Injecto Polymers IPO
smelistedAbout the company
Injecto Polymers was incorporated in 1998 and is engaged in manufacturing polypropylene (PP) woven fabrics and packaging products, along with trading plastic granules and PVC resins. Its product portfolio includes PP woven fabrics and bags, BOPP bags, laminated woven bags, FIBC bags and HDPE/LDPE liners, which cater to agriculture, construction, food grains, textiles, chemicals and consumer goods. The company primarily follows a B2B model and supplies customised packaging products to institutional and industrial customers. It operates two manufacturing units in West Bengal, with a combined installed capacity of 10,870 MT and capacity utilisation of 95.29% in FY26. Unit I is located at Jaugram, Jamalpur, while Unit II is located at Panchpara, Howrah and was taken on leave and licence from group company Hind Polyfabs Private Limited. Injecto Polymers is expanding its manufacturing capacity, with 1,200 MT under Phase III already commencing operations in July 2026 and another 4,800 MT proposed under Phase IV. Manufacturing and trading contributed 49.6% and 50.3%, respectively, to revenue in FY26, with manufacturing revenue comprising PP fabrics at ₹117.5 crore and PP fabric bags at ₹68.8 crore, while trading revenue from plastic granules and PVC resins stood at ₹189.1 crore. West Bengal remained the largest market, contributing 85.2% of revenue in FY26, while the top five and top ten customers accounted for 30.5% and 40.1% of revenue, respectively. The largest supplier accounted for 24.8% of total purchases, while the top ten suppliers contributed 72.7% in FY26. The company has also installed a 1 MWp rooftop solar plant at Unit I, generating around 13.20 lakh units annually.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 16 Sep | ₹0 | ₹100 | 0 |
| 15 Sep | ₹0 | ₹100 | 0 |
| 14 Sep | ₹0 | ₹100 | 0 |
| 13 Sep | ₹0 | ₹100 | 0 |
| 12 Sep | ₹0 | ₹100 | 0 |
| 11 Sep | ₹0 | ₹100 | 0 |
| 10 Sep | ₹0 | ₹100 | 0 |
| 09 Sep | ₹0 | ₹100 | 0 |
Strengths
- Diversified product portfolio across woven fabrics, woven sacks, BOPP bags, leno bags and FIBC bags
- Strong customer relationships supported by an established presence in the packaging industry
- Experienced promoters and senior management with extensive industry knowledge
- Strategic location of manufacturing units with connectivity to industrial and agricultural markets
- Quality certifications and testing capabilities support product reliability
- Bulk procurement of plastic granules and PVC resins can provide purchasing advantages
Risks
- Significant dependence on a limited number of customers, creating customer concentration risk
- High exposure to fluctuations in polymer and other raw material prices
- Intense competition in the flexible packaging industry may put pressure on pricing and margins
- Trading activities form a significant portion of revenue, which may carry lower margins than manufacturing
- Working capital-intensive operations can put pressure on cash flows
- High borrowings increase financial risk and interest-cost exposure
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed11 Sept 2026Bidding starts for all investor categories
IPO Closes
Completed16 Sept 2026Last day to place your bid
Basis of Allotment
Completed17 Sept 2026Share allotment finalised
Refund Initiation
Completed18 Sept 2026Refunds credited for non-allottees
Credit to Demat
Completed18 Sept 2026Allotted shares credited to demat account
Listing on Exchange
Completed21 Sept 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 | 1200 | ₹120,000 | 1 | ₹120,000 | 1 lot only |
| HNI | 2 | 2400 | ₹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% | 2,828,283 | 28 | 2,884,849 | 1.02x | 98% |
| NII | 15% | 848,485 | 8.4 | 195,152 | 0.23x | 100% |
| Retail | 35% | 1,979,798 | 19.6 | 534,545 | 0.27x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
