Valplast Technologies ₹28 Crore IPO to Open on September 30, Price Band Fixed at ₹51–54

New Delhi, September 29, 2025: Valplast Technologies Limited IPO, a civil construction and engineering services company, is to launch its ₹28 crore Initial Public Offering (IPO) on September 30, 2025. The book-building issue – entirely a fresh issue of 52.02 lakh equity shares- will close on October 3. The shares is expected to be listed on the BSE SME platform on October 8, 2025. The price band has been fixed at ₹51–₹54 per share, with a lot size of 2,000 shares, at the upper level, equalling an investment amount of ₹1,08,000 for a retail investor. Promoter holding is expected to decrease from 86.65% to 63.68% after the IPO, with shares being listed on the BSE SME platform.

Valplast Technologies Limited, headquartered in Faridabad, Haryana, was established in 2014 as Renesco India Pvt. Ltd. and renamed in 2021. The company offers structural waterproofing, injection grouting, tunnel construction, pre-cast concrete structures, and MEP services. Primarily serving as a subcontractor for defence, railway, and civil works, Valplast has completed over 40 projects across nine states and is expanding its presence in tunnel construction and large-scale infrastructure projects.

Valplast Technologies IPO Objects of the Issue

The net proceeds from the IPO will be utilized towards funding capital expenditure and working capital requirements. Around ₹4.95 crore will go towards machinery acquisition, ₹14 crore towards working capital, while the rest will be used for general corporate purposes, which will not exceed 25% of net proceeds.

Valplast Technologies IPO Financial Performance

Valplast has experienced steady growth over the past three financial years. Operating revenue increased from ₹2,721 lakh in FY23 to ₹6,325 lakh in FY25. Profit after tax (PAT) also increased from ₹127 lakh in FY23 to ₹611 lakh in FY25. Net worth increased from ₹1,490 lakh to ₹3,033 lakh over the same period, while total borrowings increased to ₹2,255 lakh. Earnings per share (EPS) stood at ₹4.24, and net asset value per share stood at ₹21.0 as of FY25.

Valplast Technologies IPO Key Strengths

Valplast has diversified civil engineering capabilities in waterproofing, tunnel construction, precast construction, and MEP services. Valplast has a track record of early completion with over 40 projects executed, growing net worth, and profitability for the past three years. Its promoters and directors have rich experience in infrastructure and engineering services.

Valplast Technologies IPO Risks and Concerns

The company has several risks like over-reliance on subcontracting, litigations and tax disputes exceeding ₹8,700 lakh, and negative cash flows in past years. Low track record in tunnel development and a history of non-compliance with GST, TDS, and corporate returns are other concerns for prospective investors.

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