Vigor Plast India IPO Witnesses Improved Investor Interest on Day 2

Mumbai, September 5, 2025: Vigor Plast India Limited IPO gained momentum on the second day as participation from all investor categories started to flow. At 01:00 PM, the issue was subscribed 0.33 times with 0.33 times in the individual category, 0.42 times in QIBs (Ex-Anchor) and 0.19 times in the NIIs category. With a minimum investment of ₹129600, the PVC, uPVC, and related accessory maker expects to raise ₹25.10 crore through book building and OFS (Offer For Sale).

Established in 2014, Vigor Plast India manufactures PVC, uPVC, and cPVC pipes and fittings used in plumbing, irrigation, and SWR systems. With a 160,000 sq. ft. BIS-certified manufacturing facility in Jamnagar and five warehouses across India, the company caters to residential, commercial, agricultural, and industrial segments.

For FY25, it reported revenue of ₹4,601.81 lakh and a net profit of ₹515.06 lakh, continuing its growth trajectory.

Day 2 Subscription at 0.33x as Bids So far; Reach 6.78 Lakh Shares Worth ₹5.50 Crore

The response, after picking up a bit on the second day, has been largely muted. While Anchor Investors and Market Makers fully subscribed to their quotas, demand from other segments remained subdued. QIBs subscribed only 0.42 times, NIIs just 0.19 times, and retail investors 0.33 times. In total, bids were placed for 6.78 lakh shares against 20.70 lakh on offer, amounting to ₹5.50 crore through 141 applications, reflecting tepid investor sentiment at this stage.

Vigor Plast IPO Open from September 4-9 with Price Band ₹77-₹81 Per Share

The Vigor Plast IPO is open for subscription from September 4–9, 2025, with listing scheduled on September 12, 2025. The price band is set at ₹77–₹81 per share, with a lot size of 1,600 shares requiring a minimum investment of ₹1,29,600. The total issue size is 30.99 lakh shares (₹25 crore), comprising a fresh issue of 24.99 lakh shares and an Offer for Sale (OFS) of 6 lakh shares by promoters. Unistone Capital is the BRLM, KFin Technologies is the registrar, and Alacrity Securities is the market maker.

₹11.39 Crore Allocation for Debt Repayment, ₹3.80 Crore for Warehouse Expansion 

The company has stated that it plans to use the IPO proceeds as follows: 56% (₹11.39 crore) for repaying secured borrowings, with a view to making the company debt-free. The company plans on using around 19% of the proceeds (₹3.80 crore) for capital expenditure, specifically for the development and construction of a new warehouse in Ahmedabad, Gujarat. The remaining 15% (around ₹3 crore) are earmarked for general corporate purposes.

Anchor Investors Infuse ₹7.08 Crore at ₹81 Per Share Ahead of Public Issue

On September 3, 2025, Vigor Plast India allotted 8,73,600 shares to anchor investors at ₹81 per share, raising approximately ₹7.08 crore. Among the key investors were Silver Stride India Global Fund, Nova Global Opportunities Fund PCC, and Venus Investments VCC – Venus Stellar Fund.

The Vigor Plast India IPO reflects structured fundraising with a defined utilisation plan, including debt repayment and infrastructure expansion. While Day 2 subscription levels show a measured pace of participation, the anchor investment has already ensured partial traction. The company’s operational scale, established facilities, and steady financial performance provide a factual backdrop to the ongoing public issue process.

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