Belrise Industries Ltd. is a prominent Tier-1 Automotive Original Equipment Manufacturer (OEM) group in India, operating with a robust turnover of ₹7,484.2 Crores. The company specializes in manufacturing automotive systems for a wide range of vehicles including two-wheelers, three-wheelers, and four-wheelers in both passenger and commercial segments. Their product portfolio is well diversified, encompassing Metal Processing, Polymer Processing, Surface Treatment, Mirror Systems, Suspension Systems, Foundry operations, Home Appliances, Security Hardware, E-mobility solutions, and Flouriculture products.

IPO Details

Belrise Industries has launched a Book Built Issue amounting to ₹2,150.00 Crores, which comprises a fresh issue of 2,388.88 lakh equity shares. The subscription window opens on May 21, 2025, and closes on May 23, 2025. The allotment is expected to be finalized on or about May 26, 2025 (Monday), and the shares will be listed on the NSE & BSE with a tentative listing date on or about May 28, 2025 (Wednesday).

The price band is fixed between ₹85 to ₹90 per equity share, with a market capitalization at the upper price band of ₹90 per share estimated at ₹8,008.91 Crores. The lot size is 166 shares, requiring a minimum investment of ₹14,940 for retail investors. High-Net-Worth Individuals (HNIs) must invest in multiples of 14 lots (2,324 shares), amounting to a minimum investment of ₹2,09,160.

Lead Managers and Registrar

The IPO is managed by a strong consortium of lead managers comprising Axis Capital Limited, HSBC Securities and Capital Markets, Jefferies India Private Limited, and SBI Capital Markets Limited. The registrar for the issue is MUFG Intime India Private Limited.

Grey Market Premium (GMP)

The Grey Market Premium for Belrise Industries IPO currently stands at ₹9, indicating an expected listing gain of about 11.11% based on the IPO upper price band of ₹90. It's important to note that GMP reflects demand and supply dynamics in the unregulated market and may not represent actual price discovery before listing. GMP is shared for educational and informational purposes only.

Live Subscription Status

As of 10:30 AM on May 22, 2025 (Day 2 of subscription), the IPO has been subscribed 1.02 times, indicating healthy investor interest. This subscription data is available on the BSE platform for real-time tracking.

Anchor Investors

Belrise Industries secured ₹644.99 Crores from Anchor Investors, who subscribed at ₹90 per share, with 7,16,66,665 shares allotted. Anchor investors are institutional buyers allocated shares from the Qualified Institutional Buyers (QIBs) portion of the IPO.

Financial Performance Overview

Belrise Industries has demonstrated consistent revenue and profit growth over recent years:

• Revenues (₹ Million): FY22 - 54,106.80 | FY23 - 66,207.83 | FY24 - 75,556.73 | Period ended Dec 31, 2024 - 60,647.63

• EBITDA (₹ Million): FY22 - 7,685.76 | FY23 - 9,137.80 | FY24 - 9,836.34 | Period ended Dec 31, 2024 - 7,967.48

• Profit After Tax (₹ Million): FY22 - 2,618.47 | FY23 - 3,136.63 | FY24 - 3,108.79 | Period ended Dec 31, 2024 - 2,454.67

The Pre-issue EPS stands at ₹4.82, while the Post-issue EPS is ₹3.33 for FY24. The Pre-issue P/E ratio is 18.67x, and the Post-issue P/E ratio is 27.06x, which is favorable when compared to the industry average P/E of 50x. The company’s Return on Capital Employed (ROCE) is 14.83%, Return on Equity (ROE) is 14.18%, and Return on Net Worth (RoNW) is 13.33% for FY24. The financial metrics and valuations suggest the IPO is fairly priced and offers good value.

IPO Objectives

The net proceeds from the fresh issue will primarily be utilized for:

1. Repayment or pre-payment of certain outstanding borrowings amounting to approximately ₹16,181.27 million, which will help in reducing debt and improving the financial structure.

2. General corporate purposes which could include business expansion, working capital needs, or other operational purposes.

Management and Leadership

Mr. Shrikant Shankar Badve, the Managing Director of Belrise Industries, brings over 28 years of experience in the automotive sector. He has been instrumental in the company’s growth and strategic direction, earning several awards including recognition from the former Hon’ble Prime Minister of India.

How to Check IPO Allotment Status

The allotment status will be available from May 26, 2025 on the registrar’s website. Investors can check by:

• Visiting the IPO allotment status page

• Selecting “Belrise Industries Limited IPO” from the dropdown list

• Entering application number, PAN, or DP Client ID

• Submitting the details to view allotment status instantly

Final Recommendation

Given Belrise Industries’ diversified product portfolio, steady financial growth, and strong market position as a Tier-1 automotive OEM supplier, coupled with the attractive Grey Market Premium and fair valuation metrics, the IPO offers potential for listing gains and medium-to-long-term value appreciation. Risk-tolerant investors looking to capitalize on the automotive sector’s growth trajectory may consider applying to this IPO.

The Upcoming IPOs in this week and coming weeks are Neptune Petrochemicals, Aegis Vopak Terminals, Schloss Bangalore, Astonea Labs, Nikita Papers, Prostarm Info Systems, Victory Electric Vehicles International, Blue Water Logistics, Wagons Learning.

The Current active IPO are Unified Data - Tech Solutions, Dar Credit and Capital, Belrise Industries, Borana Weaves.

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