Belrise Industries IPO
IPO Details
Belrise Industries IPO is a bookbuilding of ₹2,150 Crore. The issue is entirely a fresh issue of ₹2,150 Crore and an offer for sale of Nil.
Belrise Industries IPO opens for subscription on 2025-05-21 and closes on 2025-05-23. The allotment is expected to be finalized on 2025-05-26. The IPO will be listed on BSE, NSE with tentative listing date as 2025-05-28.
Price band is set at ₹85 to ₹90 per share. The minimum lot size for application is 166 shares (₹14110). It is suggested to bid at the cutoff price to avoid oversubscription, which is about ₹14940.
IPO Timeline
Company Overview
Belrise Industries IPO Details
Belrise Industries Limited, formerly known as Badve Engineering, is a Pune-based automotive component manufacturer with over three decades of experience. The company specializes in producing a wide range of safety-critical and engineering solutions for two-wheelers, three-wheelers, and four-wheeler passenger and commercial vehicles.
Company Overview
Established in 1988, Belrise Industries has evolved into a prominent player in the automotive components sector. The company’s product portfolio includes:
- Metal Chassis Systems: Precision sheet metal pressing and fabrication.
- Polymer Components: Manufacturing of various polymer-based parts.
- Suspension Systems: Design and production of suspension components.
- Mirror Systems: Development of automotive mirror assemblies.
- Surface Treatment: Coating and painting services.
- Foundry: Casting of metal components.
- E-mobility Solutions: Components for electric vehicles.
As of June 30, 2024, Belrise operates 15 manufacturing plants across 9 states in India.
Financial Performance
| Particulars | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenue (₹ Cr) | 5,410.68 | 6,620.78 | 7,555.67 |
| PAT (₹ Cr) | 307.24 | 356.70 | 352.70 |
| Net Worth (₹ Cr) | 1,734.45 | 2,038.20 | 2,331.92 |
| Total Borrowings (₹ Cr) | 2,597.96 | 2,271.40 | 2,440.98 |
| EBITDA Margin (%) | — | — | — |
| PAT Margin (%) | — | — | — |
Note: Specific EBITDA and PAT margins are not provided.
IPO Details
- Issue Size: ₹2,150 Crore (entirely fresh issue)
- Price Band: ₹85–₹90 per share
- Lot Size: 166 shares
- Minimum Investment: ₹14,940 (at upper price band)
- Listing On: NSE and BSE
IPO Objectives
- Partial repayment of outstanding borrowings.
- Funding capital expenditure requirements.
- General corporate purposes.
Subscription Details
| Category | Allocation |
|---|---|
| QIB | 50% |
| NII | 15% |
| Retail | 35% |
Subscription status will be updated post-issue closure.
Key Strengths
- Diverse Product Portfolio: Catering to various vehicle segments with a wide range of components.
- Established Client Base: Long-standing relationships with major OEMs.
- Strategic Acquisitions: Recent acquisition of H-One India to enhance product offerings.
- Pan-India Presence: 15 manufacturing facilities across 9 states.
- Focus on E-mobility: Developing components for electric vehicles.
Risk Factors
- High Debt Levels: Debt-equity ratio of approximately 0.97.
- Margin Pressures: Declining EBITDA margins over the past two years.
- Industry Cyclicality: Dependence on the automotive industry’s performance.
- Raw Material Price Volatility: Fluctuations can impact profitability.
- Competition: Intense competition from domestic and international players.
Lead Managers
- Axis Capital Limited
- HSBC Securities & Capital Markets Pvt Ltd
- Jefferies India Private Limited
- SBI Capital Markets Limited
Registrar
- MUFG Intime India Private Limited (formerly Link Intime India Private Limited)
GMP Trends
As of May 20, 2025, the Grey Market Premium (GMP) for Belrise Industries IPO is approximately ₹13–14, indicating a premium of around 14.44% over the upper price band.
Expert Opinion
Market analysts have a mixed outlook on the Belrise Industries IPO. While the company’s diverse product range and strategic acquisitions are positive indicators, concerns about high debt levels and declining margins persist. Investors are advised to consider these factors and align their investment decisions with their risk appetite and investment horizon.
Note: This information is based on available data as of May 21, 2025, and is subject to change.
Business Segments
Information about business segments will be available soon.
Financial Performance
| Particulars | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| net worth | ₹1734.45 Cr | ₹2038.2 Cr | ₹2331.92 Cr |
| pat | ₹307.24 Cr | ₹356.7 Cr | ₹352.7 Cr |
| revenue | ₹5410.68 Cr | ₹6620.78 Cr | ₹7555.67 Cr |
| total borrowings | ₹2597.96 Cr | ₹2271.4 Cr | ₹2440.98 Cr |
Additional Information
The proceeds from the IPO will be used for:
- Expansion of manufacturing facilities
- Debt repayment
- General corporate purposes
Information about key strengths will be available soon.
Information about risk factors will be available soon.
| Category | Allocation | Subscription |
|---|---|---|
| QIB | 50% | TBA |
| NII | 15% | TBA |
| Retail | 35% | TBA |
| Total | 100% | TBA |
Industry analysts are positive about the company's growth prospects given its strong financial performance, diversified product portfolio, and expansion plans. The IPO is expected to receive good response from investors looking for exposure to the sector.
Grey Market Premium
*Expected Premium is derived from market rumors. It is not a guaranteed indicator of the actual listing price.
IPO Quick Info
Market Lot
IPO Details
Lead Managers
- Axis Capital Limited
- ICICI Securities Limited
- Kotak Mahindra Capital Company Limited
Registrar
Link Intime India Private Limited
