BharatRohan Airborne Innovations IPO opens for subscription today; GMP flat at 0%

BharatRohan Airborne Innovations Ltd on Tuesday, September 23, will open its initial public offering (IPO) to raise Rs 45.04 crore. The book-built issue, entirely a fresh offer of 52.99 lakh shares, will close on September 25. Shares are scheduled to list on the BSE SME platform on September 30.

The company has fixed the price band at Rs 80–85 per share. Investors can bid for a minimum lot of 3,200 shares, requiring an investment of Rs 2.72 lakh at the upper end. For HNIs, the minimum application size is three lots or 4,800 shares, amounting to Rs 4.08 lakh.

Grey market signals

According to market observers, the IPO is trading at a grey market premium (GMP) of zero, suggesting muted listing expectations at present.

IPO structure

Of the total issue size, 46.5% is reserved for qualified institutional buyers (QIBs), 14.5% for non-institutional investors (NIIs), and 33.9% for retail investors. About 5.1% of the shares are set aside for the market maker, Rikhav Securities. The company raised Rs 12.54 crore from anchor investors on September 22 by allotting 14.75 lakh shares.

Business profile

Incorporated in 2016, BharatRohan Airborne Innovations is an agritech solutions provider specializing in drone and UAV platforms combined with Hyperspectral Imaging (HSI) technology. Its services include crop monitoring, advisory on integrated crop management practices, and supply of branded agri-inputs.

The company’s decision support system (DSS) uses drone-based imaging to provide farmers with real-time insights, improving yields and profitability. Its portfolio also includes sale of agri-inputs like seeds, fertilizers, and crop protection products.

As of June 30, 2025, BharatRohan employed 59 people across permanent and fixed-term contracts.

Financials

The company reported revenues of Rs 28.2 crore in FY25, up 49% from Rs 19 crore in FY24. Profit after tax rose 10% to Rs 7.6 crore, compared with Rs 6.9 crore in the previous year. EBITDA stood at Rs 7.9 crore with margins of 28.1%.

Return ratios remain healthy, with ROE at 28.2% and ROCE at 19.7%. Post-issue, the company’s market capitalization is expected at Rs 169.3 crore, valuing it at about 22.3x FY25 earnings.

Use of fundsProceeds from the IPO will be used to purchase new equipment (Rs 14.2 crore), acquire commercial vehicles (Rs 2.3 crore), meet working capital needs (Rs 16.7 crore), and for general corporate purposes.