Bhadora Industries shares list at 2% discount over IPO price on NSE SME platform

Industrial cable maker Bhadora Industries listed at 1.94% discount over the IPO price on Monday. The stock debuted at Rs 101 on the NSE SME platform.

The bookbuilding IPO, which opened on August 4 and closed on August 6, comprised a fresh issue of 54 lakh equity shares.

The offering saw lukewarm investor interest, closing with an overall subscription of 0.96 times. Retail investors bid for 0.98 times their quota, while non-institutional investors (NII) subscribed 1.28 times. The qualified institutional buyer (QIB) category lagged, managing only 0.68 times subscription.

Bhadora Industries manufactures industrial cables under the “Vidhut Cables” brand, catering to government electricity boards, EPC contractors, and industrial customers across several Indian states.

Its product range includes PVC low-voltage cables, LT aerial bunched cables, and XLPE cables, with a manufacturing facility in Tikamgarh, Madhya Pradesh.

Financially, the company has reported a decent growth trajectory. Revenue rose 33% to Rs 110.69 crore in FY25 from Rs 83.27 crore in FY24, while profit after tax more than doubled to Rs 10.79 crore from Rs 4.96 crore.

Proceeds from the IPO will be deployed towards setting up a new manufacturing facility in Khargone, Madhya Pradesh (Rs 22.32 crore), funding working capital needs (Rs 20 crore), and for general corporate purposes.

With GMP offering no indication of a listing pop and subscription numbers reflecting tepid demand, market participants will closely watch Monday’s debut to gauge institutional appetite and post-listing momentum.