Injecto Polymers Ltd IPO
Packaging
Price Band
₹98 – ₹100
Lot Size
1200
Minimum Bid Quantity
2400
Minimum Investment
₹240000
Issue Size
₹56.12Cr
Opens
2026-09-11
Closes
2026-09-16
Listing
21-09-2026
Subscription Status
Qualified Institutional Buyers
1.57 x
Non-Institutional Investor
1.05 x
Retail Individual Investor
1.28 x
Total
1.21 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE1JJF01019
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Injecto Polymers Limited is a manufacturer of packaging products and trades in plastic granules and polyvinyl chloride (PVC) resins. Its manufactured products include polypropylene (PP) woven fabrics and bags, biaxially oriented polypropylene (BoPP) bags, leno bags, low-density and polyester pouches, flexible intermediate bulk container (FIBC) bags, and non-woven bags. These products are used for packaging applications across industries such as agriculture, construction, textiles, chemicals, and consumer goods. The company primarily operates on a business-to-business (B2B) model and supplies products in customised shapes and sizes based on customer requirements. Its manufacturing operations use raw materials including PP granules, linear low-density polyethylene (LLDPE), low-density polyethylene (LDPE), high-density polyethylene (HDPE), plastic resins, and specialty polymers. The company operates two manufacturing units in West Bengal, located at Jaugram, Jamalpur, and Panchpara, Howrah. Unit I also has an in-house testing facility and a 1 MWp rooftop solar power plant. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by the company — Rs 10 crore Funding the capital expenditure towards setting up phase IV at the existing manufacturing facility — Rs 30.50 crore General corporate purposes
Pros
- • The company manufactures polypropylene woven fabrics and bags, BOPP bags, leno bags, FIBC bags, and other packaging products used across food, agriculture, chemicals, construction and other industries. Its products can also be customised in different shapes and sizes based on customer requirements.
- • The company operates two manufacturing units in West Bengal, with locations in proximity to Kolkata, Odisha, Jharkhand, Bihar, and major rice-producing regions. The company states that the facilities have access to ports, airports and highways, supporting the movement of products to customers.
- • The company is ISO 9001:2015 certified for quality management systems and ISO 22000:2018 certified for food safety management systems. It also holds BIS certification for food-grade packaging and claims to conduct tensile, UV, surface resistibility, FIBC rig and drop testing as part of its quality checks.
Cons
- • The company derives a significant portion of its revenue from a limited number of customers, exposing it to customer concentration risk. Revenue from its top 10 customers contributed Rs 150.47 crore (40.07%), Rs 106.23 crore (40.63%), and Rs 40.57 crore (37.20%). Any adverse change in its relationship with these customers, including lower order volumes, delayed payments or termination, could adversely affect its revenue, cash flows, and financial performance.
- • The company derives a significant portion of its revenue from trading activities. Trading contributed Rs 189.12 crore (50.36%), Rs 139.09 crore (53.19%), and Rs 30.15 crore (27.65%) of revenue from operations in FY26, FY25, and FY24, respectively. Any adverse developments in the trading business, including price volatility, demand-supply fluctuations, higher inventory requirements, low margins, or counterparty defaults, could adversely affect its financial performance and cash flows.
- • The company’s revenue from operations is concentrated in West Bengal and other eastern states of India. Revenue from West Bengal accounted for Rs 320.21 crore (85.27%), Rs 198.37 crore (75.86%), and Rs 89.68 crore (82.24%) of total revenue from operations in FY26, FY25, and FY24, respectively, while other eastern states contributed Rs 26.45 crore (7.04%), Rs 20.84 crore (7.97%), and Rs 14.06 crore (12.89%). Any adverse economic, political, regulatory, or environmental developments in these regions could negatively affect the company’s revenue and results of operations.
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