Atharva Polyplast IPO
smelistedAbout the company
Atharva Polyplast is a manufacturer of precision plastic components across key industrial verticals including furniture, home appliances, and automotive assemblies. The company’s main focus is on injection-moulded components, made primarily from polypropylene (PP), ABS, HDPE, and engineering polymers. It manufactures a diversified range of plastic components catering to the furniture, home appliance, and automobile industries, including products such as back frames, star bases, armrests (1D/3D/4D), headrests, and lumbar supports for the furniture segment; chiller trays, crispers, freezer doors, and AC ODU fans for home appliances; and headlamp covers, meter covers, seat buckets, and instrument cluster covers for the automobile segment. On an average basis over the last 3 years, home appliance parts contributed 51% of revenue, followed by furniture parts at 36%, automobile parts at 9%, and other products at 4%. In 10MFY26, furniture parts contributed the largest share of manufacturing goods revenue at 51.19%, followed by home appliances at 25.28%, other products at 23.34%, and automobile parts at 0.18%. Geographically, Maharashtra remains the dominant revenue contributor, accounting for 89.81% of sales for 10MFY26, followed by Karnataka at 10.00%. The international sales to the USA contributed 0.69% of revenue in FY25. The company maintains long-standing relationships with established customers, with repeat customer relationships spanning up to 9 years with a multinational household brand and 5 years with a multinational consumer goods company. The top customer contributed 24.42%, and the top 10 customers contributed 97.43% of total revenue for the period ended January 31, 2026. The company's manufacturing facility, commissioned in 2015, is spread over 2,34,614 Sq. Ft. with a production space of 40,000 Sq. Ft. and is equipped with over 17 moulding machines with capacities ranging from 100T to 1000T. The facility is located in Satara, Maharashtra, with a total installed production capacity of 18,00,000 kilograms per annum. Capacity utilisation stood at 78% for the period ended January 31, 2026, having improved from 73% in FY23 and 71% in FY24, before peaking at 83% in FY25.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 02 Jul | ₹4 | ₹64 | -2 |
| 01 Jul | ₹6 | ₹66 | 0 |
| 30 Jun | ₹6 | ₹66 | -2 |
| 29 Jun | ₹8 | ₹68 | 0 |
| 28 Jun | ₹8 | ₹68 | +1 |
| 27 Jun | ₹7 | ₹67 | 0 |
| 26 Jun | ₹7 | ₹67 | -2 |
| 25 Jun | ₹9 | ₹69 | 0 |
Strengths
- Established presence in the plastic products manufacturing industry.
- Diverse product portfolio catering to multiple industrial applications.
- Strong relationships with customers across various sectors.
- Focus on quality control and efficient manufacturing processes.
- Experienced promoters and management team with industry expertise.
- Strategic manufacturing facilities supporting operational efficiency.
- Growing demand for plastic and polymer-based products in domestic markets.
- Ability to leverage long-term customer relationships for repeat business.
Risks
- Dependence on raw material prices, which can impact profit margins.
- Exposure to fluctuations in demand from end-user industries.
- Intense competition from organized and unorganized market participants.
- Customer concentration risk if a significant portion of revenue comes from key clients.
- Regulatory and environmental compliance risks related to plastic manufacturing.
- Rising power, fuel, and transportation costs may affect profitability.
- Economic slowdowns could reduce demand for the company's products.
- Any disruption in manufacturing operations may adversely impact business performance.
- Dependence on maintaining consistent product quality and timely deliveries.
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed30 Jun 2026Bidding starts for all investor categories
IPO Closes
Completed02 Jul 2026Last day to place your bid
Basis of Allotment
Completed03 Jul 2026Share allotment finalised
Refund Initiation
Completed06 Jul 2026Refunds credited for non-allottees
Credit to Demat
Completed06 Jul 2026Allotted shares credited to demat account
Listing on Exchange
Completed07 Jul 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 2000 | ₹120,000 | 1 | ₹120,000 | 1 lot only |
| HNI | 2 | 4000 | ₹240,000 | 2 | ₹240,000 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 2,347,826 | 13.5 | 446,087 | 0.19x | 100% |
| NII | 15% | 704,348 | 4.05 | 5,409,393 | 7.68x | 13% |
| Retail | 35% | 1,643,478 | 9.45 | 3,106,173 | 1.89x | 52.9% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
