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BMW Ventures IPO
BMW Ventures Ltd
₹14,194 /151 sharesMinimum Investment
BMW Ventures IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 24 Sep ‘25 - 26 Sep ‘25 | ₹14,194 | 151 | ₹94 - ₹99 |
| Issue Size | IPO Doc |
|---|---|
| 231.66Cr | RHP PDF |
Subscription rate
As of 24 Sep'25, 06:01 PM
| Qualified Institutional Buyers | 1.08x |
| Non-Institutional Investor | 0.02x |
| Retail Individual Investor | 0.13x |
| Total | 0.11x |
About BMW Ventures
Founded in
1994
Parent organisation
BMW Ventures Ltd
BMW Ventures Ltd IPO
https://www.youtube.com/watch?v=iSddZqu-rjQ
Strengths & Financials of BMW Ventures
Strengths
Risks
The company holds a dominant position as the exclusive distributor for a primary steel supplier in 29 of Bihar's 38 districts, supported by a wide sales network that has grown from 1,122 dealers in FY23 to 1,299 in FY25.
The company has demonstrated consistent financial growth, with revenue from operations increasing from ₹2,015.10 Crores in FY23 to ₹2,062.04 Crores in FY25, while maintaining stable profitability with a Profit After Tax of ₹32.82 Crores in FY25.
Led by promoters with decades of experience in the steel industry, the company has successfully diversified its business model from pure distribution to include manufacturing of PVC pipes and fabrication of steel products.
The company benefits from extremely high customer loyalty, with repeat orders from its dealer network accounting for 98.76%, 99.70%, and 99.23% of its revenue in Fiscals 2025, 2024, and 2023 respectively.
The company has strategically expanded into manufacturing of Pre-Engineered Buildings (PEBs) and is an RDSO-approved fabricator for steel girders, positioning it to capitalize on infrastructure growth, especially in the railway sector.
The company's net worth has shown consistent growth, increasing from ₹156.48 Crores in FY23 to ₹210.12 Crores in FY25, indicating a strengthening capital base and sound financial health.
The company exhibits extreme geographic concentration, deriving over 98% of its revenue from operations from Bihar for the last three fiscal years, making it highly vulnerable to regional economic downturns, political instability, or natural disasters.
There is a critical dependency on a single primary supplier for steel products, which accounted for 98.43% of operational revenue in FY25, and the distribution agreement is time-limited, valid only until March 31, 2026, posing a significant renewal risk.
The company is heavily leveraged with total borrowings of ₹428.39 Crores as of March 31, 2025, against a net worth of ₹210.12 Crores, resulting in a high debt-to-equity ratio of 2.04.
The company faces significant liquidity risk, with approximately 92.96% of its total borrowings (₹397.19 Crores) scheduled to mature within twelve months as of March 31, 2025, exposing it to refinancing challenges.
A conflict of interest exists with the promoter group entity M/s. BMW Enterprises, which operates in a similar business and with whom the company has significant related party transactions, including sales of ₹81.81 Crores in FY25, without a non-compete agreement in place.
Newly established manufacturing and fabrication units exhibit very low capacity utilization, such as 3.23% for Roll Forming and 7.88% for PVC Pipes in FY25, indicating potential operational inefficiencies or a lag in demand generation for these new ventures.
Key promoters, Sabita Devi Kishorepuria and Nitin Kishorepuria, have previously received administrative warning letters from SEBI in February 2022 for non-compliance with provisions of the Securities Contracts (Regulation) Act, 1956, indicating past regulatory issues.
BMW Ventures Financials
*All values are in Rs. Cr
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Application Details of BMW Ventures IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Regular | ₹94 - 99 | Upto ₹2 Lakh |
| High Networth Individual | ₹94 - 99 | ₹2 - 5 Lakh |
For BMW Ventures IPO, eligible investors can apply as Regular.