Injecto Polymers 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 | 1.57x |
| NII | 1.05x |
| sNII (₹2L–₹10L) | 0.22x |
| bNII (above ₹10L) | 1.47x |
| Retail (RII) | 1.28x |
| Total | 1.23x |
Bidding day 6 · final figures at close of bidding: 21 Sept 2026, 6:30 pm IST
IPO Details
- Open Date
- 11 Sept 2026
- Close Date
- 16 Sept 2026
- Listing Date
- 21 Sept 2026
- Face Value
- ₹10
- Fresh Issue
- ₹53.29 Cr
- OFS
- ₹0 Cr
- Listing On
- BSE
- Registrar
- —
The fresh issue is money for the company; the OFS goes to selling shareholders. Fresh issue vs offer for sale, explained
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,40,000 |
| HNI (Min) | 3 | 3,600 | ₹3,60,000 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 9,57,600 | 17.97% |
| QIB (ex-anchor) | 6,38,400 | 11.98% |
| NII | 18,66,000 | 35.01% |
| — sNII (< ₹10L) | 6,21,600 | 11.66% |
| — bNII (> ₹10L) | 12,44,400 | 23.35% |
| Retail | 18,67,200 | 35.04% |
| Total | 53,29,200 | 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 2024 | 109.8 | 4.44 | 12.35 | 21.22 | 121.25 | 83.35 | — |
| FY 2025 | 261.85 | 8.11 | 22.57 | 47.33 | 170.57 | 101.11 | — |
| FY 2026 | 375.83 | 16.01 | 38.04 | 63.34 | 270.93 | 165.19 | 10.55 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 9.48x
- P/E (post-issue)
- 12.99x
- RoNW
- 41.73%
- RoE
- 28.94%
- RoCE
- 15.64%
- Debt / Equity
- 2.61
- EPS (pre-issue)
- ₹10.55
- EPS (post-issue)
- ₹7.7
- EBITDA Margin
- 10.13%
- PAT Margin
- 4.26%
- P/BV
- 2.4x
- NAV / share
- ₹41.73
- Market Cap
- ₹207.9 Cr
As of 31 Mar 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 |
|---|---|
| Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by Company | ₹10 Cr |
| Funding the Capital expenditure towards setting up phase IV at existing manufacturing facility, Unit-I, situated at NH2 Bypass Road, Jaugram, Abujhati, Jamalpur, West Bengal | ₹30.5 Cr |
| General Corporate Purposes | ₹7.28 Cr |
| Issue Expense | ₹8.34 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Book Running Lead Manager Fees and commission including Underwriting Commission | ₹3.15 Cr |
| Commission / processing fee for SCSBs, Sponsor Bank and Bankers to the Offer. Brokerage and selling commission and bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs. | ₹0.01 Cr |
| Fees Payable to Registrar to the Issue | ₹0.01 Cr |
| Fees Payable Advertising, Marketing Expenses, Publishing and Printing Expenses | ₹0.05 Cr |
| Fees Payable to Regulators including Stock Exchanges and other Intermediaries | ₹0.06 Cr |
| Fees payable to Peer Review Auditor | ₹0.01 Cr |
| Fees Payable to Market Maker | ₹0.12 Cr |
| Others (Fees payable for marketing and distributing expenses, selling commission, brokerage, processing fees, underwriting fees and miscellaneous expenses) | ₹4.92 Cr |
| Escrow Bank Fees | ₹0.01 Cr |
Promoters & Shareholding
Promoters: <p>Ramesh Kumar Rateria, Ashok Kumar Rateria, Suman Financial Advisory Pvt.Ltd., Suman Towers Pvt.Ltd., Vinayak Tie-Up Pvt.Ltd., Nivedeeka Commercial Pvt.Ltd., Bhagyashri Trading Pvt.Ltd.</p>
- Holding (pre-issue)
- 88.14%
- Holding (post-issue)
- 64.35%
- Dilution
- 23.79%
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| LONGTHRIVE CAPITAL VCC-TRENDVIEW CAPITAL FUND | Other | 3,99,600 | ₹100 | 4 | 41.73% |
| CRAFT EMERGING MARKET FUND PCC-CITADEL CAPITAL FUND | Other | 3,00,000 | ₹100 | 3 | 31.33% |
| CRAFT EMERGING MARKET FUND PCC-ELITE CAPITAL FUND | Other | 2,58,000 | ₹100 | 2.58 | 26.94% |
Anchor bidding took place on 10 Sept 2026. Anchor lock-in: 50% of shares unlock on 17 Oct 2026, the remainder on 16 Dec 2026.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | Statements |
|---|---|---|---|---|---|
| Injecto Polymers | 10.55 | — | — | 25.28% | Restated |
| Emmbi Industries Ltd | 4.22 | — | 19.43x | 4.06% | Standalone |
| Rdb Rasayans Ltd | 19.17 | — | 9.04x | 13.74% | Standalone |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. 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 Injecto Polymers IPO
The Injecto Polymers SME IPO opens for subscription on 11 Sept 2026 and closes on 16 Sept 2026, offered at a price band of ₹98–100 per share, and is set to list on BSE. In total, the issue aims to mobilise ₹56.12 crore. Retail investors bid in lots of 1200 shares, a minimum application of ₹2,40,000.
Issue structure
The IPO is structured entirely as a fresh issue of ₹53.29 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 the capital expenditure towards setting up phase iv at existing manufacturing facility, unit-i, situated at nh2 bypass road, jaugram, abujhati, jamalpur, west bengal (₹30.5 crore), alongside repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by company (₹10 crore). In all, 4 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Injecto Polymers reported revenue of ₹375.83 crore and a net profit of ₹16.01 crore. Revenue grew from ₹109.8 crore in FY2024 to ₹375.83 crore in FY2026 (+242.0%). Net worth stood at ₹63.34 crore at the end of FY2026. At the upper band, that puts the issue at roughly 9.5× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 12.99× post-issue earnings and 2.4× book value, against a return on net worth of 41.73% and a debt-to-equity ratio of 2.61. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Emmbi Industries Ltd and Rdb Rasayans Ltd, with a median peer P/E of about 14.2×. The issue's own post-issue P/E works out to 12.99×.
Promoters
The promoters of the company are <p>Ramesh Kumar Rateria, Ashok Kumar Rateria, Suman Financial Advisory Pvt.Ltd., Suman Towers Pvt.Ltd., Vinayak Tie-Up Pvt.Ltd., Nivedeeka Commercial Pvt.Ltd., Bhagyashri Trading Pvt.Ltd.</p>. Promoter holding stands at 88.14% before the issue and comes down to 64.35% after listing.
Grey market premium (GMP)
In the unofficial grey market, Injecto Polymers shares are quoted at a premium of ₹0 implying an expected listing around ₹100, about +0.0% 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 Injecto Polymers IPO was subscribed 1.23 times overall. The strongest demand came from qualified institutional buyers (QIB) at 1.57 times, with non-institutional investors (NII) at 1.05× and retail investors at 1.28×.
Listing performance
Injecto Polymers listed on 21 Sept 2026 at ₹99, a discount of -1.0% over the issue price of ₹100.
What to weigh
When evaluating the Injecto Polymers 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 Injecto Polymers
Injecto Polymers Limited business operations include: Manufacturing – It produce a wide range of packaging products such as Polypropylene Woven Fabrics & Bags, BoPP Bags, Leno Bags, LD & Polyester Pouches, FIBC Bags, and Non-Woven Bags. These products cater to industries like agriculture, food, pharmaceuticals, textiles, chemicals, construction, and consumer goods. Trading – Trade in plastic granules and PVC resins. The company operates on a B2B model , offering customized packaging solutions in various shapes and sizes. Raw materials used include PP, LLDPE, LDPE, HDPE, resins, and specialty polymers. To ensure quality, it maintain in-house testing facilities and hold ISO 9001:2015 , ISO 22000:2018 , and BIS certification for food-grade packaging. Manufacturing: Two manufacturing units, 1 in Jaugram, Jamalpur, West Bengal and Unit II is in Howrah, West Bengal Strong Customer Relationship Multi - Product Portfolio & Customisation Capabilities Locational Advantage of our manufacturing units Quality Standard Certifications & Quality Tests Experienced Promoter and Senior Management Team
Injecto Polymers — Contact Details
- Registered office
- 5 th Floor, Room No. 2, Gate No. 3,, Poddar Court, 18, Rabindra Sarani, Lalbazar, Kolkata, West Bengal, 700001
- Phone
- 033 22378167
- Website
- www.injectopolymers.in/
- Registrar (IPO queries)
- irg@integratedindia.in
Frequently asked questions
- What is the Injecto Polymers IPO price band?
- The Injecto Polymers IPO price band is ₹98 to ₹100 per share, with a lot size of 1200 shares.
- What was the Injecto Polymers IPO GMP before listing?
- The final grey market premium recorded before the Injecto Polymers IPO listed was ₹0. The IPO listed on 21 Sept 2026 at ₹99, -1.0% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Injecto Polymers IPO open and close?
- The Injecto Polymers IPO opens on 11 Sept 2026 and closes on 16 Sept 2026.
- When is the Injecto Polymers IPO allotment and listing date?
- Allotment is expected on 17 Sept 2026. The shares are scheduled to list on 21 Sept 2026 on BSE.
- How many times was the Injecto Polymers IPO subscribed?
- The Injecto Polymers IPO was subscribed 1.23 times in total across all investor categories.
- What is the reservation split in the Injecto Polymers IPO?
- Of the total shares offered, retail investors get 35.04%, QIBs 11.98% (plus 17.97% anchor), non-institutional investors 35.01%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Injecto Polymers and what is their holding?
- The promoters are <p>Ramesh Kumar Rateria, Ashok Kumar Rateria, Suman Financial Advisory Pvt.Ltd., Suman Towers Pvt.Ltd., Vinayak Tie-Up Pvt.Ltd., Nivedeeka Commercial Pvt.Ltd., Bhagyashri Trading Pvt.Ltd.</p>. Promoter holding is 88.14% before the issue and 64.35% after listing.
- What is the P/E ratio of the Injecto Polymers IPO?
- At the upper price band, the Injecto Polymers IPO is valued at 9.48× pre-issue earnings and 12.99× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Injecto Polymers IPO?
- The net proceeds go primarily toward funding the capital expenditure towards setting up phase iv at existing manufacturing facility, unit-i, situated at nh2 bypass road, jaugram, abujhati, jamalpur, west bengal, among 4 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Injecto Polymers IPO?
- The book-running lead manager is Indcap Advisors Pvt.Ltd..
- Is Injecto Polymers a Mainboard or SME IPO?
- Injecto Polymers is an SME IPO, listing on BSE (SME platform).