Bhadora Industries IPO Closes with 96% Subscription; Strong Retail and NII Response, QIBs Step In Late

Indore, August 6, 2025 — The ₹55.6 crore initial public offering (IPO) of Bhadora Industries Limited has closed today, with a subscription of 0.96 times (96%) as of 5:45 p.m. IST. Although the issue was not fully subscribed, it certainly received significant interest from the retail market and high-net-worth individuals, who participated heavily, and Qualified Institutional Buyers (QIBs), who “came in” on the last day.

Final Day Subscription Overview

A total of 732 applications were submitted by Retail Individual Investors (RIIs), who bid for 17,56,800 shares, resulting in a subscription of 0.98x. A 1.28x subscription was achieved as a consequence of 88 applications from Non-Institutional Investors (NII) for 9,97,200 shares. In contrast, the Qualified Institutional Buyers (QIBs) had a lower participation with only five applications to bid for 6,96,000 shares, resulting in a subscription of 0.68x. The overall response from RIIs and QIBs was tepid, even though NIIs led the response.

The IPO received 34,50,000 bids against 35,95,200 shares offered, thus resulting in 96% overall subscription.

Price-Wise Demand (in shares)

In terms of price demand, there was good interest near the upper band, with 36,87,600 shares bid at ₹103 and 37,23,600 shares at ₹97. However, the lack of bids at the cut-off price indicates that institutions are somewhat cautious and that retail investors did not fully take advantage of the cut-off facility.

Investor Segment Insights

Qualified Institutional Buyers (QIBs)

The QIB activity on the final day consisted of 6,96,000 shares, mostly from FIIs and institutions. The number of bids from QIBs illustrates cautious but planned interest based on observed interest from all other potential investors.

Retail Individual Investors (RIIs)

Retail individual investors submitted 732 applications and bid 17,56,800 shares at 1.29x oversubscription. The retail sector reflected strong participation as a group within all investor categories, but did not utilize the cut-off pricing option.

High Net-Worth and Non-Institutional Investors (HNIs/NIIs)

HNIs and NIIs bid 12,70,800 shares through 88 applications. The interest levels displayed some likelihood of consistent involvement patterns from both large (i.e., ₹10L+) and mid-size (i.e., ₹2–10L) investors in both categories.

IPO Timeline & Next Steps

The IPO allocation of shares for Bhadora Industries will be completed on August 7, 2025, with refunds and Demat share credits being done on August 8. The listing on NSE Emerge will take place on August 11, 2025. Earlier on, the company raised ₹15.78 crore from 11 anchor investors, which included India Equity Fund, Finavenue Capital Trust, and Negen Undiscovered Value Fund, through the allotment of 15,31,200 shares at ₹103 apiece.

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