Bhadora Industries IPO Subscribed 0.12x as of Day 2; Retail Bids Lead, QIB and NII Yet to Participate Actively

Mumbai, 5 August 2025: Bhadora Industries’ initial public offering (IPO), which opened on 4 August 2025, has seen limited traction so far, with an overall subscription of 0.12 times by 5:44 p.m. on Day 2. While retail investors have shown comparatively higher interest, Qualified Institutional Buyers (QIBs) have made no bids, and Non-Institutional Investors (NIIs) have largely remained on the sidelines.

Retail Investors Bid for 3.88 Cr Worth of Shares as Subscription Reaches 0.21x on Day 2

As of the end of Day 2, the Individual Investor category, which includes retail participants bidding for two lots, recorded a subscription of 0.21 times, with 3,76,800 shares bid for out of 17,95,200 shares offered. The total application count in this category reached 157, contributing ₹3.88 crore worth of bids.

This early retail response suggests investor curiosity but also reflects caution, possibly due to prevailing market sentiment and valuation dynamics. The final day of bidding may witness a pickup if broader market cues remain supportive.

QIB Subscription at 0.00x Indicates Awaited Institutional Participation

Despite 10,22,400 shares being reserved for Qualified Institutional Buyers, no bids have been recorded in this segment by the end of Day 2. This complete absence of institutional participation has pulled down the overall subscription level.

A turnaround on Day 3 will be key to providing the issue with institutional validation. Institutional investors often weigh anchor allocation, sectoral trends, and pricing comfort before committing on the final day.

NII Category Bids for Just 58,800 Shares as of Day 2; Subscribed Only 0.08x

The Non-Institutional Investor (NII) portion, comprising both bNII (above ₹10 lakh bids) and sNII (below ₹10 lakh bids), recorded a combined subscription of 0.08x, with only 58,800 shares bid for out of 7,77,600 shares offered.

Within this:

• The bNII segment saw 0.06x subscription, bidding for 32,400 shares
• The sNII segment showed 0.10x subscription, with 26,400 shares bid for

The total bid amount in the NII category stood at ₹0.61 crore, with 10 total applications so far. This subdued response suggests that high net-worth individuals may be awaiting stronger signals before participating.

Market Maker Portion Fully Subscribed at 1.00x with 2.73 Lakh Shares

The Market Maker segment has seen full participation with 2,73,600 shares bid, matching the offered shares exactly and amounting to ₹2.82 crore at the upper price band of ₹103. This fixed allocation provides some stability to the issue.

Day-Wise Subscription Trend Declines from Day 1 to Day 2

Compared to Day 1, where the IPO was subscribed 0.13 times, the overall interest saw a decline on Day 2, dropping to 0.12 times. Notably, the NII category fell from 0.38x on Day 1 to 0.08x, while retail subscription improved from 0.09x to 0.21x. The market is now closely watching for a final-day surge to offset these sluggish figures.

Bhadora Industries IPO Details: ₹55.6 Cr Issue Closes on 6 August 2025

Bhadora Industries aims to raise ₹55.6 crore through a public issue of 54,00,000 equity shares, priced in the range of ₹97 to ₹103 per share. The net offer to public stands at 38,68,800 shares, excluding anchor and market maker portions. The minimum lot size is 1,200 shares, and the issue is slated for listing on NSE Emerge.

IPO Structure:

• Total Issue Size: 54,00,000 shares aggregating up to ₹55.6 crore
• Anchor Investor Portion: 15,31,200 shares
• Net Public Offer: 38,68,800 shares
• Market Maker Portion: 2,73,600 shares
• Price Band: ₹97 – ₹103
• Lot Size: 1,200 shares
• Listing Platform: NSE Emerge

Anchor Investors Infused ₹15.78 Cr Ahead of IPO Opening

Before the issue opened, Bhadora Industries successfully raised ₹15.78 crore through the anchor investor portion, allocating 15,31,200 shares at ₹103 apiece. This allotment was made to 11 institutional investors, including names like India Equity Fund, Finavenue Capital Trust, and Negen Undiscovered Value Fund.

This strategic pre-IPO placement aimed to instil confidence in the market and support the broader subscription process. However, its impact on QIB participation will only be clear by the close of Day 3.

IPO Timeline: Final Day of Subscription is Wednesday, 6 August 2025

Investors looking to participate in the Bhadora Industries IPO should note the key dates:

• IPO Opening Date: 4 August 2025
• IPO Closing Date: 6 August 2025
• Final Day Deadline: 6 August 2025, 5:00 p.m. IST

Proceeds to Fund Expansion, Working Capital and General Corporate Purpose

The funds raised through the IPO will be directed towards:

• Expansion of manufacturing facilities
• Meeting working capital requirements
• General corporate purposes

This proposed utilisation underscores the company’s intent to scale operations and improve its capital efficiency post-listing.

About Bhadora Industries: Textile Product Manufacturer with NSE Emerge Listing Plans

Bhadora Industries operates in the textile manufacturing sector, offering a range of products catering to both domestic and international markets. The company’s IPO debut on the NSE Emerge platform marks its entry into the listed space, aimed at strengthening brand visibility and unlocking long-term growth.

What to Expect on Day 3: Retail Likely to Steady, Institutional Response Key to IPO Success

As Bhadora Industries IPO enters its final day, investor focus will shift to QIB and NII segments, whose participation will significantly influence the final subscription outcome. While retail activity has shown signs of building, the onus now lies on institutional investors to steer the issue towards a more balanced close.

With subscription currently at 0.12x, a robust Day 3 turnout is critical to validate the company’s valuation and prospects in the eyes of the broader market.

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