BMW Ventures IPO Opens Tomorrow: Key Dates, Financials, Strengths and Risks

New Delhi, September 23, 2025: The Initial Public Offering (IPO) of BMW Ventures Limited opens on 24th September 2025, and the subscription window shall remain open until 26th September 2025. The listing is scheduled for 01st October 2025 on both NSE and BSE. The price range (band) is ₹94-₹99 per share. The PVC pipes and fabrication company, headquartered in Bihar, aims at raising ₹231 crore from the issue. Investors can bid in lots of 151 shares (amounting to ₹14949 a lot on the upper band).

The company, founded in 1984, is engaged in the manufacturing and distribution of steel products, with a dominance in the state. The network covers 900+ dealers across 29 states, and the company has warehouses in Purnea and Patna. The company’s wide portfolio includes a range of products, including MT bars, steel girders, PEB structures, GC/GP/CR/HR sheets, PVC pipes, and tractor engines (John Deere). The company is the first in Bihar with RDSO approval and supplies steel girders to the Indian Railways.

IPO Timeline

BMW Ventures IPO opening and closing dates are 24 and 26 September 2025, respectively. The UPI mandate is up to 05:00 PM on Friday, 26th September. The allotment will be finalised on 29th September, and the refunds will be initiated on 30th September. The listing date on both exchanges is on 01st October 2025.

Financial Performance

The company’s financial performance shows steady revenue growth with some fluctuations. Total revenue rose from ₹1,56,359 crore in FY22 to ₹2,01,510 crore in FY23, dipped to ₹1,93,820 crore in FY24, and recovered to ₹2,06,733 crore by Dec YTD FY25. EBITDA improved to ₹8,739 crore in FY25 YTD with margins strengthening to 4.2%.

PAT remained broadly stable, ranging between ₹2,994–₹3,282 crore in recent years, though PAT margin stayed low at 1.5–2%. Return on Equity (RoE) declined from 25.7% in FY22 to 15.6% in FY25 YTD, while the debt-equity ratio reduced slightly from 2.12 in FY23 to 2.04 in FY24. Overall, the company demonstrates revenue recovery and margin stability, but profitability ratios have moderated.

Revenue Mix (FY24)

Around 67% of revenue is attributed to TMT reinforcement bars. The next major contributor to the revenues is GC Sheets (9%), followed by HR Sheets (4%) and GP Sheets (6%). The overall portfolio is diversified, but a major chunk of revenues is derived from TMT reinforcement bars.

Strengths and Risks Associated

The company demonstrates several strengths, including experienced promoters with strong supplier ties, market leadership as the sole distributor of long and flat steel in Bihar, and a diversified portfolio spanning steel, PEB, and PVC products. Its wide distribution network of over 1,250 dealers ensures a strong regional presence, while stable EBITDA highlights financial resilience despite market volatility.

However, there are a few risks that should not be ignored. Low operating margins and high leverage (~2x debt-equity) restrict profitability and financial flexibility. Heavy reliance on the Bihar market exposes it to regional disruptions, while intense competition and regulatory or political risks tied to infrastructure projects add further challenges to sustained growth.

REF: https://listing.bseindia.com/Download//PreAnchor/BMW_RHP_20250922162623.pdf

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