits fresh record high on Budget day; stock forming ascending channel pattern – time to buy? 1 2 3