Bhavik Enterprises
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 06 Oct 2025 | ₹0 | 0.00% | ₹0 | ₹140 | ₹0 |
| 05 Oct 2025 | ₹0 | 0.00% | ₹0 | ₹140 | ₹0 |
| 04 Oct 2025 | ₹0 | 0.00% | ₹0 | ₹140 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 25 Sept 2025 – 30 Sept 2025
- Listing date
- 06 Oct 2025
- Face value
- ₹1 per share
- Issue price
- ₹140 per share
- Lot size
- 1,000 shares
- Issue type
- Fixed Price issue
- Listing at
- BSE
- Total issue size
- ₹77 Cr
- Market cap at offer price
- ₹285 Cr
- Promoter holding
- 99.99% → 72.98% pre-issue → post-issue
- ISIN
- INE18PB01017
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Smart Horizon Capital Advisors Pvt.Ltd.
- Registered office
- Office No.1105, 11th Floor, DLH Park, S V Road, Goregaon West, Malad, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 0 | — | — |
| Market maker | 2,80,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹140
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,40,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,80,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,80,000 |
| B-HNI (min) | 8 | 8,000 | ₹11,20,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹140 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.58 | 2.79 |
| P/E (×) | 39.11 | 50.18 |
| Price to book (×) | 2.27 | — |
| Market cap | — | ₹285 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 5.80%
- ROCE
- 7.84%
- PAT margin
- 1.08%
- EBITDA margin
- 0.75%
- NAV per share
- ₹61.81
- Price to book
- 2.27
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Bhavik Enterprises
Bhavik Enterprises Limited, incorporated September 15, 2008, operates in the domestic B2B trading of polymers, primarily polyethylene (PE) and polypropylene (PP). The company imports materials and stores them in warehouses and depots across western India before selling to plastic product manufacturers. Its customer base includes manufacturers of pressure pipes, non-pressure pipes, drip pipes, shrink films, lamination films, mulch films, greenhouse films, CPP films, liners, EPE foam, woven sack bags, spun bond nonwoven fabric, paint pails, crates, houseware products, suitcases, and thin wall containers. The business, which traces its origins to proprietorship firm M/s. Emmen Plastics (established 1977) and partnership M/s Bhavik Enterprises (established 1984), was consolidated into the current corporate structure in 2009. The company is an authorized distributor of Borouge Pte Ltd and trades LyondellBasell products. Revenue for the nine-month period ending December 31, 2024, and fiscal years 2024, 2023, and 2022 were ₹386.30 crores, ₹494.12 crores, ₹487.27 crores, and ₹283.76 crores respectively.
Company Analysis
from DRHPBhavik Enterprises Limited is a B2B polymer trader importing and distributing polyethylene (PE) and polypropylene (PP) for manufacturers in packaging, infrastructure, and agriculture sectors across India.
Bhavik Enterprises Limited, incorporated September 15, 2008, operates in the domestic B2B trading of polymers, primarily polyethylene (PE) and polypropylene (PP). The company imports materials and stores them in warehouses and depots across western India before selling to plastic product manufacturers. Its customer base includes manufacturers of pressure pipes, non-pressure pipes, drip pipes, shrink films, lamination films, mulch films, greenhouse films, CPP films, liners, EPE foam, woven sack bags, spun bond nonwoven fabric, paint pails, crates, houseware products, suitcases, and thin wall containers. The business, which traces its origins to proprietorship firm M/s. Emmen Plastics (established 1977) and partnership M/s Bhavik Enterprises (established 1984), was consolidated into the current corporate structure in 2009. The company is an authorized distributor of Borouge Pte Ltd and trades LyondellBasell products. Revenue for the nine-month period ending December 31, 2024, and fiscal years 2024, 2023, and 2022 were ₹386.30 crores, ₹494.12 crores, ₹487.27 crores, and ₹283.76 crores respectively.
Objects of the Issue
- Funding working capital requirements of our company ₹47.50 crores p.80
- General corporate purposes p.79
Issue Structure
- Total Issue
- ₹77 crores
- Fresh Issue
- ₹63 crores (45,00,000 equity shares at ₹140/share)
- Offer for Sale
- ₹14 crores (10,00,000 equity shares by promoters at ₹140/share)
- Price Band
- ₹140 per equity share (fixed price)
- Lot Size
- 1,000 equity shares and in multiples thereof
- Face Value
- ₹10 per equity share
Business Model
Stock & Sale model: The company imports polymers from international suppliers (primarily Borouge Pte Ltd and Basell International Trading FZE) on CIF basis, stores them in 12 warehouses and 12 depots across western India, and sells to B2B plastic manufacturers. The company maintains 30-35 days average inventory holding period to bridge the gap between 45-60 day supplier payment terms and 30-40 day customer payment terms. Revenue earned through direct sales of polymer products to domestic plastic manufacturers.
Business Segments
SWOT Analysis
- • Authorized distributor of Borouge Pte Ltd with 20 years of distribution agreement history(p.31)
- • Over four decades of experience in polymers industry through promoters(p.131)
- • ISO 9001:2015 certification and strong operational scale(p.131)
- • Diversified product portfolio across polyethylene and polypropylene variants(p.130)
- • Debt-free financial structure(p.23)
- • Strategic warehouse and depot network in Western India(p.32)
- • Heavy dependence on single supplier (Borouge) representing 79.91% of purchases in current period(p.29)
- • Negative operating cash flows in recent periods(p.33)
- • Significant working capital gap requiring careful management(p.34)
- • Inventory comprises substantial portion of current assets (44.72% as of Dec 31, 2024)(p.33)
- • History of tax compliance issues and delays in statutory filings(p.38)
- • Expansion into new geographic markets within India(p.131)
- • Growing Indian polymers market with strong demand drivers(p.110)
- • High India GDP growth trajectory supporting consumption(p.105)
- • Growing packaging industry demand driven by e-commerce(p.120)
- • Expanding automotive sector driving polymer demand(p.119)
- • Termination or adverse modification of Borouge distribution agreement(p.30)
- • Restrictions on import of polymers by regulatory authorities(p.32)
- • Disruptions at western Indian ports affecting supply chain(p.32)
- • Regulatory momentum toward banning plastic products(p.31)
- • Price volatility in raw material procurement with lag in cost recovery(p.31)
- • Heavy geographic concentration with 89.24% of sales from Western India(p.131)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Mukesh Natverlal Thakkar | Promoter & Chairman cum Whole-time Director | 26.64% | 19.27% |
| Mr. Bhavik Mukesh Thakkar | Promoter & Managing Director | 15.62% | 10.69% |
| Ms. Purnima Mukesh Thakkar | Promoter & Executive Director | 57.28% | 42.66% |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.