Vigor Plast India IPO

About Vigor Plast India IPO

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include up to 24,99,200 equity shares aggregating to ₹ TBA crore. The offer for sale portion includes up to 6,00,000 equity shares aggregating to ₹ TBA crore. The total number of shares is 30,99,200 shares but the aggregate amount is yet to be finalised.

Vigor Plast India Limited is a manufacturer and supplier of a comprehensive range of Polyvinyl Chloride (PVC), Unplasticised Polyvinyl Chloride (uPVC) and Chlorinated Polyvinyl Chloride (cPVC) pipes, fittings, and related products for various applications in plumbing, irrigation, and SWR (Soil, Waste, and Rainwater) management. They cater to both rural and urban markets and provide long-lasting solutions for water distribution, wastewater management, and drainage. Their products, known for their durability and resistance to corrosion, are used in residential, commercial, agricultural, and industrial sectors. Their focus is on delivering high-quality, efficient systems that meet the diverse requirements of their customers.

Objective of Vigor Plast India IPO

• Repayment of certain secured borrowings availed by the company.
• Funding capital expenditure towards the development and construction of a new warehouse in Ahmedabad, Gujarat.
• General corporate purposes.

Industry Outlook

The Indian plastic industry is one of the leading sectors in the country’s economy. The history of the plastic industry in India dates to 1957 with the production of polystyrene. Since then, the industry has made substantial progress and has grown rapidly. The industry is present across the country and has more than 2,500 exporters. It employs more than 4 million people in the country and constitutes 30,000 processing units; among these, 85-90% belong to small and medium enterprises. India manufactures various products such as plastics and linoleum, houseware products, cordage, fishnets, floor coverings, medical items, packaging items, plastic films, pipes, raw materials, etc. The country majorly exports plastic raw materials, films, sheets, woven sacks, fabrics, and tarpaulin. The Government of India intends to take the plastic industry from a current level of ₹3,00,000 crore (US$ 3,780 crore) of economic activity to ₹10,00,000 crore (US$ 12,600 crore) in four to five years.

Company Information

Vigor Plast India Limited was incorporated in 2014, initially focusing on the trading of PVC pipes and fittings. From the year 2020 onwards, they expanded their operations by establishing a manufacturing facility to produce Polyvinyl Chloride (PVC), Unplasticised Polyvinyl Chloride (uPVC), and Chlorinated Polyvinyl Chloride (cPVC) pipes, fittings, and related products. They are a manufacturer and supplier of a comprehensive range of Polyvinyl Chloride (PVC), Unplasticised Polyvinyl Chloride (uPVC) and Chlorinated Polyvinyl Chloride (cPVC) pipes, fittings, and related products for various applications in plumbing, irrigation, and SWR (Soil, Waste, and Rainwater) management.

They cater to both rural and urban markets and provide long-lasting solutions for water distribution, wastewater management, and drainage. Their products, known for their durability and resistance to corrosion, are used in residential, commercial, agricultural, and industrial sectors. Their focus is on delivering high-quality, efficient systems that meet the diverse requirements of their customers.

They have established four warehouses across four strategic locations in Gujarat: Rajkot, Jamnagar, Surat and Ahmedabad. These warehouses enable them to maintain efficient stock levels and ensure prompt order fulfilment. From these locations, they manage the distribution of their products to various regions within India, ensuring that their customers receive their orders in a timely manner. In addition to their domestic distribution, they are actively expanding their market reach by exporting their products to Nepal, broadening their presence in international markets and strengthening their global footprint.

Strengths of Vigor Plast India IPO

• The company has a wide range of products to serve its customer base.
• The brand image is a reflection of our commitment to quality and reliability.
• Its strategically located manufacturing facility is supported by robust infrastructure, resulting in production, cost, and time efficiencies.
• Commitment to quality and standards.
• The company is led by experienced promoters and a strong management team, driving strategic growth, operational efficiency, and long-term success.

Risks of Vigor Plast India IPO

• Geographical concentration of their warehouses in a single state.
• Use of plastic may be prohibited by the concerned government, being a combustible, hazardous commodity which may cause several health concerns.
• Any increase in the cost of their raw materials or other purchases, or a shortfall in the supply of their raw materials.
• Any slowdown in the industrial and residential sectors will impact their business.
• Any penalty or demand raised by statutory authorities in future will affect the financial position of the company.

Source: All the financial information for listed industry peers mentioned above is on a consolidated basis (If applicable) sourced from the Annual Reports of the peer company uploaded on the BSE/NSE website for the year ended March 31, 2025. Notes: 1. P/E Ratio has been computed based on the closing market price of equity shares on the BSE/NSE website on July 18, 2025, divided by the Diluted EPS for the period ended March 31, 2025. 2. RoNW is computed as net profit after tax divided by the average net worth. Net worth has Average Equity shareholders' fund = (Opening equity shareholders' fund + closing equity shareholders' fund)/2. 3. NAV is computed asthe closing net worth divided by the closing outstanding number of equity shares.

Anchor Investor Bidding Date: 03 September 2025

Registrar: KFin Technologies Limited Book Running Lead Managers: Unistone Capital Private Limited

The Company, in consultation with the BRLM, may consider participation by Anchor Investors in accordance with the SEBI ICDR Regulations. The Anchor Investor Bid/ Offer Period shall be one Working Day prior to the Bid/ Offer Opening Date.

Business Model

The company earns its revenue through the following:

Trading of PVC pipes and fittings.

• Manufacturing of Polyvinyl Chloride (PVC), Unplasticised Polyvinyl Chloride (uPVC), and Chlorinated Polyvinyl Chloride (cPVC) pipes, fittings, and related products.

Company Growth Trajectory

Their profit after tax for the period that ended 31 March 2025 was ₹5.15 crores, compared to ₹2.929 crores for FY 2024. The company’s total income for the period that ended on 31 March 2025 was ₹46.018 crores compared to ₹42.518 crores as on 31 March 2024. Their EBITDA was ₹12.085 crores as on 31 March 2025 compared to ₹7.553 crores as on 31 March 2024.

Company Market Position

They cater to both rural and urban markets and provide long-lasting solutions for water distribution, wastewater management, and drainage. Their products, known for their durability and resistance to corrosion, are used in residential, commercial, agricultural, and industrial sectors.

Their sales network includes 440 distributors/dealers in 25 states and union territories as of 31 March 2025.

In addition to their domestic distribution, they are actively expanding their market reach by exporting their products to Nepal, broadening their presence in international markets and strengthening their global footprint.

As on 31 March, 2025, the company’s Total Income, Profit After Tax, and EBITDA stood at ₹46.018 crores, ₹5.151 crores, and ₹12.085 crores, respectively.

How To Check Allotment Status of Vigor Plast India IPO?

1. Visit the Registrar's Website To check the IPO allotment status for Vigor Plast India Limited IPO, visit the official website of KFin Technologies Limited, the registrar for this IPO. On their IPO allotment status page, enter your Permanent Account Number (PAN), application number, or Demat account ID. Then, click the ‘Submit’ button to view your allotment status. Ensure you have the necessary details ready for a quick and accurate check.

2. Check on the Bombay Stock Exchange Website The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website 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 'Vigor Plast India Limited' in the next dropdown
• Enter your application number
• Enter your PAN
• Click 'Search'

Your Vigor Plast India Limited IPO allotment status will be displayed.

3. Verify on the National Stock Exchange Website The National Stock Exchange (NSE) has an IPO Bid Verification module. Use this to check Vigor Plast India Limited IPO allotment status.

Go to the NSE website 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 Vigor Plast India Limited IPO bid and allotment details will be displayed.

How to Apply for Vigor Plast India Ltd IPO?

To apply for this 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