Belrise Industries Ltd IPO

About IPO

Belrise Industries Limited, formerly known as Badve Engineering Limited, is launching its initial public offering (IPO) with a Fresh Issue of up to ₹2150 Crore. Objectives of Belrise Industries Limited

The Net Proceeds of the Fresh Issue are proposed to be utilised in the following manner:

• Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by certain of their subsidiaries, including payment of accrued interest thereon, through investment in such subsidiaries.

• Funding general corporate purposes.

Industry Outlook

Over the past 15 years (FY 2009 to 2024), India's domestic two-wheeler industry grew at a CAGR of 6.2%, reaching 1.84 crore units in FY 2024. Between FY 2009 and 2019, the industry expanded at a faster CAGR of 11.1%, peaking at 2.12 crore units in FY 2019. Despite subsidy cuts, demand for electric two-wheelers remained strong in FY 2024, supported by new premium segment launches and a recovery in the ≤110cc motorcycle segment, driven by stable ownership costs and customer incentives.

The domestic two-wheeler industry is expected to continue its growth momentum over the long-term horizon led by the positive microeconomic and macroeconomic environment, favorable rural demand, premiumization, intermittent launches, shrinking replacement cycle and continued support from financers (Source: CRISIL Report).

Company Information

Belrise Industries Limited is a leading automotive component manufacturer in India, specialising in safety-critical systems and engineering solutions for two-wheelers, four-wheelers, commercial, and agri-vehicles. Its diverse portfolio, including metal chassis, polymer components, suspension, and exhaust systems, caters to both electric and internal combustion engine vehicles.

##Risks of Belrise Industries Limited IPO

1. Regional Risk Exposure With seven out of 15 manufacturing facilities located in Maharashtra, the company faces regional risk exposure, which could impact its business, financials, and operations due to local disruptions or regulatory changes.

2. Customer Dependency The company’s top 10 customers contributed 57.42% of revenue in Q1 FY 2024. Any disruption in these relationships or adverse changes in their financial health could negatively impact the company's business and cash flows.

3. Raw Material Price Fluctuations Fluctuations in raw material prices or supply chain disruptions could negatively impact the company's business, operational results, financial condition, and cash flows.

Anchor Investor Bidding Date TBA

IPO Registrar and Book Running Lead Manager

Link Intime India Private Limited is the registrar of the Belrise Industries Limited IPO. The book-running lead managers are:

• Axis Capital Limited
• HSBC Securities and Capital Markets (India) Private Limited
• Jefferies India Private Limited
• SBI Capital Markets Limited

Business Model

Belrise Industries operates as a B2B (Business-to-Business) supplier, providing automotive components to OEMs and Tier-1 suppliers. The company focuses on:

• OEM partnerships for bulk contracts.
• R&D-driven innovation for future-ready automotive solutions.
• Lean manufacturing and supply chain efficiency.

Company Growth Trajectory

Belrise Industries is a leading automotive component manufacturer in India, providing safety-critical systems and engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial vehicles, and agri-vehicles. Its diverse product portfolio, including metal chassis systems, polymer components, suspension systems, body-in-white components, and exhaust systems, caters to both electric and internal combustion engine vehicles, positioning the company to capitalise on the growing EV market.

For FY 2024, revenue from operations reached ₹7,484.24 crore, up from ₹6,582.50 crore in FY 2023 and ₹5,396.85 crore in FY 2022, reflecting a CAGR of 18.17% from FY 2022 to FY 2024.

Market Position:

The company is a large and well-established precision sheet metal pressing and fabrication company in India, and they are well-positioned to capitalize on the growing two-wheeler and four-wheeler markets in India and internationally.

As of June 30, 2024, they market their products both domestically and internationally, with operations extending to several key global markets including Austria, Slovakia, the United Kingdom, Japan and Thailand.

How do you check the allotment status of Belrise Industries Limited?

You can check the allotment status of shares either on the Bombay Stock Exchange (BSE) website or on the website of Bigshare Services Private Limited. To check the status on the BSE website:

• Visit the BSE website
• Click on “Investor Services” and choose “Application Status Check”
• Choose the issue type — Equity or Debt
• Select the Issue Name from the drop-down. The issue name is the company’s name, which is Belrise Industries Limited
• Enter your application number or PAN number
• Check the box which says “I’m not a Robot” and click on “Search” to know the allotment status

To check status on the website of Bigshare Services Private Limited:

• Visit the website of Link Intime Private Ltd
• Click on IPO allotment Status
• Choose the name of the company from ‘Select Company’ dropdown
• Enter any of these - PAN Number, Application Number, DP/Client ID, Account Number / IFSC
• Click on Submit to check the status

How to Apply for Belrise Industries Limited?

Here are the steps to apply for Belrise Industries Limited IPO:

• Step 1: Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.