IPO Overview
Incorporated in 2020, Liotech Industries Limited is a Rajkot, Gujarat-based precision hardware manufacturer operating on a B2B model. The company manufactures a wide range of hardware structures and accessories — including door kits, hinges (cut & butt, parliament, W, Z, and duck types), gate hooks, aldrops, locks, handles, tower bolts, and shelf bottoms — across more than 150 distinct product specifications. In addition to manufacturing, the company also trades complementary hardware products such as door stoppers, magnets, table brackets, bed lifters, and bell magnets. Its products serve a diverse set of industries including housing, infrastructure, agriculture, automotive, electricity, cement, mining, solar energy, and general engineering. The company operates from a single manufacturing facility located in the Shapar industrial region of Rajkot, Gujarat, spanning 12,632 square feet.
The company is now launching its SME IPO on the BSE SME platform, aiming to raise ₹36.02 crore. Unlike most IPOs, this is a Fixed Price Issue — the share price has been set at a flat ₹321 per share with no price band. The IPO opens on 17 June 2026 and closes on 19 June 2026, with listing expected on 24 June 2026 on the BSE SME platform.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Fixed Price Issue – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 17 June 2026 |
| IPO Close Date | 19 June 2026 |
| Allotment Date | 22 June 2026 (Expected) |
| Credit to Demat | 23 June 2026 |
| Listing Date | 24 June 2026 (Tentative) |
| Issue Price | ₹321 per share (Fixed) |
| Face Value | ₹10 per share |
| Lot Size | 400 shares |
| Minimum Investment (Retail) | ₹1,28,400 (1 lot = 400 shares) |
| Minimum Investment (HNI) | ₹2,56,800 (2 lots = 800 shares) |
| Issue Size | ₹36.02 crore |
| Fresh Issue | 8,42,000 shares (₹27.03 crore) |
| Offer For Sale (OFS) | 2,22,000 shares (₹7.13 crore) |
Note: The IPO has both a fresh issue and an OFS component. Fresh issue proceeds go to the company; OFS proceeds go to existing selling shareholders.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | 0% |
| Non-Institutional Investors (NII/HNI) | ~50% |
| Retail Individual Investors (RII) | ~50% |
| Market Maker | Up to 58,000 shares |
Note: This IPO has no QIB allocation — it is split entirely between NII and Retail investors, with a Market Maker reserved portion.
OFS / Selling Shareholders
The OFS component comprises 2,22,000 equity shares being offered by existing promoter shareholders. Proceeds from the OFS portion will go directly to the selling shareholders and not to the company.
Promoters / Selling Shareholders:
- Mr. Hiteshbhai Mansukhbhai Bhuva
- Mrs. Hetal Hitesh Bhuva
- Mr. Vipul Mansukhbhai Bhuva
- Mrs. Pushpaben Mansukhbhai Bhuva
- Mr. Mansukhbhai Kadvabhai Bhuva
- Mrs. Femina Vipulbhai Bhuva
Objects of the Issue (Fund Utilization)
The company plans to use the fresh issue proceeds as follows:
- Capital expenditure for acquiring new machinery — ₹7.50 crore
- Repayment / prepayment of existing borrowings — ₹4.15 crore
- Working capital requirements — ₹7.00 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Wealth Mine Networks Limited
- Registrar to the Issue: Kfin Technologies Limited
- Email: [email protected]
- Allotment Check: https://ipostatus.kfintech.com/
Promoters & Management
The company is promoted by a family group led by Mr. Hiteshbhai Mansukhbhai Bhuva, Managing Director, along with other family members. The promoters bring operational experience in hardware manufacturing and have built the company from inception in 2020 into a multi-product B2B hardware supplier with 150+ product SKUs. The team’s focus has been on expanding distribution through dealers, distributors, and furniture manufacturers across India.
Company Details
Liotech Industries Limited is engaged in the manufacturing and marketing of precision hardware structures and accessories. The company operates on a B2B model, supplying to dealers, distributors, and furniture manufacturers across India.
Sectors Served:
- Housing & Real Estate
- Infrastructure & Construction
- Agriculture
- Automotive
- Electricity & Power
- Cement & Mining
- Solar Energy
- General Engineering & Furniture Manufacturing
Key Products Manufactured:
- Door Kits, Hinges (Cut & Butt, Parliament, W, Z, Duck types)
- Gate Hooks, Aldrops, Locks & Handles
- Tower Bolts, Shelf Bottoms
- Traded Items: Door Stoppers, Magnets, Table Brackets, Bed Lifters, Bell Magnets
Key Capabilities:
- Over 150 distinct hardware product specifications under one manufacturing roof
- In-house activities spanning product design, manufacturing, quality testing, packaging, and logistics
- Strong presence in the Rajkot hardware and engineering manufacturing cluster — a well-known industrial hub in India
Manufacturing Facility:
- Shapar Industrial Region, Rajkot, Gujarat — 12,632 sq. ft.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹27.87 | ₹2.93 |
| FY25 | ₹40.69 | ₹4.16 |
Key Financial Metrics
- Revenue grew ~46% YoY from FY24 to FY25 — strong top-line momentum
- PAT grew ~42% YoY from ₹2.93 crore to ₹4.16 crore in FY25
- The company is a very small-scale operation with only 17 employees as of July 2024
- The IPO appears aggressively priced relative to its scale and earnings, based on analyst commentary
- Operating in a highly competitive and fragmented hardware segment raises concerns about long-term margin sustainability
Company Strengths
- Diversified product portfolio of 150+ hardware specifications across multiple industrial end-use sectors, reducing dependence on any single segment
- Strong presence in the Rajkot industrial cluster — one of India’s prominent engineering and hardware manufacturing hubs — providing operational and supply chain advantages
- Vertically integrated operations covering design, manufacturing, testing, packaging, and logistics under one roof
- Consistent and strong revenue and profit growth over recent years (46% revenue CAGR, FY24–FY25)
- Experienced family promoters with deep industry relationships and an established dealer and distributor network across India
Key Risks & Challenges
- Very young company: Incorporated only in 2020 — less than 6 years of track record, which is very limited for a public market listing
- Aggressively priced IPO: Analyst reviews suggest the IPO is priced high relative to the company’s scale, earnings, and growth stage
- Heavy customer concentration risk: The company derives a significant part of its revenue from a few major customers and has no long-term contracts with them — any customer loss can materially impact financials
- Very small operation: Only 17 employees as of July 2024 and a single facility of 12,632 sq. ft. — scale is very limited
- Highly competitive and fragmented sector: Hardware manufacturing is a commoditized space with thin margins and intense competition from organized and unorganized players
- OFS component present: A portion of the IPO proceeds goes to promoters via OFS, indicating partial promoter exit at a very early stage of the company’s life
- SME IPO liquidity risk: Limited secondary market trading volumes and higher volatility expected post-listing on BSE SME
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
