Narmadesh Brass Industries IPO opens today. Check GMP, price band, subscription and other details

The SME IPO of Narmadesh Brass Industries will open for subscription on Monday with the grey market premium (GMP) at zero, indicating muted expectations of listing gains amid a crowded SME IPO calendar.

The Jamnagar-based brass products manufacturer is raising about Rs 45 crore through a fixed-price issue and will list on the BSE SME platform. The IPO will remain open for bidding until Thursday with shares scheduled to debut on January 20.

The absence of any GMP suggests investors are not factoring in immediate upside on listing, a contrast to some recent SME offerings that saw double-digit GMPs ahead of debut. A zero GMP typically implies expectations of a flat listing close to the issue price, though actual outcomes can vary based on subscription trends and broader market sentiment.

IPO structure and pricing

The Narmadesh Brass Industries IPO is priced at Rs 515 per share and comprises a fresh issue of about Rs 36.1 crore and an offer for sale worth roughly Rs 8.8 crore. The total issue size stands at 8.71 lakh shares.

The lot size for bidding is 240 shares. Retail investors are required to apply for a minimum of two lots, or 480 shares, translating into an investment of Rs 2,47,200.

Of the total issue, nearly 47.4% is reserved each for retail and non-institutional investors, while about 5.2% has been earmarked for the market maker, JSK Securities & Services.

Company profile

Narmadesh Brass Industries operates a manufacturing facility spread across about 6,300 square metres at the Shree Ganesh Industrial Hub in Jamnagar, widely known as India's "Brass City". The company manufactures brass billets, rods, valves, plumbing and sanitary fittings, agricultural sprayer parts, and customised machined components, catering to both domestic and export markets.

The firm follows an integrated manufacturing model, with in-house casting, forging and machining processes, which allows it to control quality and timelines.

Financial snapshot and use of proceeds

For the year ended March 2025, Narmadesh Brass reported total income of Rs 88.05 crore and a profit after tax of Rs 5.72 crore. In the six months ended September 2025, the company posted revenue of Rs 34.21 crore and profit of Rs 4.01 crore.

The company plans to use the net proceeds primarily to repay or prepay borrowings worth about Rs 14.5 crore, fund working capital needs, purchase machinery, and meet general corporate expenses.

Aryaman Financial Services is the book-running lead manager, and KFin Technologies is the registrar.

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