Sanjay Bambhaniya · May 26, 2026

Liotech Industries SME IPO Review | APPLY or AVOID?

SME Fixed Price Listed

Furniture

BSE SME

Price Band

₹321

Issue Size

₹36.02 Cr

Lot Size

400

Min. Investment

₹1,28,400

Live GMP ₹1

0.31% Est. Listing: ₹322

SIP Calc Compare

IPO Timeline

DRHP FILED December 25, 2025

OPEN June 17, 2026

CLOSE June 19, 2026

ALLOTMENT June 22, 2026

LISTING June 23, 2026

IPO DETAILS REVIEW GMP SUBSCRIPTION ALLOTMENT STATUS

Liotech Industries Limited started in 2020. It operates in the Furniture industry and provides door kits and hinges to its customers across various industries. This business is based in Rajkot, Gujarat. This IPO review covers the main facts of the offer. It helps you decide if the issue fits your portfolio.
Liotech Industries Ltd. shows rapid growth but keeping up with the sudden profit margins in the future remains a key point to consider investors. The sudden jump in financial performance happens right before the public offering inside a highly competitive and fragmented market segment.

✅ Strengths

Wide product specifications selection
Strategic manufacturing unit location
Comprehensive end-to-end product solutions
Strong internal process controls
Customized hardware manufacturing capabilities
Declining corporate debt levels
Wider geographical market reach
Multi-industry customer application base

⚠️ Challenges

Extreme client concentration risks
Aggressive public issue pricing
Poor lead manager record
High regional business concentration
Unappraised deployment estimation risks
Raw material price volatility
Intense unorganized segment competition
Tiny corporate equity capital

Financial Update

The company released its restated financial statements for the year ending March 31, 2025. Total revenue was ₹40.68 crore increased from ₹27.86 in previous year. The net profit for the same period was ₹4.16 crore increased from ₹2.93 in previous year. Assets increased by 40.31% compared to the previous year. The business recorded a total revenue of ₹51.79 crore during the nine-month period ending December 31, 2025. Net profits reached ₹5.49 crore during these latest nine months. The profit margins grew from 4.06% in FY23 to 10.64% in the latest nine-month period of FY26. The firm shows strong top-line sales performance. Net profit growth follows a steady graph. Total assets expand significantly over the past three fiscal terms.

IPO Valuation

The upper price band is ₹321. This price leads to a Price-to-Earnings (P/E) ratio of 30.06. The average P/E for the industry is 17.95. The initial public offer price reflects a P/E ratio of 17.11 if we annualize the super earnings of FY26. The P/E ratio stands at 30.06 based on historical FY25 earnings. The company demands a total market cap of ₹125.19 crore at the fixed offer price limit. The price-to-book value ratio reaches 6.04 based on the net asset value of ₹53.12 per share as of December 2025.

IPO Objective

The company will use the proceeds of the offer to meet stated objectives:

Acquisition of new manufacturing machinery: ₹7.50 crore
Full or partial repayment of debt: ₹4.15 crore
General corporate and working capital tasks: ₹7.00 crore

Promoters & Lead Manager

Promoters hold years of local engineering experience.
Six individuals lead the management framework.
Wealth Mine Networks Pvt. Ltd. acts as the sole lead manager to this public issue.
The merchant banker handled three public issues during the last two fiscal periods.
Out of the last listings two shares listed at a discount.
KFin Technologies Ltd. functions as the official registrar to this public issue.

Peer Comparison

Peer comparison is not available.

Company Name	EPS (Basic)	EPS (Diluted)	NAV (₹ per share)	P/E (x)	RoNW (%)	P/BV Ratio

Financial data sourced from annual reports and stock exchange data, using restated financial statements for 2024-25. NAV per share (closing net worth divided by weighted average number of paid-up equity shares) and RoNW (net profit after tax divided by closing net worth).

IPO Review & Analyst Rating

The company manufactures hardware structures and accessories using a single unit in Rajkot. Operations run with 16 payroll employees alongside flexible contract workers. The top 10 clients command 99.28% of the total revenue basket. The business deployment plan relies entirely on unappraised management estimates. The lead manager holds a poor history of discount listings. Bumper profit growth raises questions on future margin sustainability.

Analyst Name	Recommendation
Overall Experts Say	Neutral / Avoid / High-Risk

Disclaimer: The information on the site is informational only. The contents of this blog are not financial advice. You should not invest in any stock market instrument without consulting your Financial advisor.

Sanjay Bambhaniya

Sanjay has 8+ years of experience in data-driven IPO insights. His expertise in digital marketing and web development complements his financial knowledge and helps him to develop effective fintech solutions. He is an entrepreneur and director who helps investors understand complex primary market trends in easy-to-understand IPO reports, news, and updates.

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