Repono Limited IPO sees robust 60.55 times subscription, eyes premium listing on BSE SME

Repono Limited, a specialised warehousing and logistics service provider for India’s oil and petrochemical sector, has received an overwhelming response to its IPO, which closed on July 30, 2025. The ₹26.68 crore book-built public issue was subscribed 60.55 times, driven by strong interest from retail investors, NIIs and anchor investors.

The IPO was entirely a fresh issue of 27.79 lakh equity shares, with a price band of ₹91 to ₹96 per share. The shares are scheduled to be listed on the BSE SME platform on August 4, 2025. The grey market premium (GMP) of ₹15 indicates a likely listing price of ₹110, which implies a 15.78 percent listing gain over the upper end of the price band.

Repono’s business model and industry positioning

Repono Limited provides 360-degree warehousing and liquid terminal solutions for India’s oil and petrochemical companies. Their services include consultancy, engineering, operation and maintenance (O&M), and value-added logistics.

The company plays a vital role in the critical storage and safe handling of petroleum and petrochemical products, a segment that demands precision, compliance, and timely operations. Repono serves several top-tier oil and petrochemical companies in India, establishing itself as a key player in industrial logistics.

IPO details and market response

The IPO opened on July 28 and closed on July 30, receiving subscription of 60.55 times overall, with strong traction across all investor categories. The anchor portion was subscribed ahead of the main issue, raising ₹7.60 crore from institutional investors at the upper band of ₹96 per share.

Key details:

• Issue Size: ₹26.68 Crores

• Issue Type: 100% Fresh Issue (27.79 lakh shares)

• Price Band: ₹91 – ₹96

• Market Capitalisation at ₹96: ₹98.68 Crores

• Minimum Investment: 2 lots = 2,400 shares = ₹2,30,400

• Allotment Date: July 31, 2025

• Listing Date: August 4, 2025 (Tentative)

• Lead Manager: Wealth Mine Networks Pvt Ltd

• Registrar: Cameo Corporate Services Ltd

• Market Maker: JSK Securities and Services Pvt Ltd

Financial performance and valuation metrics

Repono has shown consistent and impressive financial growth over the last three fiscal years.

Revenue from operations:

• FY23: ₹13.02 Crore

• FY24: ₹34.14 Crore

• FY25: ₹51.59 Crore

EBITDA:

• FY23: ₹1.03 Crore

• FY24: ₹6.17 Crore

• FY25: ₹8.61 Crore

Profit After Tax (PAT):

• FY23: ₹0.52 Crore

• FY24: ₹4.18 Crore

• FY25: ₹5.14 Crore

These numbers reflect a compound annual growth rate (CAGR) of over 100% in revenue and profitability, highlighting strong operational execution and sectoral demand.

Valuation Snapshot (FY24):

• Pre-issue EPS: ₹6.87

• Post-issue EPS: ₹5.01

• Pre-issue P/E: 13.82x

• Post-issue P/E: 18.97x

• Industry Average P/E: 28x

• ROCE: 38.39%

• ROE: 44.22%

• RoNW: 36.21%

These numbers suggest that the IPO is reasonably priced compared to industry peers, with strong profitability and return ratios.

Utilisation of IPO proceeds

Repono plans to deploy the IPO funds towards the following objectives:

1. ₹724.10 lakh for capital expenditure on forklifts, trolleys, and reach stackers

2. ₹160.48 lakh to set up a warehouse racking system

3. ₹105.02 lakh for developing warehouse management software

4. ₹950.00 lakh for working capital requirements

5. Remaining for general corporate purposes

This strategy aligns with the company’s ambition to scale infrastructure, digitise operations, and enhance efficiency in serving oil and petrochemical clients.

Promoters and leadership

The company is promoted by:

• Mr. Dibyendu Deepak, with 27+ years of experience in petrochemicals, chemicals, and petroleum, including leadership roles in business strategy and operations

• Mr. Sankalpa Bhattacherjee, who brings 27 years of experience in the oil and gas industry

Their leadership and industry knowledge position Repono as a stable and growth-ready organisation.

Grey Market Premium and expected listing

As of July 23, 2025, the GMP for Repono IPO stands at ₹15, suggesting a listing at ₹110, up 15.78 percent from the issue price of ₹96. While the grey market is unofficial, it reflects market sentiment and retail investor expectations.

The GMP trend over the last few days has remained stable, indicating sustained interest and positive listing potential.

Conclusion

Repono Limited’s IPO ticks multiple boxes—solid financials, high subscription, reputed anchor investors, and reasonable pricing. The company’s specialisation in warehousing for oil and petrochemical industries, coupled with strong leadership and growth-focused fund utilisation, make it an attractive SME listing.

While SME investments come with their share of volatility, Repono’s consistent performance and infrastructure-driven approach provide a compelling case for investors seeking listing gains and long-term value.

For risk-tolerant investors, Repono offers a fairly priced opportunity with strong fundamentals and visible demand in a crucial logistics sub-sector of India’s energy economy.

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.

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