Beezaasan Explotech IPO listed at ₹146 per share on the BSE SME platform, marking a 16.57% discount from its issue price of ₹175. The shares debuted nearly 17% lower, indicating weak market demand.
Beezaasan Explotech’s IPO was subscribed 5.43 times, with bids for 1.23 crore shares against 22.80 lakh shares offered, totaling ₹216.54 crore. QIBs led the demand with 11.52 times subscription, followed by Non-Institutional Buyers at 4.65 times and Retail Investors at 2.26 times. The IPO received 4,645 applications, with full subscription from Anchor Investors and Market Makers.
Beezaasan Explotech IPO was listed on the stock exchange on March 3, 2025, at ₹146 per share, marking a 16.57% discount from its issue price of ₹175. The IPO had a last GMP of ₹1, indicating an expected listing price of ₹176. However, the actual listing price was significantly lower than the grey market premium expectation, resulting in a negative listing against GMP predictions.
Overview of Contents
Details About Beezaasan Explotechs IPO
Beezaasan Explotech’s Book Built IPO aimed to raise ₹59.93 crore through a fresh issue of 34.25 lakh equity shares with a face value of ₹10 each. The price band was set between ₹165 to ₹175 per share, with a subscription quota of 50% for QIBs, 15% for Non-Institutional Investors (HNI), and 35% for Retail Investors.
Retail investors could apply with a minimum lot size of 800 shares for an investment of ₹1,40,000, while Small High Net-worth Individuals (SHNI) needed to invest at least ₹2,80,000 for two lots. The IPO allotment was finalized on February 27, 2025, and the listing took place on the BSE SME platform on March 3, 2025.
Beezaasan Explotech IPO Funds Deployment
- Expansion of Emulsion Explosive-3, Emulsion Bulk Explosive, and Detonating Fuse Plants in Mahisagar, Gujarat
- Purchase of Plant and Machinery for manufacturing unit expansion
- Construction of additional storage space at Felsani, Gujarat
- Purchase of Commercial Vehicle
- Repayment/prepayment of certain company borrowings
- Remaining funds for general corporate purposes
Financial Performance
Beezaasan Explotech Limited has shown consistent financial growth in recent years. As of September 30, 2024, the company reported total assets of ₹82.09 crore, with revenue of ₹101.44 crore and profit after tax (PAT) of ₹8.33 crore. The company’s net worth rose to ₹31.12 crore, while reserves and surplus increased to ₹21.63 crore, reflecting steady business expansion.
About Company
Beezaasan Explotech Limited, incorporated in August 2013, specializes in manufacturing and supplying a wide range of explosives and accessories primarily used in the cement, mining, and defense industries. The company produces high-quality cartridge explosives, including slurry, emulsion, and detonating explosives. Its manufacturing facility is located in Gujarat and holds multiple quality certifications such as ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018.
With a PAN India presence across 11 states and 2 Union Territories, Beezaasan Explotech serves a diverse client base. As of September 30, 2024, the company employs 188 personnel across its manufacturing plant, corporate office, and registered office. Its competitive strengths include being a one-stop solution for explosives, maintaining strong relationships with key customers and suppliers, an experienced management team, and a continuous focus on innovation.