Atharva Polyplast IPO
ListedSME
10.74×
Subscribed
Price band
₹60 – ₹60
Issue size
₹27 Cr
Open – close
30 Jun 2026
to 02 Jul 2026
Listing
07 Jul 2026
Listing gain
+15.00%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong4 of 7 dimensions read
The disclosed numbers are strong — 3 of 4 signals read positive
Strength83/100
- Undemanding valuation14.0× earnings at the upper band, with no peer set published to compare against
- High return on equityROE of 51.0%
- Fresh capital for the business100.0% of the issue is fresh capital raised by the company itself
- Institutional book coveredQIB portion subscribed 3.58×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed, and is pulled toward neutral to reflect how much the document leaves unsaid. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens30 Jun 2026
- Closes02 Jul 2026
- Listing07 Jul 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB3.58x
Non-institutionalNII / HNI18.91x
Big NIIabove ₹10L22.44x
Small NII₹2L – ₹10L11.91x
Retail individualRII11.32x
5,202 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 02 Jul 2026.
Chance of allotment
Retail11.32× subscribed
~1 in 11.3
Retail is 11.32× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 11.3 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII18.91× subscribed
~1 in 18.9
HNI is 18.91× subscribed. This category is allotted proportionately, so a bid receives roughly 1/18.9 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
The offering
Terms, structure and who is selling
Terms
Price band₹60 – ₹60
Total issue size₹27 Cr
Listing atSME platform
Company & valuation
P/E at upper band14.02×
EPS₹4.28pre-issue
EPS₹4.28post-issue
NAV per share₹10.53
Return on equity51.00%
EBITDA margin19.27%
ROCE24.92%
Debt/Equity0.57
RoNW26.65%
PAT Margin11.14%
EBITDA Margin19.71%
NAV14.36
ISININE226801012
0.0% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB Shares Offered | 21,30,000 | 47.33% |
| Anchor Investor Shares Offered | 12,74,000 | 28.31% |
| QIB (Ex. Anchor) Shares Offered | 8,56,000 | 19.02% |
| NII (HNI) Shares Offered | 6,44,000 | 14.31% |
| bNII > ₹10L | 4,28,000 | 9.51% |
| sNII < ₹10L | 2,16,000 | 4.80% |
| Retail Shares Offered | 15,00,000 | 33.33% |
| Market Maker Shares Offered | 2,26,000 | 5.02% |
Total issue 45,00,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Individual investors (IND) (Min)₹2,40,0002 lots · 4,000 sh
Individual investors (IND) (Max)₹2,40,0002 lots · 4,000 sh
S-HNI (Min)₹3,60,0003 lots · 6,000 sh
S-HNI (Max)₹9,60,0008 lots · 16,000 sh
B-HNI (Min)₹10,80,0009 lots · 18,000 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted12,74,000
Anchor portion₹7.64 Cr
Bid date29 Jun 2026
Lock-in ends (50%)02 Aug 2026
Lock-in ends (rest)01 Oct 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Funding Capital Expenditure towards purchase of Machinery₹3 Cr
- 02Repayment and/or pre-payment, in full or part, of borrowing availed by our Company₹2.5 Cr
- 03Funding working capital requirements of the Company₹13 Cr
- 04General Corporate Purpose₹3.92 Cr
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Atharva Poly-Plast Components Limited | 4.28 | 14.00 | 10.50 | 40.63% |
| Master Components Limited | 16.20 | 39.10 | 73.70 | 22.01% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumThe Company is highly dependent on a few key customers for a substantial portion of its revenues, with top five customers contributing 75.39% of revenue in FY 2024-2025 and top ten customers contributing 97.43% of revenue in FY 2024-2025. Loss of any key customer may have a material adverse effect o
mediumThe Company is dependent on a few suppliers for purchases of raw materials, with top five suppliers accounting for 51.42% of total raw material consumed in FY 2024-2025. The loss of any of these suppliers may affect business operations.
mediumThe Company has experienced negative cash flows from investing activities in FY 2022-2023 and the period ended January 31, 2026, and negative cash flows from financing activities in all the preceding three Financial Years. Any negative cash flows in the future would adversely affect results of opera
Positives the filing discloses (2)
Primarily fresh capital
100% of the offer is fresh issue, so most proceeds fund the company.
Healthy return on equity
ROE of 51.0%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
-2.2%
Listed up
1 of 8
Best
+0.4%
Papadmalji Agro Foods Limited
Worst
-17.5%
Himalayan Solar
Ravita Engineering Services Limitedsame segment
6.7× sub+0.0%
Vaibhav Vyapaar Limitedsame segment
3.1× sub-2.0%
R.K. Fashion Accessories Limitedsame segment
2.6× sub-2.4%
Eventions Limitedsame segment
2.3× sub-5.9%
Green Asia Impexsame segment
1.0× sub+0.0%
Papadmalji Agro Foods Limitedsame segment
2.5× sub+0.4%
Dudani Retailsame segment
1.4× sub-13.8%
Himalayan Solarsame segment
1.2× sub-17.5%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the Atharva Polyplast IPO subscribed?
Atharva Polyplast is subscribed 10.74× overall (QIB 3.58×, NII 18.91×, retail 11.32×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar.
What are the chances of allotment in the Atharva Polyplast IPO?
The retail portion is subscribed 11.32×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 11. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.