LAPL Automotive Limited IPO Overview
Incorporated on 30 November 2004, LAPL Automotive Limited is a Aurangabad, Maharashtra-based automotive components manufacturer with over 22 years of operational experience in the auto parts sector. The company operates as an ODM (Original Design Manufacturing) and OBM (Original Brand Manufacturing) under its own brand “LAPL,” designing and manufacturing automotive components in Aurangabad, Maharashtra, delivering tailored, high-quality solutions to clients and vehicle manufacturers. Under its Lighting Division, it manufactures essential automotive lighting components like tail lamps, blinker lamps, and headlamps. Under its Motor Division, it manufactures starter motors, wiper motors, and rotors for two- and three-wheelers.
The company is now launching its SME IPO on the BSE SME platform to raise ₹32.40 crore. The IPO consists entirely of a fresh issue, priced at a band of ₹88–₹94 per share, with a lot size of 1,200 shares. The IPO opens on 6 August 2026 and closes on 10 August 2026, with listing expected on 13 August 2026 on the BSE SME platform.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 6 August 2026 |
| IPO Close Date | 10 August 2026 |
| Allotment Date | 11 August 2026 (Expected) |
| Refund Initiation | 12 August 2026 |
| Credit to Demat | 12 August 2026 |
| Listing Date | 13 August 2026 (Tentative) |
| Price Band | ₹88 – ₹94 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,200 shares |
| Minimum Investment (Retail) | ₹2,25,600 (2 lots = 2,400 shares) |
| Issue Size | ₹32.40 crore |
| Fresh Issue | 34,46,400 shares (₹32.40 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds go directly to the company.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | 16,29,600 shares (~49.78%) |
| Non-Institutional Investors (NII/HNI) | 4,96,800 shares (~15.18%) |
| Retail Individual Investors (RII) | 11,47,200 shares (~35.04%) |
| Market Maker | 1,72,800 shares (firm allotment) |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The issue is entirely a fresh issue of 0.34 crore shares aggregating to ₹32.40 crore — all proceeds flow directly to the company.
Objects of the Issue (Fund Utilization)
The company plans to use the IPO proceeds for funding capital expenditure requirements towards setting up an additional manufacturing unit at Auric City, Aurangabad, Maharashtra, and for full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the company. The balance will be used for general corporate purposes.
- Capital expenditure for setting up a new manufacturing unit at Auric City, Aurangabad
- Repayment / prepayment of existing secured borrowings
- General corporate purposes
Lead Managers & Registrar
- Book Running Lead Manager: GYR Capital Advisors Private Limited
- Registrar to the Issue: Maashitla Securities Private Limited
Promoters & Management
The promoters of LAPL Automotive are Neeraj Satyaprakash Goyal, Shubham Neeraj Goyal, and Anita Neeraj Goyal. The promoters bring experienced leadership with deep domain knowledge in automotive component design and manufacturing, and have built an established multi-facility manufacturing base in Aurangabad over the past two decades.
Company Details
LAPL Automotive Limited specialises in the manufacturing of automotive lighting and signaling products as well as motor components under the “LAPL” brand. The manufacturing facility is strategically located in the MIDC Waluj area of Aurangabad, Maharashtra, equipped with state-of-the-art machinery, tool room facilities, and a dedicated testing lab to ensure the highest quality standards.
Sectors Served:
- Two-Wheeler Manufacturers & OEMs
- Three-Wheeler Manufacturers & OEMs
- Auto Component Distributors & Aftermarket
Key Products Manufactured:
Lighting Division:
- Tail Lamps, Blinker Lamps, Headlamps (AIS-compliant)
Motor Division:
- Starter Motors, Wiper Motors, Rotors
Business Models:
- ODM (Original Design Manufacturing) contributed 78% of revenue in FY26; OBM (Original Brand Manufacturing) under the “LAPL” brand contributed the remaining 22%.
Manufacturing Facilities:
- Three existing facilities in Aurangabad, with a fourth unit planned at Auric City, Aurangabad using IPO proceeds.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹61.03 | ₹2.17 |
| FY25 | ₹67.07 | ₹5.03 |
| FY26 | ₹93.30 | ₹8.60 |
Key Financial Metrics
- Revenue grew 41.3% in FY26 to ₹93.30 crore from ₹66 crore in FY25. PAT surged 71% in FY26 to ₹8.60 crore from ₹5.03 crore in FY25.
- Post-issue valuation stands at approximately 15.67x earnings — attractive relative to many SME manufacturing peers.
- Current Grey Market Premium (GMP): ₹16 per share (~17% premium over ₹94 upper price band) as of 2 August 2026.
- Entire IPO is a fresh issue — zero promoter exit
Company Strengths
- Experienced promoters and management team with established market setup and a diversified product range serving a wide spectrum of vehicle segments.
- Strong and accelerating financial performance — FY25 PAT rose to ₹5.03 crore from ₹2.17 crore in FY24, and FY26 showed further growth with revenue of ₹93.30 crore and PAT of ₹8.60 crore.
- Dual business model (ODM + OBM) provides both revenue stability and brand-building upside
- IPO proceeds earmarked for capacity expansion and debt reduction — a tangible growth trigger that can enhance future earnings while strengthening the balance sheet.
- In-house manufacturing capabilities with dedicated quality standards, tool room facilities, and testing labs across multiple facilities in Aurangabad.
- Attractively priced at ~15.67x post-issue P/E compared to listed automotive component peers
Key Risks & Challenges
- Business remains sensitive to broader automotive market cycles — any slowdown in two- or three-wheeler demand can directly impact revenue and profitability.
- Raw material procurement is heavily concentrated in Maharashtra — any regional disruption can adversely affect operations and supply chain continuity.
- Promoters, directors, and promoter group entities may have interests that could give rise to potential conflicts of interest.
- Certain historical filings with the Registrar of Companies are not available in certified form, which may expose the company to regulatory or legal risks.
- Heavy reliance on ODM model (78% of revenue) means the company remains largely dependent on client-specific mandates with limited pricing power
- SME IPO liquidity risk — limited secondary market trading volumes on the BSE SME platform
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.
