B. D. Industries (Pune) Limited, a part of the BDI Group, is set to enter the primary markets with its Initial Public Offering (IPO) starting July 30, 2025. With over 35 years of manufacturing expertise in plastic products, the company is a leading certified organization based in Mumbai. BDI manufactures over 500 products across eight industries, including custom rotational moulding. It is a trusted vendor to major automotive OEMs, supplying fuel tanks, in-cab parts, fenders, rooftops, adblue tanks, and more. The company is also well known for its road barriers and safety products.

The IPO of B. D. Industries (Pune) is a Book Built Issue amounting to ₹45.36 Crores, comprising a fresh issue of 42.00 lakh equity shares. There is no offer for sale, making it a pure capital-raising initiative for growth and business expansion. The price band has been fixed at ₹102 to ₹108 per equity share, with a lot size of 1,200 shares. Retail investors must apply for a minimum of 2 lots (2,400 shares), amounting to an investment of ₹2,59,200.

The subscription window is open from July 30 to August 1, 2025, and the IPO allotment is likely to be finalized on or around August 4, 2025. The shares are scheduled to be listed on the BSE SME platform on or around August 6, 2025. At the upper end of the price band, the expected market capitalization of B. D. Industries (Pune) will be around ₹153.46 Crores.

The IPO is being managed by Aryaman Financial Services Limited as the Book Running Lead Manager (BRLM), and Cameo Corporate Services Limited is the Registrar to the Issue. Aryaman Capital Markets Limited is acting as the Market Maker for the IPO.

As of July 30, 2025, 11:00 AM, the live IPO subscription data shows that the issue is subscribed 0.02 times on its first day. This initial response, while muted, is expected to gain traction over the three-day window, especially from retail and institutional categories.

B. D. Industries (Pune) has already secured ₹12.90 Crores from Anchor Investors, who have subscribed at the upper price band of ₹108 per share. A total of 11,95,200 equity shares were allocated to these institutional investors, showing early confidence in the company’s potential.

In the Grey Market, the GMP for B. D. Industries (Pune) IPO is currently estimated at ₹18, suggesting an expected listing price of ₹126, which represents a potential 16.81% gain over the issue price. However, it's important to note that GMP is an unofficial metric and doesn't guarantee actual listing performance. It reflects supply-demand dynamics in the unregulated market and should be considered for educational purposes only.

The objectives of the IPO include the following key allocations:

• ₹680.00 Lakh for repayment or prepayment of the company’s borrowings.

• ₹730.00 Lakh for working capital needs of the company.

• Investment in its subsidiary B.D. Industries (India) Private Limited:

  • ₹1,160.00 Lakh for repayment of borrowings.

  • ₹540.00 Lakh for machinery purchase.

  • ₹730.00 Lakh for working capital requirements.

• Balance proceeds will be used for general corporate purposes.

The company is headed by Dalbirpal Saini, the Founding Promoter and CMD, and Sanjay Patil, Whole Time Director. Dalbirpal Saini brings vast experience and has driven strategic growth through operational excellence, innovation, and product diversification.

Looking at the financial performance, the company has delivered robust revenue growth and profitability over the past three years:

• Revenue for FY23, FY24, and FY25 stood at ₹5,509.89 Lakh, ₹5,533.15 Lakh, and ₹8,413.28 Lakh, respectively.

• EBITDA for these years grew from ₹321.40 Lakh in FY23 to ₹1,558.26 Lakh in FY25.

• Net Profit increased from ₹149.22 Lakh in FY23 to ₹814.83 Lakh in FY25.

The company’s EPS (Earnings Per Share) for FY24 is ₹7.6 pre-issue and ₹5.73 post-issue. The P/E ratio stands at 14.21x (pre-issue) and 18.83x (post-issue) compared to the industry average of 46x, indicating a reasonable valuation. The Return on Capital Employed (ROCE) is an impressive 43.50%, and Return on Equity (ROE) is 43.86%, showcasing high capital efficiency.

Given the strong financials, expanding business segments, and GMP reflecting potential upside, the IPO may appeal to risk-tolerant investors aiming for listing gains. However, due to high entry cost and SME listing dynamics, it may not be suitable for all retail investors.

In conclusion, the B. D. Industries (Pune) IPO offers exposure to a long-standing, growth-oriented player in the plastics manufacturing and automotive component industry. The price band of ₹102–₹108, backed by financial growth and a GMP of ₹18, suggests moderate listing gains potential. With subscription open from July 30 to August 1, and allotment and listing set for August 4 and August 6 respectively, investors should evaluate their risk appetite and consider participating based on their investment objectives.

As always, this article is for informational purposes only and should not be construed as investment advice. Consult a SEBI-registered financial advisor before making any investment decisions in IPOs or the stock market.

The Upcoming IPOs in this week and coming weeks are BLT Logistics, Bhadora Industries, Highway Infrastructure, Flysbs Aviation, Parth Electricals & Engineering, Jyoti Global Plast, Cash Ur Drive Marketing, Renol Polychem, Jyoti Global Plast, Jyoti Global Plast.

The Current active IPO are B.D. Industries (Pune), NSDL, Takyon Networks, Mehul Colours, M&B Engineering, Sri Lotus Developers & Realty, Aditya Infotech, Lakshmi India Finance, Kaytex Fabrics, Umiya Mobile, Repono.

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