BMW Ventures Re-files IPO Papers with SEBI to Raise Funds

Nearly 6 months after withdrawing its draft papers for an initial public offering (IPO), BMW Ventures Ltd. has once again approached the Securities and Exchange Board of India (SEBI), signalling its renewed intention to go public. The Bihar-based steel and machinery distribution company has made slight revisions to its offer, particularly in the deployment of proceeds and the overall offer size.

Fresh Issue Focused on Debt Repayment

The refiling includes a fresh issue of 2.34 crore equity shares, with no offer-for-sale component, marking a reduction of 18,000 shares compared to its previous attempt. Notably, the company has decided to allocate up to ₹174 crore from the IPO proceeds towards debt repayment. This marks a shift from its earlier plan, where it had intended to utilise Rs 175 crore for funding working capital. The lead manager for the IPO remains unchanged, with Sarthi Capital Advisors Pvt. continuing as the sole book-running lead manager. The shares will be listed on both the National Stock Exchange and the BSE.

Steel Remains the Core Business

BMW Ventures Ltd. had first filed its draft papers with SEBI in September 2024 but withdrew them two months later. The company operates primarily in the distribution of long and flat steel products such as TMT bars, GI sheets, HR sheets, wire rods, galvanised colour-coated sheets, and doors. Additionally, it distributes tractor engines and spare parts to dealers. The steel distribution segment continues to be the core revenue driver, contributing 97.56% and 98.10% to the operational revenue for fiscal years 2024 and 2023, respectively.

Read More: BMW Ventures IPO: Filed DRHP With SEBI

Conclusion

BMW Ventures Ltd.’s decision to refile its IPO documents reflects a strategic revision in fund allocation and a renewed push to enter the capital markets. With steel distribution at the heart of its operations, the company looks to solidify its financial footing through the fresh issue.

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