BMW Ventures
Book Building issueMainboardBSE₹232 Cr issue
-19.19%
Listing gain over issue price
Issue size
₹232 Cr
1 lot at cut-off
₹14,949
Lot size
151shares
Open
24 Sep 2025
Close
26 Sep 2025
Allotment
29 Sep 2025
Listing
01 Oct 2025
Listing performance
Issue price
₹99
Listed at
₹80
Listing-day close
₹76
Latest price
₹63.25
Close on 12 Oct 2026
Listing gain
-19.19%
Return since issue
-36.11%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 24 Sep 2025 – 26 Sep 2025
- Listing date
- 01 Oct 2025
- Face value
- ₹1 per share
- Issue price
- ₹99 per share
- Lot size
- 151 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹232 Cr
- Market cap at offer price
- ₹858 Cr
- Promoter holding
- 100.00% → 73.02% pre-issue → post-issue
- ISIN
- INE965W01036
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Sarthi Capital Advisors Pvt.Ltd.
- Registered office
- 1 st Floor, Mona Cinema Complex, East Gandhi Maidan, Bihar
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 | 0 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 151 shares per lot, in multiples, at ₹99
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 151 | ₹14,949 |
| Retail (max) | 13 | 1,963 | ₹1,94,337 |
| S-HNI (min) | 14 | 2,114 | ₹2,09,286 |
| S-HNI (max) | 66 | 9,966 | ₹9,86,634 |
| B-HNI (min) | 67 | 10,117 | ₹10,01,583 |
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
0
Anchor portion
₹0 Cr
at ₹99 per share
Valuation and performance
Valuation at offer price
₹99 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.18 | 3.79 |
| P/E (×) | 19.11 | 26.12 |
| Price to book (×) | 2.98 | — |
| Market cap | — | ₹858 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 16.54%
- ROCE
- 12.80%
- Debt / equity
- 2.04
- PAT margin
- 1.59%
- EBITDA margin
- 4.24%
- NAV per share
- ₹33.19
- Price to book
- 2.98
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About BMW Ventures
BMW Ventures Limited, incorporated in 1994, operates as a distributor of long and flat steel products in 29 out of 38 districts in Bihar, serving over 1,250 dealers. The company also manufactures PVC pipes under the BMW Polytube brand, fabricates Pre-Engineered Buildings (PEB) and steel girders, and distributes tractor engines and spare parts. The company maintains a strong distribution network and operates multiple stockyards and manufacturing facilities across Bihar. Revenue is primarily driven by steel product distribution (98.43% of FY2025 revenue of ₹206,203.52 lakhs), with ancillary revenue from fabrication services and manufacturing operations.
Company Analysis
from RHPBMW Ventures Limited is a Bihar-based steel products distributor, fabricator, and manufacturer serving 29 districts across multiple sectors including long/flat steel products, pre-engineered buildings, steel girders, and PVC pipes.
BMW Ventures Limited, incorporated in 1994, operates as a distributor of long and flat steel products in 29 out of 38 districts in Bihar, serving over 1,250 dealers. The company also manufactures PVC pipes under the BMW Polytube brand, fabricates Pre-Engineered Buildings (PEB) and steel girders, and distributes tractor engines and spare parts. The company maintains a strong distribution network and operates multiple stockyards and manufacturing facilities across Bihar. Revenue is primarily driven by steel product distribution (98.43% of FY2025 revenue of ₹206,203.52 lakhs), with ancillary revenue from fabrication services and manufacturing operations.
steel distribution and tradingsteel fabricationPVC pipe manufacturingbuilding and construction materialsagricultural equipment distribution
Objects of the Issue
- Repayment/pre-payment, in full or in part, of certain Outstanding borrowings availed by our Company ₹17,375.00 Lakhs p.27
- General Corporate Purposes p.27
- Not specified in this document section p.97
- Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by our Company ₹17,375.00 Lakhs p.134
- General Corporate Purposes [●] p.134
- —
Issue Structure
- Total Issue
- Up to 2,34,00,000 Equity Shares aggregating up to ₹[] lakhs
- Fresh Issue
- Up to 2,34,00,000 Equity Shares aggregating up to ₹[] lakhs
- Offer for Sale
- NIL
- Price Band
- To be decided by the Company in consultation with the Book Running Lead Manager
- Lot Size
- To be decided by the Company in consultation with the Book Running Lead Manager
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue primarily through: (1) Distribution of steel products and tractor engines as an authorized distributor, earning margins on sales through a dealer network; (2) Manufacturing and selling PVC pipes under the BMW Polytube brand; (3) Providing fabrication services for Pre-Engineered Buildings and steel girders; (4) Storage, bending, and loading/unloading services for steel products. The model relies on a network of 1,299 dealers who purchase products for further distribution to end-use customers.
Business Segments
Distribution of long and flat steel products of primary supplier to dealers across 29 districts in Bihar, including TMT bars, galvanized wires, structural hollow sections, GC, GP, HR, CR sheets and coils
Distribution of tractor engines and spare parts
Manufacturing of PVC pipes under the brand name 'BMW Polytube'
Roll forming of galvanized plain sheets under Blue Diamond brand
Fabrication of Pre-Engineered Buildings
Fabrication of steel girders
Distribution of long steel products (TMT bars, Structura, Wire), flat steel products (GC sheet, GP sheet, HR sheet, CR sheet), and other products (Agrico, Doors) through dealer network in Bihar (28 districts) and pan-India trading
Design, engineering, fabrication and manufacturing of pre-engineered buildings and steel girders for installation and erection
Manufacturing of PVC pipes sold through dealer network
Distribution of TMT (thermo-mechanically treated) bars, structural steel (rectangular, square and circular steel hollow sections), and galvanized wires
Distribution of galvanized corrugated sheets, galvanized sheets, hot rolled sheets, color-coated sheets, and cold rolled sheets
Distribution of agricultural tools (hoes, shovels, sickles, crowbars, pickaxes and hammers), residential and commercial doors and windows, tractor engines, PVC pipes, pre-engineered buildings, steel girders, and roll-formed products
Marketing and distribution of long and flat steel products including TMT reinforcement bars, galvanized corrugated sheets, hot rolled sheets, cold rolled sheets, galvanized plain sheets, steel wires, steel hollow pipes, farm tools, and steel doors and windows through a dealer network
Procurement and distribution of tractor engines and spare parts from John Deere India Pvt Ltd
Manufacturing and trading of PVC pipes under the brand name BMW Polytube with installed capacity of 800 MT per annum
Manufacturing of colour coated GP sheets through roll forming process with capacity of 3,000 MT per annum
Fabrication of pre-engineered steel sheds and units tailored for warehousing facilities and factory sheds with capacity of 12,000 MT per annum
Manufacturing and fabrication of steel girders for railway and construction applications with capacity of 12,000 MT per annum, RDSO approved for composite and other steel plate girder fabrication
Purchase and resale of iron and steel products primarily sourced from Tata Steel to dealers and customers
In-house manufacturing and sale of PVC pipes, Pre-Engineering Buildings (PEB), Railway Girders, and related products
Equipment rental services and other operational services
Distribution of long and flat steel products including TMT bars, GC sheet, HR & CR sheet, wire rods, galvanized colour coated sheet, doors, GP sheet, pipes, hollow sections and other steel products; distribution of tractor engines and spare parts
Manufacturing of PVC pipes (started August 2018) and roll forming operations to produce GP blue diamond colour sheet (started January 2022)
Fabrication of Pre Engineered Buildings (PEB) (started November 2022) and steel girders certified by RDSO (started July 2023)
Storage, bending, loading and unloading services; establishment charges; rental income
Production and fabrication services
SWOT Analysis
Strengths
- • Established distribution network across Bihar with 1,299 dealers(p.44)
- • Strong revenue from repeat orders from dealers (98.76% of FY2025 revenue)(p.30)
- • Distributorship of major steel manufacturer across 29 Bihar districts(p.41)
- • Diversified product portfolio including distribution, fabrication, and manufacturing(p.41)
- • Positive EBITDA margin improvement trend(p.28)
- • Diversified product portfolio across long/flat steel, fabrication, PVC pipes vs. peers focused on specific segments(p.59)
- • Larger market presence in Bihar distribution segment(p.59)
- • Significant scale with pan-India trading presence and manufacturing across multiple regions(p.82)
- • Distributor of long and flat steel products in Bihar with broad geographic reach(p.146)
- • Founder-led company with experienced professional leadership team(p.146)
- • In-house logistics infrastructure enabling cost efficiencies(p.146)
- • Established dealer network with long-term relationships(p.146)
- • Experienced promoters and management team with established employee base(p.146)
- • Exclusive distributorship of primary supplier's long and flat steel products across 29 of 38 districts in Bihar with established dealer network(p.225)
- • Promoters' extensive industry experience and strong relationships enabling market expansion and recognition(p.225)
- • Healthy financial risk profile with net worth of Rs 186.3 crore and interest coverage ratio of 2.5x as of March 31, 2024(p.205)
- • Diversified product portfolio across TMT bars, sheets, PVC pipes, and fabrication services reducing customer concentration(p.204)
- • Wide sales and distribution network with 1,299 dealers as of March 31, 2025 supported by dedicated sales and marketing team of 124 employees(p.226)
- • RDSO approval as sole authorized vendor for steel girders to Indian Railways in Bihar(p.189)
- • Consistent revenue growth with EBITDA margin improvement from 3.0% in FY19 to 3.6% in FY24(p.204)
- • Strong market position with ~19% share of TMT reinforcement bars market in Bihar as of FY24(p.229)
- • Established distributor network with 1,299 dealers across 29 districts in Bihar(p.329)
- • Diversified business model across distribution, manufacturing, and fabrication verticals(p.329)
- • Growing revenue from operations with 6.39% increase in FY2025(p.345)
- • Profitability improvement with PAT increasing 9.65% in FY2025(p.346)
- • Improved operating cash flow generation with ₹5,022.80 lakhs in FY2025(p.348)
- • RDSO approval for steel bridge girder fabrication(p.369)
Weaknesses
- • Dependency on single primary supplier for 96.21% of total purchases(p.40)
- • Geographic concentration with 98.49% revenue from Bihar(p.30)
- • Severe underutilization of manufacturing and fabrication capacities(p.42)
- • History of negative cash flows from operations(p.44)
- • Limited long-term agreements with dealers and no exclusivity arrangements(p.45)
- • No long-term supply agreements with raw material suppliers(p.30)
- • History of delayed statutory filings with regulatory authorities(p.55)
- • Conflicts of interest with promoter group entity engaged in similar business(p.48)
- • Concentrated geographic footprint limited to Bihar for distribution operations(p.59)
- • High working capital requirements and elevated leverage relative to peers(p.59)
- • Weak interest coverage ratio relative to peers(p.59)
- • Heavy dependence on short-term borrowings with 92.96% maturing within 12 months(p.71)
- • Promoter dependence for guarantees and collateral across ₹48,334.28 lakhs of loan facilities(p.60)
- • Contingent liability exposure of ₹5,745 lakhs from corporate guarantee on related-party borrowings(p.86)
- • Unregistered leased properties lack legal standing in disputes(p.64)
- • Rising employee attrition at 17.92% in FY2025 vs. 10.84% prior year(p.63)
- • Ongoing litigation involving company, promoters and directors across multiple jurisdictions(p.72)
- • High financial leverage with debt-to-equity ratio of 2.04 as of March 31, 2025(p.148)
- • High interest burden with interest coverage ratio of only 2.88 times(p.148)
- • Concentrated borrowing obligations with significant outstanding total borrowings of ₹42,838.55 Lakhs(p.148)
- • Deteriorating profitability metrics with RoE declining from 20.87% to 15.62%(p.148)
- • Low operating margin of 3.6% in FY24 with limited value addition in distribution business model(p.204)
- • High dependence on primary supplier's products with no significant independent manufacturing capacity(p.209)
- • Significant reliance on TMT reinforcement bars which accounted for 66% of FY25 revenue until December 2024(p.191)
- • Very low capacity utilization of manufacturing units with PVC pipes at 7.88%, PEB at 17.80%, and roll forming at 32.23% in FY25(p.223)
- • Steel girder business showing no revenue booking in FY25 despite customer orders due to non-delivery(p.222)
- • High financial leverage with debt-to-equity ratio of 2.04:1 as of FY2025(p.328)
- • Heavy dependence on few key customers with related party transactions comprising significant portion of revenue(p.322)
- • Significant finance costs increasing 34.99% to ₹3,778.75 lakhs in FY2025(p.345)
- • Exposure to contingent liabilities through corporate guarantees(p.320)
- • Manufacturing segment showing declining revenues (46.66% decrease in FY2025)(p.341)
Opportunities
- • Strong industry demand growth projections at 8-10% CAGR through FY2030(p.26)
- • Expansion of fabrication services with growing order book(p.54)
- • Significant market presence across 29 out of 38 Bihar districts for expansion(p.41)
- • Capacity to serve large distribution network with 1,299 dealers(p.44)
- • Expansion of fabrication division with higher-margin PEB and steel girder products(p.77)
- • Diversification into new geographic markets and product segments beyond trading(p.70)
- • Growing steel volume distribution at 6.90% CAGR despite lower price realizations(p.77)
- • Monetization of owned property through rental income generation(p.65)
- • Strong government infrastructure spending and schemes driving steel demand in Bihar(p.181)
- • TMT reinforcement bars demand in Bihar expected to grow at 8.5-9.5% CAGR through 2028(p.183)
- • Rising per capita steel consumption in India with government target of 158 kg per person by 2030(p.164)
- • National infrastructure development initiatives increasing long steel demand(p.182)
- • India's crude steel capacity expansion target of 300 million tonnes by 2030(p.164)
- • Expected steady CAGR of 8.5-9.5% in Bihar steel demand over FY24-28 driven by government infrastructure schemes(p.230)
- • TMT bars demand projected to grow at CAGR of 8.5-9.5% over FY24-28 supported by government infrastructure initiatives(p.230)
- • Pre-Engineered Buildings market in Bihar expanding at CAGR of 18-19% to reach 46-48 thousand units by FY28 driven by warehousing demand(p.187)
- • Steel girders market projected at CAGR of 25-27% over FY24-28 driven by railway infrastructure development in Eastern India(p.188)
- • Opportunity to expand distribution to uncovered 9 districts of Bihar where company currently operates in only 29 of 38 districts(p.230)
- • Union Budget 2025-26 initiatives for Bihar's infrastructure and agriculture expected to boost fabricated sheds demand(p.218)
- • Expansion into institutional sales of PEB and steel girders with RDSO approval(p.330)
- • Growth in PVC pipe and roll forming manufacturing initiated in 2018 and 2022(p.330)
- • Expansion potential in steel distribution across Bihar's 38 districts(p.329)
- • Broadened product portfolio including TMT bars, GC sheets, HR & CR sheets and hollow sections(p.330)
Threats
- • High concentration risk from primary supplier dependency and supply disruption(p.40)
- • Volatile steel prices impact on margins(p.30)
- • Regional economic and political risks affecting Bihar operations(p.40)
- • Loss of demand for long and flat steel products(p.30)
- • Dependence on dealers who are not contractually bound(p.30)
- • Competitive pressures from low-barrier, unorganized sector(p.57)
- • Intense competition from organized and unorganized players with low entry barriers(p.58)
- • Volatile steel prices affecting realization per MT and overall profitability(p.77)
- • Low-margin business model increases vulnerability to input cost and competition pressures(p.70)
- • Dependence on third-party logistics providers without long-term contracts(p.72)
- • Exposure to steel industry cyclicality and demand fluctuations(p.74)
- • Power supply constraints affecting manufacturing operations(p.79)
- • Natural disasters and external events disrupting operations and inventory(p.81)
- • Regulatory and environmental compliance costs increasing(p.80)
- • Trademark 'BMW' confusion with international automotive brand affecting investor perception(p.61)
- • India's regulatory environment and labour code implementation increasing operational costs(p.94)
- • Cyclical nature of steel industry subject to commodity price volatility(p.156)
- • Slowdown in India's GDP growth forecast to 6.5% by 2025, impacting steel demand(p.160)
- • Intense competition from established TMT players including SAIL, Tata Steel and Kamdhenu in Bihar market(p.183)
- • Regulatory and environmental compliance costs for steel distribution operations(p.134)
- • Weather-dependent demand volatility affecting construction and infrastructure spending(p.182)
- • Intense competition from local players, foreign competitors, and established steel distributors in Bihar market(p.205)
- • Political instability and regulatory changes in Bihar government affecting operating efficiency and profitability margins(p.205)
- • Significant market concentration with Tata Steel controlling 40-45% of coloured roofing sheets market and 60-65% of GP sheets market in Bihar(p.186)
- • Steel demand volatility with Bihar's demand declining 8.6% on-year to 1.5 MT in FY24 due to poor market conditions and extreme weather(p.230)
- • Cyclical nature of steel and construction industries subject to economic downturns and investment cycles(p.185)
- • Dependence on primary supplier relationship which, if disrupted, could impact entire distribution business(p.207)
- • Volatile steel prices impacting purchase costs and gross margins(p.345)
- • Significant credit risk from dealer defaults with multiple pending criminal proceedings(p.356)
- • Intense competition in steel distribution and manufacturing sectors(p.329)
- • Regulatory compliance requirements across multiple locations and jurisdictions(p.369)
- • Inventory management challenges with significant working capital requirements(p.345)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Bijay Kumar Kishorepuria | Promoter | 6.26% | 4.57% |
| Sabita Devi Kishorepuria | Promoter | 9.16% | 6.69% |
| Nitin Kishorepuria | Promoter | 27.79% | 20.29% |
| Rachna Kishorepuria | Promoter | 7.05% | 5.15% |
| BMW Fin-Invest Private Limited | Promoter Group | 38.51% | 28.12% |
| Ridhisidhi Fincon Private Limited | Promoter Group | 8.74% | 6.38% |
| Nitin Kishorepuria | Promoter | — | — |
| Sabita Devi Kishorepuria | Promoter | — | — |
| Rachna Kishorepuria | Promoter | — | — |
| Bijay Kumar Kishorepuria | Promoter | — | — |
| BMW Fin-Invest Private Limited | Corporate Promoter | — | — |
| Ridhisidhi Fincon Private Limited | Promoter Group | — | — |
| Bijay Kumar Kishorepuria | Promoter | 6.26% | 4.57% |
| Nitin Kishorepuria | Promoter | 27.79% | 20.29% |
| Sabita Devi Kishorepuria | Promoter | 9.16% | 6.69% |
| Rachna Kishorepuria | Promoter | 7.05% | 5.15% |
| BMW Fin-Invest Private Limited | Promoter | 38.51% | 28.12% |
| Ridhisidhi Fincon Private Limited | Promoter | 8.74% | 6.38% |
| Nupur Singhania | Promoter Group | 1.80% | 1.31% |
| Bijay Kumar Kishorepuria | Promoter | — | — |
| Nitin Kishorepuria | Promoter | — | — |
| Sabita Devi Kishorepuria | Promoter | — | — |
| Rachna Kishorepuria | Promoter | — | — |
| Nitin Kishorepuria | Promoter and Managing Director | 27.79% | — |
| Rachna Kishorepuria | Promoter and Whole-Time Director | 7.05% | — |
| Bijay Kumar Kishorepuria | Promoter and Whole-Time Director | 6.26% | — |
| Sabita Devi Kishorepuria | Promoter and Non-Executive Director | 9.16% | — |
| BMW Fin-Invest Private Limited | Corporate Promoter | 38.51% | — |
| Ridhisidhi Fincon Private Limited | Corporate Promoter | 8.74% | — |
| Bijay Kumar Kishorpuria | Promoter/Chairman & Managing Director | — | — |
| Nitin Kishorpuria | Promoter/Managing Director | — | — |
| Rachha Kishorpuria | Promoter/Director | — | — |
| Sabita devi Kishorpuria | Promoter/Non-Executive Director | — | — |
Leadership
Bijay Kumar Kishorepuria · Promoter
Sabita Devi Kishorepuria · Promoter
Nitin Kishorepuria · Promoter
Rachna Kishorepuria · Promoter
Ruchika Maheshwari Kejriwal · Company Secretary & Compliance Officer
Birendra Yadav · Chief Financial 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.
BMW Ventures IPO FAQs
What is the lot size of BMW Ventures IPO?
The minimum lot size of BMW Ventures IPO is 151 shares. One lot costs ₹14,949 at the cut-off price.
When does BMW Ventures IPO open and close?
BMW Ventures IPO opened for subscription on 24 Sep 2025 and closed on 26 Sep 2025.
What is the listing date of BMW Ventures IPO?
BMW Ventures IPO listed on 01 Oct 2025.