Vigor Plast India IPO
Vigor Plast India Limited · Plastic Pipes and Fittings
- Price band
- To be announcedNot in this filing
- Issue size
- 30,99,200 sharesAmount set with price
- Face value
- ₹10per equity share
- Lot size
- To be announcedMin. investment shown once set
- Anchor biddingWed, 2025
- OpensThu, 2025
- ClosesTue, 2025
- AllotmentWed, 2025
- ListingFri, 2025
Dates marked in the offer document as tentative. Times in IST.
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Book built, fresh issue and offer for sale
- Fresh issue
- 24,99,200 shares
- Offer for sale
- 6,00,000 shares
- Total issue
- 30,99,200 shares
- Market maker portion
- 1,55,200 shares
- Face value
- ₹10
- Listing at
- NSE Emerge
- RHP date
- 25 Aug 2025
Source: Red Herring Prospectus dated 25 Aug 2025Updated
Reservation
Share of the total issue- Market maker100.0%
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | — | — | 35% |
| Non-institutional investors (NII) | — | — | 15% |
| Qualified institutional buyers (QIB) | — | — | 50% |
| Market maker | 1,55,200 | — | — |
Source: Red Herring Prospectus dated 25 Aug 2025Updated
Subscription
Category-wise subscription is published by the exchanges while the issue is open. It appears here once the figures are added.
Valuation
Fiscal 2025- EPS (basic)
- ₹6.57
- EPS (diluted)
- ₹6.57
- NAV per share (March 31, 2025)
- ₹16.27
- RoNW
- 59.39%
- Debt to equity
- 1.39
- EBITDA margin
- 26.51%
- PAT margin
- 11.30%
- ROCE
- 28.24%
P/E and market cap are calculated once the price band is announced.
Source: Red Herring Prospectus dated 25 Aug 2025Updated
Financials
Standalone, restated · ₹ crore| Period ended | 31 Mar 2025FY 2024-25 | 31 Mar 2024FY 2023-24 | 31 Mar 2023FY 2022-23 |
|---|---|---|---|
| Revenue from operations | 45.58 | 42.48 | 37.28 |
| Total income | 46.02 | 42.52 | 37.39 |
| EBITDA | 12.08 | 7.55 | 3.08 |
| Profit after tax | 5.15 | 2.93 | 0.30 |
| Net worth | 12.78 | 4.57 | 1.64 |
| Reserves and surplus | 4.93 | 4.07 | 1.14 |
| Total assets | 40.51 | 35.89 | 20.09 |
| Total borrowing | 17.72 | 21.57 | 11.29 |
FY 2024-25 vs FY 2023-24: revenue +7.3%, profit after tax +75.8%.
Source: Red Herring Prospectus dated 25 Aug 2025Updated
About the company
The company manufactures and supplies PVC, uPVC and cPVC pipes, fittings and related products used in plumbing, irrigation and drainage. It operates a manufacturing unit at Dared, Gujarat and sells mainly through a network of distributors and dealers across India, with some exports to Nepal.
- Incorporated
- 2014
- Industry
- Plastic Pipes and Fittings
- CIN
- U25190GJ2014PLC078525
- Website
- vigorplastindia.com
Source: Red Herring Prospectus dated 25 Aug 2025Updated
Promoters and shareholders
| Name | Type | Before issue | After issue | Shares offered |
|---|---|---|---|---|
| Jashvantiben Rajeshbhai Kathiriya | Promoter | 5.94% | — | 0 |
| Nitaben Jayeshbhai Kathiriya | Promoter | 5.68% | — | 0 |
| Jayesh Premjibhai Kathiriya | Selling shareholder | 29.87% | — | 2,00,000 |
| Rajeshbhai Kathiriya | Selling shareholder | 29.34% | — | 2,00,000 |
| Premjibhai Dayabhai Kathiriya | Selling shareholder | 29.15% | — | 2,00,000 |
Source: Red Herring Prospectus dated 25 Aug 2025Updated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Repayment of certain secured borrowings | 11.39 |
| Capital expenditure for new warehouse in Ahmedabad | 3.80 |
| General corporate purposes | Set with price |
Source: Red Herring Prospectus dated 25 Aug 2025Updated
Peer comparison
As listed in the offer document| Company | EPS | P/E | RoNW | NAV per share |
|---|---|---|---|---|
| Captain Pipes Ltd | ₹0.59 | 27.27× | 25.18% | ₹2.97 |
| Dutron Polymers Ltd | ₹4.54 | 30.25× | 9.80% | ₹48.58 |
| Rex Pipes & cables Industries Ltd | ₹5.42 | 24.49× | 15.09% | ₹38.64 |
| Vigor Plast India LtdIssuer | ₹6.57 | — | 59.39% | ₹16.27 |
Source: Red Herring Prospectus dated 25 Aug 2025Updated
Strengths and risks
Our summary of what the offer document statesStrengths
- Long operating track record since 2014 with a manufacturing unit in Gujarat.
- Product range covering PVC, uPVC and cPVC pipes and fittings with several BIS/IS certifications.
- Distribution network of about 440 distributors and dealers across 25 states and union territories.
- Revenue and profit grew over the three years shown in the restated financials.
Risks
- All warehouses are located in Gujarat, which concentrates logistics and operational risk.
- Top ten suppliers account for a large share of purchases (about 66% in FY 2024-25) and there are no long-term supply agreements.
- High reliance on borrowings with a debt-to-equity ratio of 1.39 in FY 2024-25 and 4.72 in FY 2023-24.
- Raw material price volatility and possible restrictions on plastic use could affect profitability.
- Pending GST discrepancy and past non-compliance with companies law on a share allotment.
Source: Red Herring Prospectus dated 25 Aug 2025Updated
Contacts
Source: Red Herring Prospectus dated 25 Aug 2025Updated
Allotment status
Check whether shares were allotted on the official pages below, using your PAN, application number or DP/client ID. Results appear once the basis of allotment is finalised.
- Allotment
- Refunds
- Demat credit
- Listing
Source: Red Herring Prospectus dated 25 Aug 2025Updated
After listing
Listing price, day-one high and low, and the change from the issue price (set at allotment) appear here after the shares list on NSE Emerge.
Frequently asked questions
When does the Vigor Plast India IPO open and close?
According to the Red Herring Prospectus, the issue opens on Thursday, 4 September 2025 and closes on Tuesday, 9 September 2025. These dates are tentative.
What is the Vigor Plast India IPO price band?
The Red Herring Prospectus does not include a price band. The company announces it by advertisement before the issue opens, and this page is updated when it is filed.
Where will Vigor Plast India shares list?
On NSE Emerge. The tentative listing date is Friday, 12 September 2025.
Who is the registrar of the issue?
KFin Technologies Limited (SEBI registration INR000000221). Allotment status is checked on the registrar's website.
How do I check the Vigor Plast India IPO allotment status?
The basis of allotment is expected to be finalised on Wednesday, 10 September 2025. After that, search by PAN, application number or DP/client ID on the registrar's website (KFin Technologies Limited). Shares that are allotted are credited to your demat account; for an application that is not allotted, the blocked amount is released.
How will the money raised be used?
₹11.39 Cr for repayment of certain secured borrowings, ₹3.8 Cr for capital expenditure for new warehouse in Ahmedabad, and the rest for the other stated purposes.
Related IPOs
Spotted something wrong?
Our data comes from official offer documents, but mistakes can slip through. Report an error and tell us which figure looks wrong and where you saw the correct one (the offer-document page number helps). For anything else, see Contact.