Kasturi Metal Composite IPO Day 2 Update: Subscription Picks Up; GMP Steady at ₹0

The Kasturi Metal Composite IPO, a book-building issue worth ₹17.61 crore, continued its bidding on Day 2 (28 January 2026) with notable subscription gains, while the Grey Market Premium (GMP) remained flat at ₹0 per share—suggesting that investors currently expect the listing price to be at the top of the price band of ₹64 per share on listing.

📈 Day 2 Subscription Highlights

As of 28 January 2026, the subscription status showed improving interest from investors:

• Overall subscription: approx 1.07×
  • Retail investors: ~0.36×

  • Non-institutional investors (NIIs): ~0.18×

  • Qualified Institutional Investors (QIIs): ~3.00×
    This uptick in subscription on the second day indicates growing confidence in the IPO compared with earlier bidding activity.

    

📊 GMP & Market Sentiment

• The GMP for the Kasturi Metal Composite IPO remained at ₹0 per share as of 28 January 2026.

• A flat GMP suggests expectations that the listing price may be close to the issue’s upper price band (₹64), and initial listing gains may be limited.

• Investors and brokers are watching demand trends across the IPO period before firming up their valuations.

📌 IPO Key Dates & Structure

• IPO Open Date: 27 January 2026

• IPO Close Date: 29 January 2026

• Allotment Date: 3 February 2026

• Refund Initiation: 2 February 2026

• Tentative Listing Date: 3 February 2026 (on BSE SME)

• Price Band: ₹61 to ₹64 per share

• Face Value: ₹10 per share

• Lot Size: 2,000 shares (minimum bid of 4,000 shares for retail = ₹2,56,000)
  

🏭 Company & Business Overview

Kasturi Metal Composite Limited, established in 2005, manufactures and supplies steel fiber products for industrial applications such as brake pads, clutches, and flooring solutions. The company operates multiple manufacturing units and offers a portfolio focused on steel wool fibers and concrete reinforcement products.

📊 Financial Snapshot (Recent Years)

According to the company’s latest results (year ended 30 Sept 2025 and prior fiscal years):

• Revenue: ₹57.22 cr (FY 2025) vs. ₹50.20 cr (FY 2024)

• Profit After Tax (PAT): ₹2.07 cr (FY 2025) vs. ₹2.35 cr (FY 2024)

• Assets: ₹44.43 cr (Sept 2025)

• Net Worth: ₹20.19 cr (Sept 2025)
  These figures indicate steady revenue growth, though profitability saw a modest dip year-on-year.

📊 Outlook Ahead

With the IPO nearing its final day of subscription (29 January 2026), investors will be watching whether the trend of increasing subscription continues. While a flat GMP signals limited expectation of listing gains, the improving subscription, especially from qualified institutional buyers, may support investor confidence ahead of the final close and allotment.