Nilachal Carbo IPO Subscription Status

The Nilachal Carbo IPO witnessed strong demand, closing with an overall subscription of 5.06 times on the fourth and final day of bidding, 11 September 2025, by 5:00 PM.

• Qualified Institutional Buyers (QIB): 0.00x
• Non-Institutional Investors (NII/HNI): 4.56x
• Retail Individual Investors (RII): 5.55x

By the end of the issue, the company had received bids for an impressive 3,17,44,000 shares against a total offer size of 62,68,800 shares, reflecting exceptional retail participation despite no QIB allotment.

Daily Subscription Trend:

• Day 1: 1.29x
• Day 2: 1.58x
• Day 3: 1.83x
• Day 4: 5.06x (final count)

The steady growth in subscriptions each day underscores rising investor confidence, peaking with a surge of applications on the last day.

Company Overview

Founded in 2003, Nilachal Carbo Metalicks Limited is a prominent producer of high-quality, low-sulfur metallurgical coke, which is a critical raw material for steel and metal industries.

Product Portfolio:

• Nut Coke
• Blast Furnace Coke
• Foundry Coke
• Low-Phosphorus Coke Fines

These products are widely used in steelmaking, foundries, and various metallurgical processes, making the company a key supplier to domestic and international industrial clients.

Manufacturing & Capacity Expansion

• Current Facility: A modern plant located at Chadheidhara, Jajpur, Odisha, equipped with a beehive-type coke oven battery and an annual production capacity of 60,000 MTPA.
• Expansion Plan: To meet the rising demand, the company is setting up 36 additional ovens at its Baramana, Jajpur plant, which will increase the LAM Coke capacity by 34,400 MTPA, taking the total to 94,400 MTPA (or 1,12,400 MTPA including leased capacity).
• Workforce: As of 31 October 2024, the company employs 67 skilled professionals overseeing production, quality control, and plant operations.

Nilachal’s focus on energy efficiency, sustainable operations, and advanced technology adoption ensures high product consistency and environmental compliance.

Financial Highlights

• Revenue Trend: The slight decline in FY 2025 revenue was mainly due to fluctuations in raw material prices and a temporary slowdown in demand from global markets.
• Profitability: Despite the revenue dip, the company maintained a healthy profit margin, supported by operational efficiencies and cost management.

Grey Market Premium (GMP)

As of Thursday, 11 September 2025, the Nilachal Carbo IPO was commanding a GMP of ₹9, indicating that the stock was trading around ₹94 in the grey market—₹9 above the issue price of ₹85. Analysts view this as a sign of moderate listing gains and steady investor interest, particularly from retail and high-net-worth individuals.