Liotech Industries IPO
ListedSME
1.91×
Subscribed
Price band
₹321 – ₹321
Issue size
₹36.02 Cr
Open – close
17 Jun 2026
to 19 Jun 2026
Listing
24 Jun 2026
Listing gain
-19.94%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong4 of 7 dimensions read
The disclosed numbers are strong — 3 of 4 signals read positive
Strength82/100
- Strong revenue growthRevenue compounding at 247.4% across the reported years
- High return on equityROE of 26.1%
- Conservative balance sheetDebt/equity of 0.33×
- Book coveredThe book is subscribed 1.91× overall
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed, and is pulled toward neutral to reflect how much the document leaves unsaid. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens17 Jun 2026
- Closes19 Jun 2026
- Listing24 Jun 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Non-institutionalNII / HNI0.85x
Retail individualRII2.97x
2,248 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 19 Jun 2026.
Chance of allotment
Retail2.97× subscribed
~1 in 3
Retail is 2.97× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 3 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII0.85× subscribed
Full allotment
The HNI portion is under-subscribed at 0.85×, so applications should be allotted in full.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹51+15.9%
over the upper band · last seen 07 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹321 – ₹321
Total issue size₹36.02 Cr
Listing atSME platform
Company & valuation
Return on equity26.13%
Debt / equity0.33×
ROCE44.45%
RoNW34.44%
PAT Margin10.64%
EBITDA Margin16.25%
NAV53.12
Price to Book Value6.04
ISININE0TKX01011
RegistrarKFIN TECHNOLOGIES LIMITED
Lead managersWEALTH MINE NETWORKS LIMITED
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| NII (HNI) Shares Offered | 5,32,000 | 47.42% |
| Retail Shares Offered | 5,32,000 | 47.42% |
| Market Maker Shares Offered | 58,000 | 5.17% |
Total issue 11,22,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Individual investors (IND) (Min)₹2,56,8002 lots · 800 sh
Individual investors (IND) (Max)₹2,56,8002 lots · 800 sh
HNI (Min)₹3,85,2003 lots · 1,200 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2023 | 0.345 | 0.448 | 0.345 | 3.356 | 1.384 |
| 2024 | 2.926 | 3.789 | 2.926 | 7.289 | 3.711 |
| 2025 | 4.164 | 5.602 | 4.164 | 15.935 | 5.235 |
Revenue CAGR 247.4%PAT CAGR 247.4%
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumThe company derives a significant part of its revenue from its top ten customers, who contributed 99.28%, 91.43%, 97.87% and 98.45% of revenues for the period ended December 31, 2025 and years ended March 31, 2025, 2024 and 2023 respectively. The company does not have long-term contracts with these
mediumThe company is highly dependent on suppliers for uninterrupted supply of raw materials, specifically S.S. Rods, S.S. Sheets, S.S. Coil and S.S. Patta Patti, stainless steel and other hardware items. The company has not entered into any long-term supply agreement for the major raw materials.
mediumThe company's manufacturing unit is based in Gujarat, specifically in the district of Rajkot. A significant portion of sales come from customers in Gujarat State, and the company is vulnerable to local, regional, and environmental factors including social and civil unrest, regional conflicts, civil
Litigation
Our Company, our Directors, and our Promoters are subject to various legal proceedings from time to time, mostly arising in the ordinary course of our business. Except as stated below there is no (i) pending criminal litigation involving our Company, Directors, Promoter or Group Companies; (ii) actions taken by statutory or regulatory authorities involving our Company, Directors, Promoter or Group Companies; (iii) outstanding claims involving our Company, Directors, Promoter or Group Companies for any direct and indirect tax liabilities; (iv) outstanding proceedings initiated against our Company for economic offences; (v) defaults or non-payment of statutory dues by our Company; (vi) material fraud against our Company in the last five years immediately preceding the year of this Prospectus; (vii) inquiry, inspection or investigation initiated or conducted under the Companies Act 2013 or any previous companies law against our Company during the last five years immediately preceding the year of this Prospectus and if there were prosecutions filed (whether pending or not); (viii) fines imposed or compounding of offences for our Company in the last five years immediately preceding the year of this Prospectus; (ix) litigation or legal action against our Promoter by any ministry or Government department or statutory authority during the last five years immediately preceding the year of this Prospectus; (x) pending litigations involving our Company, Directors, Promoter, Group Companies or any other person, as determined to be material by the Company’s Board of Directors in accordance with the SEBI (ICDR) Regulations; or (xi) outstanding dues to creditors of our Company as determined to be material by our Company’s Board of Directors in accordance with the SEBI (ICDR) Regulations and dues to small scale undertakings and other creditors. The disclosure made in other pending litigation is in compliance with the above threshold limit. Our Company, its Directors, and its Promoters are not Wilful Defaulters and there have been no violations of securities laws in the past or pending against them, have not been debarred from dealing in securities and/or accessing capital markets by the SEBI and no disciplinary action has been taken by the SEBI or any stock exchanges against our Company, our Promoter or our Directors, that may have a material adverse effect on our business or financial position, nor, so far as we are aware, are there any such proceedings pending or threatened.
Positives the filing discloses (3)
Low leverage
Debt-to-equity of 0.33x.
Strong revenue growth
Restated revenue CAGR of 247.4%.
Healthy return on equity
ROE of 26.1%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
-2.2%
Listed up
1 of 8
Best
+0.4%
Papadmalji Agro Foods Limited
Worst
-17.5%
Himalayan Solar
Ravita Engineering Services Limitedsame segment
6.7× sub+0.0%
Vaibhav Vyapaar Limitedsame segment
3.1× sub-2.0%
R.K. Fashion Accessories Limitedsame segment
2.6× sub-2.4%
Eventions Limitedsame segment
2.3× sub-5.9%
Green Asia Impexsame segment
1.0× sub+0.0%
Papadmalji Agro Foods Limitedsame segment
2.5× sub+0.4%
Dudani Retailsame segment
1.4× sub-13.8%
Himalayan Solarsame segment
1.2× sub-17.5%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Liotech Industries IPO GMP today?
The most recent grey-market premium recorded for Liotech Industries is ₹51 per share — about 15.9% over the ₹321 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Liotech Industries IPO subscribed?
Liotech Industries is subscribed 1.91× overall (NII 0.85×, retail 2.97×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, KFIN TECHNOLOGIES LIMITED.
What are the chances of allotment in the Liotech Industries IPO?
The retail portion is subscribed 2.97×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 3. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.