Clay Craft India is set to make its stock market debut on Wednesday with the grey market signalling a positive listing. The company's shares were quoting at a grey market premium (GMP) of around 13%, indicating a potential listing gain of about Rs 26 over the issue price of Rs 203 per share, though GMP is an unofficial indicator and may not reflect the actual listing performance.
The Rs 110.11-crore NSE SME IPO was subscribed 103.06 times during the three-day bidding period, led by strong demand from non-institutional investors and qualified institutional buyers.
The NII portion was subscribed 153.95 times, while the QIB category was booked 119.19 times. The retail investors' quota attracted 71.76 times subscription. Overall, the issue received bids for 37.18 crore shares against 36.08 lakh shares on offer.
The IPO was entirely a fresh issue of 54.24 lakh equity shares, with proceeds earmarked primarily for setting up an additional manufacturing facility at Manda, Rajasthan, besides general corporate purposes. Hem Securities was the book-running lead manager, while KFin Technologies acted as the registrar.
Founded in 1994, Clay Craft India manufactures bone china crockery and ceramic tableware used across households, hotels, restaurants and corporate gifting. Its portfolio includes dinnerware, mugs, platters, tea and coffee sets, and customised ceramic products for institutional customers.
The company also caters to the HoReCa (hotel, restaurant and catering) segment and offers nearly 5,770 SKUs across multiple product categories. It has an extensive distribution network and employs more than 1,390 people.
Clay Craft reported healthy financial growth in FY26. Total income rose 20% year-on-year to Rs 184.57 crore, while profit after tax increased 30% to Rs 27.01 crore. EBITDA stood at Rs 41.96 crore, compared with Rs 35.39 crore in the previous year, while the company's net worth improved to Rs 166.06 crore.
Despite the strong subscription and positive grey market premium, investors will closely watch the stock's listing performance amid broader sentiment in the SME segment, where post-listing returns have remained mixed in recent months.
