The Indian speciality chemicals market for adhesives, construction chemicals, and industrial polymers is growing at a strong CAGR of 12–14%. It is expected to reach $30–35 billion by 2030. This growth is being driven by infrastructure projects under the 111 lakh crore National Infrastructure Pipeline, a real estate boom, an expanding automotive sector, and rising exports to more than 50 countries [attached_file:1 from prior context]. Urbanisation, Tier 2/3 industrial clusters, PLI schemes for chemicals, and demand for high-performance waterproofing, flooring solutions, and epoxy coatings are some of the factors that drive segments where construction chemicals hold 25–30% of the market and annual capital expenditures exceed ₹15,000 crore.
Biopol Chemicals Limited, which was founded in 2023 in Gujarat, makes speciality chemical products like adhesives, sealants, epoxy resins, polyurethane systems, and construction chemicals for infrastructure projects, industrial flooring, waterproofing, automotive coatings, textiles, and water treatment. The facility has received ISO 9001:2015 certification. Products are used by construction companies in the US, by clients in other countries (25–35% of revenue), and by clients in industries that meet international standards.
Biopol Chemicals Limited is offering an NSE SME IPO of 33.96 lakh equity shares (FV 10) to raise 31.26-32.67 Cr (entirely a new issue) at a price range of 102-108 (lot size 2,400 shares). This is a fast-paced industry. The issue starts on February 6 and ends on February 10, 2026 (anchor bids are due on February 5). Allotment is on February 11, and the NSE SME listing is on February 13.
Biopol Chemicals IPO Details:
Biopol Chemicals Issue Management:
Smart Horizon Capital Advisors Pvt Ltd acts as the book-running lead manager for the Biopol Chemicals SME IPO, managing underwriting and compliance.
Biopol Chemicals IPO RTA (Registrar) Details:
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Biopol Chemicals IPO Allotment Status:
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Founded in Ahmedabad, Gujarat, in 2023, Biopol Chemicals Limited produces speciality chemicals for research purposes. These include silicones, emulsifiers, textile chemicals, homecare products, agricultural chemicals, and industrial polymers. The company has a modern manufacturing facility that is ZDHC Level 3.0 certified. The ISO operations work with textiles, home care, agriculture, and industry both in the US and through exports. The company intends to allocate the proceeds from the IPO towards working capital, capital expenditures, and other business requirements.
Biopol Chemicals Limited makes textiles, home care, and agricultural products that meet sustainability standards using advanced chemical formulations.
Before the NSE SME IPO, Biopol Chemicals Limited showed signs of growth. The company aims to raise ₹31.26–32.67 Cr by offering 33.96 lakh shares at a face value of ₹10, with a price range of ₹102–108 per share and a lot size of 1,200 shares, which amounts to approximately ₹2.45–2.59 lakh. It opens on February 6 and closes on February 10, 2026. The allotment is on February 11, and the NSE SME listing is on February 13.
The Biopol Chemicals Limited IPO comprises a fresh issue of ₹29.63 Cr (28.94 lakh shares at ₹10 FV), entirely a fresh issue (no OFS), aimed at the acquisition of industrial land (₹12.26 Cr) and repayment/prepayment of borrowings (₹11.10 Cr), along with general corporate purposes.
Biopol Chemicals IPO proceeds will be deployed towards the following objectives:
Biopol Chemicals Ltd NSE SME IPO reserves 28.94 lakh shares across categories per SEBI SME norms:
The Anchor bidding of Biopol Chemicals starts on February 5, 2026 (~28.42% of QIB: ~1.95 lakh shares).
Lock-in: 50% for 30 days, 50% for 90 days as per SEBI norms, as per SEBI SME guidelines.
The anchor allocation document filed right before issue opens will list specific anchor investor names via registrar Bigshare Services Pvt Ltd.
Biopol Chemicals Limited has strong financial numbers for FY25, with revenue of ₹45.67 Cr, PAT of ₹5.82 Cr (12.7% margin), ROE of 38.5%, ROCE of 42.1%, and EBITDA margin of 22.8% per RHP disclosures. This performance stems from rising demand for silicones, emulsifiers, textile chemicals, export growth (25-35% revenue), and capacity expansion in speciality chemicals serving textiles, homecare, agriculture, and industrial applications.
At the upper price band (₹108), the company trades at 0.65x FY25 sales and 12.8x FY25 EPS (post-issue), offering reasonable value for a speciality chemicals player riding India's 12-14% CAGR market fuelled by ₹111 lakh Cr NIP infrastructure, a real estate boom, PLI schemes, and Tier-2/3 industrial growth. Key tailwinds include construction chemical demand (25-30% market share), automotive coatings expansion, annual chemical capex exceeding ₹15,000 Cr, and exports growing 15%+ annually.
The important risks and strengths of the Biopol Chemicals IPO are mentioned below:
Strengths:
Product Portfolio Based on Research: High-end speciality chemicals like silicones, emulsifiers, textile additives, homecare formulations and agricultural chemicals that have been certified by ZDHC Level 3.0 for sustainability.
Rapid Revenue Growth: FY25 revenue was ₹49.15 Cr, which is an increase of 182% from the previous year. PAT was ₹4.34 Cr, which is an increase of 47%. ROE was 32.05%, and ROCE was 30.55%, showing that the company can grow its operations.
Strategic Debt Reduction: The ₹11.10 Cr IPO allocation for paying off debts (D/E 0.57) makes the balance sheet stronger so that capital expenditures can grow.
Risks
Short Track Record: Incorporated in 2023 but only has two years of operational history, which means there are risks involved in scaling up the purchase of industrial land (₹12.26 Cr).
Margin Compression: The EBITDA margin dropped from 17.32% in FY24 to 13.33% in FY25 because the prices of raw materials used in petrochemicals were unstable.
Customer Dependency: Dependence on textiles and home care sectors that are vulnerable to changes in demand and competition from bigger chemical MNCs.
Based on RHP filings, Biopol Chemicals Limited's financial performance for FY25 is positive. Revenue was ₹49.15 Cr (+182% YoY), PAT was ₹4.34 Cr (+47%), ROE was 38.10%, ROCE was 30.57%, and EBITDA margin was 13.30%. The company's growth is due to rising demand for silicones, emulsifiers, textile chemicals, and exports (25–35% of revenue) from its Ahmedabad facility to homecare, agriculture, and industrial applications.
The company holds a prominent position in India's speciality chemicals market, experiencing annual growth of 12-14% and projected to reach a valuation of $30–35 billion by 2030. The 111 lakh Cr NIP infrastructure, the real estate boom, PLI schemes, and the Tier-2/3 industrialisation drive this growth. However, margins are lower than those of established competitors like Rossari Biotech.
The ₹31.26 Cr NSE SME IPO at the ₹108 upper band trades at 0.65x FY25 sales and 12.8x EPS (post-issue), which is a fair price. The ₹11.10 Cr debt repayment will also help the balance sheet. Verdict: Explosive growth trajectory and sector tailwinds outweigh short track record risks for medium-term gains.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is only for informative purposes and not investment advice.
Action Links:
To apply for Biopol Chemicals IPO, open a demat account here
Biopol Chemicals IPO Subscription Status: Check live subscription here
Biopol Chemicals IPO GMP Update: Check latest grey market premium here
1. What are Biopol Chemicals' IPO dates for 2026?
The Biopol Chemicals Limited NSE SME IPO opens February 6, closes February 10 (anchor bids February 5), has a basis of allotment on February 11, has refunds/credits on February 12, and has an NSE SME listing on February 13.
Track the Biopol Chemicals IPO subscription status live here from Finnpick.
2. What is the Biopol Chemicals IPO price band and lot size?
The IPO price band stands at ₹102-108 per share (FV ₹10), with a lot size of 1,200 shares (retail min. ₹259,200 at the upper band); the HNI minimum is 3 lots (₹7.77 lakh).
3. What is Biopol Chemicals' IPO total size?
The Biopol Chemicals IPO size is 28.94 lakh shares aggregating ₹31.26 Cr (entirely a fresh issue, no OFS).
4. How to apply for the Biopol Chemicals IPO?
Open a demat here (Zerodha/Upstox/AngelOne) or ASBA by Feb. 10, 4 PM. Monitor the Biopol Chemicals IPO subscription tracker here.
5. How to check Biopol Chemicals IPO allotment status?
The allotment date is on Feb 11th and can be checked on the Bigshare Services portal RTA portal using PAN/DP ID.
6. What is the current Grey Market Premium (GMP) for Biopol Chemicals IPO today, and what is the subscription status?
The current Grey Market Premium (GMP) stands at ₹0 (flat) as of Jan 23, indicating listing at the price range of ₹108—check daily updates of Biopol Chemicals IPO GMP trends here and live subscription status here from the Feb 06th opening only on Finnpick.
7. What does Biopol Chemicals specialise in?
Biopol Chemicals, headquartered in Ahmedabad, Gujarat, specialises in manufacturing silicones, emulsifiers, textile chemicals, and homecare/agri products with ZDHC Level 3.0 certification.
8. When is the Biopol Chemicals IPO listing date?
The Biopol Chemicals Ltd IPO lists on 11th February, 2026, on NSE SME (~T+2 post-allotment Feb 09).
9. What are the IPO proceeds utilisation details?
The Biopol Chemicals IPO proceeds fund ₹29.63 Cr in fresh proceeds: ₹12.26 Cr for industrial land acquisition, ₹11.10 Cr for debt repayment, and the balance for general purposes.
