The September IPO fever continues. Three brand new IPOs hit the markets today. The Rs 231.66 crore BMW Ventures issue is one of them. It opens on September 24, and bidding will close on September 26. The company, primarily into trading of steel products and their distribution, also deals in spare parts, tractor engines and PVC pipes. 

Let’s now take a look at whether this issue is worth subscribing for – 

ALSO READ

BMW Ventures IPO: Issue details

The Rs 231.66 crore IPO price band has been set at Rs 94-99 per share. The BMW Ventures IPO has over 2 crore shares on offer. There is no offer-for-sale component in this open IPO. It is entirely a fresh issuance of shares. 

BMW Ventures IPO: IPO lot size

The lot size of the BMW Ventures IPO has been fixed at 151. The retail investors who are interested in bidding for the IPO have to apply for a minimum of 1 lot comprising 151 shares. The number of lots increases for NIIs. 
Therefore, the minimum amount that retail investors have to put in is Rs 14,949. This is the net value of 151 shares on the basis of the upper end of the price band. Small NIIs need to apply for 14 lots amounting to Rs 2.09 lakh and 2,114 shares. For bNIIs, the application comprises 67 lots or 10,117 shares. This amounts to Rs 10.01 lakh at the upper end of the issue price. 

BMW Ventures IPO: GMP trends

There has been no distinctive GMP trend seen so far. As of now the BMW Ventures IPO is trading flat. Typically the higher GMP indicates a premium on the listing day. However, this is an unofficial platform, and the actual listing rate could be significantly higher or lower than the GMP indication. 

BMW Ventures IPO: Allotment and listing date

The allotment for the BMW Ventures IPO is likely to be finalised on September 29. The listing of the new issue is expected to be on October 1. 

ALSO READ

BMW Ventures IPO: Issue objectives

The primary objective of the BMW Ventures IPO is addressing finding needs for the working capital of the company. Some amount of the proceeds would also be used for meeting IPO expenses and other corporate costs.