Beezaan Explosch IPO: The IPO of Bijasana Explotech Limited is open for subscription on February 21 to raise Rs 59.93 crore. The price band of this issue has been fixed at Rs 165-175 per share. The minimum lot of lot size under an application is 800 shares. The minimum investment amount for retail investors has been fixed at Rs 1 lakh 32 thousand.
The speed remained slow on the first day of subscription and by 4:45 pm the issue was 43% subscribed. It received 33% subscription in the retail category, 44% in NII category and 61% in QIB category.
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About 50% of public offering is reserved for qualified institutional buyers (QIBS), about 35% for retail investors and the remaining 15% for non-institutional investors.
According to market analysts, the GMP of Bijasana Explotech IPO in the non-list market is Rs 4, which is 2.2% higher than the cap price. It is also the highest GMP of this issue so far.
Bijasana Explotech Limited creates and supplies explosives and explosive accessories. The company mainly produces explosives and accessories used in cement, mining and defense industry.
The company's manufacturing facility is located in Gujarat and has many quality certificates. The company has an all -India appearance till 31 March, 2024, which includes customer base in 11 states and 2 union territories in the domestic market.
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In FY 2024, the company's revenue stood at Rs 187.9 crore and the profit after tax was Rs 4.87 crore. In the current financial year, the company's revenue is Rs 101.44 crore by September 30, 2024 and the profit after tax is Rs 8.33 crore.
Company use pure income received from this issue: Civil construction, purchase of plants and machinery in the current manufacturing facility located in Gujarat, procurement of commercial vehicles, repayment/prior payment of all borrowings taken by the company and fulfilling general corporate objectives Will do for
Beezaean Explosch IPOThe issue will be closed on 25 February and the company hopes that its shares will be listed on BSE SME on March 3.
