B. D. Industries (Pune) Limited, a part of the BDI Group, has launched its SME IPO on the BSE SME platform. The company has over 35 years of experience in plastic manufacturing and currently manufactures over 500 products. It caters to 8 major industries including automotive, safety, and infrastructure, among others.

The group is a certified organization based in Mumbai, known for its custom rotational moulding solutions and for supplying products like fuel tanks, fenders, in-cab parts, rooftops, and AdBlue tanks to reputed automobile OEMs. It also produces road barriers and other safety-related plastic products.

IPO Structure and Key Dates

The IPO issue size stands at ₹45.36 crore, consisting entirely of a Fresh Issue of 42 lakh equity shares.

• Price Band: ₹102–₹108

• IPO Opens: July 30, 2025

• IPO Closes: August 01, 2025

• Allotment Finalization: August 04, 2025

• Tentative Listing Date: August 06, 2025

• Market Capitalization at ₹108/share: ₹153.46 crore

• Lot Size: 1,200 shares

• Minimum Investment (2 lots): ₹2,59,200

ARYAMAN FINANCIAL SERVICES LIMITED is the book running lead manager, while CAMEO CORPORATE SERVICES LIMITED is the registrar to the issue. Aryaman Capital Markets Limited will act as the Market Maker.

Grey Market Premium (GMP) and Listing Outlook

The Grey Market Premium (GMP) for B. D. Industries IPO stood at ₹18, reflecting a potential listing price of ₹126, about 16.81% above the upper price band of ₹108. While GMP is not an official indicator, it offers market sentiment on expected listing performance.

GMP Trend (as of July 28, 2025):

• IPO Price: ₹108

• Expected Listing: ₹126

• GMP: ₹18

• Premium %: 16.81%

Note: GMP figures are informational only and should not be the sole basis for investment.

IPO Subscription Status

As of 11:30 AM on July 31, 2025 (Day 2 of Subscription):

• Overall Subscription: 1.09 times

• Investors are showing moderate yet consistent interest in the IPO.

Anchor Investment and Allocation

B. D. Industries (Pune) raised ₹12.90 crore from Anchor Investors by issuing 11,95,200 shares at ₹108 per share, indicating confidence from institutional investors.

These shares are part of the QIB quota and reflect positive sentiment ahead of listing.

Objectives of the IPO

The company plans to utilise the IPO proceeds as follows:

1. ₹6.80 crore – Repayment/prepayment of borrowings

2. ₹7.30 crore – Working capital requirements

3. Investment in subsidiary (B.D. Industries India Pvt Ltd):

   • ₹11.60 crore – Repayment/prepayment of borrowings

   • ₹5.40 crore – Purchase of new machinery

   • ₹7.30 crore – Working capital requirement

4. General corporate purposes

These objectives are growth-focused, aiming to strengthen both parent and subsidiary operations.

Company’s Financial Performance

The financials of B. D. Industries (Pune) show a solid upward trend:

The Revenue, EBITDA, and Net Profit show strong annual growth, highlighting operational efficiency.

Valuation and Key Ratios

The IPO valuation appears reasonable compared to industry standards.

The P/E ratio is lower than the industry, suggesting scope for upside. Return ratios like ROCE and ROE are outstanding, signalling efficient capital use.

Promoters and Leadership

• Dalbirpal Saini – Founding Promoter & Chairman and Managing Director

• Sanjay Patil – Whole-Time Director

Mr. Saini has over three decades of leadership experience, and under his guidance, the company has built a strong brand in custom plastic moulding.

The company’s strategy is focused on:

• Enhancing product quality

• Scaling operations

• Serving diverse industries with tailored solutions

Risk Factors and Considerations

• SME IPOs can be illiquid and may lack analyst coverage.

• GMP is not regulated and often speculative.

• The minimum investment size of ₹2.59 lakh may deter retail participation.

Still, considering the robust growth, experienced leadership, and diversified client base, it presents an attractive proposition for investors seeking listing gains.

Recommendation

Given the company’s strong financials, reasonable valuation, and positive market sentiment (as indicated by GMP and anchor allocation), risk-tolerant investors may consider applying to the IPO, particularly for short-term listing gains.

However, long-term investors should await further business updates post-listing and track order books and margins.

Disclaimer

The above analysis is for educational and informational purposes only and does not constitute investment advice. IPO investments are subject to market risks. Kindly consult your financial advisor before investing.

The Upcoming IPOs in this week and coming weeks are BLT Logistics, Bhadora Industries, Highway Infrastructure, Parth Electricals & Engineering, Jyoti Global Plast, Essex Marine, Aaradhya Disposal Industries.

The Current active IPO are Flysbs Aviation, Cash Ur Drive Marketing, Renol Polychem, B.D. Industries (Pune), NSDL, Takyon Networks, Mehul Colours, M&B Engineering, Sri Lotus Developers & Realty.

Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in Choice Broking FinX.

Join our Trading with CA Abhay Telegram Channel for regular Stock Market Trading and Investment Calls by CA Abhay Varn - SEBI Registered Research Analyst.