The Shining Tools IPO comes with a face value of ₹10 per share and a total fixed-price issue size of approximately ₹17.10 crores. Classified as a Shining Tools SME IPO, the offer consists solely of a fresh issue of 15,00,000 equity shares, without any Offer for Sale (OFS) portion. The public subscription for the Shining Tools IPO begins on November 7 2025 and ends on November 11 2025. The allotment result is anticipated on November 12, 2025, and the listing on the BSE SME is likely on November 14, 2025.
The Shining Tools IPO price has been fixed at ₹114 per share, serving as the reference point for the Shining Tools IPO review and valuation discussion. Retail applicants are required to commit at least ₹2,73,600, translating to 2,400 shares (two lots) at the stated issue price. According to the Shining Tools IPO details, the issue allocation is divided as 47.48% for Retail Investors (RIIs), 47.48% for Non-Institutional Investors (NIIs), and 5.04% reserved for the Market Maker category.
Shining Tools IPO Details
Here are the core details for the Shining Tools IPO, including the Shining Tools IPO share price, issue size, listing platform, and other key data pulled directly from the offer documents.
| IPO opening date | November 7, 2025 |
| IPO closing date | November 11, 2025 |
| Face value | ₹10 per equity share |
| Price band | ₹114 per share |
| Issue price | ₹114 per share |
| IPO lot size | 1,200 Shares |
| Sale type | Fresh Issue |
| Fresh issue | 1,500,000 shares (aggregating up to ₹17.10 Cr) |
| Offer for sale | 0 shares |
| Issue type | Fixed Price Issue |
| Listing at | BSE SME |
| Total issue size | 1,500,000 shares (aggregating up to ₹17.10 Cr) |
| Employee discount | Undisclosed |
| Minimum investment | ₹2,73,600 (For 2,400 shares / 2 lots) |
| Retail discount | Undisclosed |
Shining Tools IPO Timeline
Below is a compact overview of the Shining Tools IPO details in India, ranging from subscription, allotment, to final listing and more.
| IPO open date | 07 November 2025 |
| IPO close date | 11 November 2025 |
| Provisional allotment | 12 November 2025 |
| Refund processing | 13 November 2025 |
| Transfer of shares into demat | 13 November 2025 |
| IPO listing | 14 November 2025 |
| Discontinuation date for UPI request validation | 11 November, 2025 (5 PM) |
Shining tools IPO Reservation
Shown below is the Shining Tools IPO reservation structure, showing how the shares are divided among different investor categories such as retail investors, HNIs, and market makers.
| Investor category | Shares offered |
| Market marker shares offered | 75,600 (5.04%) |
| Qualified institutional buyers (QIB) | 0 shares (0.00%) |
| NII (HNI) shares offered | 7,12,200 (47.48%) |
| Retail shares offered (RII) | 7,12,200 (47.48%) |
Shining Tools IPO Core Performance Indicators
The table below provides a rundown of the core financial ratios and performance metrics of Shining Tools Limited, derived from its restated financial statements for the last three fiscal years.
| Indicator | FY23 | FY24 | FY25 |
| EPS (Basic) (₹) | (0.20) | 3.94 | 7.17 |
| RoNW (%) | 3.92 | 43.80 | 36.60 |
| NAV per share (₹) | 5.05 | 8.99 | 19.25 |
| Debt to equity ratio | 4.68 | 2.10 | 1.02 |
| PAT Margin (%) | (0.77%) | 14.96 | 19.89 |
| EBITDA (in ₹ lakhs) | 188.59 | 414.84 | 622.78 |
| RoCE (%) | 8.32 | 26.64 | 29.61 |
Shining Tools IPO Financials
This table includes the summary of the company’s financial performance, including key figures such as revenue, total assets, and profit after tax.
| Particulars (in ₹ lakhs) | 2023 | 2024 | 2025 |
| Revenue from Operations | 1,032.15 | 1,052.95 | 1,472.88 |
| Total Assets | 1,682.63 | 1,504.49 | 1,964.35 |
| Profit After Tax | (7.93) | 157.53 | 293.01 |
Shining Tools IPO Lot Size
Get a brief look at the Shining Tools IPO lot size, explaining the minimum and maximum investment amounts required for different investor categories.
| Application | Lots | Shares | Amount (in ₹) |
| Retail (Min) | 2 | 2,400 | 2,73,600 |
| Retail (Max) | 2 | 2,400 | 2,73,600 |
| S-HNI (Min) | 3 | 3,600 | 4,10,400 |
| B-HNI (Min) | 3 | 3,600 | 4,10,400 |
Shining Tools IPO Promoter Holding
Here is a summary of the Shining Tools IPO promoter shareholding, showing the percentage of ownership before and after the issue.
| Percentage | |
| Promoter Holding Pre-Issue | 96.18% |
| Promoter Holding Post-Issue | 70.68% |
Shining Tools IPO Prospectus
As part of the listing procedure, the Shining Tools IPO prospectus features all required filings and disclosures intended for investor examination.
About Shining Tools Ltd.
Since its establishment in 1998 in Rajkot, Gujarat, Shining Tools Ltd. has become a prominent maker of solid carbide cutting tools including drills, reamers, and end mills. The company designs customised tooling solutions using advanced CAD/CAM software and offers reconditioning services to restore tool performance. Under CEO and Managing Director Mr. Vipulbhai Laljibhai Ghonia, it delivers cutting-edge products focused on precision, productivity, and reliability. Shining Tools operates a fully integrated manufacturing unit with state-of-the-art facilities and is a self-certified supplier to major automobile, aerospace, and engineering companies. The company has won the India 500 SME Award 2024, displaying its commitment to quality, innovation, and customer satisfaction.
| Book running lead managers | Sobhagya Capital Options Pvt. Ltd. |
| Issue IPO | Maashitla Securities Private Limited |
Objectives of the Shining Tools IPO
The Shining Tools IPO objectives focus on using the raised capital for varying purposes given below.
| Objects of the issue | Allocation (₹ in Crores) |
| Purchasing and setting up equipment for Carbide Precision Tools within current facilities. | 9.07 |
| Funding of working capital requirements | 3.85 |
| General corporate purposes | 2.48 |
Strength Of Shining Tools IPO
The major competitive strengths of Shining Tools Limited are:
- Experienced promoters and management: The company is guided by its promoters, Mr. Vipulbhai Laljibhai Ghonia and Mr. Kamalbhai Laljibhai Ghonia, with over 12 and 10 years of experience, respectively. They manage crucial departments including finance, sales and manufacturing, backed by strong technical know-how.
- Focus on high-margin customised tools: Shining Tools specialises in manufacturing high-performance carbide tools tailored for specific industrial uses. In FY 2024–25, this segment contributed 73.19% of total revenue and delivered better margins than standard tools.
- Advanced manufacturing and quality assurance: The company follows ISO 9001:2015 standards and operates advanced 5-axis CNC grinding machines and German optical CNC systems for precision quality checks.
- Diverse product portfolio and client industries: Its offerings include end mills, drills, and reamers catering to multiple sectors such as aerospace, automotive, power, energy, medical, and engineering.
- Strategic manufacturing location: The facility’s placement along the Rajkot–Gondal highway ensures connectivity to major industrial zones like Shapar and Vavadi, improving delivery speed and access to nearby clients.
Risk of Shining Tools IPO
The following are the major risk factors affecting the company, which investors should take into account before applying for the IPO:
- Geographic and facility concentration: Operations are limited to a single manufacturing unit in Gujarat, with over 92% of FY25 revenue originating from the western region, posing exposure to regional disruptions.
- Customer concentration: A substantial portion of the company’s income depends on a few clients; in FY25, the top 10 customers contributed 56.91% of total revenue.
- Historical negative cash flows: Shining Tools has faced negative cash flows in past years, with net operating cash flow for the four-month period ending July 31, 2025, recorded at ₹(39.90) lakhs.
- Past non-compliances and missing records: Instances of statutory non-compliance (including GST, TDS, EPF delays) and a contravention of Section 185 of the Companies Act, 2013, led to a compounding fee of ₹30,00,000. Some 2014 share allotment records remain untraceable.
- Dependence on promoters: The company’s functioning relies heavily on the expertise and continued involvement of its promoters, Mr. Vipulbhai and Mr. Kamalbhai Ghonia.
- Historical losses: The company reported a restated loss of ₹(7.93) lakhs for FY 2023.
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Shining Tools IPO FAQs
Shining Tools IPO is a fixed-price SME issue offering 1.5 million fresh equity shares at ₹114 per share. It aims to raise ₹17.10 crore and is focused on manufacturing high-performance cutting tools. The IPO opens on November 7, 2025.
To apply through Zerodha, log in to your Zerodha account, navigate to the IPO section, find “Shining Tools Ltd,” enter the number of lots, place your bid at ₹114 per share, and confirm payment through UPI or net banking before the closing date.
The Shining Tools IPO will open for public subscription on November 7, 2025, and close on November 11, 2025. Investors can apply for shares during this period through authorised trading platforms.
The lot size for the Shining Tools IPO is 1,200 shares. Retail investors must apply for a minimum of 2 lots (2,400 shares), with the minimum investment amount being ₹2,73,600.
Investors must open a Demat and trading account, fund their account with sufficient money, research the company, select the ‘Shining Tools IPO’ from the IPO section on a trading platform, apply for at least 2 lots, and authorise payment before November 11, 2025.
The allotment of Shining Tools IPO shares is expected to be finalised on November 12, 2025. Successful applicants will be notified, and refunds for unallotted shares will be initiated shortly after.
The Shining Tools IPO is expected to be listed on the BSE SME exchange on November 14, 2025, following share allotment, refund processing, and credit of shares to investors’ Demat accounts.
