Belrise Industries Targets ₹2,150 Crore in IPO: Check Price Band, Lot Size & Tentative Listing Schedule

Pune-based automotive component manufacturer, Belrise Industries Ltd., is set to launch its Initial Public Offering (IPO), aiming to raise approximately ₹2,150 crore. The IPO opens for subscription on May 21, 2025, and will close on May 23, 2025. This book-built issue comprises entirely a fresh issue of equity shares, with no offer-for-sale component.

Key Details of the Offering

The price band for the issue has been fixed at ₹85 to ₹90 per equity share, with a face value of ₹5 each. Investors can bid for a minimum market lot of 166 shares, requiring an application amount of ₹14,940 at the upper end of the price band. Retail investors can apply for up to 13 lots, totalling 2,158 shares or ₹1,94,220.

Subscription Details

The allocation structure reserves 50% of the net offer for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 35% for retail investors. Anchor bidding is scheduled to commence on May 20, 2025.

Objectives and Financial Performance

The primary objectives of the IPO are the repayment or pre-payment of certain outstanding borrowings and general corporate purposes. Specifically, the company plans to utilise ₹1,618.1 crore out of the net IPO proceeds for debt reduction.

Financially, Belrise Industries reported revenue of ₹7,555.67 crore in 2024, an increase from ₹6,620.78 crore in 2023 and ₹5,410.68 crore in 2022.

However, profit after tax saw a slight decline, standing at ₹310.88 crore in 2024 compared to ₹313.66 crore in 2023, though up from ₹261.85 crore in 2022. For the nine months ended December 2024, profit declined to ₹245.5 crore year-on-year, while revenue rose marginally to ₹6,013.4 crore.

Key performance indicators for FY2024 include a Return on Net Worth (RoNW) of 13.33% and Earnings Per Share (EPS) of ₹4.78 (Basic). The company's Debt to Equity ratio is 0.97.

Company Profile and Market Position

Established in 1996, Belrise Industries is an automotive parts manufacturing company providing a diverse range of safety-critical systems and engineering solutions for two-wheeler, three-wheeler, and four-wheeler passenger and commercial vehicles, as well as agri-vehicles.

The portfolio includes over 1000 items like chassis systems, exhaust systems, polymer components, and suspension systems. The company operates 17 manufacturing facilities across 9 states in India.

Belrise holds a 24% market share in India's 2-wheeler metal components segment by revenue. They have long-standing relationships with 29 global OEMs, including Bajaj, Honda, Hero, Jaguar Land Rover, Royal Enfield, and Tata Motors. A significant portion of their revenue comes from a few key customers (63.82% for 9MFY25).

Listing Timeline

The basis of allotment is expected to be finalised on May 26, 2025. Refunds are scheduled for May 27, 2025, with shares credited to demat accounts on the same day. The IPO is slated for listing on both the BSE and NSE on May 28, 2025.

Axis Capital, HSBC Securities & Capital Markets, Jefferies India Private Limited, and SBI Capital Markets are the book-running lead managers for the issue, while MUFG Intime India Private Limited is the registrar.