Vigor Plast India
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 12 Sept 2025 | ₹0 | 0.00% | ₹0 | ₹81 | ₹0 |
| 11 Sept 2025 | ₹0 | 0.00% | ₹0 | ₹81 | ₹0 |
| 10 Sept 2025 | ₹0 | 0.00% | ₹0 | ₹81 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 04 Sept 2025 – 09 Sept 2025
- Listing date
- 12 Sept 2025
- Face value
- ₹10 per share
- Issue price
- ₹81 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Total issue size
- ₹25.1 Cr
- Market cap at offer price
- ₹83.85 Cr
- Promoter holding
- 100.00% → 70.05% pre-issue → post-issue
- ISIN
- INE1DM601016
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Unistone Capital Pvt.Ltd.
- Registered office
- Survey No.640/3, Behind Gujarat Gas CNG Pump Godown Zone, Lalpur Road, Dared, Village: Chela, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 8,73,600 | — | — |
| Market maker | 1,55,200 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹81
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,29,600 |
| S-HNI (min) | 2 | 3,200 | ₹2,59,200 |
| S-HNI (max) | 7 | 11,200 | ₹9,07,200 |
| B-HNI (min) | 8 | 12,800 | ₹10,36,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹81 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.56 | 4.98 |
| P/E (×) | 12.35 | 16.27 |
| Price to book (×) | 4.97 | — |
| Market cap | — | ₹83.85 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 59.39%
- ROCE
- 28.24%
- Debt / equity
- 1.39
- PAT margin
- 11.30%
- EBITDA margin
- 26.51%
- NAV per share
- ₹16.3
- Price to book
- 4.97
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Vigor Plast India
Vigor Plast India Limited is a PVC, UPVC and CPVC pipe and fittings manufacturer incorporated on January 30, 2014, and converted to a public limited company on November 27, 2024. The company is engaged in manufacturing a comprehensive range of polyvinyl chloride (PVC), unplasticized polyvinyl chloride (UPVC) and chlorinated polyvinyl chloride (CPVC) pipes, fittings, and related products for various applications in plumbing, irrigation, and soil waste/rainwater (SWR) management. The company caters to both rural and urban markets, providing long-lasting solutions for water distribution, wastewater management, and drainage. Its products are used across residential, commercial, agricultural, and industrial sectors. The company has a manufacturing facility located in Jamnagar, Gujarat, and operates four warehouses in Rajkot, Jamnagar, Surat, and Ahmedabad in Gujarat. Revenue from operations for FY24 was ₹4,248.08 lakhs and for the period ended December 31, 2024 was ₹3,385.79 lakhs.
Company Analysis
from DRHPVigor Plast India Limited manufactures and supplies PVC, UPVC, and CPVC pipes, fittings, and related products for plumbing, irrigation, and drainage applications across India.
Vigor Plast India Limited is a PVC, UPVC and CPVC pipe and fittings manufacturer incorporated on January 30, 2014, and converted to a public limited company on November 27, 2024. The company is engaged in manufacturing a comprehensive range of polyvinyl chloride (PVC), unplasticized polyvinyl chloride (UPVC) and chlorinated polyvinyl chloride (CPVC) pipes, fittings, and related products for various applications in plumbing, irrigation, and soil waste/rainwater (SWR) management. The company caters to both rural and urban markets, providing long-lasting solutions for water distribution, wastewater management, and drainage. Its products are used across residential, commercial, agricultural, and industrial sectors. The company has a manufacturing facility located in Jamnagar, Gujarat, and operates four warehouses in Rajkot, Jamnagar, Surat, and Ahmedabad in Gujarat. Revenue from operations for FY24 was ₹4,248.08 lakhs and for the period ended December 31, 2024 was ₹3,385.79 lakhs.
Objects of the Issue
- Repayment of certain secured borrowings availed by our Company ₹1,139.31 lakhs p.88
- Funding capital expenditure towards development and construction of new warehouse in Ahmedabad, Gujarat ₹379.96 lakhs p.88
- General corporate purposes [●] p.88
Issue Structure
- Total Issue
- Up to 31,00,000 Equity Shares aggregating to ₹ [●] Lakhs
- Fresh Issue
- Up to 25,00,000 Equity Shares aggregating to ₹ [●] Lakhs
- Offer for Sale
- Up to 6,00,000 Equity Shares aggregating to ₹ [●] Lakhs
- Price Band
- [●] to ₹ [●] per Equity Share
- Lot Size
- [●]
- Face Value
- ₹10 per Equity Share
Business Model
The company manufactures PVC, UPVC, and CPVC pipes and fittings products and sells them through a distribution network of dealers and distributors across India. It operates on a B2B model, with revenue generation primarily from the sale of manufactured pipes and fittings to distributors who further sell to end customers in the construction, plumbing, and agricultural sectors.
Business Segments
SWOT Analysis
- • Established in manufacturing and supply of PVC, uPVC, and cPVC pipes and fittings(p.19)
- • Products known for durability and corrosion resistance(p.19)
- • Strong growth trajectory and profitability improvement(p.61)
- • Multiple quality certifications received(p.35)
- • Extensive distribution network spanning 25 states(p.34)
- • Ability to cater to diverse customer segments(p.19)
- • Dependence on few major customers for revenue(p.27)
- • Concentrated supplier base(p.28)
- • Reliance on single manufacturing facility(p.33)
- • Warehouses located only in Gujarat(p.33)
- • High debt burden and instances of loan repayment delays(p.30)
- • Below full capacity utilization(p.37)
- • Growing demand in construction and infrastructure sectors(p.41)
- • Expansion into new geographic markets(p.34)
- • India's focus on water management and sanitation(p.19)
- • Growth opportunities from government initiatives(p.20)
- • Emerging market penetration(p.97)
- • Ban or restrictions on use of plastic(p.29)
- • Volatility in raw material costs(p.29)
- • Intense competition in pipes and fittings industry(p.41)
- • Economic slowdown and recession risks(p.52)
- • Regulatory and compliance risks(p.37)
- • Exchange rate and commodity price fluctuations(p.56)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Jayesh Premjibhai Kathiriya | Promoter | 29.87% | [●]% |
| Rajeshbhai Kathiriya | Promoter | 29.34% | [●]% |
| Premjibhai Dayabhai Kathiriya | Promoter | 29.15% | [●]% |
| Jashvantiben Rajeshbhai Kathiriya | Promoter | 5.94% | [●]% |
| Nitaben Jayeshbhai Kathiriya | Promoter | 5.68% | [●]% |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.