Three IPOs Open on September 24: BMW Ventures, Epack Prefab and Jain Resource Recycling – Full Analysis Must check before applying
The IPO season continues with three new public issues opening on September 24 – BMW Ventures Ltd, Epack Prefab Technologies Ltd, and Jain Resource Recycling Ltd. All three will close on September 26, with a tentative listing date of October 1. Here is a detailed analysis for investors.
BMW Ventures IPO Analysis
BMW Ventures Ltd is a trading and distribution company dealing in steel and metal products such as TMT bars, pipes, binding wires, colour-coated sheets, and other fabrication materials. Despite its name, it has no relation to BMW Group (the automaker).
Financials:
Debt-to-equity: ~2.04 (high leverage)
ROE: ~15.6%
ROCE: ~12.8%
Sales rising but profit growth remains flat
IPO details:
Price band: ₹94 – ₹99 per share
Lot size: 151 shares (~₹14,949 minimum investment)
Issue size: ~₹231.66 crore (fresh issue only)
Allocation: QIB ~1%, NII ~22.5%, Retail ~76.5%
Dates: Sep 24 – Sep 26; Listing Oct 1
Weak financials, high debt and limited institutional interest make this IPO less attractive for long-term investors.
Epack Prefab Technologies IPO Analysis
Epack Prefab Technologies Ltd is engaged in prefabricated structures such as industrial sheds, warehouses, modular offices, clean rooms, and turnkey fabrication projects.
Financials:
Debt-to-equity: ~0.15 (very low)
ROE: ~22–23%
ROCE: ~22–23%
Net profit more than tripled in last two years
IPO details:
Price band: ₹194 – ₹204 per share
Lot size: 73 shares (~₹14,892 minimum investment)
Issue size: ~₹504 crore (Fresh issue ~₹300 cr, OFS ~₹204 cr)
Allocation: QIB 50%, NII 15%, Retail 35%
Dates: Sep 24 – Sep 26; Listing Oct 1
Strong growth, robust margins, low debt, and balanced investor reservation make Epack Prefab the most promising of the three IPOs.
Jain Resource Recycling IPO Analysis
Jain Resource Recycling Ltd is a leading metal recycling company, producing copper, aluminium, and lead products used in batteries, electronics, and other industries. Its clients include Vedanta, Lumino, MSUBS, and Nissan Trading.
Financials (FY25):
Revenue: ~₹7,126 crore (up ~61% YoY)
PAT: ~₹223 crore (up ~36% YoY)
Debt-to-equity: ~0.92 (moderate)
IPO details:
Price band: ₹220 – ₹232 per share
Lot size: 64 shares (~₹14,848 minimum investment at upper band)
Issue size: ~₹1,250 crore (Fresh ~₹500 cr, OFS ~₹750 cr)
Dates: Sep 24 – Sep 26; Listing Oct 1
With strong growth and a large industry presence, Jain Resource is attractive, but profitability depends heavily on global metal prices, which makes it a moderate-risk investment.
Final View
Epack Prefab Technologies – ★ Best pick, strong fundamentals and growth potential.
Jain Resource Recycling – ★ Good long-term story but cyclical risk; moderate listing gains possible.
BMW Ventures – ★ Avoid due to high debt and weak investor confidence.
Editor’s Note: Grey Market Premiums (GMPs) for these IPOs have been reported in the range of ₹10–22 per share, but GMP is unofficial and highly volatile. Investors should not rely on GMP alone when making decisions.
