Last day! Kasturi Metal IPO closes today; subscription up 3x, QIBs lead

Kasturi Metal Composite IPO: The three-day bidding period for the initial public offering (IPO) of steel fibre products maker is scheduled to end today, Thursday, January 29, 2026.

 

The company’s maiden public issue, which opened for subscription on Tuesday, January 27, 2026, has seen a decent investor response so far, with the issue subscribed just 3.1 times, largely supported by participation from all the investor categories.

 

As per BSE data available at 01:50 AM, the IPO received bids for around 6.11 million shares against an offer size of 1.97 million shares. The Qualified Institutional Buyers (QIBs) portion was subscribed to 4 times, while the Non-Institutional Investors (NIIs) segment was booked 2.81 times. The retail investors' portion was subscribed to only 2.77 times.

 

Kasturi Metal Composite IPO GMP

The unlisted shares of Kasturi Metal Composite were trading flat in the grey market at around ₹64, the upper end of the IPO price band, according to sources tracking unofficial market activity.

Kasturi Metal Composite IPO details

The Maharashtra-based company’s IPO is an entirely fresh issue of 2.8 million equity shares, aggregating to ₹17.61 crore, with no offer-for-sale component.

 

The issue is priced in the range of ₹61–₹64 per share with a lot size of 2,000 shares. At the upper end of the price band, retail investors would need to invest ₹2.56 lakh to apply for two lots, or 4,000 shares.

 

Shares of Kasturi Metal are expected to be listed on the BSE SME platform on Tuesday, February 3, 2026. Bigshare Services is the registrar to the issue, while Hem Securities is the sole book-running lead manager.

 

As per the red herring prospectus (RHP), the company plans to deploy the net proceeds from the fresh issue for mechanical and electrical works, interior work and procurement of plant and machinery for setting up a new manufacturing facility at Amravati, Maharashtra.

 

With the subscription window closing today, the basis of allotment is likely to be finalised on Friday, January 30.

 

Incorporated in 2005, Kasturi Metal Composite manufactures and exports steel fibre products for industrial use, including steel wool fibres for brake pads and clutches. The company also trades PP fibres, offers concrete flooring solutions, and supplies construction materials under the Duraflex and Durabond brands. It operates three manufacturing units at MIDC Amravati in Maharashtra.