BMW Ventures Files DRHP with SEBI: Key Details on the Upcoming IPO

BMW Ventures Limited filed a DRHP and will be coming up with its public issue in the upcoming time; the public issue will be offering a 100% book-built offer. This upcoming IPO is offering a fresh issue of up to 2,34,18,000 of equity shares. The face value is reported as Rs. 10 for each share. This new IPO issue is being made through the book-building process with a reservation of not more than 50% of the new offer reserved for Qualified Institutional Investors, not less than 15% reserved for NII and the remaining 35% or more reserved for Retail Individuals. The exact dates for the IPO's subscription opening and closing, as well as the price band, will be announced soon. Sarthi Capital Advisors Private Limited will serve as the book-running lead manager, and Cameo Corporate Services Limited will act as the registrar for this issue.

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About BMW Ventures Limited

BMW Ventures has been a leading distributor of long and flat steel products in Bihar, India, since 1996. It has an extensive network of above 900 dealers, which enables it to ensure efficient and timely dispatch to districts located in 29 districts—dispatching from TMT bars to GI sheets, HR sheets, wire rods, galvanized colour-coated sheets, doors, GP sheets, pipes, hollow sections, screws, and more. The companies support their operations through an in-house logistics system, four strategically located stockyards, and comprehensive material handling equipment. Their main supplier is one of the leading steel manufacturers from whom they draw strength to keep an inventory of solid capacity. It posted ₹2,001.81 Crores revenue in FY 2022-23, which gives it continuous growth and expansion.

BMW Ventures Limited IPO Objectives

The Net Proceeds are proposed to be utilized to fund the working capital requirements of the company, and the rest are for general corporate purposes. It will be finalized upon determination of the Issue Price and updated in the Prospectus prior to filing with the RoC as mentioned in the DRHP by the company. The amount that will be utilized for general corporate purposes should not exceed 25% of the Gross Proceeds.

Financials of the Company

For the period ended March 31, 2024, the company recorded significant growth. Assets rose by 38.4% to Rs 482.02 crore. Its revenues increased by 28.9% to Rs 2,015.10 crore. Consolidated profit after tax increased marginally by 2.3% to Rs 32.66 crore. Total borrowings stood at Rs 287.87 crore, up 71.2%. These figures point to strong performance and massive growth over the previous year.

Lead manager(s), Registrar of IPO & Promoter(s) of the Company

The IPO is managed by Sarthi Capital Advisors Private Limited, that is the book-running lead manager of this public issue. Cameo Corporate Services Limited has been appointed as the registrar for the issue, while the company has Mr Bijay Kumar Kishorepuria, Mrs Sabita Devi Kishorepuria, Mr Nitin Kishorepuria and Mrs Rachna as their promoter.  

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