Bai-Kakaji Polymers Ltd IPO
Plastic products
Price Band
₹177 – ₹186
Lot Size
600
Minimum Bid Quantity
1200
Minimum Investment
₹223200
Issue Size
₹105.17Cr
Opens
2025-12-23
Closes
2025-12-26
Listing
31-12-2025
Subscription Status
Qualified Institutional Buyers
7.88 x
Non-Institutional Investor
6.05 x
Retail Individual Investor
3.47 x
Total
5.34 x
IPO Details
Issue Type
FP
Face Value
₹10
Tick Size
1
ISIN
INE1IJQ01026
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Bai-Kakaji Polymers is a manufacturer of polyethylene terephthalate (PET) preforms, plastic caps and closures used as packaging components for consumer products. Its product portfolio includes Alaska closures for packaged drinking water, carbonated soft drink caps with 1881 neck finish, PET preforms for varied bottling needs, and caps and handles in different shapes, sizes and colours. The company also supplies shrink films made from low-density polyethylene (LDPE) and adhesive films used mainly for secondary and tertiary packaging of bottled beverages and other products. It operates four manufacturing units in Latur, Maharashtra, including the recently acquired unit of Bai Kakaji Industries.
Pros
- • Bai-Kakaji Polymers claims to operate fully in-house manufacturing for polypropylene (PP) / high-density polyethylene (HDPE) caps and closures through compression and injection moulding, as well as PET preforms by injection moulding, packing and dispatch for the food and beverage industry. All operations are stated to be carried out at facilities spanning about 33,000 square metres in Latur, Maharashtra, covering product design, production, testing and packaging under one setup.
- • The company is ISO 9001:2015 certified for its quality management systems.
- • The company claims to have built a strong domestic presence, with India as its primary market and business largely driven by its understanding of local customer requirements.
Cons
- • PET preforms accounted for Rs 105.07 crore (65.28 percent) of the company’s revenue from the sale of products for the period ended September 30, 2025; Rs 219.33 crore (67.44 percent) in FY25; Rs 192.65 crore (65.52 percent) in FY24 and Rs 168.88 crore (62.07 percent) in FY23. If the sales of this key product decline due to factors such as increased competition, pricing pressure, technological changes or shifts in customer preferences, it can adversely affect the company’s business, results of operations and financial condition.
- • Maharashtra accounted for Rs 105.75 crore (65.23 percent) of the company’s revenue for the period ended September 30, 2025; Rs 246.34 crore (75.58 percent) in FY25; Rs 225.34 crore (76.44 percent) in FY24 and Rs 200.99 crore (73.65 percent) in FY23. Since the company also carries all its manufacturing operations from units located in Latur, any adverse political, social or economic developments in this region can hurt its operations and financial condition.
- • Bai-Kakaji Polymers is significantly dependent on a few key suppliers for raw materials such as high-density polyethylene, low-density polyethylene, Darafoam polylines, PET resin and masterbatches, without any long-term supply contracts. The top 10 suppliers accounted for Rs 107.24 crore (95.85 percent) of the company’s total raw material purchases for the period ended September 30, 2025; Rs 235.54 crore (86.17 percent) in FY25; Rs 172.55 crore (71.36 percent) in FY24 and Rs 199.60 crore (88.05 percent) in FY23. Any disruption in supply, quality issues, or delays could impede production, strain customer relationships and adversely impact the company’s business, margins and financial condition.
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