- Price band
- ₹321
- Issue size
- ₹36.02 Cr
- Lot size
- 400 sh
- Bidding
- 17 – 19 Jun
- Grey market
- —
Face value ₹10.00
80% fresh capital
Lists 24 Jun 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Liotech Industries makes builders' hardware — aldrops, hinges, tower bolts, handles and locks for doors and windows — at a 12,632 sq ft plant in Shapar, Rajkot, Gujarat, and sells business-to-business across more than 150 specifications; 16 people were on the payroll at 30 September 2025. Revenue was Rs 8.50 Cr in FY23, Rs 27.86 Cr in FY24 and Rs 40.68 Cr in FY25, and the nine-month stub to 31 December 2025 carries Rs 51.61 Cr, above the whole of FY25. The Rs 36.02 Cr fixed-price issue at Rs 321 (Rs 28.89 Cr fresh, Rs 7.13 Cr offer for sale) closed on 19 June 2026 subscribed 1.91 times overall. It listed on BSE SME on 24 June 2026 at Rs 257 and last traded at Rs 91.50 on 23 October 2026.
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.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for Liotech Industries, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow 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 2020 · Shapar, Rajkot, Gujarat, India · 16 employees
Liotech Industries makes builders' hardware at a 12,632 sq ft plant in Shapar, Rajkot, Gujarat. Its products are the metal fittings that go onto doors and windows: aldrops, door kits, butt, parliament, W, Z and duck hinges, gate hooks, tower bolts, handles, locks and shelf bottoms, across more than 150 specifications. It sells business-to-business, not retail, to buyers in housing, infrastructure, agriculture, automotive, electricity, cement, mining, solar and general engineering. Alongside what it manufactures, it buys and resells supplementary items such as door stoppers, magnets, table brackets and bed lifters. The plant is ISO 9001:2015 certified. Products reached about nine Indian states and union territories, with most revenue from Gujarat. Sixteen people were on the payroll at 30 September 2025.
Revenue is the sale of steel hardware, 93.68% manufactured and 6.32% traded in FY25. The economics are a thin conversion spread over steel: cost of material consumed was ₹4,543.19 lakhs in the nine months to 31 December 2025, 87.73% of total income, leaving a 16.25% EBITDA margin on ₹5,160.56 lakhs of operating revenue. Volume, not price, drives growth — installed capacity rose to 2,458.56 MT in FY25 at 88.43% utilisation, which is why ₹800.00 lakhs of the issue goes to plant and machinery. The constraints are concentration and scale: the top five customers were 61.25% of FY25 revenue, 51.74% came from western India, and 16 people run the plant.
The company on paper
- Legal name
- Liotech Industries Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 17 Jun 2020
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U27100GJ2020PLC114008
- Sector
- Industrials · Builders' hardware — door and window fittings made for B2B buyers
- Employees
- 16
- Registered office
- Shapar, Rajkot, Gujarat, India
- Promoters
- Hiteshbhai Mansukhbhai Bhuva, Hetal Hitesh Bhuva, Vipul Mansukhbhai Bhuva, Pushpaben Mansukhbhai Bhuva, Mansukhbhai Kadvabhai Bhuva, Femina Vipulbhai Bhuva
- Promoter holding, pre-issue
- 100.0%
- Promoter holding, post-issue
- 71.2%
- Website
- liotechindustries.in
The numbers
Financial performance
Revenue has compounded at 118.8% 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
80% 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
- ₹28.89 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹7.13 Cr
- Total issue size
- ₹36.02 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
- 58,000
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 28.8% 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.
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
- ₹321.00
- Listed at
- ₹257.00
- Listing gain
- down 19.9%
- Since listing
- down 66.5%
- Against the issue price
- down 73.2%
Trading at ₹86.00 on 30 Oct 2026
What an allotment is worth now, before costs
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.
- Shares applied for
- 800
- At cut-off price
- ₹321.00
- Amount blocked
- ₹2,56,800
One lot is 400 shares at ₹1,28,400. This issue requires a minimum of 2 lots, so the smallest application is ₹2,56,800. 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.
~34%
chance of one lot, per application
- Retail subscription
- 2.97×
- Applicants per share available
- 3.0× 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.
₹257.00
listed at, −19.9% against the issue price
- Issue price
- ₹321.00
- Premium said
- —
- If allotted 400 shares
- −₹25,600
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Revenue rose in each of the three annual periods on record: Rs 8.50 Cr in FY23, Rs 27.86 Cr in FY24 (a rise of 227.76%) and Rs 40.68 Cr in FY25 (a further 46.02%). The nine-month stub to 31 December 2025 separately carries Rs 51.61 Cr.
- EBITDA margin was 10.24% in FY23 (Rs 0.87 Cr on Rs 8.50 Cr) and was higher at each later period on record: 15.97% in FY24 (Rs 4.45 Cr on Rs 27.86 Cr), 16.13% in FY25 (Rs 6.56 Cr on Rs 40.68 Cr) and 16.26% in the nine months to 31 December 2025 (Rs 8.39 Cr on Rs 51.61 Cr).
- Net worth was Rs 2.36 Cr at FY23 and Rs 6.28 Cr, Rs 10.45 Cr and Rs 15.93 Cr at the three later period ends. Borrowings over the same periods were Rs 1.38 Cr, Rs 3.55 Cr, Rs 4.22 Cr and Rs 4.81 Cr, so borrowings as a multiple of net worth were lower at each period: 0.58x, 0.57x, 0.40x and 0.30x.
- Profit after tax was Rs 0.35 Cr in FY23, Rs 2.93 Cr in FY24, Rs 4.16 Cr in FY25 and Rs 5.49 Cr in the nine months to 31 December 2025. On the matching revenue figures those are PAT margins of 4.12%, 10.52%, 10.23% and 10.64%.
What to weigh against it
- The business description reports that the top five customers were 61.25% of FY25 revenue and that 51.74% of revenue came from western India; the company describes its products as having reached about nine Indian states and union territories, with most revenue from Gujarat.
- The business description reports cost of material consumed of Rs 4,543.19 lakhs in the nine months to 31 December 2025, which it puts at 87.73% of total income. It also states that revenue in FY25 was 93.68% manufactured and 6.32% traded.
- The operation is small and single-sited: one plant of 12,632 sq ft with 16 people on the payroll at 30 September 2025. The company was incorporated on 17 June 2020 and the record's financial history begins at FY23.
- The shares were issued at a fixed price of Rs 321. They listed at Rs 257 on 24 June 2026, a listing gain of -19.94%, closed the first day at Rs 244.15, and last traded at Rs 91.50 on 23 October 2026, 71.50% below the issue price.
Easy to miss in the prospectus
- The record carries only the day-three book, 19 June 2026: 1.91 times overall, with the non-institutional portion at 0.85 times and retail at 2.97 times. There is no day-one or day-two book, and no QIB or anchor allocation is recorded for this fixed-price issue.
- Promoter holding is recorded at 99.99% before the issue and 71.23% after it, a fall of 28.76 percentage points, across six named promoters of the Bhuva family.
- Several fields a reader might want are empty: there are no valuation multiples, no peer set, no offer-object breakdown beyond the Rs 800.00 lakhs for plant and machinery named in the business description, and no total-assets or operating-cash-flow figures for any of the four periods.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
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
- Wealth Mine Networks Limited
- RegistrarAllotment status is checked on the registrar's own site
- KFin Technologies Limited
How these figures were checked
Reconciled to Liotech Industries's own prospectus and to exchange disclosures, then cross-checked against 6 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.
- Prospectus dated June 10, 2026 (final, 100% Fixed Price Issue) — Wealth Mine Networks · read 16 Oct 2026
- BSE equity bhavcopy 2026-06-24 (listing day): ISIN INE0TKX01011, scrip 544796, series MT, open 257.00, close 244.15, prev close 0.00, NewBrdLotQty 400 · read 16 Oct 2026
- BSE equity bhavcopy 2026-06-23 (LIOTECH absent — confirms 24 Jun as first trading day) · read 16 Oct 2026
- BSE equity bhavcopy 2026-06-25 (day 2: close 231.95, prev close 244.15, lot 400) · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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