The Shining Tools IPO is scheduled to open for public subscription on November 7, 2025, and will close on November 11, 2025. This is a Fixed Price Issue with the company aiming to raise approximately ₹17.10 crores. The entire issue size comprises a fresh issue of equity shares, with a face value of ₹10 per share. This significant capital raise is intended to fund growth initiatives, including the purchase of new plant and machinery. Investors should note the IPO price band is fixed at ₹114 per equity share.
In terms of investor allocation, the issue structure reserves a 50% quota for Retail Individual Investors (RII) and the remaining 50% for Non-Institutional Investors (NII), which typically includes High Net Worth Individuals (HNI). The crucial date for the allotment of shares is tentatively set for November 12, 2025. Following the successful allotment process, the Shining Tools IPO listing date on the BSE SME platform is scheduled for November 14, 2025, marking the company’s debut on the stock exchange.
The company’s recent financial performance highlights a strong growth trajectory, which may be a key consideration for prospective IPO investors. Shining Tools reported a substantial increase in its top line, with revenue climbing to ₹14.77 crores in the fiscal year 2025, up from ₹10.60 crores in 2024. This growth was mirrored in the bottom line, with profit reaching ₹2.93 crores in 2025, a significant rise from ₹1.58 crores in 2024. Given these robust financials, applying for the Shining Tools IPO could be viewed as a compelling opportunity for those seeking long-term investment value.
Table of contents
- Shining Tools IPO Date & Price Band Details
- Shining Tools IPO Market Lot
- Shining Tools IPO Reservation
- Shining Tools IPO Allotment & Listing Dates
- Shining Tools IPO: Promoters and Holding Pattern
- Objects of the Issue & Utilisation of proceeds – Shining Tools IPO
- Shining Tools IPO Company Financial Report
- Shining Tools IPO Valuation – FY2025
- Shining Tools IPO Peer Group Comparison
- Shining Tools Company Overview, Key Points, Strengths, and Risks
- Shining Tools IPO: Key Investment Highlights (Pros)
- Shining Tools IPO: Key Investment Risks (Cons)
- IPO Lead Managers aka Merchant Bankers
- Shining Tools IPO Registrar
- Shining Tools Company Address
- FAQs about Shining Tools IPO
Shining Tools IPO Date & Price Band Details
The Shining Tools IPO, a Fixed Price Issue, opens on November 7, 2025, and closes on November 11, 2025. The company is set to raise approximately ₹17.10 Crores via a Fresh Issue, with the share Face Value at ₹10 and the IPO Price Band fixed at ₹114. Listing is scheduled for BSE SME.
| IPO Details | Details |
|---|---|
| IPO Open Date | November 7, 2025 |
| IPO Close Date | November 11, 2025 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹114 Per Share |
| Issue Size | Approx ₹17.10 Crores |
| Fresh Issue | Approx ₹17.10 Crores |
| Issue Type | Fixed Price Issue |
| IPO Listing | BSE SME |
| DRHP Draft Prospectus | Click Here |
| RHP Draft Prospectus | Click Here |
Shining Tools IPO Market Lot
For the Shining Tools IPO, the Retail minimum investment and maximum is a single Lot Size of 2,400 Shares, totaling ₹2,73,600. S-HNI minimum subscription is set at 3,600 Shares, requiring an investment of ₹4,10,400. Investors must apply in multiples of the prescribed lot size.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 2,400 | ₹2,73,600 |
| Retail Maximum | 2 | 2,400 | ₹2,73,600 |
| S-HNI Minimum | 3 | 3,600 | ₹4,10,400 |
The Shining Tools IPO Subscription Status will be updated after the bidding process begins on Nov 7, 2025.
Shining Tools IPO Reservation
The Shining Tools IPO features an equitable reservation for non-institutional and retail investors. Both the NII (HNI) category and the Retail Individual Investor (RII) quota are allotted 50% of the total public issue, each offering 7,12,200 Shares. This balanced allocation structure aims to ensure fair participation for diverse investor types in the SME IPO.
| Investor Category | Share Offered | -% Shares |
|---|---|---|
| NII Shares Offered | 7,12,200 Shares | 50% |
| Retail Shares Offered | 7,12,200 Shares | 50% |
Shining Tools IPO Allotment & Listing Dates
The Shining Tools IPO bidding window is open from November 7, 2025, until November 11, 2025, with a cut-off time of 5 PM on the closing day. The Basis of Allotment is scheduled for November 12, 2025. Investors will see Refunds initiated and shares credited to their Demat Accounts on November 13, 2025, ahead of the IPO Listing Date on BSE SME on November 14, 2025.
| Event | Date |
|---|---|
| IPO Open Date: | November 7, 2025 |
| IPO Close Date: | November 11, 2025 |
| Basis of Allotment: | November 12, 2025 |
| Refunds: | November 13, 2025 |
| Credit to Demat Account: | November 13, 2025 |
| IPO Listing Date: | November 14, 2025 |
| IPO Bidding Cut-off Time: | November 11, 2025 – 5 PM |
Shining Tools IPO: Promoters and Holding Pattern
The promoters of Shining Tools are Mr. Vipulbhai Laljibhai Ghonia and Mr. Kamalbhai Laljibhai Ghonia. Their Promoter Holding will see a change following the IPO. Pre-issue, their ownership stands at 96.18% (41,58,400 Shares), which is set to dilute to 70.68% (56,58,400 Shares) post-issue, demonstrating strong ongoing promoter commitment.
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre Issue | 41,58,400 | 96.18% |
| Promoter Holding Post Issue | 56,58,400 | 70.68% |
Objects of the Issue & Utilisation of proceeds – Shining Tools IPO
The IPO proceeds will primarily fund strategic growth. The largest allocation of ₹9.07 Crores is designated for the purchase and installation of new plant and machinery to enhance the production of Carbide Precision Tools. The remaining funds will cover working capital requirements (₹3.85 Crores) and be utilized for General Corporate Purpose (₹2.48 Crores), ensuring future expansion and operational efficiency.
| Purpose | Crores |
|---|---|
| Purchase and installation of plant and machinery for Carbide Precision Tools at Existing Premises | ₹9.07 |
| Funding of working capital requirements | ₹3.85 |
| General Corporate Purpose | ₹2.48 |
Shining Tools IPO Company Financial Report
Shining Tools has demonstrated impressive financial growth. Revenue surged from ₹10.60 Crores in FY2024 to ₹14.77 Crores in FY2025. Crucially, Profit After Tax (PAT) more than doubled, jumping from ₹1.58 Crores to a robust ₹2.93 Crores over the same period. The trend continues, with the four-month period ending July 2025 reporting ₹1.47 Crores PAT. This signifies strong profitability ahead of the IPO.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | ₹10.46 | ₹10.56 | ₹0.08 | ₹16.83 |
| 2024 | ₹10.60 | ₹8.49 | ₹1.58 | ₹15.05 |
| 2025 | ₹14.77 | ₹10.69 | ₹2.93 | ₹19.64 |
| July 2025 | ₹5.42 | ₹3.46 | ₹1.47 | ₹22.51 |
Shining Tools IPO Valuation – FY2025
Shining Tools displays strong operational efficiency, highlighted by a high Return on Equity (ROE) of 49.59% and a Return on Capital Employed (ROCE) of 29.61%. The EBITDA Margin is impressive at 42.28%, while the Debt to Equity Ratio is manageable at 0.92. The Earning Per Share (EPS) stands at ₹7.17, translating to a favorable P/E Ratio of 15.90.
| KPI | Values |
|---|---|
| ROE: | 49.59% |
| ROCE: | 29.61% |
| EBITDA Margin: | 42.28% |
| PAT Margin: | 19.89% |
| Debt to equity ratio: | 0.92 |
| Earning Per Share (EPS): | ₹7.17 (Basic) |
| Price/Earning P/E Ratio: | 15.90 |
| Return on Net Worth (RoNW): | 36.60% |
| Net Asset Value (NAV): | ₹19.60 |
Shining Tools IPO Peer Group Comparison
Compared to peers like Birla Precision Technologies Limited, Shining Tools presents a compelling valuation for IPO investors. Birla Precision has an EPS of ₹0.82, trades at a high P/E Ratio of 56.37, and reports an income of ₹209.51 Cr. While the peer has a larger income, Shining Tools offers a potentially more attractive P/E ratio based on its higher EPS, making it a competitive investment in the precision tools sector.
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Birla Precisions Technologies Limited | 0.82 | 56.37 | -% | 24.08 | 209.51 Cr. |
Shining Tools Company Overview, Key Points, Strengths, and Risks
Shining Tools Limited is an Indian company specializing in the design and manufacture of high-performance solid carbide cutting tools. Operating under the brand “Tixna Tools,” the company is a key supplier to various high-precision industries.
Company Overview and Key Points
- Core Business: Designing and manufacturing solid carbide cutting tools, including end mills, thread mills, drills, and reamers. It also offers re-conditioning services (regrinding, re-sharpening, and coating) to extend tool life.
- Target Market: The tools are designed for use on CNC machines (HMCs, VMCs, etc.) and cater to diverse sectors such as automotive, engineering, aerospace, defence, medical, and agriculture in India.
- Product Focus: The company’s portfolio includes both standardized and customized tools, with customized products contributing significantly to revenue (73.19% in FY2025).
- Manufacturing & Quality: The sole manufacturing facility is located in Rajkot, Gujarat. The company is ISO 9001:2015 certified and uses advanced inspection systems (like Zoller machines) for quality control.
- Financial Growth: The company has shown a positive trend, with Revenue increasing from ₹10.60 Crores in FY2024 to ₹14.77 Crores in FY2025, and Profit After Tax (PAT) more than doubling from ₹1.58 Crores to ₹2.93 Crores in the same period.
Company Strengths
- Specialized Expertise: Strong, established expertise in manufacturing solid carbide cutting tools and providing comprehensive reconditioning services, which adds value and extends product life for customers.
- Customization Capability: Ability to design and manufacture customized tools (a major revenue driver) using modern CAD/CAM software, allowing them to meet specific and complex client requirements across diverse industries.
- Advanced Manufacturing Base: The Rajkot facility utilizes advanced, machine-based manufacturing tools and quality control systems (CNC measuring machines) to ensure high precision, minimize errors, and maintain quality standards.
- Diversified Industrial Application: Serves a wide range of high-growth industries like automotive, aerospace, and defence, which insulates it from a slowdown in any single sector.
- Strong Financial Metrics: Demonstrated sharp growth in both the top and bottom lines in recent years, with healthy margins and key performance indicators like ROE (49.59%) and ROCE (29.61%) (as of FY2025).
Key Risks
- Geographic Concentration: The company’s business and single manufacturing facility are heavily concentrated in Gujarat (India), which makes it vulnerable to adverse economic, political, or natural events in that region.
- Customer Concentration: Revenue relies significantly on a limited number of customers (top 10 customers contributed over 50% of revenue in FY2025), and the loss of any major client could severely impact financial results.
- Raw Material Price Volatility: The company is dependent on procuring raw materials (like solid carbide) through purchase orders, exposing it to risks associated with price fluctuations and supply chain disruptions without long-term contracts.
- Competitive Industry: Operates in an industry with relatively low entry barriers and faces intense competition from both domestic and global players in the precision tooling segment.
- Sustainability of Recent Profitability: The recent spike in profitability from FY2024 onwards has been noted by some analysts, raising questions about its sustainability for future valuations.
Shining Tools IPO: Key Investment Highlights (Pros)
The Shining Tools IPO offers several compelling factors for investors, primarily stemming from its operational expertise, strong financial growth, and strategic use of the fresh issue proceeds.
Strong Financial Performance and Efficiency
- Exceptional Profit Growth: The company has demonstrated robust growth, with Profit After Tax (PAT) more than doubling from ₹1.58 Crores in FY2024 to ₹2.93 Crores in FY2025.
- High Profitability Ratios: Key performance indicators are very strong, including a high Return on Equity (ROE) of 49.59% and a healthy Return on Capital Employed (ROCE) of 29.61% (as of March 31, 2025). The EBITDA Margin is also notable at 42.28%.
- Favorable Valuation: At the issue price, the company’s P/E Ratio (15.90) appears reasonable when compared to a key industry peer, suggesting a competitive valuation.
Operational and Business Strengths
- Specialized Product Focus: The company specializes in manufacturing high-performance solid carbide cutting tools, a niche segment crucial for modern CNC-based precision manufacturing (automotive, aerospace, defence, etc.).
- Customization and Value-Add: A significant portion of revenue (around 73.19% in FY2025) comes from customized tools, showcasing the ability to meet complex client needs. The tool reconditioning services also provide a value-add and a sticky revenue stream.
- Advanced Manufacturing: Operations are supported by an ISO 9001:2015 certified facility in Rajkot, Gujarat, utilizing advanced CNC machinery and quality inspection systems (like Zoller machines) to ensure precision and quality.
- Experienced Management: The business benefits from experienced promoters with over a decade of industry expertise.
Growth-Oriented IPO Objectives
- Capacity Expansion: The largest portion of the IPO proceeds (₹9.07 Crores) is earmarked for the purchase and installation of new plant and machinery, directly aimed at boosting manufacturing capacity and efficiency. This suggests a clear strategy for future growth.
- Working Capital Injection: Funding incremental working capital requirements (₹3.85 Crores) will strengthen the balance sheet, improve liquidity, and support an anticipated increase in the order book.
Shining Tools IPO: Key Investment Risks (Cons)
A balanced investment decision requires careful consideration of the risks associated with the Shining Tools IPO. The following are the most critical risks investors should note:
Financial and Operational Vulnerabilities
- Geographic Concentration Risk: The company operates its single manufacturing facility in Rajkot, Gujarat. Any adverse event (economic, political, or natural) specific to this region could severely disrupt production and impact financial performance.
- Customer Concentration Risk: A significant portion of the company’s revenue depends on a limited number of top customers. For instance, the top 10 customers contributed over 50% of revenue in FY2025. The loss of a major client or a reduction in their orders would immediately hurt the top line.
- Raw Material Price Volatility: The company relies on key raw materials (primarily solid carbide) and is exposed to the risk of price fluctuations. Without long-term supply contracts, increases in input costs could erode the company’s EBITDA margins.
- Intense Competition: The carbide cutting tools industry is highly competitive, with numerous players (both domestic and international) and relatively low entry barriers. Sustaining market share and pricing power will be an ongoing challenge.
Regulatory and Compliance Risks
- Reliance on Regulatory Approvals: The business operations, particularly for servicing sectors like aerospace and defence, require various statutory and regulatory approvals and licenses. The failure to obtain or renew these in a timely manner could halt operations in key market segments.
- Working Capital Dependency: The business is working capital-intensive, which means it relies heavily on its ability to manage inventory and receivables efficiently. Failure to adequately manage working capital could affect liquidity and operational efficiency.
Uncertainty Regarding Profitability Sustainment
- Sustainability of Recent Growth: While the company has shown a sharp recent increase in revenue and profit (PAT more than doubled from FY2024 to FY2025), there is inherent risk regarding the sustainability of this high growth rate and margin expansion in the future competitive environment.
- Dependence on Promoters: The company relies on the continued services and expertise of its promoters (Mr. Vipulbhai Laljibhai Ghonia and Mr. Kamalbhai Laljibhai Ghonia). Loss or reduction of their involvement could negatively impact strategic direction and client relationships.
IPO Lead Managers aka Merchant Bankers
- Sobhagya Capital Options Pvt. Ltd.
Shining Tools IPO Registrar
Maashitla Securities Pvt.Ltd.
Phone: +91-11-45121795-96
Email: shining.ipo@accuratesecurities.com
Website: https://maashitla.com/allotment-status/public-issues
Shining Tools Company Address
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/
FAQs about Shining Tools IPO
The Shining Tools IPO Date is scheduled to open on November 7, 2025, and will close for subscription on November 11, 2025.
The Shining Tools IPO Price is fixed at ₹114 per share. The total issue size is approximately ₹17.10 Crores, comprising entirely of a Fresh Issue of shares.
The minimum application is for one Lot Size of 2,400 Shares, which requires a minimum investment of ₹2,73,600 for Retail Individual Investors (RII).
The Shining Tools IPO will be listed on the BSE SME IPO platform. The tentative IPO Listing Date is November 14, 2025.
Shining Tools Limited, operating under the brand Tixna Tools, specializes in the design and manufacture of high-performance solid carbide cutting tools for industries like automotive, aerospace, and engineering.
The IPO reservation is split equally, with a 50% quota for Retail Individual Investors (RII) and 50% for Non-Institutional Investors (NII) (HNI).
The company reported strong growth, with Revenue rising to ₹14.77 Crores and Profit After Tax (PAT) more than doubling to ₹2.93 Crores in FY2025, showing high profitability.
The primary use of the IPO proceeds is the purchase and installation of new plant and machinery (₹9.07 Crores) to enhance the production capacity for their Carbide Cutting Tools.
The Promoter Holding will stand at 70.68% after the IPO, down from 96.18% pre-issue, demonstrating ongoing commitment.
The Price/Earning (P/E) Ratio for the IPO is 15.90 based on FY2025 earnings, which is viewed as a competitive valuation compared to its peer group.
Disclaimer: This content is provided strictly for educational and informational purposes only. The securities or investments mentioned are based on publicly available information and should not be construed as investment advice or recommendations. Investors are advised to consult with their financial advisor before making any investment decisions.
