Belrise Industries IPO
Belrise Industries Limited (BELRISE) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 28 May 2025.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +29.9% (likely range +5% to +88%), day's high +45.3%, chance of a gain 97%. Actual: +11.1% at the open, +13.8% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 5,05,88,235 | 5,48,11,23,788 | 108x | |
| NII (HNI) total | 3,79,41,177 | 1,45,42,73,378 | 38.3x | |
| Big NII (above ₹10 lakh) | 2,52,94,118 | 1,14,66,26,740 | 45.3x | |
| Small NII (₹2-10 lakh) | 1,26,47,059 | 30,76,46,638 | 24.3x | |
| Retail | 8,85,29,412 | 37,76,42,032 | 4.27x | |
| Total | 17,70,58,824 | 7,31,30,39,198 | 41.3x |
Bids on NSE and BSE together, as published by NSE, as of 23 May 2025, 07:00 PM. Shares offered exclude the anchor portion. 4% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Belrise Industries's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Cello WorldNov 2023 | 109x | 24.4x | 3.06x | 38.9x | ₹2,068 Cr | +27.9% | +29.2% |
| ASK AutomotiveNov 2023 | 142x | 35.5x | 5.70x | 51.1x | ₹834 Cr | +7.5% | +12.3% |
| Kaynes Technology IndiaNov 2022 | 98.5x | 21.2x | 4.10x | 34.2x | ₹872 Cr | +32.5% | +33.9% |
| Campus ActivewearApr 2022 | 152x | 22.3x | 7.68x | 51.8x | ₹1,400 Cr | +23.3% | +43.1% |
| Yatharth Hospital and Trauma Care ServicesJul 2023 | 85.1x | 37.2x | 8.34x | 36.2x | ₹705 Cr | +2.0% | +14.4% |
| India Shelter Finance CorporationDec 2023 | 89.7x | 28.5x | 9.95x | 36.7x | ₹1,261 Cr | +25.8% | +27.8% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Axis Capital | 107 | +20.4% | 73% |
| HSBC Securities and Capital Markets (India) | 15 | +8.3% | 87% |
| Jefferies India | 26 | +19.5% | 81% |
| SBI Capital Markets | 56 | +16.7% | 61% |
Offer documents (NSE)
Frequently asked
What is the Belrise Industries IPO price band and lot size? ₹85.0–90.0 per share, with a lot of 166 shares, so the smallest retail bid is ₹14,940.
How many times has it been subscribed? 41.3x overall: QIB 108x, NII 38.3x, retail 4.27x.
How did it list? It opened at ₹100, +11.1% against the issue price of ₹90.0, and closed its first day +8.2%.
