Classic Electrodes sets IPO price at Rs 82-87 a share; to open on Aug 22

Mumbai: Welding electrodes and MIG wires manufacturer Classic Electrodes (India) Ltd on Monday announced the price band at Rs 82-87 per share for its initial public offering (IPO) through which it aims to raise a total of Rs 41.50 crore.

The IPO is entirely a fresh issue of 47.71 lakh equity shares, which will open for public subscription on August 22 and close on August 26, 2025, the company said in a statement.

"The price band has been fixed at Rs 82 to Rs 87 per equity share," it said.

Post-issue, the shares will be listed on the NSE's Emerge platform, with a tentative listing date of Monday, September 1.

GYR Capital Advisors is the sole book-running lead manager while MUFG Intime India is the registrar for the IPO, the company said.

The company has proposed to use the IPO proceeds to fund capital expenditure towards the purchase of plant and machinery; repayment of certain outstanding borrowings; and funding working capital requirements.

It has two manufacturing units in West Bengal and Haryana, with a combined installed capacity of 10,608 metric tonnes (MT) of electrodes and 8,600 MT of MIG wires annually.

Classic Electrodes reported a revenue of Rs 187.60 crore for 11 months to February 28, 2025.

Profit after tax stood at Rs 9.51 crore in the 11-month period to February 2025. It reported a revenue of Rs 194.40 crore in FY24 and a PAT of Rs 12.29 crore.