Beezaasan Explotech IPO booked over 5.4 times on Day 3, shares allotment expected on Feb 27: Steps to check status online

Beezaasan Explotech IPO closed with a strong subscription on the final day. The public issue of SME company, which manufactures and supplies explosives and explosive accessories, was booked over 5.42 times till 5 pm on Day 3, led by the Qualified Institutional Buyers (QIBs). The ₹59.93-crore IPO opened for subscription on February 21.

The IPO attracted bids for more than 1.23 crore shares against 22.8 lakh shares on offer, leading to an overall subscription of 5.42 times.

The retail investors’ category was booked 2.26 times, with applications for over 25.67 lakh shares against the 11.38 lakh shares set aside for the category. The Non-Institutional Investors (NIIs) applied for more than 22.74 lakh shares against the allocation of 4.88 lakh shares. The NIIs segment was booked 4.65 times. The QIBs booked their quota 11.52 times, with bids for more than 75.3 lakh shares compared to 6.53 lakh shares on offer.

Investors who bid for the shares of Beezaasan Explotech Ltd. in the IPO subscription will now be waiting for the announcement of the allotment status. The company is scheduled to finalise the IPO share allotment status on Thursday, February 27.

The IPO bidders can check the share allotment details online through the websites of the BSE and Kfin Technologies Ltd, the issue registrar.

How to check IPO share allotment status on Kfin Technologies:

• Visit the IPO allotment status webpage on the official portal of Kfin Technologies: https://ipostatus.kfintech.com/
• From the ‘Select IPO’ dropdown menu, select ‘Beezaasan Explotech Limited.
• Choose any of these options— IPO application number, Demat account number and PAN.
• Enter details as per your selection.
• Enter the captcha and click on ‘Submit’. You will be able to see the allotment details.

How to check IPO allotment status on BSE

• Visit the BSE IPO allotment status page: https://bseindia.com/investors/appli_check.aspx.
• Select ‘Equity’ as the issue type.
• From the ‘Issue Name’ dropdown menu, select ‘Beezaasan Explotech Limited’.
• Enter PAN details or IPO application number to complete verification.
• Click on the ‘I’m not a robot’ tab and press the ‘Search’ button to see the allotment details.

Beezaasan Explotech IPO key details

• Beezaasan Explotech IPO was a 100% book-built issue comprising a fresh issuance of 34.24 lakh equity shares, aggregating to ₹59.93 crore. The issue did not have any offer-for-sale (OFS) component.
• The price band for the IPO was fixed at ₹165 to ₹175 per share. The minimum bid size for an application was 800 shares.
• Smart Horizon Capital Advisors Pvt. Ltd is the book-running lead manager of the Beezaasan Explotech IPO. The registrar for the issue is Kfin Technologies and the market maker is Rikhav Securities Ltd.
• After the announcement of share allotment on February 27, shares are likely to be credited to allottees’ demat accounts on February 28, while refunds would be initiated the same day.
• Shares of Beezaasan Explotech Ltd are scheduled to be listed on the BSE SME platform on March 3.

About Beezaasan Explotech IPO and use of IPO proceeds

Founded in 2013, Beezaasan Explotech Ltd specialises in the manufacturing and supply of a wide range of explosives and explosive accessories, including cartridge explosives like slurry explosives, emulsion explosives and detonating fuses.

The company’s product range is widely used in industries like cement, mining and defence. It also supplies to the Border Roads Organisation and various public sector undertakings (PSUs).

Beezaasan Explotech operates under strict regulations set by the Petroleum Explosive Safety Organisation (PESO) and holds the necessary licenses for manufacturing and storage.

The company has proposed to utilise the net proceeds generated from the IPO to fund the capital expenditures towards civil construction and the purchase of plant and machinery required for expanding the existing manufacturing unit located in Bhanthala, Gujarat and towards civil construction for expanding an additional magazine facility for the emulsion cartridge explosives and detonating fuse at the existing location of Felsani, Gujarat.

A portion of the funds will also be used to purchase commercial vehicles and repay the existing debt. The remaining funds will be used for general corporate purposes.

Beezaasan Explotech key financials

For the first six months of the current financial year 2024-25 ended September 2024, Beezaasan Explotech’s revenue stood at ₹101.44 crore. Profit after tax (PAT) during the period was ₹8.33 crore.

For the full financial year 2023-24, the company’s total revenue was recorded at ₹187.89 crore compared to ₹229.17 crore in FY 2022-23. In comparison, the company’s profit after tax for FY24 was ₹4.86 crore against ₹2.93 crore in FY23.

Key performance indicators