Biopol Chemicals IPO Overview
Biopol Chemicals Limited is a specialty chemicals manufacturer and distributor headquartered in Ahmedabad, Gujarat, incorporated in April 2023 and operating primarily in the textile chemicals, home care, agriculture, and industrial chemicals segments. The company’s products include silicones, emulsifiers, biochemicals and polyelectrolytes used in a range of industrial applications such as textile processing, cleaning, and formulation support services. Biopol sells through a B2B model to institutional customers with operations spanning Gujarat and West Bengal, including manufacturing, corporate and warehouse facilities.
Biopol Chemicals is launching its Initial Public Offering (IPO) on the NSE SME platform to raise approximately ₹31.26 crore via a 100% fresh issue of equity shares. The issue is priced in the ₹102 – ₹108 per share band, with a lot size of 1,200 shares. At the upper band, the minimum retail investment is ~₹2.59 lakh.
IPO DETAILED INFORMATION
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME (NSE SME) |
| IPO Open Date | 06 February 2026 (Thursday) |
| IPO Close Date | 10 February 2026 (Monday) |
| Allotment Date | 11 February 2026 (Expected) |
| Credit to Demat | 12 February 2026 (Expected) |
| Refund Initiation | 12 February 2026 (Expected) |
| Listing Date | 13 February 2026 (Tentative) |
| Price Band | ₹102 to ₹108 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,200 shares |
| Min Investment (Retail) | ₹2,59,200 (2 lots at upper band) |
| sNII Investment | ~₹3,88,800 (3 lots minimum) |
| bNII Investment | ~₹10,36,800+ (8 lots minimum) |
| Issue Size | ₹31.26 crore (approx) |
| Fresh Issue | ₹31.26 crore (100%) |
| Offer For Sale (OFS) | Nil |
| Total Shares Offered | 28,94,400 equity shares |
| Listing | NSE SME |
Note: This is entirely a fresh issue with proceeds going to the company for growth and corporate purposes.
Issue Break‑up
Approximate category allocation based on available disclosures:
| Category | Allocation (Approx) | Shares |
| Qualified Institutional Buyers (QIB) | ~50% | ~14,47,200 |
| Non‑Institutional Investors (NII) | ~15% | ~4,34,160 |
| Retail Individual Investors (RII) | ~35% | ~10,12,080 |
| Total | 100% | 28,94,400 |
Selling Shareholders (OFS)
No Offer For Sale (OFS) — 100% of the IPO is a fresh issue with no promoters selling shares.
Objects of the Issue (Fund Utilization)
The net proceeds from the IPO will be used for:
- Acquisition of industrial land — to expand manufacturing footprint and capacity.
- Repayment or pre‑payment of borrowings — reducing interest burden and strengthening the balance sheet.
- General Corporate Purposes — working capital and strategic needs.
Strategic Context:
- Adding land and capacity supports medium‑term expansion in higher‑value specialty chemical segments.
- Repaying debt improves leverage and financial flexibility.
- General corporate investments can help consolidate market position and serve institutional clients more effectively.
Lead Managers & Registrar
- Book Running Lead Manager (BRLM): Smart Horizon Capital Advisors Pvt. Ltd.
- Registrar to the Issue: Bigshare Services Pvt. Ltd.
- Market Maker: Shreni Shares Ltd.
Promoters & Management
The promoters include Mr. Santanu Sarkar and Mr. Vedant Sarkar (and other key management personnel), who are involved in strategic, operational and corporate growth initiatives, driving the company’s specialty chemicals business.
COMPANY DETAILS
Incorporation & Structure:
- Biopol Chemicals Limited was incorporated on 12 April 2023, converting the company into a public limited company before the IPO.
Business Operations:
Biopol is engaged in the manufacturing, trading and distribution of specialty chemicals including:
- Silicone‑based products (textile softeners, fluids)
- Emulsifiers
- Biochemicals & polyelectrolytes
- Products serving textile processing, home care, agriculture, industrial chemicals and surface applications.
The company has four establishments across Gujarat and West Bengal — including manufacturing unit, corporate office, warehouse and registered office — with an installed capacity of ~18,25,000 litres per annum.
Financial Snapshot (Recent Financials)
| Period Ended | Revenue (₹ Cr) | PAT (₹ Cr) | Estimated PAT Margin |
| FY24 (Mar 2024) | ~17.43 | ~1.28 | ~7 %+ |
| FY25 (Mar 2025) | ~49.13 | ~4.33 | ~8.8 %+ |
| Dec 31 2025 (est) | ~48.97 | ~6.00 | ~12 %+ |
Estimated from latest reported data on revenue and profit trends.
Company Strengths
- Diversified portfolio of 66 specialty chemical products across silicones, emulsifiers, biochemicals and polyelectrolytes, catering to multiple industrial applications.
- B2B business model with institutional client base and technical consultancy support.
- Manufacturing presence in key regions (Gujarat & West Bengal) with significant installed capacity.
- Consistent revenue growth from FY24 to FY25, with increasing profitability.
- Debt reduction strategy via IPO proceeds may improve financial leverage.
- Technical expertise & repeat demand in textile chemical segments with manufacturer certifications and ISO compliance.
- Export potential to adjacent markets alongside domestic demand.
Key Risks & Challenges
- Dependence on Textile Industry: A large portion of revenue is linked to textile chemical segments, which can be cyclical and sensitive to industry demand.
- Limited Corporate Track Record: Company incorporated recently (2023) — relatively short track record as a public entity.
- Raw Material Price Volatility: Specialty chemicals production can be impacted by costs of raw materials and supply fluctuations.
- Regional Concentration: Significant revenue reliance from specific geographic markets like West Bengal and Gujarat may concentrate risk.
- SME IPO Market Volatility: SME listings may see price and liquidity fluctuations post‑listing due to smaller market depth.
- Environmental & Regulatory Compliance: Chemical manufacturing faces strict regulatory and environmental norms.
Disclaimer
This document is for educational and informational purposes and does not constitute investment advice. Investors should read the Red Herring Prospectus (RHP) and consult certified financial advisors before making investment decisions. Past performance is not indicative of future results and investments are subject to market risks.
