Ajay Poly IPO Details
Issue Date
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Price Range
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Lot Size
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IPO Size
N/A
Schedule of Ajay Poly IPO
Start date
End date
Allotment of bids
Refund Initiation
Listing on exchange
About Ajay Poly Ltd IPO
The initial public offering (IPO) of Ajay Poly Ltd. consists of a fresh issue size of equity shares with a face value of ₹1 each, aggregating up to ₹238 crore. The offer for sale includes up to 9,300,000 equity shares of ₹1 each, with the total amount yet to be disclosed. The total offer size will be determined based on the fresh issue and offer for sale components. The basis of allotment will take place on TBA. The credit of shares will take place on TBA and the initiation of refunds will take place on TBA.
Objectives of Ajay Poly Ltd IPO
The money raised from this issue, after deducting related expenses, will be used for the following purposes:
- Repaying or prepaying, some of the loans taken by the company.
- Buying equipment, plant, and machinery for various company units in Noida (Unit-IV & Unit-V), Karegaon, Shirwal, Chennai, and the corporate office.
- General corporate purposes.
Ajay Poly Ltd IPO Valuation
Upper Price Band | TBA |
Fresh Issue | ₹238 crore |
Offer for Sale | Up to 9,300,000 equity shares |
EPS (in ₹) for FY 24 | 2.19 |
Ajay Poly Ltd IPO Share Offer and Subscription Details
QIBs | Not more than 50% of the net offer |
Non-institutional Investors (NIIs) | Not less than 15% of the net offer |
Retail-individual Investors (RIIs) | Not less than 35% of the net offer |
Industry Outlook
1. China +1 strategy
Global companies are diversifying supply chains away from China, which benefits India. Initiatives like Make in India and PLI schemes make India an attractive alternative.
2. Demographic dividend and skilled workforce
Unlike China’s rapidly ageing population, India has the largest young workforce among its peers. In fact, India is the only major economy where supply is growing faster than the demand for workforce. Many government initiatives focus on skill development, thus creating a technically trained labour force.
3. Improved business environment
India’s ‘Ease of Doing Business’ rank improved significantly – from 142 in 2014 to 63 in 2019. Infrastructure growth and digital advancements have also played a huge role in streamlining trade. In terms of government initiatives, Make in India and PLI schemes have contributed significantly to boost manufacturing and exports.
4. Other driving factors
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Large domestic consumption base – Growing middle-class consumption makes India a key electronics market. The demand for white goods and consumer durables in rural India is experiencing significant growth, driven by the convergence of digitalization, e-commerce expansion, rising affluence, improved infrastructure, and rural electrification.
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Trade agreements and global relations – India has signed multiple trade pacts to enhance global market access, making India an attractive option for global companies that are looking to diversify their supply chains.
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Innovation and R&D – Initiatives like Startup India, Atal Innovation Mission (AIM), The National Innovation Foundation (NIF), etc drive technological advancements and attract foreign investment.
Ajay Poly Ltd Information
Ajay Poly Pvt. Ltd., based in New Delhi, India, is one of the country's leading manufacturers of refrigeration sealing solutions, profile extrusion, and glass products for the appliance industry.
Specialising in toughened glass products, polymer extrusion, magnet powders, and magnetic products, its offerings include refrigerator door gaskets, thermoplastic extruded profiles, magnetic strips, polymer sheets, refrigerator glass shelves and doors, microwave glass doors, washing machine glass lids, and various toughened glass components for appliances.
Serving sectors such as consumer durables, commercial refrigeration, and automotive, Ajay Poly collaborates with leading multinational and Indian appliance manufacturers on design and development. The company operates ten strategically located manufacturing facilities across India, positioned near key appliance manufacturing hubs of major OEM players.
Ajay Poly Ltd Strengths
Market leadership & growth potential
A leading player in refrigeration sealing solutions and toughened glass products, well-positioned to benefit from the growing Indian consumer durables market. It holds a 61.0% market share in refrigeration sealing solutions, 45.9% in total profile extrusion, 31.3% in glass shelves for the appliance industry in Fiscal 2024, and 15.4% market share in overall glass products. The company's expanding product portfolio, including glass doors, magnetic strips, and polymer extrusion products, strengthens its leadership in the market.
Strong customer & manufacturing advantage
Long-standing relationships with top multinational and Indian appliance manufacturers, supported by strategically located production facilities near key OEM hubs for operational efficiency. It served 46 customers as of November 30, 2024, collaborating with them on design and development to provide tailored solutions. Its ten strategically located manufacturing facilities across India enable efficient production and delivery.
Efficient and sustainable manufacturing capabilities
The company operates ten strategically located manufacturing facilities across India, positioned near key northern, western, and southern appliance manufacturing hubs to optimise logistics and reduce lead times. The company prioritises environmental, health, and safety best practices, maintaining ISO 9001:2015, ISO 14001:2015, and ISO 45001:2007 certifications. Additionally, its products comply with BIS, REACH SVHC, and RoHS standards, reinforcing its position as a preferred and sustainable manufacturing partner in India and globally.
Risks of Ajay Poly Ltd. IPO
1. Customer concentration risk
The company derives a significant portion of its revenue from its top ten customers, with the largest customer contributing 34.47% of total revenue in Fiscal 2024. A loss or reduction in orders from any of these key customers could adversely impact revenue, profitability, and overall business stability.
2. Product dependency risk
A substantial portion of the company's revenue comes from toughened glass and polymer extrusion products. Limited diversification and a potential decline in demand for soft profile extrusion and glass product lines could materially affect its financial performance and growth prospects.
3. Raw material and supply chain risk
The company's profitability is highly dependent on the availability and cost of key raw materials, including PVC resin, clear float glass, and refined soya bean oil, which are subject to global market volatility. Supply disruptions, price fluctuations linked to crude oil prices, geopolitical tensions, and global shipping costs, could negatively affect operations and margins.
All Financial Information about Ajay Poly Ltd
Comparison with peers
Revenue from Operations in ₹ crores | 364.41 | 6,729.27 | 2746.50 | 1,419.56 |
EPS Basic in ₹ for FY 24 | 2.19 | 39.44 | 5.47 | 4.35 |
NAV per share in ₹ for FY 24 | 9.10 | 612.68 | 421.15 | 109.67 |
EBITDA | 48.747 | 491.882 | 261.790 | 116.153 |
RoNW(%) | 27.37 | 6.85 | 19.11 | 5.87 |
Anchor Investing Bidding Date: TBA
IPO Registrar and Book Running Lead Manager
Registrar - KFIN Technologies Limited
Book Running Lead Managers - SBI Capital Markets Limited, Motilal Oswal Investment Advisors Limited
Business Model
Ajay Poly Limited (APL), established in 1991 and a part of the DCJ Group, specialises in manufacturing polymer extruded and glass products, catering primarily to the home appliance industry.
Ajay Poly is India's leading manufacturer and supplier of refrigeration sealing systems (gasket assemblies) and extruded profiles used in appliances, holding a market share of approximately 61.0%, 65.2%, and 49.0% in gasket assemblies, 25.2%, 26.4%, and 21.0% in rigid profiles, and an overall market share of 45.9%, 48.9%, and 37.5% in extruded profiles used in appliances for FY2024, FY2023, and FY2022, respectively.
Additionally, the company is a key player in the toughened glass segment for appliances, with a 31.3% market share in refrigerator glass shelves, 20.1% in refrigerator glass doors, 27.3% in microwave glass doors, and an overall 15.4% market share in toughened glass used in appliances in FY2024.
Ajay Poly Ltd Growth Trajectory
Over the last few years, the company's revenue from operations has shown significant growth, increasing from ₹ 141.677 crore in FY22 to ₹ 364.415 crores in FY24. EBITDA margin has also improved remarkably, rising from 7.49% in FY22 to 13.38% in FY24.
Ajay Poly Ltd Profit and Loss
Total Income (in ₹ crores) | 366.39 | 242.25 | 142.72 |
Profit Before Tax (in ₹ crores) | 31.50 | 16.41 | 4.39 |
EBITDA (in ₹ crores) | 48.74 | 21.34 | 10.61 |
Ajay Poly Ltd Balance Sheet
Profit Before Tax (in ₹ crores) | 31.50 | 16.41 | 4.39 |
Net Cash generated from (used in) Operating Activities (in ₹ crores) | 20.08 | (1.47) | (3.69) |
Net Cash from (used in) Investing Activities (in ₹ crores) | (45.16) | (34.07) | (7.68) |
Net Cash generated from (used in) Financing Activities (in ₹ crores) | 24.85 | 35.68 | 11.29 |
Cash and Cash Equivalents (in ₹ crores) | (0.235) | 0.141 | (0.083) |
Cash and cash equivalent at the end of the year | 0.127 | 0.362 | 0.221 |
How to check allotment status of Ajay Poly Ltd IPO?
1. Visit the Registrar's Website
Go to the official website of KFin Technologies, the registrar for this IPO. KFin's website has a page for checking IPO allotment status. On this page, enter your Permanent Account Number (PAN), application number, or Demat account ID. Then click the 'Submit' button. Your allotment status will be displayed.
The KFin IPO allotment status page is: https://ris.kfintech.com/ipostatus/
2. Check on the Bombay Stock Exchange Website
The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to www.bseindia.com and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page.
On the BSE IPO page, follow these steps:
- Select 'Equity' from the dropdown menu
- Choose 'Ajay Poly Ltd.' in the next dropdown
- Enter your application number
- Enter your PAN
- Click 'Search'
Your 'Ajay Poly Ltd allotment status will be displayed.
- Verify on the National Stock Exchange Website
The National Stock Exchange (NSE) has an IPO Bid Verification module. Use this to check 'Ajay Poly Ltd. allotment status. Go to www.nseindia.com and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'.
On the NSE IPO Bid Verification page, enter:
- Application number
- PAN
Then click 'Submit'. Your ‘Ajay Poly Ltd IPO’ bid and allotment details will be displayed.
How to apply for Ajay Poly Ltd IPO?
Here are the steps to apply for Ajay Poly Ltd. IPO:
- Step 1: Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
- Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
- Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
- Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
- Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.
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