Beezaasan Explotech IPO - Day 3 Subscription at 0.93 Times

Beezaasan Explotech's initial public offering (IPO) has shown measured progress through its three-day subscription period. The ₹59.93 crore IPO has witnessed steady improvement in demand, with subscription rates advancing from 0.43 times on day one, growing to 0.84 times on day two, and reaching 0.93 times by 10:59 AM on the final day, demonstrating gradual investor interest in this explosives manufacturing specialist.

Beezaasan Explotech IPO’s Qualified Institutional Buyers (QIB) segment has emerged as the strongest performer, with their portion being oversubscribed at 1.56 times, demonstrating significant institutional confidence in the company's specialized manufacturing capabilities and growth potential. This institutional backing is particularly noteworthy given the company's strategic position in the explosives sector, serving critical industries including cement, mining, and defense, where quality certifications and production expertise create substantial entry barriers.
 

Beezaasan Explotech IPO’s overall response has shown varied interest across investor categories, with the retail segment achieving 0.85 times subscription while the Non-Institutional Investors (NII) portion stands at 0.26 times. The company has already secured substantial backing through its anchor book of ₹16.94 crores, and this foundation, combined with the total applications reaching 1,590, reflects strategic evaluation by investors of this specialized manufacturer's growth plans, which include significant capacity expansion at their facilities in Gujarat.

Subscription Status of Beezaasan Explotech IPO:

Here are the subscription details for Beezaasan Explotech IPO as of Day 3 (February 25, 2025, 10:59 AM):

Note:
 

• "Shares Offered" and "Total Amount" are calculated based on the upper price of the issue price range.
• The portions of anchor investors and market maker are not included in the total shares offered.

Beezaasan Explotech IPO - Day 3 Subscription

Key Highlights:

• Overall subscription approaching full subscription at 0.93 times, showing steady progress
• QIB portion maintaining strong interest at 1.56 times, demonstrating institutional confidence
• Retail investors showing improving participation at 0.85 times, reflecting growing individual interest
• NII segment showing measured approach at 0.26 times, indicating careful evaluation
• Total applications reaching 1,590, showing focused investor participation
• Cumulative bid amount reaching ₹37.04 crores against the issue size
• Strong anchor book providing foundation with ₹16.94 crore investment
• Specialized industry positioning attracting strategic investors
• Final day maintaining consistent momentum across categories
• Manufacturing expertise drawing qualified institutional interest
• ISO certifications highlighting quality standards
• Market response reflecting strategic assessment of expansion plans
• Specialized product portfolio creating differentiation
• Pan-India presence supporting investor confidence

Beezaasan Explotech IPO - Day 2 Subscription at 0.84 Times

Key Highlights:

• Overall subscription improving to 0.84 times showing steady growth
• QIB portion reaching full subscription at 1.56 times, showing strong institutional backing
• Retail investors showing increased interest at 0.71 times
• NII segment at 0.18 times reflecting careful evaluation
• Day two witnessing improved momentum, particularly from institutional investors
• QIB participation driving overall subscription levels
• Specialized manufacturing expertise attracting attention
• Multiple quality certifications supporting investor confidence
• Second day building on opening response with institutional leadership
• Market response indicating strategic assessment
• Expansion plans drawing focused interest
• Specialized industry positioning generating attention
• Defense sector exposure creating differentiation
• Technical capabilities driving institutional confidence

Beezaasan Explotech IPO - Day 1 Subscription at 0.43 Times

Key Highlights:

• Overall subscription opening at 0.43 times showing measured start
• QIB segment beginning strongly at 0.61 times
• NII portion showing initial interest at 0.44 times
• Retail investors starting at 0.33 times
• Opening day demonstrating balanced approach
• Initial momentum indicating strategic evaluation
• Manufacturing expertise driving interest
• First day setting subscription baseline
• Market response suggesting careful assessment
• Early applications showing focused interest
• Day one establishing steady pace
• Industry specialization attracting attention
• Opening momentum building gradually
• Initial response showing systematic approach

About Beezaasan Explotech Limited

Beezaasan Explotech Limited, established in August 2013, has developed into a specialized manufacturer and supplier of a comprehensive range of explosives and explosive accessories, with particular focus on cartridge explosives including slurry, emulsion, and detonating explosives. The company's state-of-the-art manufacturing facility in Gujarat holds multiple quality certifications, including ISO 9001:2015 for Quality Management Systems, ISO 14001:2015 for Environmental Management, and ISO 45001:2018 for Occupational Health and Safety Management, demonstrating their commitment to maintaining stringent production standards.

Their business model demonstrates expertise in serving critical industries including cement, mining, and defense sectors, with a pan-India presence spanning 11 states and 2 Union territories. Their comprehensive operations, supported by a workforce of 188 employees across manufacturing plants, corporate office, and registered office, have enabled them to establish long-standing relationships with key customers and suppliers while maintaining a continuous focus on developing innovative products tailored to specific industry requirements.

Their financial performance shows improving profitability with revenue of ₹187.90 crores in FY2024 and profit after tax of ₹4.87 crores. For the six months ended September 30, 2024, the company reported revenue of ₹101.44 crores with a significantly improved PAT of ₹8.33 crores, demonstrating enhanced operational efficiency and growing economies of scale in the specialized explosives manufacturing sector.

Their competitive strengths include:

• Comprehensive one-stop solution for explosives products
• Long-standing relationships with key customers and suppliers
• Experienced management team with industry expertise
• Continuous focus on developing novel and innovative products
• Multiple quality certifications ensuring production standards
• Pan-India market presence across multiple states
• Specialized manufacturing capabilities
• Strategic industry positioning
• Technical expertise in specialized product categories
• Established relationships in critical infrastructure sectors

Highlights of the Beezaasan Explotech IPO:

• IPO type: Book Built Issue SME IPO
• IPO size: ₹59.93 crores
• Fresh Issue: 34.25 lakh shares
• Face value: ₹10 per share
• Price band: ₹165 to ₹175 per share
• Lot size: 800 shares
• Minimum investment for retail investors: ₹140,000
• Minimum investment for HNI: ₹280,000 (2 lots)
• Market maker reservation: 1,76,000 shares
• Listing at: BSE SME
• IPO opens: February 21, 2025
• IPO closes: February 25, 2025
• Allotment date: February 27, 2025
• Refund initiation: February 28, 2025
• Credit of shares: February 28, 2025
• Listing date: March 3, 2025
• Lead Manager: Smart Horizon Capital Advisors Private Limited
• Registrar: Kfin Technologies Limited
• Market Maker: Rikhav Securities Limited