Beezaasan Explotech Limited

CLOSED

SME IPO · IPO Guide

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Price Band

₹165 – ₹175

Lot Size

800Shares

Min. Investment

₹140,000

Subscription

5.11x

Expert Rating

Neutral

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Lot Size Calculator

Application	Lots	Shares	Amount
Retail (Min)	1	800	₹1,40,000
Retail (Max)	2	1,600	₹2,80,000
S-HNI (Min)	3	2,400	₹4,20,000
S-HNI (Max)	7	5,600	₹9,80,000
B-HNI (Min)	8	6,400	₹11,20,000

As per financials, Beezaasan Explotech Limited has shown zig-zag sales, RoNW is 20.89% and P/E is respectively 77.02, 46.47 and 13.57 as per FY23, FY24 and annualized FY25 earnings. So, issue looks fully priced, but sudden rise in net-profit raises doubts. Company is in business of manufacturing and supplying a wide array of Explosives and Explosive accessories covering mainly cartridge explosives, which is highly competitive and fragmented business segment. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

As on Date	QIB	NII	RII	Total
Shares Offered / Reserved	6,53,600	6,64,800	11,38,400	24,56,800
Day 1 21-02-25	4,00,000 (0.61)	2,15,200 (0.32)	3,74,400 (0.33)	9,89,600 (0.4)
Day 2 02-25	10,20,800 (1.56)	2,61,600 (0.39)	8,07,200 (0.71)	20,89,600 (0.85)
Day 3 25-02-25	75,30,400 (11.52)	24,50,400 (3.69)	25,68,800 (2.26)	1,25,49,600 (5.11)

As per financial performance, Malpani Pipes And Fittings Limited has posted total income / net profits of Rs 34.94 Cr / Rs 0.89 Cr (FY22), Rs 82.57 Cr / Rs 2.08 Cr (FY23), Rs 141.16 Cr / Rs 7.40 Cr (FY24) and Rs 84.55 Cr / Rs 5.09 Cr (30.11.24 FY25). So as per previous financials data, company has shown good growth, but sudden rise in net-profit just before IPO raises doubts. Company has posted an average EPS of Rs 22.95 and average RoNW of 50.07% for last three fiscals. Issue is priced at a P/BV of 3.60 as per NAV of Rs 24.98/- as on 30.11.24. If we attribute latest earnings of FY23, FY24 and annualized FY25 on fully diluted equity post issue, then asking price is at a P/E of around 46.62, 13.11 and 12.70 respectively, which looks fairly priced. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Interactive Financial Services Limited is associated with this SME IPO and this is 22nd IPO from the lead manager in last four years. From last 11 IPOs (10 SMEs & 1 Main Board), three opened below issue price and remaining opened above issue price or at par on the day of listing. As of now from last 10 IPOs, six are trading below issue price and remaining are trading above issue price or at par as on today. ( As on 27.01.25 ) As per financials, Malpani Pipes And Fittings Limited has shown good growth, RoNW is 50.1% and P/E is respectively 46.62, 13.11 and 12.70 as per FY23, FY24 and annualized FY25 earnings. So, issue looks fairly priced, but sudden rise in net-profit just before IPO raises concerns. Company manufactures a range of high-grade plastic pipes, which is highly competitive and fragmented business segment. Performance of BRLM post listing is poor. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

Fresh Issue

1
( Rs
2
04/- Cr ) Funding of Capital expenditure towards civil construction required for Expansion of additional magazine (Storage) facility required for Emulsion Cartridge Explosives and Detonating Fuse at the existing location situated at Felsani, Gujara
3
03/- Cr ) Purchase of Commercial Vehicl
4
( Rs 18/- Cr ) General Corporate purpose
5
Issue expense
6
Funding the Capital expenditure towards civil construction required for Expansion of existing manufacturing unit forEmulsion Explosive-3 Plant, Emulsion Bulk Explosive Plant and Detonating Fuse Plant at the existing Manufacturing facility situated at Bhanthala, Mahisagar, Gujara. ( Rs 3.87/- Cr )
7
04/- Cr )
8
03/- Cr )
9
Purchase of Commercial Vehicle. ( Rs 1.44/- Cr )
10
Repayment/prepayment of all or certain of the borrowings availed of by the Company. ( Rs 18/- Cr )
11
General Corporate purposes.
12
Issue expenses. ( Rs 7.60/- Cr )
13
All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decision
14
Readers must consult a qualified financial advisor prior to making any actual investment decisions, based on information published on this applicatio
15
With entry barriers, SEBI wants only well informed investors to participate is such SME offer
16
With crazy recent listings, SME IPOs have started drawing attention of investors across the boar
17
However, as SME issues have entry barriers and continued low preference from broking community, any reader taking decisions based on any information published here does so entirely at own ris
18
Above information is based on information available as on date coupled with market perception

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Disclaimer

No financial information whatsoever published herein, should be construed as an offer to buy or sell securities, or as information to make investment decisions, or as an official confirmation of any transaction. All matter published herein is purely for educational and informational purposes only and under no circumstances should be used for making investment decisions. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

Period	Total Income	Total Expenses	Profit After Tax (PAT)
30.09.24 FY25	101.44	90.36	8.33
FY24	187.90	181.38	4.87
FY23	229.17	224.98	2.94
FY22	141.91	138.13	2.74

Open Date	Feb 21, 2025
Close Date	Feb 25, 2025
Allotment Date	Feb 28, 2025
Listing Date	Mar 03, 2025
Face Value	₹ 10 Per Equity Share
Issue Price	₹ 165 to ₹ 175 Per Equity Share
Issue Size	Fresh Issue of Up to 34,24,800 with aggregating up to Rs 59.93/- Cr
Retail Min Lot	1 Lot (800 Shares - ₹ 1,40,000)
Lead Manager	Smart Horizon Capital Advisors Private Limited

Company	P/B Ratio	P/E Ratio	RoNW	Total Revenue (Cr)
Beezaasan Explotech Limited Current	5.34	46.5	20.9%	188
Premier Explosives Limited	8.00	60.1	13.5%	430
Solar Industries India Limited	20.4	68.8	30.9%	6,984

Beezaasan Explotech Limited

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