Bookbuilding IPO | ₹[.] Cr | Listing at BSE SME |
Fine Refiners Ltd. has filed a Draft Red Herring Prospectus (DRHP) with the exchange on March 16, 2026 to raise funds through Initial Public Offer (IPO).
Fine Refiners Ltd. IPO is a Book Build Issue of 0.72 crore equity shares consisting of a fresh issue of upto 0.57 crore equity shares and an offer for sale (OFS) of upto 0.14 crore equity shares.
The equity shares are proposed to be listed on the BSE SME. Fintellectual Corporate Advisors Pvt.Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue. Key details like IPO dates, IPO price bands and lot size are yet to be announced.
Refer to Fine Refiners IPO DRHP for more details.
| IPO Date | [.] |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price Band | |
| Lot Size | |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 71,84,000 shares (agg. up to ₹[.] Cr) |
| Reserved for Market Maker | 3,60,000 shares (agg. up to ₹[.] Cr) |
| Fresh Issue (Ex Market Maker) | 53,89,000 shares (agg. up to ₹[.] Cr) |
| Offer for Sale | 14,35,000 shares of ₹10 (agg. up to ₹[.] Cr) |
| Net Offered to Public | 68,24,000 shares (agg. up to ₹[.] Cr) |
| Share Holding Pre Issue | 1,82,00,000 shares |
| Share Holding Post Issue | 2,39,49,000 shares |
| Description | Date |
|---|---|
| Filed with SEBI/Exchange | Mon, Mar 16, 2026 |
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50.00% of the Net offer |
| Retail Shares Offered | Not less than 35.00% of the Net Offer |
| NII Shares Offered | Not less than 15.00% of the Net Offer |
Incorporated in May 2005, Fine Refiners Limited handles the procurement, processing, trading, and import of various petroleum products, including Fuel oil, Base Oil, Diesel, Lubricants, recycled oil, and more. These oils are waste products from industries and commercial entities using lubricants. The company is ISO 9001:2015 and ISO 14001:2015 certified and has necessary approvals from the Gujarat Pollution Control Board (GPCB).
The company's core business activities include:
As on February 26, 2026, the company employed 38 people in various departments.
Competiitve Strength
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 58.92 | 43.39 | 24.11 | 22.21 |
| Total Income | 67.75 | 126.86 | 96.12 | 60.22 |
| Profit After Tax | 7.89 | 9.77 | 2.25 | 2.99 |
| EBITDA | 11.75 | 15.36 | 5.43 | 5.23 |
| NET Worth | 25.40 | 17.47 | 7.79 | 5.59 |
| Reserves and Surplus | 24.90 | 16.97 | 7.29 | 5.09 |
| Total Borrowing | 25.49 | 22.65 | 15.55 | 12.76 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Capital Expenditure towards setting up an advanced recycling and re-refining plant for waste and used lubricating oils | 21.98 |
| 2 | To meet the Working Capital requirements of the Company. | 37.50 |
| 3 | General Corporate Purposes | |
| Total | 59.48 |
| KPI | Sep 30, 2025 | Mar 31, 2025 |
|---|---|---|
| ROE | 36.81% | 77.41% |
| ROCE | 22.76% | 37.57% |
| Debt/Equity | 1.00 | 1.30 |
| RoNW | 77.41% | 36.81% |
| EBITDA Margin | 17.35% | 12.11% |
| Pre IPO | Post IPO | |
|---|---|---|
| Promoter Holding | 93.7% |
Lead Manager Reports
Fine Refiners IPO is a SME IPO of 71,84,000 equity shares of the face value of ₹10 aggregating up to ₹[.] Crores. The issue is priced at To be declared. The minimum order quantity is .
The Fine Refiners IPO open and close dates are not available as of now.
MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.
Zerodha customers can apply online in Fine Refiners IPO using UPI as a payment gateway. Zerodha customers can apply in Fine Refiners IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Fine Refiners IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Fine Refiners IPO dates are not announced. Please check back again after some time.
Fine Refiners IPO lot size and the minimum order quantity is not available at this time. Please check again later.
You can apply in Fine Refiners IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Fine Refiners IPO will be done on [.], and the allotted shares will be credited to your demat account by . Check the Fine Refiners IPO allotment status.
The Fine Refiners IPO listing date is not yet announced. The tentative date of listing is .
