Subscription & GMP
Subscription is live from NSE + BSE bid data. GMP is an unofficial market indicator.
Snapshot & Timeline
Verified against RHP, cross-checked on NSE & BSE.
| Issue Structure | |
|---|---|
| Type | SME · Book Built |
| Face Value | ₹10 |
| Fresh Issue | ₹56.12 Cr (100% fresh) |
| Offer for Sale | None |
| Market Cap | ≈ ₹207.90 Cr |
| Reservation & Parties | |
|---|---|
| QIB (incl. anchor) | ~28% (incl. anchor) |
| NII / HNI | ~33% |
| Retail | ~33% |
| Lead Managers | Indcap Advisors |
| Registrar | Integrated Registry Management Services |
FY24–FY26 Trend (₹ Cr)
Restated consolidated figures from the RHP.
| Metric | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Total Income | 109.80 | 261.85 | 375.83 | +44% |
| PAT | 4.44 | 8.11 | 16.01 | +97% |
| PAT Margin | 4.0% | 3.1% | 4.3% | — |
Is the price fair?
From the RHP "Basis for Issue Price". Price (P/E) beside quality (ROE).
| Company | P/E | ROE | Net Margin |
|---|---|---|---|
| Injecto Polymers | 13.0x | 28.94% | 4.3% |
Who runs it & where the money goes
| Promoters | |
|---|---|
| Promoters | Ramesh Kumar Rateria, Ashok Kumar Rateria, and promoter group entities (Suman Financial Advisory, Suman Towers, Vinayak Tie-Up, Nivedeeka Commercial, Bhagyashri Trading) |
| Pre-issue | 88.14% |
| Post-issue | 64.35% |
| Objects of Issue | |
|---|---|
| Repayment / pre-payment of certain borrowings | — |
| Capex — Phase IV at Unit-I, Jaugram (Jamalpur, West Bengal) | — |
| General corporate purposes | Balance |
Strengths & Risks
The part most sites skip — both sides, from the RHP.
- Explosive top-line growth — revenue ~₹110 → ₹376 Cr in two years; PAT ₹4.4 → ₹16.0 Cr (+97% in FY26).
- Broad product range — PP woven fabrics/bags, BOPP, Leno, FIBC and non-woven bags across agriculture, construction, food, chemicals and pharma end-markets.
- All-fresh issue — 100% fresh (₹56.12 Cr); a large chunk repays debt, which should ease the balance sheet post-issue.
- ISO-certified, multi-unit manufacturing (two West Bengal plants) with food-grade (BIS) certification.
- Long operating history (since 1998) in a steadily-growing packaging market.
- Very high debt — debt/equity ~2.61; the headline ~42% RoNW is flattered by heavy leverage, not a clean return.
- Wafer-thin margins — PAT margin only ~4%; a commodity-like packaging-plus-trading model exposed to resin (crude-derivative) input costs.
- Full pricing — ~13x post-issue P/E is not cheap for a thin-margin, highly-leveraged commodity packager.
- No grey-market premium quoted and thin demand (~1.04× overall on the final day; QIB 1.02×, individual 0.97×, NII 1.11×) — a weak signal as bidding closes.
- Very small, thinly-traded SME on a large ~₹2.40 lakh minimum ticket — low post-listing liquidity and high volatility; working-capital-heavy; the book is only just covered at ~1.04× on the final day.
Did the signal hold up? Updates after Sep 21
We close the loop — issue vs listing price, listing-day gain, and whether the call was right.
Injecto Polymers IPO FAQs
Common questions about the Injecto Polymers IPO — GMP, price, dates, allotment and more.
What is Injecto Polymers IPO GMP today?
As of the latest update (Subscription: Sep 16, 11:39 AM IST · GMP: Sep 16, 12:00 PM IST — no premium quoted), the grey market premium (GMP) for Injecto Polymers IPO is around Nil so far, implying an estimated listing price of about ≈ ₹100. GMP is unofficial & indicative
What is Injecto Polymers IPO price band?
The price band is ₹98 – ₹100 per share (face value ₹10).
What is Injecto Polymers IPO lot size?
The lot size is 1,200 · min ₹2,40,000 per application.
When is Injecto Polymers IPO allotment?
The tentative basis-of-allotment date is Sep 17.
When will Injecto Polymers IPO be listed?
The tentative listing date is Sep 21, 2026 on BSE SME.
What is the expected listing price of Injecto Polymers IPO?
Based on the current grey market premium of Nil so far, the estimated listing price is around ≈ ₹100 — this is unofficial and not a guarantee of the actual listing price.
Should I apply for Injecto Polymers IPO?
Our view: Neutral · May Apply
In simple terms, Injecto Polymers makes plastic packaging — woven sacks, bulk (FIBC) bags and films — and also trades plastic raw materials. Its revenue has grown explosively (from about ₹110 crore to ₹376 crore in two years) and profit nearly doubled last year to ₹16 crore. But the risks stack up: the company carries a lot of debt (it owes about 2.6 times its net worth); its profit margins are wafer-thin (about 4% of sales), typical of a commodity-like packaging and trading business; at about 13 times earnings the price is not cheap for that profile (the eye-catching ~42% return on net worth is flattered by the heavy debt); the grey market has quoted no premium; and demand has only just crept over the line — about 1.04 times overall on the final day (QIB ~1.02 times, retail ~0.97 times, NII ~1.11 times). Most of the money raised repays debt and adds capacity, which helps, but on balance the thin margins, high leverage, full price and lukewarm demand make this a cautious 'may apply' at best. This is IPOSignal's research view, not investment advice.
What is Injecto Polymers IPO subscription status?
As of Final day · Sep 16, 11:39 AM IST — latest available (closes today), the issue was subscribed 1× overall — NII / HNI 1.1×, QIB 1×, Individual 1×.
Who is the registrar of Injecto Polymers IPO?
The registrar is Integrated Registry Management Services; the lead manager(s): Indcap Advisors.