Shining Tools Limited is launching a SME fixed price IPO of ₹17.10 crore comprising a fresh issue of 15,00,000 shares. The offer opens on November 7, 2025 and closes on November 11, 2025, with allotment expected on November 12 and proposed listing on BSE SME on November 14, 2025. The fixed issue price is ₹114 per share. Minimum retail application is 2,400 shares (2 lots) amounting to ₹2,73,600; HNI minimum is 3 lots (3,600 shares) amounting to ₹4,10,400.
Shining Tools IPO
SME Fixed Price Issue (Fresh Issue)
UPCOMING IPOShining Tools Limited is launching a SME fixed price IPO of ₹17.10 crore comprising a fresh issue of 15,00,000 shares. The offer opens on November 7, 2025 and closes on November 11, 2025, with allotment expected on November 12 and proposed listing on BSE SME on November 14, 2025. The fixed issue price is ₹114 per share. Minimum retail application is 2,400 shares (2 lots) amounting to ₹2,73,600; HNI minimum is 3 lots (3,600 shares) amounting to ₹4,10,400.
| Face Value | ₹10 per share |
|---|---|
| Issue Price | ₹114 per share (Fixed) |
| Offer Structure | Fresh Issue (100%) |
| Total Shares | 15,00,000 shares (aggregating to ₹17.10 crore) |
| Reserved for Market Maker | 75,600 shares (₹0.8618 crore) — Aftertrade Broking Pvt. Ltd. |
| Net Offered to Public | 14,24,400 shares (₹16.24 crore) |
| Issue Type | Fixed Price IPO (SME) |
| Listing | BSE SME |
| Shareholding (Pre / Post) | 41,58,400 / 56,58,400 shares |
| Lead Manager | Sobhagya Capital Options Pvt. Ltd. |
| Registrar | Maashitla Securities Pvt. Ltd. |
| Market Maker | Aftertrade Broking Pvt. Ltd. |
| Investor Category | Shares Offered | Share % |
|---|---|---|
| Market Maker | 75,600 | 5.04% |
| NII (HNI) | 7,12,600 | 47.48% |
| Retail (RII) | 7,12,600 | 47.48% |
| Total | 15,00,800 | 100.00% |
| IPO Open | Fri, Nov 7, 2025 |
|---|---|
| IPO Close | Tue, Nov 11, 2025 |
| Allotment (Tentative) | Wed, Nov 12, 2025 |
| Initiation of Refunds | Thu, Nov 13, 2025 |
| Credit to Demat | Thu, Nov 13, 2025 |
| Listing (Tentative) | Fri, Nov 14, 2025 |
| UPI Mandate Cut‑off | 5 PM on Tue, Nov 11, 2025 |
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Individual Investors (Retail) (Min) | 2 | 2,400 | ₹2,73,600 |
| Individual Investors (Retail) (Max) | 2 | 2,400 | ₹2,73,600 |
| HNI (Min) | 3 | 3,600 | ₹4,10,400 |
Amounts calculated at fixed issue price of ₹114 per share.
Incorporated in May 2013, Shining Tools Limited designs and manufactures high‑performance solid carbide cutting tools under the “Tixna” brand. The company offers reconditioning services and supplies customized tools to industries including automotive, aerospace, defence, engineering and agriculture. The manufacturing unit is located in Rajkot, Gujarat. As of June 2025, the company had 26 employees.
Promoters
Mr. Vipulbhai Laljibhai Ghonia and Mr. Kamalbhai Laljibhai Ghonia.
Promoter Holding
| Pre‑Issue | 96.18% |
|---|---|
| Post‑Issue | 70.68% |
FY2023 – FY2025 (₹ crore)
| Period Ended | Assets | Total Income | PAT | EBITDA | Net Worth | Total Borrowing |
|---|---|---|---|---|---|---|
| 31 Jul 2025 | 22.51 | 5.42 | 1.47 | 2.53 | 9.47 | 8.87 |
| FY2025 (31 Mar 2025) | 19.64 | 14.77 | 2.93 | 6.23 | 8.01 | 8.18 |
| FY2024 (31 Mar 2024) | 15.05 | 10.60 | 1.58 | 4.15 | 3.60 | 7.54 |
| FY2023 (31 Mar 2023) | 16.83 | 10.46 | -0.08 | 1.89 | 2.02 | 9.45 |
Source: Company DRHP/RHP and credible IPO trackers. Revenue grew ~39% and PAT grew ~86% between FY2024 and FY2025 (restated).
Key Performance Indicators (as of Mar 31, 2025)
| ROE | 49.59% |
|---|---|
| ROCE | 29.61% |
| RoNW | 36.60% |
| PAT Margin | 27.19% |
| EBITDA Margin | 46.86% |
| Price to Book Value | 5.82 |
| Market Capitalization | ₹64.51 Cr. |
Objects of the Issue (₹ crore)
| S.No | Object | Expected Amount (₹ in crores) |
|---|---|---|
| 1 | Purchase & installation of plant and machinery for Carbide Precision Tools | 9.07 |
| 2 | Funding of working capital requirements | 3.85 |
| 3 | General corporate purposes | 2.48 |
Review
Analyst note: Shining Tools is a small SME play with improving financials. The issue appears aggressively priced relative to scale — investors should weigh growth visibility and liquidity concerns before applying.
As of Nov 7, 2025 5:04:36 PM (Day 1) the issue was subscribed 0.49 times. Individual investors: 0.63x; NII: 0.35x; QIB: TBA. Total applications: 214.
| Category | Subscription (times) | Shares Offered | Shares Bid For |
|---|---|---|---|
| NII | 0.35 | 7,12,600 | 2,47,200 |
| Individual Investor | 0.63 | 7,12,600 | 4,51,200 |
| Total | 0.49 | 14,25,200 | 6,98,400 |
Company Contact
Shining Tools Ltd.
Survey no. 63/2, Plot No. 2, Rajkot, Gondal Highway, Paliya, Gondal, Gujarat, 360311
Phone: +91 9687693344
Email: cs@tixnatools.com
Website: https://www.tixnatools.com/
Registrar
Maashitla Securities Pvt. Ltd.
Phone: +91-11-45121795-96
Email: shining.ipo@accuratesecurities.com
Website: https://maashitla.com/allotment-status/public-issues
Lead Manager
Sobhagya Capital Options Pvt. Ltd.
Refer to the Shining Tools IPO DRHP/Prospectus for full details. Figures are as per the RHP and credible IPO trackers; amounts are calculated at the fixed price of ₹114 per share.