B. D. Industries (Pune) is a Mumbai-based plastic product manufacturer operating for over 35 years. It has a product portfolio of more than 500 SKUs, catering to eight different industries, including automotive, infrastructure safety, and custom rotational moulding.

They are vendors to several leading automotive manufacturers, supplying fuel tanks, adblue tanks, fenders, in-cab parts, and rooftops. The company also produces road barriers and allied safety products.

IPO Overview

The company has launched a Book Built IPO worth ₹ 45.36 Crores, comprising 42 lakh equity shares of fresh issue. The price band for the issue is ₹102 to ₹108 per share.

• Market Capitalisation at upper band: ₹153.46 Crores

• IPO Lot Size: 1,200 shares

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

• IPO Dates:

  • Open: 30 July 2025

  • Close: 01 August 2025

  • Allotment Date: 04 August 2025

  • Tentative Listing Date: 06 August 2025

• Exchange: BSE SME Platform

Aryaman Financial Services Limited is the Book Running Lead Manager, while Cameo Corporate Services Limited is the registrar. Aryaman Capital Markets Limited is the market maker.

Anchor Investment and Subscription Update

The company raised ₹12.90 Crores from Anchor Investors at ₹108 per share. A total of 11,95,200 shares were allotted before the IPO opened.

As of 12:00 PM on 01 August 2025, the IPO was subscribed 1.37 times, showing reasonable demand in the SME segment.

Grey Market Premium (GMP) Trend

The GMP for B. D. Industries (Pune) stood at ₹18, as of 28 July 2025, suggesting an expected listing price of ₹126, or about 16.81% listing gain.

⚠️ Note: Grey Market activity is unregulated and speculative. It should only be used for informational purposes and not as investment advice.

Financial Performance Snapshot

The company has shown consistent growth over the last three fiscal years:

• FY23 Revenue: ₹5,509.89 Lakh

• FY24 Revenue: ₹5,533.15 Lakh

• FY25 Revenue: ₹8,413.28 Lakh

Similarly, the EBITDA and Profit After Tax (PAT) have also increased:

• FY23 PAT: ₹149.22 Lakh

• FY24 PAT: ₹318.00 Lakh

• FY25 PAT: ₹814.83 Lakh

This growth in profitability demonstrates strong operational scaling and increased efficiency in business operations.

Valuation Metrics and Ratios

• Pre-Issue EPS FY24: ₹7.6

• Post-Issue EPS FY24: ₹5.73

• Pre-Issue P/E Ratio: 14.21x

• Post-Issue P/E Ratio: 18.83x

• Industry P/E Benchmark: ~46x

• ROCE FY24: 43.50%

• ROE FY24: 43.86%

• RoNW: 35.97%

These metrics indicate that the issue is attractively valued compared to the industry average, especially considering the company’s return on capital and equity.

IPO Objectives: Utilization of Funds

The Net Proceeds from the IPO will be used as follows:

1. Repayment of Company Borrowings: ₹680.00 Lakh

2. Working Capital Requirements: ₹730.00 Lakh

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

   • Repayment of borrowings: ₹1,160.00 Lakh

   • Purchase of Machinery: ₹540.00 Lakh

   • Working Capital: ₹730.00 Lakh

4. General Corporate Purposes

This diversified usage ensures that funds are deployed for both debt reduction and capacity expansion.

Leadership and Management

The company is led by:

• Dalbirpal Saini – Founding Promoter & CMD

• Sanjay Patil – Whole-Time Director

Dalbirpal Saini plays a strategic leadership role in the company’s growth and product innovation. His experience has helped scale the operations while maintaining quality and customer relationships.

Competitive Edge

BDI Group’s competitive strength lies in:

• Diverse product portfolio across 8 major industries

• Customized plastic moulding capabilities

• Vendor relationships with leading OEMs

• Strong order book visibility

• Operational presence in both Pune and Mumbai

Risks to Consider

While B. D. Industries shows strong fundamentals, investors should consider:

• High IPO entry cost for retail investors (minimum ₹2.59 lakh)

• SME IPO liquidity constraints post-listing

• Heavy capital expenditure plans that depend on optimal fund utilization

• Dependence on the auto sector for a major chunk of revenue

How to Check IPO Allotment Status

To check if you’ve received an allotment:

1. Visit the registrar website (Cameo Corporate Services).

2. Select B. D. Industries (Pune) IPO from the dropdown.

3. Enter Application No., PAN, or DP Client ID.

4. Click Submit to check your status.

Final Verdict

Given its strong revenue growth, high return ratios, reasonable valuation, and GMP premium, the B. D. Industries (Pune) IPO may appeal to risk-taking investors looking for listing gains.

However, since this is a SME IPO, it's advisable to:

• Assess personal risk appetite

• Avoid investing borrowed money

• Monitor listing day movement closely

Recommendation: Risk-oriented investors can consider applying for potential listing gain.

Disclaimer
This article is for educational and informational purposes only and does not constitute financial advice. Investment decisions should be based on individual risk tolerance and consultation with SEBI-registered advisors. Market conditions are volatile and subject to change. Neither the author nor the platform is responsible for losses arising from use of this information.

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