Bhadora Industries Limited, a reputed name behind Vidhut Cables, has launched its Initial Public Offering (IPO) under the NSE SME platform, aiming to raise ₹55.62 Crores through a 100% fresh issue of 54 lakh equity shares. The issue opened for subscription on August 04, 2025, and will close on August 06, 2025, with allotment to be finalized by August 07 and listing expected by August 11.

Let’s explore every essential detail about the Bhadora Industries IPO — from company background, financials, IPO pricing, GMP, to whether investors should apply.

About the Company: Vidhut Cables – A Powerhouse in Cable Manufacturing

Vidhut Cables, the flagship brand of Bhadora Industries Limited, has earned credibility since its inception in 1988. With a strong presence in the industrial and power cable segment, the company offers a range of products like:

• Armoured Cables

• XLPE Cables

• AB Cables

• ACSR Conductors

Backed by state-of-the-art facilities, Bhadora Industries follows BIS and international quality standards. Their focus on eco-friendly and high-performance cables has allowed them to meet diverse industrial demands efficiently.

Management & Leadership

The company is spearheaded by Shashank Bhadora (Managing Director), with a deep understanding of industrial cable products. Alongside him, Pradeep Bhadora and Anil Bhadora, both with over 30 years of experience, have contributed significantly to the company's continued growth and market trust.

IPO Details: Key Highlights

• IPO Size: ₹55.62 Crores

• Type: Book Built Issue

• Fresh Issue: 54.00 lakh shares

• Price Band: ₹97 – ₹103 per share

• Market Cap at Upper Band: ₹191.58 Crores

• Lot Size: 1,200 shares

• Minimum Investment (Retail): 2 lots = ₹2,47,200

• Lead Manager: UNISTONE CAPITAL PRIVATE LIMITED

• Registrar: MUFG INTIME INDIA PRIVATE LIMITED

• Market Maker: NNM Securities Private Limited

IPO Objectives: Where Will the Funds Go?

The net proceeds from the IPO will be utilized for:

1. ₹22.31 Crores to part finance new manufacturing facility for industrial cables in Khargone, Madhya Pradesh.

2. ₹20 Crores for working capital requirements.

3. Balance for general corporate purposes.

This expansion indicates the company’s strategic vision to scale operations, improve capacity, and meet growing market demand.

Grey Market Premium (GMP) Trends

As of July 30, 2025, the GMP stood at ₹10, implying an expected listing price of ₹113, or a 9.7% premium over the upper price band.

👉 Note: GMP is unofficial and based on grey market trades, which are not regulated. It is shared for educational purposes only and should not be the sole basis for investment decisions.

Bhadora Industries IPO Anchor Investors

The company successfully raised ₹13.80 Crores from anchor investors at ₹103 per share, with 15,31,200 equity shares allotted. This early participation from institutional investors often signals strong confidence in the business.

Live Subscription Status (Final Day)

On the final subscription day (August 06, 2025) at 7:00 PM, the IPO had been subscribed 0.96 times, indicating moderate interest from investors across categories. Detailed day-wise or segment-wise subscription data can be checked on the NSE portal or via official channels.

Financial Performance: Steady Growth and Rising Profits

The company has reported impressive financial growth over the last 3 years:

This consistent trajectory showcases robust operational performance and a significant jump in profitability — particularly in FY24 and FY25.

Key Financial Ratios

• Pre-Issue EPS (FY24): ₹8.17

• Post-Issue EPS (FY24): ₹5.80

• Pre-Issue P/E: 12.60x

• Post-Issue P/E: 17.76x

• Industry P/E: Approx. 16x

• ROCE (FY24): 42.41%

• ROE (FY24): 51.51%

• RoNW (FY24): 51.51%

The IPO appears fairly priced, and the return ratios reflect a healthy financial position. A P/E multiple slightly above industry average indicates strong investor expectations for future growth.

Allotment & Listing Details

• Allotment Date: August 07, 2025

• Listing Date (Tentative): August 11, 2025

• Exchange: NSE SME

Steps to Check Allotment:

1. Go to the registrar's IPO allotment page (MUFG Intime India).

2. Select Bhadora Industries Limited IPO from the dropdown.

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

4. Submit to view allotment status.

This process is quick and will help you confirm your investment status on the allotment date.

Should You Apply to Bhadora Industries IPO?

✅ Pros:

• Trusted brand with over 35 years in business.

• Solid financial performance and rising profits.

• High ROE and ROCE, indicating efficient capital utilization.

• Reasonable GMP and early anchor interest.

⚠️ Risks:

• Relatively small SME IPO with moderate initial subscription.

• Dependence on industrial demand cycles.

• Large minimum investment for retail investors (₹2.47 lakhs).

Our Take: Given the strong financials, established brand, GMP of ₹10, and the sector’s growing demand, investors looking for short-term listing gains may consider subscribing. However, retail investors must evaluate their risk appetite due to the high investment threshold.

Conclusion

Bhadora Industries Limited’s IPO reflects a well-structured offering with strategic growth plans, profitable history, and robust fundamentals. While the SME format and large investment minimum may restrict small retail investors, the listing premium and positive business outlook make it an attractive opportunity for informed investors seeking industrial sector exposure and potential short-term gains.

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.

The Upcoming IPOs in this week and coming weeks are Regaal Resources, Mahendra Realtors and Infrastructure, Bluestone Jewellery and Lifestyle, Icodex Publishing Solutions, Star Imaging and Path Lab, Medistep Healthcare, ANB Metal Cast.

The Current active IPO are ConnPlex Cinemas, ALL Time Plastics, JSW Cement, Sawaliya Foods Products, Highway Infrastructure.

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