Vigor Plast IPO

₹1,23,200/1,600 shares

Minimum Investment

IPO Details

Open Date

04 Sep 25

Close Date

09 Sep 25

Minimum Investment

₹1,23,200

Lot Size

1,600

Price Range

₹77 to ₹81

Listing Exchange

NSE

Issue Size

₹25.10 Cr

Listing Date

12 Sep 25

Open Free Demat Account

Vigor Plast IPO Timeline

Bidding Start

04 Sep 25

Bidding Ends

09 Sep 25

Allotment Finalisation

10 Sep 25

Refund Initiation

11 Sep 25

Demat Transfer

11 Sep 25

Listing

12 Sep 25

Vigor Plast India Limited

Incorporated in 2012, Vigor Plast India Limited specialises in manufacturing and supplying CPVC and UPVC pipes and fittings. Its diverse product portfolio includes CPVC and UPVC plumbing solutions, SWR pipes, PVC agricultural pipes, and a wide range of fittings and accessories such as CPVC, UPVC, agricultural and SWR fittings, PTMT taps, and garden pipes. With a fully automated facility in Dared, Gujarat, and five warehouses across the state, the company ensures efficient, quality-driven operations. Supported by 440 distributors across 25 states, it also enables seamless order placement via its Android-based “Vigor India Plast” app.

Vigor Plast India Limited IPO Overview

Vigor Plast IPO is a book-built issue worth ₹25.10 crores, comprising a fresh issue of 0.25 crore shares amounting to ₹20.24 crores and an offer for sale of 0.06 crore shares aggregating to ₹4.86 crores. The subscription window will open on September 4, 2025, and close on September 9, 2025, with the allotment expected on September 10, 2025. The IPO is proposed to be listed on NSE SME, with the tentative listing date fixed as September 12, 2025. The price band has been set between ₹77 and ₹81 per share, and the lot size is 1,600 shares. For retail investors, the minimum investment required is ₹2,59,200 for 3,200 shares at the upper price band, while HNI investors must apply for at least three lots (4,800 shares), amounting to ₹3,88,800. The issue is managed by Unistone Capital Pvt. Ltd. as the book running lead manager, with Kfin Technologies Ltd. acting as the registrar, and Alacrity Securities Ltd. serving as the market maker.

Vigor Plast India Limited IPO Details

Particulars	Details
IPO Date	4 September 2025 to 9 September 2025
Listing Date	12 September 2025
Face Value	₹10 per share
Issue Price Band	₹77 to ₹81 per share
Lot Size	1,600 Shares
Total Issue Size	30,99,200 shares (aggregating up to ₹25.10 Cr)
Fresh Issue	23,44,000 shares (aggregating up to ₹18.99 Cr)
Offer for Sale	6,00,000 shares (aggregating up to ₹4.86 Cr)
Issue Type	Bookbuilding IPO
Listing At	NSE SME
Share Holding Pre Issue	78,52,500 shares
Share Holding Post Issue	1,03,51,700 shares
Market Maker Portion	1,55,200 shares (Alacrity Securities Ltd.)

Vigor Plast India Limited IPO Reservation

Investor Category	Shares Offered
QIB	Not more than 50% of the Net Issue
Retail	Not less than 35% of the Net Issue
NII (HNI)	Not less than 15% of the Net Issue

Vigor Plast India Limited IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	2	3,200	₹2,59,200
Retail (Max)	2	3,200	₹2,59,200
S-HNI (Min)	3	4,800	₹3,88,800
S-HNI (Max)	7	11,200	₹9,07,200
B-HNI (Min)	8	12,800	₹10,36,800

Vigor Plast India Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	100.00%
Post-Issue	70.05%

Vigor Plast India Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹6.57
Price/Earnings (P/E) Ratio	16.28 (Post Issue)
Return on Net Worth (RoNW)	59.39%
Net Asset Value (NAV)	₹16.30 per share
Return on Equity	59.39%
Return on Capital Employed (ROCE)	28.24%
EBITDA Margin	26.51%
PAT Margin	11.30%
Debt to Equity Ratio	1.39

Objectives of the Proceeds

Repayment of secured borrowings to strengthen financial stability – ₹11.39 Cr

Development of new warehouse facility in Ahmedabad, Gujarat – ₹3.80 Cr

Allocation towards general corporate purposes and working capital needs

Key Financials (in ₹ Crore)

Particulars	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	40.51	35.89	20.09
Revenue	46.02	42.52	37.39
Profit After Tax	5.15	2.93	0.30
Reserves and Surplus	4.93	4.07	1.14
Total Borrowings	17.72	21.57	11.29

SWOT Analysis of Vigor Plast IPO

Strength and Opportunities

Wide product range catering to plumbing, sewage, agriculture, and industrial applications
Strong distribution network of 440 dealers across 25 Indian states
Modern automated facility ensuring high-quality, large-scale production efficiency
ISO and BIS certified products boosting customer confidence and brand value

Risks and Threats

Dependence on raw material price fluctuations affecting margins
Exposure to intense competition in the unorganised piping industry
High debt-equity ratio may strain liquidity in adverse cycles
Industry risks from regulatory changes and fluctuating demand cycles

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About Vigor Plast India Limited

Competitive Strengths

Diverse piping product portfolio designed to meet multiple application needs across industries.

Strong brand presence in quality-driven CPVC, UPVC, and agricultural piping solutions.

Strategically located, automated manufacturing facility supporting operational efficiency.

Certified quality standards (ISO, BIS) building trust with institutional and retail clients.

Peer Group Comparison

Company Name	EPS (Basic)	EPS (Diluted)	NAV (₹)	P/E (x)	RoNW (%)	P/BV Ratio
Vigor Plast India Limited	6.57	6.57	16.30	16.28	59.39	4.97
Peer Group
Captain Pipes Ltd	0.59	0.59	2.97	27.27	25.18	7.00
Dutron Polymers Ltd.	4.54	4.54	48.58	30.25	9.80	3.04
Rex Pipes And Cables Industries	5.42	5.42	38.64	24.49	15.09	–

How to apply IPO with HDFC SKY?

Follow these simple steps to apply for an IPO through HDFC SKY. Secure your investments and explore new opportunities with ease by accessing the IPOs available on the platform.

1Login to your HDFC SKY Account

2Select Issue

3Enter Number of Lots and your Price.

4Enter UPI ID

5Complete Transaction on Your UPI App