January 25, 2026
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Biopol Chemicals IPO (SME)
Biopol Chemicals IPO is a book building SME issue of Rs. 31.26 crore, comprising an entirely fresh issue of 0.29 crore equity shares.
The IPO opens on February 6, 2026, and closes on February 10, 2026. The allotment is expected on February 11, 2026, and the listing is tentatively scheduled for February 13, 2026 on NSE SME.
The IPO is offered in a price band of Rs. 102 to Rs. 108 per share, and the lot size is 1,200 shares.
The minimum investment for retail investors is Rs. 2,59,200 (2,400 shares), and for HNI investors, Rs. 3,88,800 (3,600 shares).
Lead Manager: Smart Horizon Capital Advisors Pvt. Ltd.
Registrar: Bigshare Services Pvt. Ltd.
Market Maker: Shreni Shares Ltd.
🕗 Last Update: 25 January 2026, 6.00 AM
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IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | February 6, 2026 |
| IPO Close Date | February 10, 2026 |
| Allotment Date | February 11, 2026 |
| Refunds Initiation | February 12, 2026 |
| Credit to Demat | February 12, 2026 |
| Listing Date | February 13, 2026 |
Final Subscription Status
| Size | QIB | NII x | RII x | Total x | Applications |
|---|---|---|---|---|---|
| Rs. 31.26 Crore (Closes 10 February 2026) | — | — | — | — | — |
Subscription Review:
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IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs. 10 per share |
| Price Band | Rs. 102 to Rs. 108 |
| Lot Size | 1,200 shares |
| Sale Type | Fresh Issue |
| Total Issue Size | 28,94,400 shares (Rs. 31.26 Cr) |
| Market Maker Portion | 1,51,200 shares (Rs. 1.63 Cr) – Shreni Shares Ltd. |
| Net Offer to Public | 27,43,200 shares (Rs. 29.63 Cr) |
| Issue Type | Book Building Issue |
| Listing At | NSE SME |
| Shareholding Pre-Issue | 79,11,000 shares |
| Shareholding Post-Issue | 1,08,05,400 shares |
Reservation
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| Market Maker | 1,51,200 | 5.22% |
| QIB | 6,86,400 | 23.71% |
| NII (HNI) | 10,94,400 | 37.81% |
| Retail Individual Investors | 9,62,400 | 33.25% |
| Total | 28,94,400 | 100.00% |
Application Details
| Application | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min / Max) | 2 | 2,400 | 2,59,200 |
| HNI (Min) | 3 | 3,600 | 3,88,800 |
Promoter Holding
| Particulars | Percentage |
|---|---|
| Promoter Holding Pre-Issue | 89.88% |
| Promoter Holding Post-Issue | 65.81% |
Promoters: Mr. Santanu Sarkar and Mr. Vedant Sarkar.
About Biopol Chemicals Ltd.
Incorporated in 2023, Biopol Chemicals Limited is engaged in the manufacturing and distribution of specialty chemicals categorized into silicones, emulsifiers, biochemicals, and polyelectrolytes.
The company has a product portfolio of 66 products, including 40 silicone-based products, 5 emulsifier-based products, 15 biochemical products, and 6 polyelectrolyte products. These products are used across textiles, home care, agriculture, and industrial chemicals. The company operates on a B2B model catering to institutional clients.
The company has 4 establishments located in Gujarat and West Bengal, comprising its manufacturing unit, corporate office and warehouse in West Bengal; and registered office in Gujarat. The manufacturing unit has an installed capacity of 18,25,000 litres per annum.
Product Portfolio:
Textile Chemicals: Softeners, Silicones, Emulsions, Hydrophilic Finishes, Hardeners & Binders, Dyeing & Printing Auxiliaries
Home Care: Silicone Fluids, Emulsifiers, Cleaning Chemicals
Agriculture: Silicone Adjuvants, Surfactants
Industrial Chemicals: Release Agents (Silicone-based), Specialty lubricants for PVC
As on December 31, 2025, the company had 24 employees.
Competitive Strengths:
Order Book
Manufacturing Unit
Quality Certification and Quality Assurance
Strategic presence in Gujarat and West Bengal
Experienced Promoter and Management Team
Export operations in Bangladesh
Financial Snapshot (Rs. crore)
| Period Ended | 31 Dec 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 48.88 | 31.48 | 17.56 |
| Total Income | 48.97 | 49.15 | 17.43 |
| Profit After Tax | 6.00 | 4.33 | 2.96 |
| EBITDA | 8.99 | 6.53 | 4.43 |
| Net Worth | 19.54 | 13.53 | 9.20 |
| Total Borrowing | 14.92 | 7.69 | 3.58 |
Key Performance Indicators
| KPI | Value |
|---|---|
| ROE | 36.32% |
| ROCE | 26.32% |
| Debt/Equity | 0.76 |
| RoNW | 30.74% |
| PAT Margin | 12.29% |
| EBITDA Margin | 18.41% |
| Price to Book Value | 4.37 |
| P/E (Post-Issue) | 14.58x |
| Market Capitalization | Rs. 116.70 Cr |
Objects of the Issue (Rs. in crores)
| S.No. | Objects of the Issue | Amount (Rs. Cr) |
|---|---|---|
| 1 | Acquisition of industrial land | 12.26 |
| 2 | Repayment or prepayment, in full or in part, of borrowings availed by the Company from banks, financial institutions and non-banking financial companies | 11.10 |
| 3 | General Corporate Purposes | Balance |
Company Contact
| Particulars | Details |
|---|---|
| Company Name | Biopol Chemicals Ltd. |
| Address | D-211, 2nd Floor, Block-D, Sumel Business Park-6 Near Dudheshwar Circle, Dudheshwar Tavdipura, Ahmedabad, Gujarat, 380004 |
| Phone | +91- 9147076778 |
| investors@biopolchemicals.com | |
| Website | Visit Website |
Lead Manager
| Particulars | Details |
|---|---|
| Lead Manager | Smart Horizon Capital Advisors Pvt. Ltd. |
Registrar
| Particulars | Details |
|---|---|
| Registrar | Bigshare Services Pvt. Ltd. |
| Phone | +91-22-6263 8200 |
| ipo@bigshareonline.com | |
| Website | Visit Website |
Chanakya IPO Review – by Paresh Gordhandas, CA & Research Analyst
| Particulars | Details |
|---|---|
| Analyst View | BCL is engaged in the manufacturing, trading and distribution of specialty chemicals. Its product portfolio has 66 products with major range for silicon based products. The company marked growth in its top and bottom lines for the reported periods. The boosted performance in pre-IPO period raise concern. Based on its recent financial data, the issue appears greedily priced. Only well-informed/cash surplus investors may park moderate funds for long term, others may stay away. |
| Chanakya View | Neutral / Avoid – pricey valuations; only well-informed investors may consider moderate allocation |
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