Mumbai, May 28, 2025 – Belrise Industries Limited, a leading automotive component manufacturer, made a solid debut on the Indian stock exchanges today, listing at a premium despite a sluggish broader market. The company’s shares opened at ₹100 on the National Stock Exchange (NSE), reflecting an 11.11% premium over its IPO issue price of ₹90, and at ₹98.50 on the Bombay Stock Exchange (BSE), a 9.4% premium. The listing valued the company at approximately ₹8,678.10 crore, marking a significant milestone for the Pune-based firm known for its safety-critical automotive components and engineering solutions.
The initial public offering (IPO), which raised ₹2,150 crore through a fresh issue of 23.89 crore equity shares, saw robust demand during its subscription period from May 21 to May 23, 2025. The issue was subscribed 41.30 times, receiving bids for over 731 crore shares against the 17.70 crore shares offered, driven by strong participation from Qualified Institutional Buyers (QIBs) at 108.35 times, Non-Institutional Investors (NIIs) at 38.33 times, and retail investors at 4.27 times. The company also secured ₹645 crore from anchor investors, including marquee names like BlackRock, ICICI Prudential Mutual Fund, HDFC Mutual Fund, and Nippon Life India, prior to the IPO opening on May 20, 2025.
IPO Details and Listing Performance
The Belrise Industries IPO was a book-built issue with a price band of ₹85–₹90 per share and a minimum lot size of 166 shares, requiring a retail investment of ₹14,940 at the upper end. The shares were allotted on May 26, 2025, with refunds processed for unsuccessful bidders by May 27, 2025. The listing on May 28, 2025, was highly anticipated, with the grey market premium (GMP) indicating a potential listing gain of 21–23% in the days leading up to the debut. However, the actual listing premium of 11.11% on NSE and 9.4% on BSE fell short of these expectations, with the GMP reported at ₹24 on the listing day.
Analysts noted that the listing performance, while positive, was tempered by a weak broader market, with the BSE Sensex declining 200.32 points to 81,351.31 and the NSE Nifty dipping 61.2 points to 24,765 in early trade. Despite this, the debut was celebrated as a success, given the strong investor response and the company’s solid fundamentals.
Gaurav Garg from Lemonn Markets Desk commented, “Belrise Industries made a strong market debut on May 28, listing at ₹100 on the NSE (11.11% premium) and ₹98.50 on the BSE (9.44% premium) against its issue price of ₹90. The company’s strong OEM ties and focus on future-ready segments make it a promising pick for medium- to long-term investors.”
Company Profile and Strategic Objectives
Founded in 1996 and headquartered in Pune, Maharashtra, Belrise Industries (formerly Badve Engineering) is a prominent player in the automotive component manufacturing sector. The company specializes in safety-critical systems and engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial vehicles, and agri-vehicles. Its product portfolio includes over 1,000 items, such as metal chassis systems, polymer components, suspension systems, body-in-white components, exhaust systems, and battery containers, catering to both internal combustion engine (ICE) and electric vehicle (EV) markets.
Belrise serves 27 leading OEMs, including Bajaj Auto, Honda, Hero MotoCorp, Jaguar Land Rover, Royal Enfield, Tata Motors, and Mahindra, and operates 15 manufacturing plants across nine states in India as of June 30, 2024. The company is expanding its focus on EVs and precision engineering, aiming to increase content per vehicle and strengthen its position in the automotive supply chain.
The IPO proceeds are primarily earmarked for debt repayment, with ₹1,618.13 crore allocated to reduce outstanding borrowings, and the remainder for general corporate purposes. Despite a 17.5% decline in profit to ₹245.5 crore for the nine months ended December 2024, revenue grew marginally by 0.9% to ₹6,013 crore, reflecting resilience in a challenging market.
Expert Recommendations: Buy, Sell, or Hold?
Analysts have largely advocated a long-term investment approach for Belrise Industries shares, citing its strong fundamentals, diversified product portfolio, and strategic focus on high-growth segments like EVs. Narendra Solanki, Head of Fundamental Research at Anand Rathi Wealth, reiterated a “Subscribe – Long Term” stance, advising investors to hold the stock post-listing for sustained wealth creation.
Mahesh M. Ojha, AVP – Research and Business Development at Hensex Securities, suggested, “For investors who received allotment, it would be wise to hold the stock for the medium to long term. Those looking to enter post-listing should wait for price stability. If the stock retraces toward the ₹100–₹105 zone and fundamentals remain intact, it could offer a good entry opportunity.”
Prashanth Tapse of Mehta Equities noted that the listing was below street expectations due to market volatility but recommended that long-term investors hold their positions, while conservative investors might consider booking profits on listing day.
Posts on X echoed similar sentiments, with @StocktwitsIndia celebrating the 11% premium debut and @investorniti suggesting that a 15–30% listing gain was plausible, though market momentum could influence outcomes. However, these posts reflect market sentiment and are not conclusive indicators of performance.
Disclaimer: The views and investment tips expressed by experts are their own and not those of this publication. Investors are advised to consult certified financial advisors before making any investment decisions.
