BMW Ventures – first IPO from Bihar in nearly a decade – to open next week; looks to raise ₹232 cr

As Bihar gears up for assembly elections in November, with jobs, immigrant labour, and industrialisation dominating the political discourse, the state is set for a rare financial milestone. BMW Ventures Ltd., a Bihar-based steel product distributor, is poised to launch its mainboard initial public offering (IPO) next week, marking the first issue from the state to hit Dalal Street in nearly a decade. Security services firm SIS was the last company to go public in 2017, raising ₹779.58 crore through the IPO route.

The move underscores Bihar’s slow but steady push towards industrialisation, but it also highlights the challenges the region has faced in attracting large-scale investments and developing its industrial ecosystem.

In contrast, other states have been far more active in IPO filings. Maharashtra alone accounts for 106 IPOs since 2021, followed by Gujarat (32), Karnataka (29), and Haryana (29), as per data compiled by IPO Central.

The data shows that 22 companies have filed for IPOs from New Delhi in the last five years, while 17 firms went public from Tamil Nadu, and 16 each from West Bengal and Telangana.

Here’s all need to know about BMW Ventures IPO:

The Patna-based steel product distributor looks to raise ₹231.66 crore via IPO route, which is entirely a fresh issue of 2.34 crore shares. The company has set price band at ₹94-99 per share, valuing the company at around ₹858.48 crore.

BMW Ventures IPO will open for subscription on September 24 and close on September 26. The allotment of shares is expected to be finalised on September 29, while shares are set to be listed on both BSE and NSE on October 1, 2025.

The lot size for the IPO is 151 shares and in multiple thereafter. The minimum application lot for retail investors is ₹14,949 for one lot at the upper end of the price band.

On the earnings front, BMW Ventures saw its revenue rising 6% and profit after tax (PAT) increasing 10% for the financial year ended March 31, 2025, compared to the previous year. The company’s total income grew from ₹1,942.03 crore in FY24 to ₹2,067.33 crore in FY25, while PAT rose from ₹29.94 crore to ₹32.82 crore. EBITDA also saw a healthy jump of 20%, climbing to ₹87.39 crore from ₹72.56 crore.

As of March 31, 2025, the company’s total assets stood at ₹676.09 crore, up from ₹646.15 crore in FY24, while net worth moderated to ₹146.80 crore from ₹186.71 crore. Total borrowings increased to ₹428.39 crore from ₹395.30 crore.

Sarthi Capital Advisors Pvt. Ltd. is serving as the book-running lead manager for the issue, while Cameo Corporate Services Ltd. is the registrar.

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