SME
IPO ·
BSE SME
Injecto Polymers Ltd
Listed
West Bengal maker of PP woven, BOPP and FIBC bags and pouches, also trading polymers.
Issue details
Price band
₹98 – ₹100
Face value
₹10
Lot size
1,200 shares
Minimum investment
₹2,40,000
Issue size
₹56.12 Cr
Fresh issue
₹56.12 Cr
Offer for sale
—
Issue type
Book Built
Exchange
BSE SME
Key dates
Opens
11 Sep 2026
Closes
16 Sep 2026
UPI mandate cut-off
5:00 PM on 16 Sep 2026
Allotment
17 Sep 2026
Refunds
18 Sep 2026
Shares in demat
18 Sep 2026
Listing
21 Sep 2026
Subscription and listing
Subscription
1.18x
Listing price
₹99
Registrar
Integrated Registry Management Services Pvt Ltd
Lead manager
Indcap Advisors Pvt Ltd
Subscription by category
Total
1.18x
Total applications
1,101
Anchor investors
Amount raised
₹9.58 Cr
Bid date
10 Sep 2026
50% lock-in ends
17 Oct 2026
Rest lock-in ends
16 Dec 2026
Listing day
Issue price
₹100
Open
₹99.00
High
₹100.00
Low
₹94.05
Day close
₹95.95
Listing gain at open
-1.00%
Issue structure
Shares reserved per category and share of the total issue
QIB
15,96,000
28.44%
Anchor Investor
9,57,600
17.06%
QIB (Ex. Anchor)
6,38,400
11.37%
NII
18,66,000
33.25%
bNII > ₹10L
12,44,400
22.17%
sNII < ₹10L
6,21,600
11.08%
Retail
18,67,200
33.27%
Market Maker
2,83,200
5.05%
Total
56,12,400
100.00%
Finaccle’s quick read
Avoid
Debt/equity is 2.61, with ₹165.19 Cr of borrowings against net worth of ₹63.34 Cr, and the PAT margin is only 4.26%. Growth is strong (PAT up 97% in FY26), but it is debt-funded.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Injecto Polymers is a Kolkata company that makes plastic packaging, including PP woven fabric and bags, BoPP and FIBC bags, pouches and non-woven bags, and also trades plastic granules and PVC resin. It runs two plants in West Bengal and sells mostly to business customers. It had 158 permanent employees and FY26 income of about ₹376 Cr.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
28.94%
ROCE
15.64%
Debt / equity
2.61
PAT margin
4.26%
P/E post issue
12.99
Market cap
₹207.90 Cr
Use of IPO money
Debt repayment
₹10.00 Cr
Capex for phase IV at Unit-I
₹30.50 Cr
General corporate purposes
₹7.28 Cr
Issue expenses
₹8.34 Cr
Strengths
✓
Operating since 1998 with two plants in West Bengal
✓
Broad range of woven, FIBC and non-woven packaging
✓
ISO and BIS certifications with in-house testing
✓
Entirely fresh issue
Risks to watch
!
High debt/equity of 2.61
!
Borrowings almost doubled to ₹165.19 Cr in two years
!
Thin PAT margin of 4.26%
!
Part of revenue comes from low-margin granule and resin trading
!
PAT doubled in FY26, just before the IPO
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.