BMW Ventures Lists at 21% Discount Despite IPO Subscription of 1.5 Times

BMW Ventures Ltd. made a subdued debut on the stock exchanges today, with its shares listing at Rs 78 on the NSE, a discount of 21.21 per cent to the issue price of Rs 99 per share. On the BSE, the stock opened at Rs 80. The company’s Rs 231.66-crore IPO of up to 2.34 crore equity shares had a price band of Rs 94–99 and was subscribed 1.5 times in the primary market. Post-listing, the company’s market capitalisation stood at Rs 693.72 crore.

The IPO, which was open between September 24 and September 26, 2025, received bids for 3.51 crore shares against 2.34 crore on offer. Demand was led by qualified institutional buyers (QIBs), whose quota was subscribed 3.09 times, followed closely by non-institutional investors (NIIs) at 3.03 times. The retail portion, however, saw a modest response, with 99 per cent subscription.

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Incorporated in 1994, Patna-based BMW Ventures is engaged in the marketing and distribution of long and flat steel products such as TMT bars, GC/GP/HR sheets, and wire rods, which contribute more than 97 per cent of its revenues. The company also distributes tractor engines and spares and has smaller operations in PVC pipes, pre-engineered building (PEB) fabrication, and RDSO-approved steel girders for Indian Railways. The Kishorepuria family and related entities are its promoters.

India’s finished steel demand is projected to grow at 6.5–7.5 per cent CAGR till FY2028, supported by infrastructure and housing growth. BMW Ventures plans to use the IPO proceeds to fund working capital requirements (Rs 173.75 crore) and general corporate purposes (Rs 57.91 crore).

Disclaimer: The article is for informational purposes only and not investment advice.