August 11, 2025
admin
Listing Review:
The scrip is listed at Rs. 101, 1.94% discount to the issue price. Though it is very disappointingm it was expected looking to the subscription tally.
Final Subscription Tally
| Size Rs. 52.80 Crore LM: | ||||
| QIB | NII x | RII x | Total x | Applications |
| 0.68 | 1.28 | 0.98 | 0.96 | 825 |
| Subscription Review: very weak subscriptions till last day |
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About Bhadora Industries
Bhadora Industries Limited
Incorporated in April 1986, Bhadora Industries Limited is a leading manufacturer of industrial cables under the brand name “Vidhut Cables”, specializing in efficient electricity transmission and distribution solutions for government discoms and EPC companies.
The company’s product portfolio includes:
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PVC Cables
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Low Voltage (LV) Cables
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LT Aerial Bunched Cables
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Cross-Linked Polyethylene (XLPE) Cables
Its state-of-the-art manufacturing facility in Tikamgarh, Madhya Pradesh (spread across 15,028 sq. ft.) is accredited by the Bureau of Indian Standards (BIS) and certified in:
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Quality Management (ISO 9001:2015)
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Environmental Management (ISO 14001:2015)
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Occupational Health & Safety (ISO 45001:2018)
Bhadora Industries has a strong presence across 18 Indian states, including Andhra Pradesh, Assam, Bihar, Chhattisgarh, Delhi, Haryana, Himachal Pradesh, J&K, Jharkhand, Kerala, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Telangana, Uttar Pradesh, and Uttarakhand.
Its clientele primarily comprises State Electricity Boards, EPC firms, and domestic companies engaged in power distribution. As of June 30, 2025, the company employed 87 professionals across various departments.
Bhadora Industries IPO Details
|
Sector: Cable Manufacturing |
|
| IPO opens on | 4 August 2025 |
| IPO closes on | 6 August 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 54,00,000 Shares / Rs 55.62 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | 273,600 Shares |
| Net offer to Public | 51,26,400 Shares Rs. 52.80 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 97-103 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 1200 Shares |
| Listing will at | NSE SME |
How shares are being offered
How shares can be applied?
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 2 | 2,400 | ₹2,47,200 |
| Individual investors (Retail) (Max) | 2 | 2,400 | ₹2,47,200 |
| S-HNI (Min) | 3 | 3,600 | ₹3,70,800 |
| S-HNI (Max) | 8 | 9,600 | ₹9,88,800 |
| B-HNI (Min) | 9 | 10,800 | ₹11,12,400 |
Who are the Promoters of Bhadora Industries IPO?
The promoters hold 92.40% of the pre-IPO capital
What are the Objects of Bhadora Industries IPO?
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
+Part finance the cost of establishing new manufacturing facility to expand our production capabilities of cables at Plot Nos. 188/1, Village Panwa Tehsil Kasrawad, District Khargone, Madhya Pradesh, India (“Proposed new facility”) Rs. 22.32 Cr
+Funding working capital requirements of the Company Rs. 20.00 Cr.
+General Corporate Purposes
Bhadora Industries IPO Timetable
Tentative timetable |
|
| IPO opens on | 4 August 2025 |
| IPO Closes on | 6 August 2025 |
| IPO Allotment on | 7 August 2025 |
| Refund Initiation | 7 August 2025 |
| Credit of Shares | 8 August 2025 |
| Listing on | 11 August 2025 |
| Registered Office of the Company Bhadora Industries Ltd. Office No. 505, Plot No 39.405 NRK BIZ PARK PU-4, Scheme N 54 DDU Nagar, Indore, Madhya Pradesh, 452010 |
| Lead Managers of this IPO Unistone Pvt ltd |
| Who is the Registrar to the IPO? Mufg India Intime ltd |
Bhadora Industries IPO Financials
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 48.76 | 25.87 | 20.13 |
| Revenue | 110.69 | 83.27 | 18.81 |
| Profit After Tax | 10.79 | 4.96 | 0.18 |
| EBITDA | 16.98 | 6.79 | 1.04 |
| Net Worth | 20.94 | 10.15 | 5.2 |
| Reserves and Surplus | 7.74 | 8.5 | 3.55 |
| Total Borrowing | 19.67 | 9.47 | 10.13 |
| Amount in Rs. Crore | |||
Performance Indicators
| KPI | Values |
| ROE | 51.51% |
| ROCE | 42.41% |
| Debt/Equity | 0.94 |
| RoNW | 51.51% |
| PAT Margin | 9.80% |
| EBITDA Margin | 15.42% |
| Price to Book Value | 6.49 |
| EPS | 8.17 |
| PER | 12.6 |
How Bhadora Industries IPO compares with the Peers?
| Company Name | P/E (x) | RoNW (%) |
| Bhadora Industries Limited | 51.51 | |
| Dynamic Cables Ltd | 16.59 | 17.34 |
| Dcg Cables & Wires Limited | 16.32 | 10.24 |
# This is only coverage of News related to Grey Market Premium & subject to rates. We do not deal in grey market premium. We do not recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
Chanakya’s IPO Review – Bhadora Industries by Paresh Gordhandas, CA & Research Analyst
Will update soon
Quicklinks
Bhadora Industries IPO GMP
Bhadora Industries IPO review
Parth Electricals is a Vadodara-based company engaged in manufacturing electrical equipment like MV switchgear panels, VCB panels, CRPs, CSS, and Earth Link Boxes. It also provides turnkey solutions for substations and high-voltage cable projects.
The IPO opens on 4 August 2025 and closes on 6 August 2025.
The IPO comprises a fresh issue of 29.25 lakh shares.
The shares are proposed to be listed on the NSE SME platform.
Horizon Management Pvt Ltd is the Book Running Lead Manager and Kfin Technologies Ltd is the registrar.
