Bai-Kakaji Polymers files DRHP for IPO
By Shishta Dutta | Updated at: Jan 12, 2026 02:35 PM IST
Mumbai, 01 July 2025: Bai-Kakaji Polymers Limited has submitted its Draft Red Herring Prospectus (DRHP) for an initial public offering (IPO) comprising up to 56,56,000 equity shares through the book-building route on the BSE SME platform. The proposed IPO is entirely a fresh issue, with no offer-for-sale (OFS) component.
The primary objectives of the public issue include repayment of borrowings, installation of modern plant and machinery, and setting up a solar power facility. These initiatives reflect the company’s focus on long-term cost efficiency and operational expansion.
IPO Fund Utilisation Focuses on Debt Reduction and Renewable Energy
The projected utilisation of IPO proceeds is detailed below:
| Purpose | Amount (₹ in Lakhs) |
|---|---|
| Repayment/prepayment of borrowings | 6,000.00 |
| Installation of new plant & machinery | 980.30 |
| Setup of a solar power project | 1,294.47 |
| General corporate purposes | [To be finalized] |
The IPO will be conducted under Regulations 229(2) and 253(1) of Chapter IX of SEBI’s ICDR Regulations, 2018. The company has not yet declared the price band, which will be published at least two working days before the issue opens.
Consistent Financial Performance Underlines Company Stability
Bai-Kakaji Polymers has demonstrated consistent financial growth in recent years. Its standalone financials show solid top-line and bottom-line performance:
| Metric | 9M FY25 (Dec 31, 2024) | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Total Income (₹ lakh) | 23,421.72 | 29,641.54 | 27,509.27 | 19,567.39 |
| Net Profit (₹ lakh) | 1,059.78 | 938.46 | 417.68 | 411.46 |
| EBITDA Margin (%) | 9.55% | 7.04% | 5.19% | 6.54% |
| PAT Margin (%) | 4.54% | 3.18% | 1.53% | 2.13% |
| Net Worth (₹ lakh) | 4,597.06 | 3,537.29 | 2,598.83 | 2,181.15 |
Consolidated pro forma financials, factoring in its acquisition of Bai Kakaji Industries, show a higher net profit of ₹1,326.43 lakh for 9M FY25.
Product Segments Drive Revenue; Maharashtra Leads Market Contribution
The company’s core manufacturing includes PET preforms and plastic closures for industries such as bottled water, carbonated beverages, dairy, and FMCG. In the first nine months of FY25, revenue distribution across product segments was as follows:
| Product Segment | Revenue (₹ lakh) | Contribution (%) |
|---|---|---|
| PET Preforms | 15,950.61 | 68.52% |
| Plastic Closures | 4,562.67 | 19.60% |
| Shrink Films | 1,457.57 | 6.26% |
| Others | 1,308.41 | 5.62% |
The state of Maharashtra accounted for 76.95% of operational revenue during the same period, reflecting a strong regional foothold.
Promoter Stake to be Partially Diluted Post Issue
The company’s promoters currently hold 100% equity (1,57,50,000 shares), which will be diluted post-issue. To comply with SEBI’s minimum promoter contribution norms, 42,91,902 promoter shares will be locked in for three years, representing at least 20% of the post-issue capital.
| Particulars | Pre-Issue | Post-Issue* |
|---|---|---|
| Paid-up Equity Shares (₹10 FV) | 1,57,50,000 | [●] |
| Promoter Holding | 100.00% | [●] |
| Net Worth (Standalone) | ₹4,597.06 lakh | [●] |
*To be updated following final allotment and pricing.
SEBI Compliance Ensures Transparent Listing and Fund Monitoring
Bai-Kakaji Polymers has applied for in-principle approval to list its equity shares on the BSE SME platform. In line with SEBI ICDR Regulation 262, a monitoring agency will be appointed to oversee the proper utilisation of IPO funds.
Company Overview: Manufacturing Excellence with a Focus on Innovation
Established in 2013 and headquartered in Latur, Bai-Kakaji Polymers Limited produces PET preforms and plastic closures using advanced technology, including SACMI compression moulding and ASB injection moulding systems. The company holds ISO 9001:2015 certification and serves a clientele that includes leading beverage and water brands.
The acquisition of Bai Kakaji Industries was undertaken to enhance manufacturing capabilities and operational efficiency. The company currently operates four manufacturing units, covering more than 33,000 square metres.
REF: https://www.bsesme.com/download/357169/SME_IPO InPrinciple/DRHP_20250630233940.pdf
Disclaimer: At HDFC SKY, we take utmost care and due diligence in curating and presenting news and market-related content. However, inadvertent errors or omissions may occasionally occur.
If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com.
Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations
