Biopol Chemicals Ltd
IPOIssue Details
Issue Size
– Cr
Fresh Issue
– Cr
OFS
– Cr
Price Band
₹102 – ₹108
Lot Size
1200
₹1,29,600
Face Value
₹10
Important Dates
Open Date
06 Feb 2026
Close Date
10 Feb 2026
Allotment
11 Feb 2026
Refund
12 Feb 2026
Listing
13 Feb 2026
About Company
Incorporated in 2023, Biopol Chemicals Limited is engaged in the manufacturing and distribution of specialty chemicals categorized into silicones, emulsifiers, biochemicals, and polyelectrolytes.
Its product portfolio comprises 66 products, including 40 silicone-based products, 5 emulsifier-based products, 15 biochemical products, and 6 polyelectrolyte products, catering to textiles, home care, agriculture, and industrial chemicals sectors.
The company operates on a B2B model, serving institutional clients rather than retail end-users.
Biopol has four establishments located in Gujarat and West Bengal, including its manufacturing unit, corporate office, warehouse in West Bengal, and registered office in Gujarat.
The manufacturing unit has an installed capacity of 18,25,000 litres per annum.
As of December 31, 2025, the company had 24 employees.
The company has export operations in Bangladesh.
Objects of the Issue
| # | Description | Amount (₹ Cr) |
|---|---|---|
| 1 | Acquisition of industrial land. | ₹12.26 |
| 2 | Repayment or prepayment, in full or in part, of borrowings availed by the Company from banks, financial institutions and non-banking financial companies. | ₹11.1 |
| 3 | General corporate purposes. | – |
Financial Performance
Share Reservations
QIB
6,86,400
Anchor
0
NII
10,94,400
Retail
9,62,400
Employee
0
Total
28,94,400
RHP Insights
AI-powered analysis from Red Herring Prospectus
Exceptional Financial Growth Post-Takeover
The company has demonstrated rapid scaling following the takeover of M/s. United Chemical Company. Restated Profit After Tax (PAT) surged from ₹53.79 Lakhs in FY 2023 to ₹434.34 Lakhs in FY 2025, reflecting successful business integration and expansion.
Impact: HighStrong Return on Net Worth (RoNW)
Biopol Chemicals reported a high RoNW of 32.07% for FY 2025. This significantly exceeds industry peers such as Rossari Biotech (15.62%) and Fineotex Chemical (19.31%), indicating superior efficiency in generating profits from equity.
Impact: HighHigh Dependency on the Textile Industry
A substantial portion of revenue is derived from specialty chemicals (silicones, emulsifiers, etc.) used in textile applications. Any downturn or adverse regulatory change in the textile sector poses a significant risk to business operations.
Impact: Low100% Fresh Issue of Equity Shares
The entire IPO consists of a Fresh Issue of up to 33,96,000 shares. There is no Offer for Sale (OFS) by promoters, ensuring that all net proceeds are utilized for company growth and general corporate purposes.
Impact: HighHistory of Delays in Statutory Dues
The company has recorded instances of delays in paying statutory dues, including Income Tax and EPF, with some delays extending up to 214 days. While corrective measures are in place, repeated delays could lead to penalties.
Impact: LowSWOT Analysis
AI-generated strategic view
Strengths
- •Healthy order book providing revenue visibility.
- •Own manufacturing unit with installed capacity of 18,25,000 litres per annum.
- •Quality certifications and robust quality assurance processes.
- •Strategic presence in Gujarat and West Bengal close to key industrial hubs.
- •Experienced promoter and management team.
- •Export operations in Bangladesh providing access to international markets.
Weaknesses
- •Limited operating history with incorporation in 2023.
- •Dependence on a relatively narrow customer base in B2B segment.
- •Exposure to volatility in raw material prices for specialty chemicals.
- •SME listing with relatively lower liquidity compared to mainboard peers.
Opportunities
- •Growing demand for specialty chemicals across textiles, home care, and agriculture sectors in India.
- •Expansion of export operations beyond Bangladesh.
- •Capacity expansion using IPO proceeds to cater to higher demand.
- •Ability to introduce new high-margin specialty products in existing segments.
Threats
- •Competition from established domestic and international specialty chemical manufacturers.
- •Regulatory and environmental compliance requirements for chemical manufacturing.
- •Fluctuations in global and domestic demand in end-user industries like textiles and agriculture.
- •Foreign exchange risk related to export operations.
Biopol Chemicals Ltd IPO Peer Comparison
The table below shows peer comparison from DRHP/RHP.
| Company | EPS Basic | EPS Diluted | NAV | P/E(x) | RoNW | Financial statements |
|---|---|---|---|---|---|---|
| Biopol Chemicals Ltd | 5.49 | 5.49 | 17.12 | 32.07 | – | Consolidated |
| Rossari Biotech Limited | 24.63 | 24.63 | 194.56 | 20.93 | 15.62 | Consolidated |
| Fineotex Chemical Limited | 9.44 | 9.44 | 54.93 | 2.3 | 19.31 | Consolidated |
| Indian Emulsifiers Limited | 10.88 | 10.88 | 91.04 | 7.19 | 20.01 | Consolidated |
Biopol Chemicals Ltd - Documents & Links
Registrar
Company contact
Biopol Chemicals Ltd
Address: D-211, 2nd Floor, Block-D, Sumel Business Park-6, Near Dudheshwar Circle, Dudheshwar Tavdipura, Ahmedabad, Gujarat, 380004
investors@biopolchemicals.comhttps://biopolchemicals.com/Lead managers
Frequently Asked Questions
Common questions about Biopol Chemicals Ltd IPO.