Vigor Plast IPO is a book build issue of ₹25.10 crores. The issue is a combination of fresh issue of 0.25 crore shares aggregating to ₹20.24 crores and offer for sale of 0.06 crore shares aggregating to ₹4.86 crores.
Vigor Plast IPO bidding opened for subscription on Sep 4, 2025 and will close on Sep 9, 2025. The allotment for the Vigor Plast IPO is expected to be finalized on Sep 10, 2025. Vigor Plast IPO will list on NSE SME with a tentative listing date fixed as Sep 12, 2025.
Vigor Plast IPO price band is set at ₹77.00 to ₹81.00 per share . The lot size for an application is 1,600. The minimum amount of investment required by an individual investor (retail) is ₹2,59,200.00 (3,200 shares) (based on upper price). The minimum lot size investment for HNI is 3 lots (4,800 shares), amounting to ₹3,88,800.
Unistone Capital Pvt.Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue. The market maker of the company is Alacrity Securities Ltd..
Refer to Vigor Plast IPO RHP for detailed Information.
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| IPO Date | September 4, 2025 to September 9, 2025 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Issue Price Band | ₹77 to ₹81 per share |
| Lot Size | 1,600 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 30,99,200 shares (aggregating up to ₹25.10 Cr) |
| Reserved for Market Maker | 1,55,200 shares Alacrity Securities Ltd. (aggregating up to ₹1.26 Cr) |
| Fresh Issue (Ex Market Maker) | 23,44,000 shares (aggregating up to ₹18.99 Cr) |
| Offer for Sale | 6,00,000 shares of ₹10 (aggregating up to ₹4.86 Cr) |
| Net Offered to Public | 29,44,000 shares (aggregating up to ₹23.85 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 78,52,500 shares |
| Share Holding Post Issue | 1,03,51,700 shares |
Vigor Plast IPO offers total 30,99,200 shares. Out of which 14,64,000 (47.24%) allocated to QIB, 5,90,400 (19.05%) allocated to QIB (Ex- Anchor), 4,46,400 (14.40%) allocated to NII, 10,33,600 (33.35%) allocated to RII and 8,73,600 (28.19%) allocated to Anchor investors.
| Investor Category | Shares Offered |
|---|---|
| Market Maker Shares Offered | 1,55,200 (5.01%) |
| QIB Shares Offered | 14,64,000 (47.24%) |
| − Anchor Investor Shares Offered | 8,73,600 (28.19%) |
| − QIB (Ex. Anchor) Shares Offered | 5,90,400 (19.05%) |
| NII (HNI) Shares Offered | 4,46,400 (14.40%) |
| − bNII > ₹10L | 2,97,600 (9.60%) |
| − sNII < ₹10L | 1,48,800 (4.80%) |
| Retail Shares Offered | 10,33,600 (33.35%) |
| Total Shares Offered | 30,99,200 (100.00%) |
Vigor Plast IPO raises ₹7.08 crore from anchor investors. Vigor Plast IPO Anchor bid date is September 3, 2025. Vigor Plast IPO Anchor Investors list
| Bid Date | September 3, 2025 |
| Shares Offered | 8,73,600 |
| Anchor Portion Size (In Cr.) | 7.08 |
| Anchor lock-in period end date for 50% shares (30 Days) | October 9, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | December 8, 2025 |
Vigor Plast IPO opens on September 4, 2025, and closes on September 9, 2025.
| IPO Open Date | Thu, Sep 4, 2025 |
| IPO Close Date | Tue, Sep 9, 2025 |
| Tentative Allotment | Wed, Sep 10, 2025 |
| Initiation of Refunds | Thu, Sep 11, 2025 |
| Credit of Shares to Demat | Thu, Sep 11, 2025 |
| Tentative Listing Date | Fri, Sep 12, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Tue, Sep 9, 2025 |
Investors can bid for a minimum of 3,200 shares and in multiples of 1,600 shares thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 3,200 | ₹2,59,200 |
| Individual investors (Retail) (Min) | 2 | 3,200 | ₹2,59,200 |
| S-HNI (Min) | 3 | 4,800 | ₹3,88,800 |
| S-HNI (Max) | 7 | 11,200 | ₹9,07,200 |
| B-HNI (Min) | 8 | 12,800 | ₹10,36,800 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
Incorporated in 2012, Vigor Plast India Limited is engaged in the manufacturing and supplying of CPVC and UPVC pipes and fittings.
The company offers a comprehensive range of products, including CPVC and UPVC plumbing pipes and fittings, SWR pipes, and PVC agricultural pipes. These products are designed for use in various applications, including plumbing, sewage, agriculture, and industrial sectors.
The company’s manufacturing facility and registered office in Dared, Gujarat, utilise fully automated equipment to ensure consistent, high-quality production while streamlining operations and maintaining close oversight.
The company has established five warehouses in Gujarat, located in Rajkot, Jamnagar, Surat, Ahmedabad, and Dholka.
Product Range
Vigor offers a comprehensive selection of piping solutions for various applications:
Pipes: CPVC, uPVC plumbing pipes, SWR Ring Fit & SWR Self Fit pipes, and PVC agricultural pipes.
Vigor maintains a network of 440 distributors and dealers across 25 Indian states and territories (as of March 31, 2025), offering flexible credit terms and leveraging an Android-based “Vigor India Plast” app for seamless order placement.
As of June 30, 2025, the company has 81 personnel, excluding Board members, engaged in Management, Purchase, Procurement, Marketing, Production, Quality Control, Packing, Dispatch, Sales, and Human Resources.
Competitive Strengths
Vigor Plast India Ltd.'s revenue increased by 8% and profit after tax (PAT) rose by 76% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 40.51 | 35.89 | 20.09 |
| Total Income | 46.02 | 42.52 | 37.39 |
| Profit After Tax | 5.15 | 2.93 | 0.30 |
| EBITDA | 12.08 | 7.55 | 3.08 |
| Net Worth | 12.78 | 4.57 | 1.64 |
| Reserves and Surplus | 4.93 | 4.07 | 1.14 |
| Total Borrowing | 17.72 | 21.57 | 11.29 |
| Amount in ₹ Crore | |||
The market capitalization of Vigor Plast IPO is ₹83.85 Cr.
KPI as of Mon, Mar 31, 2025.
| KPI | Values |
|---|---|
| ROE | 59.39% |
| ROCE | 28.24% |
| Debt/Equity | 1.39 |
| RoNW | 59.39% |
| PAT Margin | 11.30% |
| EBITDA Margin | 26.51% |
| Price to Book Value | 4.97 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 6.56 | 4.98 |
| P/E (x) | 12.35 | 16.28 |
The Company Vigor Plast IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|---|
| 1 | Repayment of certain secured borrowings availed by the Company | 11.39 |
| 2 | Funding capital expenditure towards the development and construction of new warehouse in Ahmedabad, Gujarat | 3.80 |
| 3 | General corporate purposes |
[Dilip Davda] VPIL, that was primarily incorporated as a trader in PVC pipes and fittings, ventured in to its manufacturing. It has comprehensive range of products for variety of uses. It marked progress in its top and bottom lines for the reported periods. The sudden boost in its bottom lines from FY24 onwards raise eyebrows and concern over its sustainability as it operates in a highly competitive and fragmented segment. Based on its recent financial data, the issue appears aggressively priced. Well-informed/cash surplus investors may park moderate funds for medium term. Read detail review...
Vigor Plast India Ltd.
Survey No. 640/3,
Behind Gujarat Gas CNG Pump Godown Zone,
Lalpur Road, Dared, Village: Chela,
Jamnagar, Gujarat, 361006
Phone: 0288-2730912
Email: info@vigorplastindia.com
Website: https://www.vigorplastindia.com/
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: vpil.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
Vigor Plast IPO is a SME IPO of 30,99,200 equity shares of the face value of ₹10 aggregating up to ₹25.10 Crores. The issue is priced at . The minimum order quantity is 1600.
The IPO opens on September 4, 2025, and closes on September 9, 2025.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on NSE SME.
Zerodha customers can apply online in Vigor Plast IPO using UPI as a payment gateway. Zerodha customers can apply in Vigor Plast IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Vigor Plast IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Vigor Plast IPO opens on September 4, 2025 and closes on September 9, 2025.
Vigor Plast IPO lot size is 1600, and the minimum amount required for application is ₹2,59,200, with 2 lots being the minimum application size.
You can apply in Vigor Plast IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Vigor Plast IPO will be done on Wednesday, September 10, 2025, and the allotted shares will be credited to your demat account by Thursday, September 11, 2025. Check the Vigor Plast IPO allotment status.
The Vigor Plast IPO listing date is not yet announced. The tentative date of Vigor Plast IPO listing is Friday, September 12, 2025.
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