In late 2025, SME IPOs continue to attract investor attention, especially from those looking to tap into niche manufacturing and engineering businesses. Shining Tools Limited, a Rajkot-based cutting tools manufacturer, is launching its IPO on November 7, 2025. The company caters to multiple industries like automotive, engineering, aerospace, defence, medical, and agriculture through precision-built solid carbide cutting tools. Below is a structured look at the company, its IPO, financials, and business outlook, in the same format as your Scoda Tubes blog.
About Shining Tools Ltd.
Incorporated in May 2013, Shining Tools Limited is engaged in the design and manufacture of high-performance solid carbide cutting tools under the brand “Tixna.” Its product range includes:
- End mills
- Drills
- Reamers
- Thread mills
- Customised cutting tools for specific industrial applications
The company also provides reconditioning services for used tools, enhancing tool life and maintaining performance, an important value-add for customers that use expensive carbide tools.
Sectors served:
- Automotive Sector
- Engineering Sector
- Aerospace & Defence Sector
- Pharma Sector
- Casting Sector
- Agriculture Sector and
- Power Sector
Location: Manufacturing unit at Rajkot, Gujarat
Certification: ISO 9001:2015 for quality management
Employees: 26 employees (as of June 2025)
Promoters: Mr. Vipulbhai Laljibhai Ghonia and Mr. Kamalbhai Laljibhai Ghonia
Competitive strengths:
- Automated/machine-based manufacturing setup
- Ability to offer customised tools
- Wide product basket for multiple sectors
- Experienced promoters and a technically skilled team
Shining Tools IPO Details
| IPO Date | November 7, 2025, to November 11, 2025 |
| Face Value | ₹10 per share |
| Issue Price Final | ₹114 per share |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 15,00,000 shares (aggregating up to ₹17.10 Cr) |
| Reserved for Market Maker | 75,600 shares (aggregating up to ₹0.8618 Cr)Aftertrade Broking Pvt.Ltd. |
| Net Offered to Public | 14,24,400 shares (aggregating up to ₹16.24 Cr) |
| Issue Type | Fixed Price IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 41,58,400 shares |
| Share Holding Post Issue | 56,58,400 shares |
| Lead Manager | Sobhagya Capital Options Pvt. Ltd. |
| Registrar | Maashitla Securities Pvt. Ltd. |
| Market Maker | Aftertrade Broking Pvt. Ltd. |
Important IPO Timeline
| Event | Date |
| IPO Open Date | Fri, Nov 7, 2025 |
| IPO Close Date | Tue, Nov 11, 2025 |
| Allotment (Tentative) | Wed, Nov 12, 2025 |
| Initiation of Refunds | Thu, Nov 13, 2025 |
| Credit of Shares to Demat | Thu, Nov 13, 2025 |
| Listing Date (Tentative) | Fri, Nov 14, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM, Nov 11, 2025 |
IPO Reservation
| Investor Category | Shares Offered | % of Issue |
| Market Maker | 75,600 | 5.04% |
| NII (HNI) | 7,12,200 | 47.48% |
| Retail (RII) | 7,12,200 | 47.48% |
| Total | 15,00,000 | 100.00% |
Lot Size of Shining Tools IPO
Investors have to apply for at least 2 lots (because each lot is 1,200 shares, but the minimum shown is 2,400 shares).
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 2,400 | ₹2,73,600 |
| Retail (Max) | 2 | 2,400 | ₹2,73,600 |
| HNI (Min) | 3 | 3,600 | ₹4,10,400 |
Shining Tools Ltd. Financials
Shining Tools Ltd. Financial Information (Restated) – ₹ in crore
| Period Ended | 31 Jul 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 22.51 | 19.64 | 15.05 | 16.83 |
| Total Income | 5.42 | 14.77 | 10.60 | 10.46 |
| Profit After Tax | 1.47 | 2.93 | 1.58 | -0.08 |
| EBITDA | 2.53 | 6.23 | 4.15 | 1.89 |
| Net Worth | 9.47 | 8.01 | 3.60 | 2.02 |
| Reserves & Surplus | 5.53 | 4.06 | 1.60 | 0.02 |
| Total Borrowing | 8.87 | 8.18 | 7.54 | 9.45 |
Key Performance Indicators (as of Mar 31, 2025):
| KPI | Value |
| ROE | 49.59% |
| ROCE | 29.61% |
| RoNW | 36.60% |
| PAT Margin | 27.19% |
| EBITDA Margin | 46.86% |
| Price to Book Value | 5.82 |
| Market Capitalisation (at issue) | ₹64.51 Cr |
| EPS (Pre IPO) | ₹7.05 |
| EPS (Post IPO) | ₹7.78 |
| P/E (Pre IPO) | 16.18x |
| P/E (Post IPO) | 14.66x |
Promoter Holding:
| Pre-Issue | Post-Issue | |
| Promoter Holding | 96.18% | 70.68% |
Objects of the Issue
| S.No. | Objects of the Issue | Amount (₹ in crores) |
| 1 | Purchase & installation of plant and machinery for carbide precision tools at existing premises | 9.07 |
| 2 | Funding working capital requirements | 3.85 |
| 3 | General corporate purposes | 2.48 |
Shining Tools Ltd.: Industry/Business Outlook
- Rising precision manufacturing: Sectors like automotive, aerospace, defence, and engineering are increasingly using CNC and high-accuracy machining, which drives demand for solid carbide cutting tools.
- Import substitution: A lot of high-end cutting tools are still imported. Domestic players with ISO-certified facilities and customised tool capability can capture this market.
- Reconditioning demand: The company’s reconditioning service is a sticky, margin-friendly business because customers prefer refurbishing expensive carbide tools rather than buying new ones every time.
- SME risks: As an SME IPO with a small equity base, post-listing liquidity and valuation sustainability will depend on actual order flow and earnings consistency.
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Shining Tools IPO: Peer Comparison
Shining Tools IPO can be compared with peers like Kennametal India Ltd, Sandvik Asia Pvt. Ltd, YG-1 India Ltd, Iscar Tools Pvt. Ltd, and Widia India Ltd. Evaluating these companies provides investors with valuable insights into Shining Tools’ standing within the cutting tools and precision engineering sector, helping them assess market positioning, technological edge, and growth potential before making investment decisions.
Conclusion
Shining Tools Ltd. offers a niche manufacturing play in the high-performance cutting tools segment, with good FY24–FY25 growth, strong margins, ISO-certified operations, and diversification across industries. Proceeds are clearly earmarked for capacity expansion (new machines) and working capital, which aligns with a growing order book.
However, the sharp jump in profitability from FY24 raises the question of sustainability, and the issue is not cheap for an SME. Also, the minimum investment (₹2.7 lakh) makes it suitable only for serious SME investors.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
