India’s IPO market continues to witness strong activity in 2025, with niche companies tapping the capital markets for expansion. Among them, Systematic Industries Limited stands out in the steel wire and cable manufacturing segment. Its IPO opens on September 24, providing investors a chance to participate in a company catering to domestic infrastructure, telecom, power, and agro-based sectors, as well as international markets.
About Systematic Industries Ltd.
Incorporated in March 2000, Systematic Industries Limited specialises in the manufacturing and supply of steel wires and cables for power transmission, infrastructure, telecom, and agricultural sectors.
The company operates four factories, three in Daman & Diu and one in Valsad, Gujarat, with a combined installed capacity of 1,00,000 MTPA. Systematic Industries exports products to over 30 countries, including Sri Lanka, Japan, Bhutan, Canada, and Brazil, and sells across approximately 25 Indian states and Union Territories.
Product Portfolio:
- Carbon Steel Wire (MS Wire)
- High Carbon Wire (HC Wire)
- Mild Steel Wire
- Galvanised Iron Wire
- Cable Armour Wire
- Aluminium Conductor Steel Reinforced Cable (ACSR Core Wire)
- Aluminium Clad Steel (ACS) Wire
- Optical Ground Wire (OPGW) and Optical Fibre Cable (OFC)
Workforce: As of July 31, 2025, the company employs 413 people, including 17 in Quality and 15 in Research & Development.
Competitive Strengths:
- Well-established factories with modern machinery and processes
- Focus on Quality, Environment, Health & Safety (ISO 9001, 14001, 45001 certified)
- Experienced promoters and strong R&D and marketing team
Systematic Industries IPO Details
The Systematic Industries IPO is a book-building issue of ₹115.60 crore, comprising a fresh issue of 0.55 crore shares (₹107.80 Cr) and offer for sale of 0.04 crore shares (₹7.80 Cr). The IPO will list on the BSE SME.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Sep 24, 2025 |
| IPO Close Date | Sep 26, 2025 |
| Tentative Allotment | Sep 29, 2025 |
| Initiation of Refunds | Sep 30, 2025 |
| Credit of Shares to Demat | Sep 30, 2025 |
| Tentative Listing Date | Oct 1, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Sep 26, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹10 per share |
| Issue Price Band | ₹185 – ₹195 per share |
| Lot Size | 600 shares |
| Total Issue Size | 59,28,000 shares (₹115.60 Cr) |
| Sale Type | Fresh Issue-cum-Offer for Sale |
| Fresh Issue (Ex-Market Maker) | 52,28,000 shares (₹101.95 Cr) |
| Offer for Sale | 4,00,000 shares (₹7.80 Cr) |
| Reserved for Market Maker | 3,00,000 shares (₹5.85 Cr) |
| Net Offered to Public | 56,28,000 shares (₹109.75 Cr) |
| Listing At | BSE SME |
| Shareholding Pre-Issue | 1,68,03,242 shares |
| Shareholding Post-Issue | 2,23,31,242 shares |
IPO Reservation by Investor Category:
| Investor Category | Shares Offered |
| Market Maker | 3,00,000 (5.06%) |
| QIB | 28,13,400 (47.46%) |
| NII (HNI) | 8,44,200 (14.24%) |
| Retail | 19,70,400 (33.24%) |
| Total | 59,28,000 (100%) |
Anchor Investors Details:
- Anchor Portion: 16,87,800 shares
- Amount Raised: ₹32.91 Cr
- Bid Date: Sep 23, 2025
- Lock-in: 50% for 30 days (Oct 29, 2025), remaining 50% for 90 days (Dec 28, 2025)
Systematic Industries IPO Lot Size & Investment
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 1,200 | ₹2,34,000 |
| Retail (Max) | 2 | 1,200 | ₹2,34,000 |
| S-HNI (Min) | 3 | 1,800 | ₹3,51,000 |
| S-HNI (Max) | 8 | 4,800 | ₹9,36,000 |
| B-HNI (Min) | 9 | 5,400 | ₹10,53,000 |
Promoter Holding:
- Siddharth Rajendra Agarwal and Satya Rajendra Agrawal
- Pre-IPO: 99.95%
- Post-IPO: 73.41%
Book Running Lead Manager: Hem Securities Ltd.
Registrar: Cameo Corporate Services Ltd.
Market Maker: Hem Finlease Pvt. Ltd.
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Systematic Industries Ltd.: Financials
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 205.71 | 161.55 | 130.34 |
| Total Income | 449.21 | 372.60 | 321.90 |
| Profit After Tax | 18.46 | 12.41 | 6.31 |
| EBITDA | 33.97 | 24.10 | 12.96 |
| Net Worth | 80.83 | 62.37 | 49.63 |
| Reserves & Surplus | 64.03 | 61.38 | 48.98 |
| Total Borrowing | 99.12 | 79.00 | 62.26 |
Amount in ₹ Crore
Key Performance Indicators (FY2025):
| KPI | Value |
| Market Cap | ₹435.46 Cr |
| ROE | 25.78% |
| ROCE | 16.44% |
| Debt/Equity | 1.23 |
| RoNW | 22.84% |
| PAT Margin | 4.13% |
| EBITDA Margin | 7.61% |
| Price to Book Value | 4.05 |
| EPS Pre-IPO | ₹10.99 |
| EPS Post-IPO | ₹8.27 |
| P/E Pre-IPO | 17.75x |
| P/E Post-IPO | 23.59x |
Objects of the Issue
| S.No. | Object | Amount (₹ Million) |
| 1 | Repayment and/or pre-payment, in full or part, of borrowings | 950.00 |
| 2 | General Corporate Purposes | Balance |
Industry Outlook
The steel wire and cable market in India is growing steadily due to:
- Rising infrastructure and power transmission projects
- Growing telecom and optical fibre network expansion
- Increasing exports and adoption in agro-based sectors
- Demand for high-quality, reliable steel wires for industrial applications
Systematic Industries’ integrated manufacturing, diversified product portfolio, and ISO-certified operations position it strongly in this competitive industry.
Systematic Industries IPO: Peer Comparison
Investors may also look at peers like Advait Energy Transitions Limited and Bansal Wire Industries Ltd. Comparing Systematic Industries’ financials, product range, and market position with these companies can help make a more informed IPO decision.
Conclusion
Systematic Industries Limited offers investors a chance to participate in a well-established steel wire and cable manufacturer with consistent financial growth, a diversified customer base, and robust export presence. Investors should, however, consider risks such as raw material price fluctuations, dependence on large clients, and competition in the domestic and international markets.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
