Bhavik Enterprises Ltd IPO
Status: Closed
Overview
IPO date
25 Sept 2025 to 30 Sept 2025
Face value
₹ 0 per share
Price
₹ 140 to ₹140 per share
Issue Size
5,500,000 shares
(aggregating up to ₹ 77 Cr)
(aggregating up to ₹ 77 Cr)
Allotment Date
01 Oct 2025
Listing at
NSE
Issue type
Fixed Price - SME
Sector
Trading
Objectives of Bhavik Enterprises Ltd IPO
Bhavik Enterprises Ltd IPO Strategy
About Bhavik Enterprises Ltd
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T&C*
Strengths vs Risks of Bhavik Enterprises Ltd
Know the pros & cons
Strengths
Wide product portfolio having applications across various industries verticals.- Long term relationship with clients.
- Well established relationship with suppliers.
- Leveraging the experience of our Promoters.
- Strategic location of our warehouses and depots.
- Debt Free Structure.
Risks
- The company derives the company's revenue from trading of polymers for which we are dependent on certain suppliers for its operations and
an increase in the cost of, or a shortfall in the availability or quality of such products could have an adverse effect on
the company's business, financial condition and results of operations.
- Termination or non-renewal of the distribution agreements by Borouge Pte Ltd. or any material modification to the
existing terms under such agreements adverse to the company's interest will materially and adversely affect its ability to continue
the company's business and operations and the company's future financial performance.
- The company derives the company's revenue from the domestic market and substantial portion of revenue from the western region of India
and the Union Territory of Dadra and Nagar Haveli and Daman and Diu i.e. Daman & Silvassa. Any adverse
developments affecting its operations in western region could have an adverse impact on the company's revenue and results of
operations.
- The company has certain outstanding litigation against the company, an adverse outcome of which may adversely affect its business,
reputation and results of operations.
- There is an increased awareness towards controlling plastic pollution and many economies including India have joined
in the efforts to ban certain types of plastic products. In case any key plastic material traded by the company or end-use consumer
product that is packaged using raw material of the company's supplier is banned in India, it could have a material and adverse effect
on the company's business, financial condition, cash flows and results of operations.
- Prices fluctuate every day in line with market changes. However, during periods of sharp price increases, there may be a
lag before these adjustments take effect, which could negatively impact the company's profitability in the interim duration. This
exposure to price volatility may result in reduced margins and affect its short-term financial performance.
- Restrictions on import may adversely impact the company's business, cash flows and results of operations.
- Any disruption at the ports in western region of India may adversely affect its business and operational performance.
- Inventories and trade receivables form a major part of the company's current assets. Failure to manage its inventory and trade
receivables could have an adverse effect on the company's sales, profitability, cash flow and liquidity.
- The Company had negative cash flows in the past years, details of which are given below. Sustained negative cash flow
could impact its growth and business.
- The company is exposed to counterparty credit risk and any delay in receiving payments or non-receipt of payments may adversely
impact the company's results of operations.
- The company requires working capital for the company's smooth day-to-day operations of business and any discontinuance or our inability to
acquire adequate working capital timely and on favourable terms may have an adverse effect on the company's operations,
profitability and growth prospects.
- The company does not own some of the premises from where the company operates. The company's warehouses and depots are not owned by the company and are
taken on rental basis. If the company is unable to renew existing rental agreements or relocate our operations on commercially
reasonable terms, there may be a material adverse effect on our business, financial condition, results of operations and
cash flows could be adversely affected.
- The Company is subject to foreign exchange control regulations which can pose a risk of currency fluctuation.
- The company utilizes few warehouses which are not taken on lease on exclusive basis for business purposes.
Accordingly, since not on exclusive basis the company is not able to display of the Company's name and registered
office details in such warehouses. Subsequently, The Company has made adjudication application under section 12 of
the Companies Act, 2013 for such matter. Any penalty or action taken by any regulatory authorities in future, for noncompliance
with provisions of corporate or any other law could impact the financial position of the Company to that
extent.
- The company does not have long-term agreements for the sale of the company's products with a majority of its customers. If the company's customers
choose not to source their requirements from the company, or the company is unable to procure new orders on a regular basis or at all,
this may adversely affect its business, financial condition, results of operations and cash flows.
- Any surplus supply from international petrochemical suppliers into the Indian market will put downward pressure on the
prices of the company's products. Pricing pressure from customers may adversely affect its gross margin, profitability and ability
to increase our prices.
- The company has entered into related party transactions in the past and may continue to enter into related party
transactions in the future, which may potentially involve conflicts of interest with the equity shareholders.
- The Company has entered into related party transactions in the past and may continue to enter into related party
transactions in the future, which may potentially involve conflicts of interest with the equity shareholders.
- As on March 31, 2025, the company had contingent liabilities which have not been provided for in the company's financial statements and could
adversely affect its financial condition.
- There are certain discrepancies/errors/delay filings noticed in some of the company's corporate records relating to forms filed with
the Registrar of Companies and other provisions of Companies Act, 2013. Any penalty or action taken by any regulatory
authorities in future, for non-compliance with provisions of corporate or any other law could impact the financial position
of the Company to that extent.
- The Company intends to utilize a portion of the Net Proceeds of the Offer towards the working capital requirements
which are based on certain assumptions.
- The polymer trading business operates on a high-volume, low-margin model, where price competitiveness is crucial for
retaining key customers. Pricing pressure from customers may adversely affect its gross margin, profitability and ability
to increase the company's prices.
- Improper storage, processing and handling of the company's products could damage its inventories and, as a result, have an
adverse effect on the company's business, results of operations and cash flows.
- In case of the company's inability to obtain, renew or maintain the statutory and regulatory licenses, permits and approvals required
to operate its business it may have a material adverse effect on the company's business.
- The Company logo BHAVIK ENTERPRISES LTD. not registered as on date of Prospectus. The company may be unable to adequately
protect its intellectual property. Furthermore, we may be subject to claims alleging breach of third-party intellectual
property rights.
- The company's success largely depends upon the knowledge and experience of its Promoters, Directors, the company's Key Managerial
Personnel and Senior Management as well as the company's ability to attract and retain them. Any loss of its Promoters, Directors,
Key Managerial Personnel, Senior Management or the company's ability to attract and retain them could adversely affect its
business, financial condition and results of operations.
- If the company fails to maintain an effective system of internal controls, the company may not be able to successfully manage, or accurately
report, our financial risks. Despite its internal control systems, the company may be exposed to operational risks, including fraud,
petty theft and embezzlement, which may adversely affect its reputation, business, financial condition, results of
operations and cash flows.
- The Company is not having any exact comparable Indian peer which have similar business to the Company.
- Any inability on supplier part to maintain quality standards could adversely impact its business, results of operations
and financial condition.
- The Company had not obtained registration under ESIC in the past while the same was applicable on it.
- Certain experience details of company secretary and compliance officer and senior management personnel has not been
included in this Prospectus due to unavailability of specific documentary evidence.
- Any strategies adopted by domestic petrochemical suppliers to reduce imports could have an adverse effect on the company's
business, financial condition and results of operations.
- The company's inability to identify customer demand accurately and maintain an optimal level of inventory could adversely affect
its business, financial condition, cash flows and results of operations.
- The company is dependents on third party transportation providers for the supply of products. Accordingly, continuing increases
in transportation costs or unavailability of transportation services for them, as well the extent and reliability of Indian
infrastructure may have an adverse effect on the company's business, financial condition, results of operations and prospects.
- The Company's customers operate in various industry segments/verticals and fluctuations in the performance of the
industries in which the customers operate may result in a loss of customers, a decrease in the volume of work undertake
or the price at which the company offer its products.
- The Company will not receive any proceeds from the Offer for Sale.
- The average cost of acquisition of Equity Shares by 1805 Promoters is lower than the Offer Price as decided by the
Company and Selling Shareholders in consultation with the Lead Manager in accordance with the SEBI ICDR
Regulations.
- The company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Offer. Further
the company has not identified any alternate source of financing the Objects of the Offer. Any shortfall in raising / meeting the
same could adversely affect its growth plans, business operations and financial condition.
- Failures or disruption of the company's IT systems may unfavourably affect its business and operations.
- There are certain discrepancies and non-compliances noticed in some of the company's financial reporting and/or records relating
to filing of returns and deposit of statutory dues with the taxation and other statutory authorities.
- The company operates in a highly competitive industry. Any inability to compete effectively may lead to a lower market share or
reduced operating margins.
- Few Directors of the Company do not have experience of being a director of a public listed company.
- Employee misconduct including misuse of confidential data and failures to maintain confidentiality of information could
harm the company and is difficult to detect and deter.
- Fraud, theft, employee negligence or similar incidents may adversely affect the results of operations and financial
condition. the Company faces potential risks related to incidents of theft or damage to inventory.
- In addition to normal remuneration, other benefits and reimbursement of expenses some of the company's directors (including our
Promoters) are interested in the Company to the extent of their shareholding and dividend entitlement in the Company.
- The company has Offered Equity Shares during the last one year at a price below the Offer Price.
- The company's Promoters and Promoter Group will continue to retain a majority shareholding in the Company after the Offer,
which will allow them to determine the outcome of matters submitted to shareholders for approval.
- Certain sections of this Prospectus disclose information from the D&B Report which have been commissioned and paid
for by the company exclusively in connection with the Offer and any reliance on such information for making an investment
decision in the Offer is subject to inherent risks.
- The company's ability to pay dividends in the future will depend upon its future earnings, financial condition, cash flows, working
capital requirements, capital expenditure and restrictive covenants in the company's financing arrangements.
- The funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial
institution or any other independent agency and the company's management will have broad discretion over the use of the Net
Proceeds.
- The company's future funds requirements, in the form of issue of capital or securities and/or loans taken by the company, may be prejudicial
to the interest of the shareholders depending upon the terms on which they are eventually raised.
How to check the allotment status of Bhavik Enterprises Ltd IPO?
Follow the steps
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
Select company from dropdown menu.
Enter details- PAN, Application number or DP client ID
Get your allotment status
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
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The IPO opens on 25 Sept 2025 & closes on 30 Sept 2025.
The business in polymers industry has been established four decades ago. Promoter, Mr. Mukesh Natverlal Thakkar started his career with the trading business of plastic raw material in 1977 through his proprietorship firm 'M/s. Emmen Plastics'. Further a partnership firm 'M/s Bhavik Enterprises' was established in 1984 by one of the promoters, Mrs. Purnima Mukesh Thakkar which was dealing in all kind of plastic powder and allied lines.
In 1992, Mr. Mukesh Natverlal Thakkar joined the said partnership firm through M/s. Mukesh Natverlal Thakkar HUF. They incorporated Bhavik Enterprises Limited on September 15, 2008, as a public Limited Company with the Registrar of Companies, Mumbai. Subsequently Company acquired the entire running business of 'M/s. Emmen Plastics' and 'M/s Bhavik Enterprises' as a going concern , via a Business Transfer Agreement dated January 22, 2009.
At present, Company is engaged in trading of polymers primarily in Polyethylene (PE) and Polypropylene (PP) which has a wider usage and application in various industries such as packaging, infrastructure, agriculture and many more. Polyethylene (PE) and Polypropylene (PP) are two of the most consumed thermoplastic components in the world. PE is the most commonly produced and consumed polymer compound globally. Some of the uses of PE include usage in manufacture of PET bottles, bags & food containers, pipes & pipe fittings. Flexible packaging films, and medical implants.
Under Polypropylene (PP), product portfolio consists of Homo polymer, Impact Co-polymer and Random Co-polymer. Company's business model emphasizes 'Stock & Sale' catering to small, medium and large customers as per their requirement. The Company is presently engaged in the domestic B2B trading of polymer, wherein it import the material and store the same at its warehouses and depots and sell them thereafter to manufacturer of plastic product. These end use customers include manufacturers of pressure pipes, non-pressure pipes, drip pipe, shrink film, lamination film, mulch film, greenhouse films, CPP films, liners, EPE foam, woven sack bags, spun bond nonwoven fabric, paint pails, crates, houseware products, suitcases, thin wall containers.
Company launched the IPO by raising Rs 77 Crores and issuing 55,00,000 equity shares of face value of Rs 10 each, consisting a fresh issue of 45,00,000 equity shares aggregating to Rs 63 Crore and the offer for sale of 10,00,000 equity shares aggregating to Rs 14 Crore in September, 2025.
Bhavik Enterprises Ltd IPO will close on 30 Sept 2025.
- Wide product portfolio having applications across various industries verticals.
- Long term relationship with clients.
- Well established relationship with suppliers.
- Leveraging the experience of our Promoters.
- Strategic location of our warehouses and depots.
- Debt Free Structure.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Mukesh Natverlal Thakkar | 4224000 | 26.64 | 3924000 | 19.27 |
| 2 | Bhavik Mukesh Thakkar | 2476500 | 15.62 | 2176500 | 10.69 |
| 3 | Purnima Mukesh Thakkar | 9084000 | 57.28 | 8684000 | 42.66 |
| 4 | Neha Bhavik Thakkar | 3 | --- | 3 | --- |
| 5 | Umesh Thakkar | 73500 | 0.46 | 73500 | 0.36 |
| 6 | Dhwani Mihir Tanna | 3 | --- | 3 | --- |
- The company derives the company's revenue from trading of polymers for which we are dependent on certain suppliers for its operations and an increase in the cost of, or a shortfall in the availability or quality of such products could have an adverse effect on the company's business, financial condition and results of operations.
- Termination or non-renewal of the distribution agreements by Borouge Pte Ltd. or any material modification to the existing terms under such agreements adverse to the company's interest will materially and adversely affect its ability to continue the company's business and operations and the company's future financial performance.
- The company derives the company's revenue from the domestic market and substantial portion of revenue from the western region of India and the Union Territory of Dadra and Nagar Haveli and Daman and Diu i.e. Daman & Silvassa. Any adverse developments affecting its operations in western region could have an adverse impact on the company's revenue and results of operations.
- The company has certain outstanding litigation against the company, an adverse outcome of which may adversely affect its business, reputation and results of operations.
- There is an increased awareness towards controlling plastic pollution and many economies including India have joined in the efforts to ban certain types of plastic products. In case any key plastic material traded by the company or end-use consumer product that is packaged using raw material of the company's supplier is banned in India, it could have a material and adverse effect on the company's business, financial condition, cash flows and results of operations.
- Prices fluctuate every day in line with market changes. However, during periods of sharp price increases, there may be a lag before these adjustments take effect, which could negatively impact the company's profitability in the interim duration. This exposure to price volatility may result in reduced margins and affect its short-term financial performance.
- Restrictions on import may adversely impact the company's business, cash flows and results of operations.
- Any disruption at the ports in western region of India may adversely affect its business and operational performance.
- Inventories and trade receivables form a major part of the company's current assets. Failure to manage its inventory and trade receivables could have an adverse effect on the company's sales, profitability, cash flow and liquidity.
- The Company had negative cash flows in the past years, details of which are given below. Sustained negative cash flow could impact its growth and business.
- The company is exposed to counterparty credit risk and any delay in receiving payments or non-receipt of payments may adversely impact the company's results of operations.
- The company requires working capital for the company's smooth day-to-day operations of business and any discontinuance or our inability to acquire adequate working capital timely and on favourable terms may have an adverse effect on the company's operations, profitability and growth prospects.
- The company does not own some of the premises from where the company operates. The company's warehouses and depots are not owned by the company and are taken on rental basis. If the company is unable to renew existing rental agreements or relocate our operations on commercially reasonable terms, there may be a material adverse effect on our business, financial condition, results of operations and cash flows could be adversely affected.
- The Company is subject to foreign exchange control regulations which can pose a risk of currency fluctuation.
- The company utilizes few warehouses which are not taken on lease on exclusive basis for business purposes. Accordingly, since not on exclusive basis the company is not able to display of the Company's name and registered office details in such warehouses. Subsequently, The Company has made adjudication application under section 12 of the Companies Act, 2013 for such matter. Any penalty or action taken by any regulatory authorities in future, for noncompliance with provisions of corporate or any other law could impact the financial position of the Company to that extent.
- The company does not have long-term agreements for the sale of the company's products with a majority of its customers. If the company's customers choose not to source their requirements from the company, or the company is unable to procure new orders on a regular basis or at all, this may adversely affect its business, financial condition, results of operations and cash flows.
- Any surplus supply from international petrochemical suppliers into the Indian market will put downward pressure on the prices of the company's products. Pricing pressure from customers may adversely affect its gross margin, profitability and ability to increase our prices.
- The company has entered into related party transactions in the past and may continue to enter into related party transactions in the future, which may potentially involve conflicts of interest with the equity shareholders.
- The Company has entered into related party transactions in the past and may continue to enter into related party transactions in the future, which may potentially involve conflicts of interest with the equity shareholders.
- As on March 31, 2025, the company had contingent liabilities which have not been provided for in the company's financial statements and could adversely affect its financial condition.
- There are certain discrepancies/errors/delay filings noticed in some of the company's corporate records relating to forms filed with the Registrar of Companies and other provisions of Companies Act, 2013. Any penalty or action taken by any regulatory authorities in future, for non-compliance with provisions of corporate or any other law could impact the financial position of the Company to that extent.
- The Company intends to utilize a portion of the Net Proceeds of the Offer towards the working capital requirements which are based on certain assumptions.
- The polymer trading business operates on a high-volume, low-margin model, where price competitiveness is crucial for retaining key customers. Pricing pressure from customers may adversely affect its gross margin, profitability and ability to increase the company's prices.
- Improper storage, processing and handling of the company's products could damage its inventories and, as a result, have an adverse effect on the company's business, results of operations and cash flows.
- In case of the company's inability to obtain, renew or maintain the statutory and regulatory licenses, permits and approvals required to operate its business it may have a material adverse effect on the company's business.
- The Company logo BHAVIK ENTERPRISES LTD. not registered as on date of Prospectus. The company may be unable to adequately protect its intellectual property. Furthermore, we may be subject to claims alleging breach of third-party intellectual property rights.
- The company's success largely depends upon the knowledge and experience of its Promoters, Directors, the company's Key Managerial Personnel and Senior Management as well as the company's ability to attract and retain them. Any loss of its Promoters, Directors, Key Managerial Personnel, Senior Management or the company's ability to attract and retain them could adversely affect its business, financial condition and results of operations.
- If the company fails to maintain an effective system of internal controls, the company may not be able to successfully manage, or accurately report, our financial risks. Despite its internal control systems, the company may be exposed to operational risks, including fraud, petty theft and embezzlement, which may adversely affect its reputation, business, financial condition, results of operations and cash flows.
- The Company is not having any exact comparable Indian peer which have similar business to the Company.
- Any inability on supplier part to maintain quality standards could adversely impact its business, results of operations and financial condition.
- The Company had not obtained registration under ESIC in the past while the same was applicable on it.
- Certain experience details of company secretary and compliance officer and senior management personnel has not been included in this Prospectus due to unavailability of specific documentary evidence.
- Any strategies adopted by domestic petrochemical suppliers to reduce imports could have an adverse effect on the company's business, financial condition and results of operations.
- The company's inability to identify customer demand accurately and maintain an optimal level of inventory could adversely affect its business, financial condition, cash flows and results of operations.
- The company is dependents on third party transportation providers for the supply of products. Accordingly, continuing increases in transportation costs or unavailability of transportation services for them, as well the extent and reliability of Indian infrastructure may have an adverse effect on the company's business, financial condition, results of operations and prospects.
- The Company's customers operate in various industry segments/verticals and fluctuations in the performance of the industries in which the customers operate may result in a loss of customers, a decrease in the volume of work undertake or the price at which the company offer its products.
- The Company will not receive any proceeds from the Offer for Sale.
- The average cost of acquisition of Equity Shares by 1805 Promoters is lower than the Offer Price as decided by the Company and Selling Shareholders in consultation with the Lead Manager in accordance with the SEBI ICDR Regulations.
- The company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Offer. Further the company has not identified any alternate source of financing the Objects of the Offer. Any shortfall in raising / meeting the same could adversely affect its growth plans, business operations and financial condition.
- Failures or disruption of the company's IT systems may unfavourably affect its business and operations.
- There are certain discrepancies and non-compliances noticed in some of the company's financial reporting and/or records relating to filing of returns and deposit of statutory dues with the taxation and other statutory authorities.
- The company operates in a highly competitive industry. Any inability to compete effectively may lead to a lower market share or reduced operating margins.
- Few Directors of the Company do not have experience of being a director of a public listed company.
- Employee misconduct including misuse of confidential data and failures to maintain confidentiality of information could harm the company and is difficult to detect and deter.
- Fraud, theft, employee negligence or similar incidents may adversely affect the results of operations and financial condition. the Company faces potential risks related to incidents of theft or damage to inventory.
- In addition to normal remuneration, other benefits and reimbursement of expenses some of the company's directors (including our Promoters) are interested in the Company to the extent of their shareholding and dividend entitlement in the Company.
- The company has Offered Equity Shares during the last one year at a price below the Offer Price.
- The company's Promoters and Promoter Group will continue to retain a majority shareholding in the Company after the Offer, which will allow them to determine the outcome of matters submitted to shareholders for approval.
- Certain sections of this Prospectus disclose information from the D&B Report which have been commissioned and paid for by the company exclusively in connection with the Offer and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- The company's ability to pay dividends in the future will depend upon its future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in the company's financing arrangements.
- The funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial institution or any other independent agency and the company's management will have broad discretion over the use of the Net Proceeds.
- The company's future funds requirements, in the form of issue of capital or securities and/or loans taken by the company, may be prejudicial to the interest of the shareholders depending upon the terms on which they are eventually raised.
The Issue type of Bhavik Enterprises Ltd is Fixed Price - SME.
The minimum application for shares of Bhavik Enterprises Ltd is 2000.
The total shares issue of Bhavik Enterprises Ltd is 5500000.
Initial public offer of 55,00,000 equity shares of face value of Rs. 10/- each (the "Equity Shares") of Bhavik Enterprises Limited ("the Company" or "BEL" or "the Issuer") at an offer price of Rs. 140/- per equity share for cash, aggregating up to Rs. 77.00 crores comprising of fresh offer of 45,00,000 equity shares aggregating to Rs. 63.00 crores ("Fresh Offer") and an offer for sale of 10,00,000 equity shares by all promoters ("Selling Shareholders") aggregating to Rs. 14.00 crores ("Offer for Sale") ("Public Offer"). The offer includes a reservation of 2,80,000 equity shares of face value of Rs. 10/- each, at an offer price of Rs. 140/- per equity share for
cash, aggregating Rs. 3.92 crores will be reserved for subscription by the market maker to the offer (the "Market Maker Reservation Portion"). The public offer less market maker reservation portion i.e. net offer of up to 52,20,000 equity shares of face value of Rs. 10/- each, at an offer price of Rs. 140/- per equity share for cash, aggregating up to Rs. 73.08 crores is herein after referred to as the "Net Offer". The public offer and net offer will constitute 27.02 % and 25.64 %, respectively of the post-offer paid-up equity share capital of the company.
Price Band: Rs. 140/- for equity share of face value of Rs. 10 each.
The floor price is 7.70 times times the face value and cap price of the face value of the equity shares.
Bids can made for a minimum of 2,000 equity shares and in multiples of 1,000 equity shares thereafter.