Biopol Chemicals IPO

Biopol Chemicals Limitedbiopolchemicals.com

ListedSMEMaterialsNSE Emerge

Price band: ₹102 – ₹108
Issue size: ₹31.26 Cr
Lot size: 1200 sh
Bidding: 6 – 10 Feb
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

82Exceptional

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Biopol Chemicals, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2005 · Ahmedabad, Gujarat, India · 24 employees

Biopol Chemicals makes and trades specialty chemicals in four categories — silicones, emulsifiers, biochemicals and polyelectrolytes — across a portfolio of 66 products, of which 40 are silicone-based, 15 biochemical, 6 polyelectrolyte and 5 emulsifier. Its chemicals go into textile processing as softeners, emulsions and hardeners; into home care as silicone fluids and cleaning chemicals; into agriculture as silicone adjuvants and surfactants; and into industrial formulations as release agents. It also sells technical consultancy, advising customers on applying these chemicals in textile processing, dye manufacture and industrial formulations. It sells business-to-business to institutional buyers through direct sales and distributors, with no retail presence. Its manufacturing unit, corporate office and warehouse are in West Bengal and its registered office in Ahmedabad; exports go to Bangladesh. It had 24 employees at 31 December 2025.

Revenue comes from chemicals it manufactures plus chemicals it buys and resells, and materials dominate the cost base: in FY25 cost of materials consumed (Rs 27.51 Cr) plus purchases of stock-in-trade (Rs 15.67 Cr) absorbed most of Rs 49.13 Cr of operating revenue, leaving an EBITDA margin of 13.30%. The structural constraint is capacity. The plant ran at 93.59% utilisation in FY25, so the company bought third-party product to meet demand, lifting trading revenue from Rs 7.65 Cr (30.03% of revenue) in FY24 to Rs 16.58 Cr (33.75%) in FY25. Concentration is the second constraint: one customer was 36.48% of revenue in the nine months to December 2025, the top five 73.81%.

The company on paper

Legal name: Biopol Chemicals Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 12 Apr 2023trading as Biopol Chemicals since 2005
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U20297GJ2023PLC140117
Sector: Materials · Specialty chemicals — silicones, emulsifiers, biochemicals and polyelectrolytes for textiles, home care and agriculture
Employees: 24
Registered office: Ahmedabad, Gujarat, India
Promoters: Santanu Sarkar, Vedant Sarkar
Promoter holding, pre-issue: 89.9%
Promoter holding, post-issue: 65.8%
Website: biopolchemicals.com

The numbers

Financial performance

Revenue has compounded at 59.5% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹31.26 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹31.26 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 1,51,200

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 24.1% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription22.39×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹108.00
Listed at: ₹111.00
Listing gain: up 2.8%
Since listing: down 58.1%
Against the issue price: down 56.9%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 2,400
At cut-off price: ₹108.00
Amount blocked: ₹2,59,200

One lot is 1200 shares at ₹1,29,600. This issue requires a minimum of 2 lots, so the smallest application is ₹2,59,200. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~5%

chance of one lot, per application

Retail subscription: 20.80×
Applicants per share available: 20.8× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹111.00

listed at, 2.8% against the issue price

Issue price: ₹108.00
Premium said: —
If allotted 1200 shares: ₹3,600

Listing-day figures are as reported by the exchanges.

Our read

Easy to misread

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

Easy to miss in the prospectus

FY24 is a combined figure, not the listed company's own. The prospectus states that FY2023-24 'includes the combined amount pertaining to sole proprietorship firm of M/s. United Chemical Company from April 01, 2023 till September 30, 2023 and pertaining to the Company for the period from April 12, 2023 till March 31, 2024', and its KPI table and MD&A use that basis. Biopol Chemicals Limited alone reported FY24 revenue of Rs 17.43 Cr and PAT of Rs 1.28 Cr — so the FY24-to-FY25 revenue step looks like 1.9x on the prospectus basis but 2.8x for the company standalone.
FY23 is a different legal entity entirely. The company did not exist in FY2022-23; those figures are the sole proprietorship M/s United Chemical Company. Its 'net worth' of Rs 1.79 Cr is proprietor's capital, not shareholders' funds, which is why the FY23-to-FY24 net worth jump is a change of entity and capital structure rather than retained profit.
9M FY26 is a nine-month stub to 31 December 2025, not a full year. Its revenue of Rs 48.84 Cr sits just below FY25's full-year Rs 49.13 Cr, so placing the two side by side understates growth; on a nine-month basis revenue is running well ahead of the prior year.
Total borrowings nearly doubled from Rs 7.69 Cr at March 2025 to Rs 14.92 Cr at December 2025 while inventories and receivables also rose, so the nine-month profit was accompanied by a working-capital build rather than cash generation.
Revenue has migrated between states across the series: Gujarat fell from 64.71% of operating revenue in FY24 to 24.85% in FY25 and 0.30% in the nine months to December 2025, while West Bengal rose from 14.04% to 87.56%. Any state-level comparison across these periods is not like-for-like.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Biopol Chemicals — Red Herring Prospectus dated 2026-01-2222 Jan 2026The document the issue was bid on. Carries the price band and the dates.Opens on biopolchemicals.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Smart Horizon Capital Advisors Private Limited (formerly Shreni Capital Advisors Private Limited)
RegistrarAllotment status is checked on the registrar's own site: Bigshare Services Private Limited

How these figures were checked

Reconciled to Biopol Chemicals's own prospectus and to exchange disclosures, then cross-checked against 4 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 6 Feb 2026
Closes: 10 Feb 2026
Allotment: 11 Feb 2026
Lists: 13 Feb 2026
Revenue (FY25): ₹49.13 Cr
Profit (FY25): ₹4.33 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.