BMW Ventures Refiles For IPO, Pivots Fund Use From Working Capital To Debt Repayment

Nearly six months after it withdrew draft papers for its initial public offering, BMW Ventures Ltd. has refiled preliminary papers with the Securities and Exchange Board of India for its market debut.

The IPO will comprise only a fresh issue of 2.34 crore equity shares, with no offer for sale component. This means the offer size has been reduced by 18,000 shares as compared to the last attempt.

However, this time, BMW Ventures will be using IPO funds worth up to Rs 174 crore for debt repayment. In its previous attempt, the company had said it would use Rs 175 crore from the proceeds for funding working capital.

Like the previous attempt, Sarthi Capital Advisors Pvt. will be the sole book-running lead manager and the shares will be listed on the National Stock Exchange and the BSE.

BMW Ventures had first filed draft papers with SEBI in September 2024, but had withdrawn the offer two months later.

The Bihar-based company is involved in the distribution of long and flat steel products. The company deals in various steel products, including TMT bars, GI sheets, HR sheets, wire rods, galvanised colour-coated sheets, and doors.

It is also engaged in the distribution of tractor engines and spare parts to dealers. The steel distribution business contributed 97.56% and 98.10% to the revenue from operations for fiscal 2024 and fiscal 2023, respectively.