Atharva Polyplast IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 3.58x |
| NII | 18.97x |
| Retail (RII) | 11.3x |
| Total | 10.74x |
Bidding day 3 · final figures at close of bidding: 15 Jul 2026, 12:00 am IST
IPO Details
- Open Date
- 30 Jun 2026
- Close Date
- 2 Jul 2026
- Listing Date
- 7 Jul 2026
- Face Value
- ₹10
- Fresh Issue
- ₹25.64 Cr
- OFS
- ₹0 Cr
- Listing On
- BSE
- Registrar
- —
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 4,000 | ₹2,40,000 |
| HNI (Min) | 3 | 6,000 | ₹3,60,000 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 12,74,000 | 29.81% |
| QIB (ex-anchor) | 8,56,000 | 20.03% |
| NII | 6,44,000 | 15.07% |
| — sNII (< ₹10L) | 2,16,000 | 5.05% |
| — bNII (> ₹10L) | 4,28,000 | 10.01% |
| Retail | 15,00,000 | 35.1% |
| Total | 42,74,000 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2023 | 46.82 | 0.71 | 4.77 | 5.72 | 32.92 | 16.16 | — |
| FY 2024 | 43.09 | 2 | 6.05 | 7.72 | 32.66 | 13.59 | — |
| FY 2025 | 49.06 | 5.29 | 9.19 | 13.01 | 30.88 | 7.91 | — |
| Jan 2026 (interim) | 43.9 | 4.73 | 8.36 | 17.73 | 42.54 | 10.04 | 4.28 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 14.02x
- P/E (post-issue)
- 17.83x
- RoNW
- 26.65%
- RoE
- 30.74%
- RoCE
- 24.92%
- Debt / Equity
- 0.57
- EPS (pre-issue)
- ₹4.28
- EPS (post-issue)
- ₹3.37
- EBITDA Margin
- 19.71%
- PAT Margin
- 11.14%
- P/BV
- 5.7x
- NAV / share
- ₹14.36
- Market Cap
- ₹101.1 Cr
As of 31 Jan 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Funding Capital Expenditure of Company | ₹3 Cr |
| Repayment and/or pre-payment, in full or part, of borrowing availed by Company | ₹2.5 Cr |
| Funding working capital requirements of the Company | ₹13 Cr |
| General Corporate Purposes | ₹3.92 Cr |
| Issue expenses | ₹4.58 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Fees payable to the BRLM (inclusive underwriting commission) | ₹2.24 Cr |
| Fees Payable to the Registrar to the Issue | ₹0.02 Cr |
| Fees Payable for Advertising and Publishing Expenses | ₹0.37 Cr |
| Fees Payable to the Regulators including Stock Exchanges | ₹0.11 Cr |
| Payment for Printing & Stationery, Postage, etc. | ₹0.02 Cr |
| Fees Payable to Auditor and Legal Advisors | ₹0.2 Cr |
| Others, if any (Fees payable for Marketing & distribution expenses, Sponsor Bank/Banker(s) to the Issue, Selling Commission, Brokerage, depositories, Independent Chartered Engineers, Depository Participant, Industry Report, Peer Review Auditors and Processing Fees*) | ₹1.63 Cr |
Promoters & Shareholding
Promoters: <p>Anujit Shivaji Darade, Shivaji Kisan Darade, Ashish Shivaji Darade</p>
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 73.29%
- Dilution
- 26.71%
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| UPSURGE OPPORTUNITIES FUND I | Other | 3,32,000 | ₹60 | 1.99 | 26.06% |
| SKG INDIA SMALL AND MIDCAP FUND | Other | 2,14,000 | ₹60 | 1.28 | 16.8% |
| J4S VENTURE FUND-I | Other | 2,00,000 | ₹60 | 1.2 | 15.7% |
| COMPACT STRUCTURE FUND | Other | 1,90,000 | ₹60 | 1.14 | 14.91% |
| SB OPPORTUNITIES FUND II | Other | 1,70,000 | ₹60 | 1.02 | 13.34% |
| LONGTHRIVE CAPITAL VCC-TRENDVIEW CAPITAL FUND | Other | 1,68,000 | ₹60 | 1.01 | 13.19% |
Anchor bidding took place on 29 Jun 2026. Anchor lock-in: 50% of shares unlock on 2 Aug 2026, the remainder on 1 Oct 2026.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Atharva Polyplast | 4.28 | 10.53 | — | 40.63% | — | Standalone |
| Master Components Ltd | 16.23 | 73.73 | 39.16x | 22.01% | 4.79x | Standalone |
Peer group as disclosed in the offer document, figures as of 31 Mar 2025. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Listing Performance
About the Atharva Polyplast IPO
The Atharva Polyplast SME IPO opens for subscription on 30 Jun 2026 and closes on 2 Jul 2026, offered at a price band of ₹55–60 per share, and is set to list on BSE. In total, the issue aims to mobilise ₹27 crore. Retail investors bid in lots of 2000 shares, a minimum application of ₹2,40,000.
Issue structure
The IPO is structured entirely as a fresh issue of ₹25.64 crore, so the full proceeds flow to the company to fund its stated objects of the issue.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding working capital requirements of the company (₹13 crore), alongside issue expenses (₹4.58 crore). In all, 5 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Atharva Polyplast reported revenue of ₹43.9 crore and a net profit of ₹4.73 crore. Revenue declined from ₹46.82 crore in FY2023 to ₹43.9 crore in FY2026 (-6.0%). Net worth stood at ₹17.73 crore at the end of FY2026. At the upper band, that puts the issue at roughly 14.0× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 17.83× post-issue earnings and 5.7× book value, against a return on net worth of 26.65% and a debt-to-equity ratio of 0.57. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Anujit Shivaji Darade, Shivaji Kisan Darade, Ashish Shivaji Darade</p>. Promoter holding stands at 100% before the issue and comes down to 73.29% after listing.
Grey market premium (GMP)
In the unofficial grey market, Atharva Polyplast shares are quoted at a premium of ₹10 implying an expected listing around ₹70, about +16.7% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Atharva Polyplast IPO was subscribed 10.74 times overall. The strongest demand came from non-institutional investors (NII) at 18.97 times, with qualified institutional buyers (QIB) at 3.58× and retail investors at 11.3×.
Listing performance
Atharva Polyplast listed on 7 Jul 2026 at ₹69, a premium of +15.0% over the issue price of ₹60.
What to weigh
When evaluating the Atharva Polyplast IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Atharva Polyplast
Atharva Polyplast Limited is engaged in the manufacturing of precision-engineered plastic components catering to a wide range of industries, including furniture, home appliances, and automotive. The company primarily specializes in injection moulding processes, utilizing materials such as polypropylene (PP), ABS, HDPE, and various engineering-grade polymers to produce high-quality components. The company collaborates with Original Equipment Manufacturers (OEMs) and Tier-1 suppliers across India, providing end-to-end manufacturing solutions. Its capabilities extend beyond component production to include product co-development services such as mould design, prototyping, product engineering, assembly, and quality assurance. It also undertakes value-added assembly operations involving fasteners, hinges, foam components, and other customer-specific requirements. Atharva Polyplast operates a manufacturing facility spread across approximately 2,34,614 square feet , including around 40,000 square feet of dedicated production area. The facility is equipped with more than 17 injection moulding machines ranging from 100 tons to 1,000 tons in capacity, enabling the company to efficiently serve customers across diverse industrial segments. The company places significant emphasis on quality, operational excellence, and sustainable manufacturing practices. Its in-house quality control infrastructure is supported by internationally recognized certifications, including ISO 9001:2015 for Quality Management Systems, ISO 14001:2015 for Environmental Management Systems, and ISO 45001:2018 for Occupational Health and Safety Management Systems. Key Strengths Long-standing relationships with a diversified and established customer base. Experienced promoters and management team with strong industry expertise. Broad portfolio of precision plastic components catering to multiple sectors. Commitment to sustainable, environmentally responsible manufacturing practices. Well-diversified geographic presence, reducing dependence on a single market or region.
Atharva Polyplast — Contact Details
- Registered office
- W-163A, S Block MIDC Bhosari, Pune, Maharashtra, 411026
- Phone
- +91- 94220-49184
- Website
- atharvapolyplast.in/
- Registrar (IPO queries)
- atharvapolyplast.smeipo@in.mpms.mufg.com
Frequently asked questions
- What is the Atharva Polyplast IPO price band?
- The Atharva Polyplast IPO price band is ₹55 to ₹60 per share, with a lot size of 2000 shares.
- What was the Atharva Polyplast IPO GMP before listing?
- The final grey market premium recorded before the Atharva Polyplast IPO listed was ₹10. The IPO listed on 7 Jul 2026 at ₹69, +15.0% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Atharva Polyplast IPO open and close?
- The Atharva Polyplast IPO opens on 30 Jun 2026 and closes on 2 Jul 2026.
- When is the Atharva Polyplast IPO allotment and listing date?
- Allotment is expected on 3 Jul 2026. The shares are scheduled to list on 7 Jul 2026 on BSE.
- How many times was the Atharva Polyplast IPO subscribed?
- The Atharva Polyplast IPO was subscribed 10.74 times in total across all investor categories.
- What is the reservation split in the Atharva Polyplast IPO?
- Of the total shares offered, retail investors get 35.1%, QIBs 20.03% (plus 29.81% anchor), non-institutional investors 15.07%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Atharva Polyplast and what is their holding?
- The promoters are <p>Anujit Shivaji Darade, Shivaji Kisan Darade, Ashish Shivaji Darade</p>. Promoter holding is 100% before the issue and 73.29% after listing.
- What is the P/E ratio of the Atharva Polyplast IPO?
- At the upper price band, the Atharva Polyplast IPO is valued at 14.02× pre-issue earnings and 17.83× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Atharva Polyplast IPO?
- The net proceeds go primarily toward funding working capital requirements of the company, among 5 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Atharva Polyplast IPO?
- The book-running lead manager is Horizon Management Pvt.Ltd..
- Is Atharva Polyplast a Mainboard or SME IPO?
- Atharva Polyplast is an SME IPO, listing on BSE (SME platform).