B.D. Industries Limited, a Pune-based player in the chemical and plastics manufacturing sector, has launched its initial public offering (IPO), aiming to raise ₹45.36 crore via a fresh issue of 42 lakh shares. The IPO opens for bidding from 30th July 2025 to 1st August 2025, with the company set to be listed on the BSE SME platform on 6th August 2025, subject to successful allotment.
This article provides a detailed 360-degree analysis of the B.D. Industries IPO, covering financials, GMP (grey market premium), technicals, peer comparison, bidding instructions, allotment process, and expert reviews. Whether you are a retail investor or an HNI, this in-depth guide will help you decide if this IPO is worth investing in.
IPO Details at a Glance
| Particulars | Details |
|---|---|
| IPO Opening Date | 30th July 2025 |
| IPO Closing Date | 1st August 2025 |
| Allotment Date | 4th August 2025 |
| Refund Initiation Date | 5th August 2025 |
| Tentative Listing Date | 6th August 2025 |
| Total Issue Size | ₹45.36 crore |
| Number of Shares | 42,00,000 |
| Price Band | ₹102 – ₹108 |
| Face Value | ₹10 per share |
| Market Lot | 1,200 shares |
| Minimum Investment (Retail) | ₹2,59,200 |
| Registrar | Cameo Corporate Services Ltd |
| Listing Platform | BSE SME |
| Issue Type | Bookbuilding IPO |
Share Reservation Structure
| Category | Shares Offered | Percentage of Issue |
|---|---|---|
| Qualified Institutional Buyers (QIB) | 19,92,000 | 47.43% |
| Non-Institutional Investors (NII/HNI) | 13,94,400 | 33.20% |
| Retail Individual Investors | 5,97,600 | 14.23% |
| Market Maker | 2,16,000 | 5.14% |
| Total | 42,00,000 | 100.00% |
This balanced allocation allows participation from all investor segments, with QIBs getting the largest slice, reflecting the IPO’s institutional focus.
Grey Market Premium (GMP) Analysis
The Grey Market Premium is an unofficial indication of investor demand before the stock is listed. As of 28th July 2025, B.D. Industries IPO has reported no premium in the grey market.
| Date | GMP | IPO Price | Expected Listing Price | Listing Gain |
|---|---|---|---|---|
| 28-Jul-2025 | ₹0 | ₹108 | ₹108.00 | 0.00% |
| 27-Jul-2025 | ₹0 | ₹108 | ₹108.00 | 0.00% |
| 26-Jul-2025 | ₹0 | ₹108 | ₹108.00 | 0.00% |
The flat GMP suggests muted demand from traders and short-term investors. However, GMP can change rapidly depending on subscription status and market sentiment closer to the listing date.
Company Background
Established in 1984, B.D. Industries Limited is engaged in manufacturing and trading of plastic and chemical products catering to multiple industries such as:
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Agriculture
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Pharmaceuticals
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Textiles
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Automotive
The company has built a strong customer base and adheres to industry regulations, focusing on quality assurance and cost-effectiveness. Its product mix includes both base-level and value-added offerings, allowing scalability.
Objectives of the IPO
B.D. Industries intends to utilize the IPO proceeds for the following purposes:
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Repayment or prepayment of certain borrowings
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Funding working capital requirements
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Purchase of machinery
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General corporate purposes
These objectives indicate the company’s desire to strengthen its balance sheet, expand capacity, and improve operational efficiency.
Financial Performance
The company has shown consistent growth over the last three years.
| Financial Year | Revenue (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) | Net Worth (₹ Cr) |
|---|---|---|---|---|
| 2025 | 84.13 | 8.15 | 15.58 | 21.14 |
| 2024 | 55.33 | 3.18 | 5.79 | 13.54 |
| 2023 | 55.10 | 1.49 | 3.21 | 10.36 |
The 52 percent jump in revenue and 156 percent rise in net profit between FY24 and FY25 indicate robust financial health and operational scalability.
Key Financial Ratios
| Indicator | Pre-IPO Value | Post-IPO Value |
|---|---|---|
| PE Ratio | 13.27 | 18.83 |
| EPS | ₹8.14 | ₹5.73 |
| Return on Net Worth | 35.97% | – |
| ROCE | 43.50% | – |
| ROE | 43.86% | – |
| EBITDA Margin | 18.92% | – |
| Price-to-Book Ratio | 6.42 | – |
| Market Capitalization | ₹153.47 crore | – |
The company’s return ratios are commendable, though the post-IPO dilution will reduce EPS and increase the PE ratio. Still, it remains reasonably valued relative to SME peers.
Peer Comparison
| Company Name | EPS | P/E Ratio | RoNW | Revenue (₹ Cr) |
|---|---|---|---|---|
| B.D. Industries | 7.60 | 13.27 | 35.97% | 55.33 |
| Nilkamal Ltd | 71.32 | 25.07 | 7.18% | 3,210 |
| Time Technoplast Ltd | 17.10 | 26.22 | 13.32% | 5,007 |
| Supreme Industries | 75.64 | 61.64 | 16.98% | 10,504 |
Compared to large-cap plastic manufacturers, B.D. Industries is smaller in size but appears stronger in profitability ratios such as RoNW and ROE.
Promoter Shareholding
| Category | Shareholding (%) |
|---|---|
| Pre-IPO | 100.00% |
| Post-IPO | 70.44% |
The promoters — Dalbirpal Saini, Arti Saini, Akshay Saini, and Rahul Saini — will continue to hold the majority post-issue, demonstrating commitment and control.
Investment Requirements and Lot Size
| Investor Type | Lots | Shares | Investment (₹) |
|---|---|---|---|
| Retail (Min/Max) | 2 | 2,400 | ₹2,59,200 |
| S-HNI (Min) | 3 | 3,600 | ₹3,88,800 |
| S-HNI (Max) | 7 | 8,400 | ₹9,07,200 |
| B-HNI (Min) | 8 | 9,600 | ₹10,36,800 |
Investors must apply in lots of 1,200 shares. Retail investors can apply for up to 2 lots, while HNIs have higher application limits.
Risks and Concerns
While B.D. Industries has demonstrated financial growth and operational efficiency, potential risks include:
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No visible GMP, which may indicate tepid demand
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Valuation concerns post-IPO with reduced EPS
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Exposure to raw material cost volatility
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Regulatory changes affecting the chemical sector
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Limited product diversification outside core segments
Expert Verdict
According to Dilip Davda, a veteran IPO analyst at Chittorgarh:
“B.D. Industries has improved financial performance from FY24 onwards. However, flat top lines earlier and aggressive pricing suggest a cautious approach. Investors with moderate risk appetite and long-term focus may apply.”
This review suggests that while the company shows promise, short-term gains may be limited unless investor sentiment improves closer to listing.
How to Apply
You can apply for the IPO through your broker or a financial platform offering UPI-based bidding.
Steps:
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Log in to your broker’s platform (Zerodha, Angel One, etc.)
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Go to the IPO section and select B.D. Industries IPO
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Enter bid quantity (minimum 2 lots for retail)
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Enter UPI ID and submit
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Approve the UPI mandate to complete the application
Multiple demat accounts can be used to improve allotment chances.
How to Check Allotment Status
You can check allotment status on:
BSE Website
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Go to bseindia.com/investors/appli_check.aspx
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Select ‘Equity’ and choose ‘B.D. Industries IPO’
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Enter your PAN/Application number
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Click Submit
Registrar Website (Cameo Corporate Services)
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Visit ipo.cameoindia.com
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Select IPO allotment
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Enter required credentials
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Submit to check status
Conclusion
B.D. Industries IPO is an opportunity to invest in a financially improving company with strong profitability metrics and operational leverage. However, the absence of GMP movement and reduced post-IPO earnings call for a measured approach.
Apply if you are:
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A long-term investor
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Comfortable with moderate risks
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Investing based on fundamentals rather than grey market sentiment
Avoid if you are:
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A short-term trader seeking immediate gains
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Relying heavily on GMP
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Concerned about post-issue valuations
As always, ensure your portfolio aligns with your financial goals and risk tolerance.
