Shri Kanha Stainless shares to list today. Check GMP ahead of debut

Shri Kanha Stainless is set to list on NSE SME on December 10, with the grey market premium currently at 0%, indicating a muted pre-listing sentiment despite a steady subscription response from retail investors. The fixed-price IPO of Rs 46.28 crore closed on December 5 and will now move to its next milestone as investors await the listing price and early trade direction.

The issue consisted entirely of a fresh offer of 51.42 lakh shares at Rs 90 each. Subscription trends reflected a sharp contrast between retail interest and HNI participation. The IPO was subscribed 2.81 times overall. Retail investors bid 4.91 times their allotted shares, while the NII category lagged at just 0.61 times.

A total of 3,919 applications were received, signalling moderate demand, typical of fixed-price SME issues where pricing and financial consistency become key determinants of investor appetite.

Company overview

Shri Kanha Stainless manufactures precision stainless-steel cold-rolled strips used across industries such as textiles, automotive components, chemicals, clocks and watches, and electrical equipment. The company operates a 14,000 MTPA manufacturing facility in Sikar, Rajasthan, producing stainless steel coils in 200, 300 and 400 series, with thicknesses ranging from 0.08 mm to 2.00 mm. It also manufactures stainless-steel circles and sheets.

The company reported strong financial performance in FY25. Revenue rose 12% to Rs 146.39 crore, while profit after tax rose sharply to Rs 5.79 crore from Rs 2.60 crore the previous year. For the half-year ended September 2025, it posted revenue of Rs 110.30 crore and PAT of Rs 4.26 crore.

The IPO proceeds will fund the installation of a new 1150 mm 4-Hi AGC reversible rolling machine to upgrade its current facility, repay part of existing borrowings and support working capital requirements. The company also holds an order book of Rs 12.73 crore as of November 25, 2025, providing short-term revenue visibility.

With GMP at 0%, the listing is expected to be driven entirely by fundamentals and overall SME market sentiment. Investors will now watch whether the company's strong return ratios and expansion plans translate into post-listing stability.

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