Beezaasan Explotech
Book Building issueSMEBSE₹59.93 Cr issue
-16.57%
Listing gain over issue price
Issue size
₹59.93 Cr
1 lot at cut-off
₹1,40,000
Lot size
800shares
Open
21 Feb 2025
Close
25 Feb 2025
Allotment
27 Feb 2025
Listing
03 Mar 2025
Listing performance
Issue price
₹175
Listed at
₹146
Listing-day close
₹153.30
Latest price
₹692.65
Close on 23 Oct 2026
Listing gain
-16.57%
Return since issue
+295.80%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 21 Feb 2025 – 25 Feb 2025
- Listing date
- 03 Mar 2025
- Face value
- ₹1 per share
- Issue price
- ₹175 per share
- Lot size
- 800 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹59.93 Cr
- Market cap at offer price
- ₹226 Cr
- Promoter holding
- 96.02% → 70.57% pre-issue → post-issue
- ISIN
- INE13VU01016
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Smart Horizon Capital Advisors Pvt.Ltd.
- Registered office
- 5th Floor, 511, Pramukh Tangent Complex, Pramukh Tangent Complex, Sargasan Cross Road, S.G.Highway, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 9,68,000 | — | — |
| Market maker | 1,76,000 | — | — |
Application size
Minimum 800 shares per lot, in multiples, at ₹175
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 800 | ₹1,40,000 |
| S-HNI (min) | 2 | 1,600 | ₹2,80,000 |
| S-HNI (max) | 7 | 5,600 | ₹9,80,000 |
| B-HNI (min) | 8 | 6,400 | ₹11,20,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
9,68,000
Anchor portion
₹16.94 Cr
at ₹175 per share
Valuation and performance
Valuation at offer price
₹175 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.12 | 12.89 |
| P/E (×) | 34.18 | 13.58 |
| Price to book (×) | 6.05 | — |
| Market cap | — | ₹226 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 20.89%
- ROCE
- 16.20%
- Debt / equity
- 1.59
- PAT margin
- 2.61%
- NAV per share
- ₹28.94
- Price to book
- 6.05
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Beezaasan Explotech
Beezaasan Explotech Limited, incorporated in August 2013 and converted to a public company in July 2024, is engaged in the manufacturing and supply of a wide array of explosives and explosive accessories, primarily cartridge explosives including slurry explosives, emulsion explosives, and detonating fuse. The company caters to diverse requirements across cement, mining, and defense industries through products designed by its promoters' expertise in field applications. The company generates its revenues from the sale of these products, with slurry explosives contributing the majority of revenues.
Company Analysis
from RHPBeezaasan Explotech Limited manufactures and supplies commercial explosives (slurry explosives, emulsion explosives, detonating fuse) and explosive accessories for cement, mining, and defense industries.
Beezaasan Explotech Limited, incorporated in August 2013 and converted to a public company in July 2024, is engaged in the manufacturing and supply of a wide array of explosives and explosive accessories, primarily cartridge explosives including slurry explosives, emulsion explosives, and detonating fuse. The company caters to diverse requirements across cement, mining, and defense industries through products designed by its promoters' expertise in field applications. The company generates its revenues from the sale of these products, with slurry explosives contributing the majority of revenues.
Commercial Explosives ManufacturingMiningConstructionDefense
Objects of the Issue
- Funding the Capital expenditure towards civil construction required for Expansion of existing manufacturing unit for Emulsion Explosive-3 Plant, Emulsion Bulk Explosive Plant and Detonating Fuse Plant at the existing Manufacturing facility situated at Bhanthala, Mahisagar, Gujarat ₹387.47 Lakhs p.28
- Funding of Capital expenditure towards purchase of Plant and Machineries for Expansion of existing manufacturing unit for Emulsion Explosive-3 Plant, Emulsion Bulk Explosive Plant and Detonating Fuse Plant at the existing Manufacturing facility situated at Bhanthala, Mahisagar, Gujarat ₹2,304.30 Lakhs p.28
- Funding of Capital expenditure towards civil construction required for Expansion of additional magazine (Storage) facility required for Emulsion Cartridge Explosives and Detonating Fuse at the existing location situated at Felsani, Gujarat ₹202.56 Lakhs p.28
- Purchase of Commercial Vehicle ₹144.40 Lakhs p.28
- Repayment/prepayment of all or certain of our borrowings availed of by our Company ₹1,800.00 Lakhs p.28
- General corporate purposes p.28
- Funding the Capital expenditure towards civil construction required for Expansion of existing manufacturing unit for Emulsion Explosive-3 Plant, Emulsion Bulk Explosive Plant and Detonating Fuse Plant at the existing Manufacturing facility situated at Bhanthala, Mahisagar, Gujarat 387.47 lakhs p.104
- Funding of Capital expenditure towards purchase of Plant and Machineries for Expansion of existing manufacturing unit for Emulsion Explosive-3 Plant, Emulsion Bulk Explosive Plant and Detonating Fuse Plant at the existing Manufacturing facility situated at Bhanthala, Mahisagar, Gujarat 2,304.30 lakhs p.104
- Funding of Capital expenditure towards civil construction required for Expansion of additional magazine (Storage) facility required for Emulsion Cartridge Explosives and Detonating Fuse at the existing location situated at Felsani, Gujarat 202.56 lakhs p.104
- Purchase of Commercial Vehicle 144.40 lakhs p.105
- Repayment/prepayment of all or certain of our borrowings availed of by our Company 1,800.00 lakhs p.104
- General corporate purposes p.104
- Funding of Capital expenditure towards civil construction required for Expansion of existing manufacturing unit for Emulsion Explosive-3 Plant, Emulsion Bulk Explosive Plant and Detonating Fuse Plant ₹387.47 Lakhs p.112
- Funding of Capital expenditure towards purchase of Plant and Machineries for Expansion of existing manufacturing unit for Detonating Fuse Plant, Emulsion Bulk Explosive Plant and Emulsion Explosive-3 Plant ₹2,304.30 Lakhs p.114
- Funding of Capital expenditure towards civil construction required for Expansion of additional magazine (Storage) facility required for Emulsion Cartridge Explosives and Detonating Fuse at the existing location situated at Felsani, Gujarat ₹202.56 Lakhs p.127
- Purchase of Commercial Vehicle ₹144.40 Lakhs p.130
- Repayment/prepayment of all or certain of our borrowings availed of by our Company ₹1,800 Lakhs p.130
- General Corporate Purposes p.131
- To be determined by the company based on capital requirements and business needs
Issue Structure
- Total Issue
- Up to 34,24,800 Equity Shares of ₹10/- each aggregating up to [●] Lakhs
- Fresh Issue
- Up to 34,24,800 Equity Shares aggregating up to [●] Lakhs
- Offer for Sale
- N.A.
- Price Band
- [●] per Equity Share (Floor Price and Cap Price to be determined)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares
- Face Value
- ₹10/- per Equity Share
Business Model
Manufacturing and supply of commercial explosives and explosive accessories (cartridge explosives, slurry explosives, emulsion explosives, detonating fuse) to cement, mining, and defense industries based on customer requirements and specifications.
Business Segments
Commercial explosives used in mining and construction
Commercial explosives used in mining and construction
Explosive accessories used in mining and construction
Manufacturing and sale of commercial explosives, mining explosives, defense explosives, slurry explosives, emulsion explosives, detonating fuses, and specialized custom-made explosives for specific requirements
Explosive product for mining, quarrying, and construction applications
Water-resistant explosive product for mining and construction
Detonating cord used in blasting operations
Water-based gel explosives manufactured with ammonium nitrate, fuel, and sensitizers; used in mining, quarrying, and construction blasting operations
New generation explosives characterized by high velocity of detonation and optimum strength; emulsion of oxidizer solution and fuel phase; used in deep hole blasting and mining operations
Thin flexible PVC tubes filled with PETN explosive; used to link and initiate multiple explosive points in blasting operations
Manufacturing and supplying of cartridge explosives including slurry explosives, emulsion explosives and detonating fuse
Manufacturing of slurry explosives with licensed capacity of 45,000 Metric Ton
Manufacturing of emulsion explosives with licensed capacity of 11,400 Metric Ton
Manufacturing of detonating fuse with licensed capacity of 51 million Mtrs
SWOT Analysis
Strengths
- • Established presence in commercial explosives manufacturing with diverse product portfolio(p.27)
- • ISO certifications and quality accreditation for manufacturing processes(p.39)
- • PESO regulatory approval for explosives manufacturing(p.35)
- • Experienced promoter team with diversified field application knowledge(p.27)
- • Portfolio of registered trademark devices across multiple product lines(p.52)
- • Concentrated manufacturing footprint with locational advantage in Gujarat near raw material sources(p.112)
- • Established installed capacity across multiple product lines with significant production scale(p.107)
- • Growing revenue and profitability with strong EBITDA margin improvement(p.136)
- • Capacity expansion plan with additional land already secured(p.112)
- • Diversified one-stop explosives solution provider with customization capability(p.173)
- • Strong long-standing relationships with key customers and suppliers providing competitive advantage(p.173)
- • Experienced management team with deep industry expertise(p.173)
- • Strong quality certifications and rigorous quality control standards(p.174)
- • Multi-product portfolio (Slurry, Emulsion Explosives, Detonating Fuse) addressing diverse customer needs(p.171)
- • Strategic geographic location with access to major industrial corridors(p.175)
- • Established manufacturing operations with significant production capacity and expertise in explosives manufacturing(p.265)
- • Experienced management team with substantial industry background and long tenure(p.244)
- • Strong revenue growth and profitability trajectory(p.263)
- • Improving EBITDA margins demonstrating operational efficiency(p.298)
- • Established banking relationships with secured financing facilities(p.300)
- • Established explosives manufacturing with PESO regulatory approvals(p.303)
- • Diversified product portfolio across multiple explosive categories(p.303)
- • Multi-industry customer base including government and PSU contracts(p.303)
- • ISO certifications across quality, environment, and safety management(p.304)
- • Experienced promoter team with 17 years of industry expertise(p.304)
- • Improving profitability with margin expansion despite revenue decline(p.309)
- • Substantial debt reduction and strengthened balance sheet(p.305)
Weaknesses
- • High dependence on few key customers for majority of revenues(p.38)
- • Severe supplier concentration with top five suppliers accounting for over 71% of purchases(p.38)
- • Rented registered and corporate offices with no ownership security(p.36)
- • Significant historical instances of negative cash flows(p.37)
- • Lack of long-term contracts with raw material suppliers exposing to price volatility(p.37)
- • Outstanding tax litigation involving company and group entities(p.29)
- • Recurring delays in statutory compliance including GST, TDS, and EPF filings(p.44)
- • Single manufacturing facility concentrated in one geographical region(p.49)
- • Vulnerability to trademark misuse and counterfeiting with limited control over third parties(p.52)
- • Dependency on third-party suppliers for critical raw material (ammonium nitrate)(p.52)
- • High concentration of raw material cost in finished product(p.52)
- • Labour-intensive operations with exposure to rising employee costs(p.54)
- • Reliance on Promoters' personal guarantees for loan facilities(p.59)
- • Unsecured loans from Promoters and Directors repayable on demand(p.57)
- • Significant unsecured debt exposure(p.58)
- • Promoter group retains controlling stake post-IPO with risk of minority shareholder conflicts(p.55)
- • Significant financial leverage with high debt-to-equity ratio(p.136)
- • Underutilization of manufacturing capacity despite installed facilities(p.112)
- • Limited product customization capability to meet customer specifications(p.112)
- • Operational constraints from regulatory restrictions and operational hours limitations(p.112)
- • High concentration of revenue among top 10 customers(p.173)
- • Heavy dependence on limited raw material suppliers(p.173)
- • Geographic distance from primary export port increases export costs(p.175)
- • Labor shortage constraints in Gujarat operations(p.175)
- • Elevated debt-to-equity ratio of 1.27(p.174)
- • High financial leverage with debt-to-equity ratio of 1.27(p.299)
- • Significant dependence on related party transactions for business operations(p.290)
- • Concentration of promoter shareholding creating governance risk(p.270)
- • Low cash position relative to operational needs(p.262)
- • Outstanding tax demands and regulatory compliance issues pending(p.297)
- • High dependence on volatile ammonium nitrate raw material pricing(p.304)
- • Significant liquidity stress from working capital requirements(p.311)
- • Pending tax liabilities and regulatory demands(p.316)
- • Promoter litigation and personal tax disputes(p.317)
- • Current ratio below 1.10 indicating tight short-term liquidity(p.305)
Opportunities
- • Expansion of manufacturing capacity through new plants and facilities(p.28)
- • Growth in metal mining sector driving explosives demand(p.27)
- • Expand geographic footprint beyond concentrated regions of Gujarat and Rajasthan(p.43)
- • Diversify product portfolio to reduce dependence on Slurry Explosives(p.42)
- • Reduce logistics dependency through in-house commercial vehicle fleet(p.48)
- • Debt reduction to improve financial flexibility and reduce servicing costs(p.48)
- • Expansion of manufacturing capacity for existing product lines(p.106)
- • Debt reduction to improve capital structure post-IPO(p.105)
- • Public listing to enhance brand visibility and market access(p.105)
- • Development of new storage capacity to support product portfolio expansion(p.105)
- • Growing demand from infrastructure and mining sectors driven by government investment(p.112)
- • Market expansion through new customer acquisition(p.112)
- • Increased capacity utilization through expanded manufacturing units(p.112)
- • Cost reduction through integrated manufacturing at single location(p.112)
- • Significant growth in mining and quarrying sectors driving explosives demand(p.168)
- • Government push for infrastructure development and mineral exploration(p.167)
- • Expansion of rural steel and construction material consumption(p.167)
- • New market penetration opportunities in adjacent states and pan-India presence(p.175)
- • Growing consumption in the South Asia region(p.168)
- • Government policies supporting mining industry development and certification(p.167)
- • Capacity expansion and modernization of manufacturing facilities(p.262)
- • Leverage government contracts and project opportunities in explosives sector(p.293)
- • Growth in sales through related party trading entities and network expansion(p.290)
- • Increase in inventory for finished goods indicating production scaling(p.279)
- • Strategic geographic expansion with multiple manufacturing units(p.303)
- • Capacity expansion approvals from PESO for new SME manufacturing(p.338)
- • Growth from packaging machinery elimination of production bottleneck(p.310)
- • Volume growth trajectory with 17.90% sales quantity increase in FY24(p.309)
- • Government infrastructure spending tailwind for mining and construction(p.303)
- • Increasing EBITDA margin indicating operational leverage(p.305)
Threats
- • Strict regulatory regime for explosives manufacturing with potential for suspension or revocation of licenses(p.36)
- • Hazardous nature of raw materials and products creating accident and liability risks(p.36)
- • High geographic concentration of sales in Gujarat and Rajasthan exposing to regional economic shocks(p.43)
- • Raw material sourcing concentration in Gujarat and Maharashtra creating supply chain vulnerability(p.44)
- • Tender-based business subject to bid competition and margin compression risks(p.39)
- • Changes in environmental and safety regulations increasing compliance costs(p.49)
- • Potential for natural disasters or social unrest in concentrated manufacturing location(p.49)
- • Risk of equipment breakdown and operational disruptions in manufacturing facilities(p.49)
- • Potential labor disputes and strikes impacting operations(p.49)
- • Risks related to order cancellation or delay affecting revenue realization(p.25)
- • Volatility in raw material prices and supply due to global factors beyond company control(p.52)
- • Inability to pass raw material cost increases to customers may impact profitability(p.54)
- • Risk of supply chain disruption from transportation strikes or external factors(p.54)
- • Intense domestic competition with competitors having greater financial and technological resources(p.60)
- • Counterparty credit risk from large customer payments and potential delays(p.59)
- • Power supply disruptions could interrupt manufacturing operations(p.58)
- • Interest rate increases on variable-rate debt obligations(p.59)
- • Regulatory and compliance risks from evolving labour laws and environmental regulations(p.66)
- • Risk of construction delays and cost overruns in capacity expansion(p.114)
- • Operational disruption from seasonal monsoon and power supply constraints(p.112)
- • Dependence on mining industry cyclicality affecting demand(p.112)
- • Regulatory and licensing constraints limiting operational flexibility(p.112)
- • Extreme volatility in ammonium nitrate (primary raw material) pricing(p.172)
- • Operational risks from manufacturing incidents and accidents(p.175)
- • Regulatory policy changes affecting explosives industry(p.175)
- • Stagnation and long-term decline in coal mining sector demand(p.168)
- • Intense competition from organized and unorganized market players(p.204)
- • Exposure to GST regulatory scrutiny with significant pending demands(p.297)
- • Debt service obligations with limited coverage ratio(p.287)
- • High dependence on HDFC Bank credit facilities with interest rate exposure(p.300)
- • Contingent liabilities from government project guarantees(p.293)
- • Exposure to working capital volatility with declining trade receivables turnover(p.286)
- • Volatile raw material pricing and industrial factors beyond company control(p.309)
- • Regulatory requirements for PESO product authorization and field trials(p.303)
- • Intense competition in explosives manufacturing sector(p.314)
- • Dependence on government procurement and PSU orders(p.303)
- • Significant existing tax demands from revenue authorities(p.316)
- • Revenue volatility from commodity price fluctuations(p.311)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Navneetkumar Radheshyam Somani | Promoter | 34.67% | 25.48% |
| Mr. Sunilkumar Radheshyam Somani | Promoter | 34.50% | 25.35% |
| Mr. Rajan Sunilkumar Somani | Promoter | 4.04% | 2.97% |
| M/s. Navneet R Somani HUF | Promoter | Negligible | Negligible |
| M/s. Sunil R. Somani HUF | Promoter | Negligible | Negligible |
| Mr. Navneetkumar Radheshyam Somani | Promoter/Chairman and Managing Director | 34.67% | 25.48% |
| Mr. Sunilkumar Radheshyam Somani | Promoter/Whole-Time Director | 34.50% | 25.35% |
| Mr. Rajan Sunilkumar Somani | Promoter/Executive Director | 4.04% | 2.97% |
| M/s. Navneet R Somani HUF | Promoter Group | — | — |
| M/s. Sunil R. Somani HUF | Promoter Group | — | — |
| Ms. Manisha Navneet Somani | Promoter Group | 7.81% | 5.74% |
| Ms. Komalben Sunilkumar Somani | Promoter Group | 7.99% | 5.87% |
| Ms. Pushpaben Radheshyam Shah | Promoter Group | 7.02% | 5.16% |
| Navneetkumar Radheshyam Somani | Promoter | — | — |
| Sunilkumar Radheshyam Somani | Promoter | — | — |
| Rajan Sunilkumar Somani | Promoter | — | — |
| Mr. Navneetkumar Radheshyam Somani | Promoter | 34.67% | 25.48% |
| Mr. Sunilkumar Radheshyam Somani | Promoter | 34.50% | 25.35% |
| Mr. Rajan Sunilkumar Somani | Promoter | 4.04% | 2.97% |
| M/s. Navneet R Somani HUF | Promoter Group | Negligible | — |
| M/s. Sunil R. Somani HUF | Promoter Group | Negligible | — |
| Mr. Navneetkumar Radheshyam Somani | Promoter | — | — |
| Mr. Sunilkumar Radheshyam Somani | Promoter | — | — |
| Mr. Rajan Sunilkumar Somani | Promoter | — | — |
| M/s. Navneet R Somani HUF | Promoter Group | — | — |
| M/s. Sunil R Somani HUF | Promoter Group | — | — |
Leadership
Mr. Navneetkumar Radheshyam Somani · Chairman/Managing Director
Mr. Sunilkumar Radheshyam Somani · Whole Time Director
Mr. Rajan Sunilkumar Somani · Executive Director
Mr. Kamleshkumar Bhikhabhai Panchal · CFO
Ms. Ankita Choudhury · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Offer documents
Beezaasan Explotech IPO FAQs
What is the lot size of Beezaasan Explotech IPO?
The minimum lot size of Beezaasan Explotech IPO is 800 shares. One lot costs ₹1,40,000 at the cut-off price.
When does Beezaasan Explotech IPO open and close?
Beezaasan Explotech IPO opened for subscription on 21 Feb 2025 and closed on 25 Feb 2025.
What is the listing date of Beezaasan Explotech IPO?
Beezaasan Explotech IPO listed on 03 Mar 2025.