A Rajkot-based hardware manufacturer plans to raise Rs 34.17 crore via the BSE SME platform
Liotech Industries Ltd., a manufacturer and marketer of specialised hardware structures and accessories, opens for subscription on June 17 with the issue closing on June 19. The company is listing on the BSE SME platform. Notably, the IPO was originally scheduled for June 1–3 before being postponed to the current dates — for reasons not disclosed.
What the Company Does
Incorporated in 2020 and operating from a 12,632 sq. ft. manufacturing facility in Rajkot, Gujarat, Liotech manufactures a diverse range of hardware products including door kits, hinges (cut and butt, parliament, W, Z, and duck types), gate hooks, aldrops, locks, handles, tower bolts, and shelf bottoms — over 150 distinct specifications.
The company sells exclusively through a B2B model, serving customers across housing, infrastructure, agriculture, automotive, electricity, cement, mining, solar energy, and general engineering sectors. It also trades complementary products such as door stoppers, magnets, table brackets, and bed lifters. As of December 31, 2025, it had just 16 employees on its payroll.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | June 17, 2026 |
| Issue Closes | June 19, 2026 |
| Listing | BSE SME (June 24, 2026) |
| Issue Price | Rs 321 per share (Fixed Price) |
| Face Value | Rs 10 |
| Issue Size | Rs 36.02 crore |
| Fresh Issue | Rs 28.89 crore |
| OFS | Rs 7.13 crore |
| Lot Size | 400 shares (min 2 lots = 800 shares) |
| Min. Retail Investment | Rs 2,56,800 |
| Post-IPO Market Cap | Rs 125.19 crore |
| BRLM | Wealth Mine Networks Pvt. Ltd. |
| Registrar | KFin Technologies Ltd. |
| Market Maker | Aikyam Capital Pvt. Ltd. |
From net fresh proceeds: Rs 8 crore for machinery, Rs 7 crore for working capital, Rs 4.95 crore for debt repayment, Rs 4.33 crore for general corporate purposes.
Financial Performance
| Particulars (Rs cr) | FY23 | FY24 | FY25 | 9M FY26 |
|---|---|---|---|---|
| Revenue | 8.50 | 27.87 | 40.69 | 51.79 |
| PAT | 0.35 | 2.93 | 4.16 | 5.49 |
| PAT Margin | 4.06% | 10.50% | 10.24% | 10.64% |
| RoCE | 14.75% | 47.53% | 50.43% | 44.45% |
Revenue has grown sharply from Rs 8.50 crore in FY23 to Rs 40.69 crore in FY25, with 9M FY26 already at Rs 51.79 crore — implying a steep annualised run rate. The sudden jump in margins from 4.06% in FY23 to over 10% from FY24 onwards raises natural questions about sustainability in a competitive hardware segment. Trade receivables have increased sizably. No listed domestic peers exist for comparison.
The company has not paid any dividends since incorporation. Average EPS is Rs 10.87 and average RoNW is 37.90%. At the fixed price of Rs 321, the P/E is 17.11x on annualised FY26 earnings and 30.06x on FY25 — with a post-IPO P/BV of 2.79x.
BRLM Track Record: This is the 4th mandate from Wealth Mine Networks. All 3 prior listings closed at a discount. The BRLM has a very poor track record, and its last IPO, SMR Jewels, was extended, repriced, and still made a negative debut.
Risks to Consider
The IPO postponement from June 1–3 to June 17–19 is unusual and the reason has not been disclosed. The company was incorporated in 2020, making it a very young enterprise with a short operating track record. The post-IPO paid-up equity capital is tiny at Rs 3.90 crore, indicating a long gestation period before mainboard migration. With only 16 employees, operational depth is limited. There are no listed peers, removing any market-based valuation anchor.
Analyst View
Analysts note the company has posted growth in its top and bottom lines, but the margin boost from FY24 onwards raises eyebrows in a highly competitive and fragmented hardware segment. The issue appears aggressively priced, as per analysts.