September 23, 2025
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IPO Key Dates
| Anchor Investor Subscription | |
| IPO opens on | 24 Sept. 2025 |
| IPO Closes on | 26 Sept. 2025 |
| Allotment on | 29 Sept, 2025 |
| Credit of shares on | 30 Sept. 2025 |
| Tentative Listing on | 1 Oct 2025 |
| Registered office |
| Systematic Industries Ltd. 418, 4th Floor, Nirmal Corporate Center, L.B.S. Marg Mulund (West), Mumbai, Maharashtra, 400080 |
| Email cs@systematicindustries.com |
| Lead Manager of the IPO |
| Hem Securities ltd |
| Registrar to the IPO |
| Cameo Corporate Services ltd |
Business:
Incorporated in March 2000, Systematic Industries Ltd. manufactures steel wires and cables for power transmission, infrastructure, telecom and agro sectors.
Certified to ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, underscoring quality, environment and safety.
Portfolio: carbon/mild/high-carbon steel wires, GI wire, cable-armour wire, ACSR core and ACS wire.
Also supplies OPGW and OFC for grid and data backbones.
Four factories—three in Daman & Diu and one in Valsad (Gujarat)—with installed capacity of 1,00,000 MTPA.
Sales across ~25 Indian states/UTs and exports to 30+ countries (Sri Lanka, Japan, Bhutan, Canada, Brazil, etc.).
Workforce ~413 (as of July 31, 2025), including 17 in Quality and 15 in R&D.
IPO Details
| IPO opens on | 24 September 2025 |
| IPO closes on | 26 September 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 59,28,000 Shares / Rs 115.60 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | 3,00,000 Shares |
| Net offer to Public | 52,28,000 Shares Rs. 101.95 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 185-195 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 600 Shares |
| Listing will at | BSE SME |
How shares are being offered
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII Shares Offered | Not less than 15% of the Net Issue |
How shares can be applied?
| Application | Shares | Amount Rs. |
| Retail (Min) | 1,200 | 2,34,000 |
| Retail (Max) | 1,200 | 2,34,000 |
| S-HNI (Min) | 1,800 | 3,51,000 |
| S-HNI (Max) | 4,800 | 9,36,000 |
| B-HNI (Min) | 5,400 | 10,53,000 |
The Promoters
The promoters hold 99.95% of the pre-IPO capital
The Objects of the IPO
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
| Objects of the Issue | To be utilised (in Millions) |
| Repayment and/or pre-payment, in full or part, of borrowing availed by the Company | 950 |
| General Corporate Purpose |
Financials Snapshot
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 205.71 | 161.55 | 130.34 |
| Total Income | 449.21 | 372.6 | 321.9 |
| Profit After Tax | 18.46 | 12.41 | 6.31 |
| EBITDA | 33.97 | 24.1 | 12.96 |
| NET Worth | 80.83 | 62.37 | 49.63 |
| Reserves and Surplus | 64.03 | 61.38 | 48.98 |
| Total Borrowing | 99.12 | 79 | 62.26 |
| Amount in Rs Crore | |||
Peer Comparison:
| Company Name | P/E (x) | RoNW (%) |
| Systematic Industries Limited | 17.75 | 22.84 |
| Advait Infratech Ltd | 62.24 | 16.27 |
| Bansal Wire Industries | 36.66 | 11.53 |
Key Financial Indicators
| KPI | Values |
| ROE | 25.78% |
| ROCE | 16.44% |
| Debt/Equity | 1.23 |
| RoNW | 22.84% |
| PAT Margin | 4.13% |
| EBITDA Margin | 7.61% |
| Price to Book Value | 4.05 |
| EPS | 10.99 |
| PER | 17.75 |
IPO Concise Review
Systematic Industries – Concise Review (6 lines)
• Strong scale-up: Total income rose from Rs. 321.90 cr (FY23) → Rs. 372.60 cr (FY24) → Rs. 449.21 cr (FY25) (~18% 2-yr CAGR); PAT jumped to Rs. 18.46 cr (~71% 2-yr CAGR).
• Margin lift: EBITDA margin improved from ~4.0% (FY23) to ~7.6% (FY25); PAT margin from ~2.0% to ~4.1%.
• Balance sheet: Net worth at Rs. 80.83 cr; assets at Rs. 205.71 cr—healthy expansion.
• Leverage watch: Borrowings up to Rs. 99.12 cr; D/E ~1.23x—keep an eye on working capital and interest cover.
• Business scale (multi-plant, diversified wire portfolio) supports growth; monitor steel price volatility and export demand.
• View: Apply for listing gains; long-term hold only if margins sustain and D/E trends toward ≤1.0x.
Quicklinks
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