Injecto Polymers IPO
ListedSMEPackaging
1.23×
Subscribed
Price band
₹100 – ₹100
Lot size
1,200
1 lot = ₹1,20,000
Issue size
₹56.12 Cr
Open – close
11 Sept 2026
to 16 Sept 2026
Listing
21 Sept 2026
Listing gain
-1.00%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Mixed3 of 7 dimensions read
A mixed but reasonable offering — 1 positive against 0 negative signals
Strength64/100
- Strong revenue growthRevenue compounding at 64.8% across the reported years
- Adequate return on equityROE of 17.1%
- Institutional book coveredQIB portion subscribed 1.57×
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
- Opens11 Sept 2026
- Closes16 Sept 2026
- Allotment17 Sept 2026
- Listing21 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB1.57x
Non-institutionalNII / HNI1.05x
Big NIIabove ₹10L1.47x
Small NII₹2L – ₹10L0.22x
Retail individualRII1.28x
1,110 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 16 Sept 2026.
Chance of allotment
Retail1.28× subscribed
~1 in 1.3
Minimum 2 lots · 2,400 shares · ₹2,40,000 blocked
Retail is 1.28× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 1.3 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII1.05× subscribed
~1 in 1.1
Minimum 1 lot · 1,200 shares · ₹1,20,000 blocked
HNI is 1.05× subscribed. This category is allotted proportionately, so a bid receives roughly 1/1.1 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₹100 – ₹100
Face value₹10
Lot size1,200shares
Minimum application₹1,20,000at cut-off
Total issue size₹56.12 Cr
Listing atSME platform
Anchor investorsAllotted
Company & valuation
Return on equity17.13%
ROCE15.64%
Debt/Equity2.61
RoNW41.73%
PAT Margin4.26%
EBITDA Margin10.13%
NAV41.73
Price to Book Value2.40
ISININE1JJF01019
RegistrarIntegrated Registry Mgt Ser.Pv
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 15,96,000 | 28.44% |
| Anchor Investor | 9,57,600 | 17.06% |
| QIB (Ex. Anchor) | 6,38,400 | 11.37% |
| NII (HNI) | 18,66,000 | 33.25% |
| bNII > ₹10L | 12,44,400 | 22.17% |
| sNII < ₹10L | 6,21,600 | 11.08% |
| Retail | 18,67,200 | 33.27% |
| Market Maker | 2,83,200 | 5.05% |
Total issue 56,12,400 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 · 2,400 sh
Individual investors (IND) (Max)₹2,40,0002 lots · 2,400 sh
S-HNI (Min)₹3,60,0003 lots · 3,600 sh
S-HNI (Max)₹9,60,0008 lots · 9,600 sh
B-HNI (Min)₹10,80,0009 lots · 10,800 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted9,57,600
Anchor portion₹9.58 Cr
Bid date10 Sept 2026
Lock-in ends (50%)17 Oct 2026
Lock-in ends (rest)16 Dec 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
- 01Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by our Company₹12.6 Cr
- 02Funding the Capital expenditure towards setting up phase IV at our existing manufacturing facility, Unit-I, situated at NH2 Bypass Road, Jaugram, Abujhati, Jamalpur, West Bengal 713166₹29.29 Cr
- 03General Corporate Purposesnot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 31-03-2023 | 96.253 | — | 2.066 | 17.598 | — |
| 31-03-2024 | 109.048 | — | 4.444 | 21.219 | — |
| 31-03-2025 | 261.477 | — | 8.11 | 47.329 | — |
Revenue CAGR 64.8%PAT CAGR 98.1%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Emmbi Industries Limited | 3.67 | 30.30 | — | 3.53% |
| RDB Rasayans Limited | 14.94 | 10.84 | — | 12.43% |
| Our Companythis issue | 6.06 | — | — | 17.13% |
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.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
-1.0%
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%
Papadmalji Agro Foods Limitedsame segment
2.5× sub+0.4%
Green Asia Impexsame segment
1.0× sub+0.0%
Himalayan Solarsame segment
1.2× sub-17.5%
Bench Mark Infotechsame segment
96.0× sub+0.0%
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.
About Injecto Polymers
Injecto Polymers Limited is a manufacturer of packaging products and trades in plastic granules and polyvinyl chloride (PVC) resins. Its manufactured products include polypropylene (PP) woven fabrics and bags, biaxially oriented polypropylene (BoPP) bags, leno bags, low-density and polyester pouches, flexible intermediate bulk container (FIBC) bags, and non-woven bags. These products are used for packaging applications across industries such as agriculture, construction, textiles, chemicals, and consumer goods. The company primarily operates on a business-to-business (B2B) model and supplies products in customised shapes and sizes based on customer requirements. Its manufacturing operations use raw materials including PP granules, linear low-density polyethylene (LLDPE), low-density polyethylene (LDPE), high-density polyethylene (HDPE), plastic resins, and specialty polymers. The company operates two manufacturing units in West Bengal, located at Jaugram, Jamalpur, and Panchpara, Howrah. Unit I also has an in-house testing facility and a 1 MWp rooftop solar power plant. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by the company — Rs 10 crore Funding the capital expenditure towards setting up phase IV at the existing manufacturing facility — Rs 30.50 crore General corporate purposes
Founded 1998MD Mr Ramesh Kumar RateriaSector Packaging
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the Injecto Polymers IPO subscribed?
Injecto Polymers is subscribed 1.23× overall (QIB 1.57×, NII 1.05×, retail 1.28×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, Integrated Registry Mgt Ser.Pv.
What is the minimum investment in the Injecto Polymers IPO?
One lot is 1,200 shares, so a retail application at the ₹100 cut-off price blocks ₹1,20,000. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Injecto Polymers IPO?
The retail portion is subscribed 1.28×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 1. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Injecto Polymers IPO allotment date?
Allotment is scheduled for 2026-09-17, with listing on 2026-09-21. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, Integrated Registry Mgt Ser.Pv.
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.