Bookbuilding IPO | ₹25 Cr | Listed at NSE SME | Thu, Sep 4, 2025 - Tue, Sep 9, 2025
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 started from Sep 4, 2025 and ended on Sep 9, 2025. The allotment for Vigor Plast IPO was finalized on Sep 10, 2025. The shares got listed on NSE SME on Sep 12, 2025.
Vigor Plast IPO price band is set at ₹81 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 (3,200 shares) (based on upper price). The minimum lot size for investment in 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.
IPO Open
Thu, Sep 4, 2025
IPO Close
Tue, Sep 9, 2025
Issue Price
₹81 per share
Market Cap (Pre-IPO)
₹83.85 Cr
| IPO Date | 4 to 9 Sep, 2025 |
| Listed on | Fri, Sep 12, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹77 to ₹81 |
| Issue Price | ₹81 per share |
| Lot Size | 1,600 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 30,99,200 shares (agg. up to ₹25 Cr) |
| Reserved for Market Maker | 1,55,200 shares Alacrity Securities Ltd. (agg. up to ₹1 Cr) |
| Fresh Issue (Ex Market Maker) | 23,44,000 shares (agg. up to ₹19 Cr) |
| Offer for Sale | 6,00,000 shares of ₹10 (agg. up to ₹5 Cr) |
| Net Offered to Public | 29,44,000 shares (agg. up to ₹24 Cr) |
| Share Holding Pre Issue | 78,52,500 shares |
| Share Holding Post Issue | 1,03,51,700 shares |
| NSE Symbol | VIGOR |
| ISIN | INE1DM601016 |
Vigor Plast IPO comprises a total issue size of 30,99,200 shares. The net offer to the public is 29,44,000 shares, after excluding 1,55,200 shares allotted on a firm basis. Of the Net offer 14,64,000 (49.73%) are allocated to QIB, 4,46,400 (15.16%) allocated to NII 10,33,600 (35.11%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB Shares Offered | 14,64,000 | 49.73% | 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 | 15.16% | 14.40% |
| − bNII > ₹10L | 2,97,600 | 9.60% | |
| − sNII < ₹10L | 1,48,800 | 4.80% | |
| Retail Shares Offered | 10,33,600 | 35.11% | 33.35% |
| Firm Reservations | |||
| Market Maker Shares Offered | 1,55,200 | 5.01% | |
| Total Shares Offered | 30,99,200 | 100.00% | 100.00% |
Investors can bid for a minimum of 3,200 shares and in multiples of 1,600 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 3,200 | ₹2,59,200 |
| Individual investors (Retail) (Max) | 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 |
Vigor Plast IPO raises ₹7.08 crore from anchor investors. Vigor Plast IPO Anchor bid date is September 3, 2025.
📝 Anchor Investors Letter (PDF)
| Bid Date | Wed, Sep 3, 2025 |
| Shares Offered | 8,73,600 |
| Anchor Portion (₹ Cr.) | 7.08 |
| Anchor lock-in period end date for 50% shares (30 Days) | Thu, Oct 9, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | Mon, Dec 8, 2025 |
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 Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 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 | 3.03 |
| KPI | Mar 31, 2025 |
|---|---|
| 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 (₹) | 6.56 | 4.98 |
| P/E (x) | 12.35 | 16.28 |
| Promoter Holding | 100% | 70.05% |
| Market Cap | ₹83.85 Cr. |
The Vigor Plast IPO is subscribed 3.88 times on September 9, 2025 6:20:00 PM (Day 4). The public issue subscribed 2.49 times in the individual investors category, 3.94 times in the QIB category, and 7.03 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for | Total Application |
|---|---|---|---|---|
| QIB (Ex Anchor) | 3.94 | 5,90,400 | 23,24,800 | 9 |
| NII* | 7.03 | 4,46,400 | 31,37,600 | 239 |
| bNII (bids above ₹10L) | 9.00 | 2,97,600 | 26,78,400 | |
| sNII (bids below ₹10L) | 3.09 | 1,48,800 | 4,59,200 | |
| Individual Investors | 2.49 | 10,33,600 | 25,69,600 | 803 |
| Total | 3.88 | 20,70,400 | 80,32,000 | 1,051 |
Total Application : 1,051
*Market Maker portion is not included to NII/HNI.
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Book Running Lead Manager’s fees | 0.25 |
| 2 | Underwriting Fees | 1.76 |
| 3 | Fees payable to Market Maker to the Offer | 0.06 |
| 4 | Fees payable to Registrar to the Offer | 0.02 |
| 5 | Fees payable for Advertising and Publishing expenses | 0.12 |
| 6 | Fees payable to Regulators including Stock Exchanges & Depositories | 0.10 |
| 7 | Payment for Printing & Stationery, Postage, etc. | 0.03 |
| 8 | Fees payable to Statutory Auditor, Legal Advisors and other Professionals | 0.06 |
| 9 | Others | 0.10 |
| Price Details | NSE SME |
|---|---|
| Final Issue Price | ₹81.00 |
| Open | ₹85.00 |
| Low | ₹85.00 |
| High | ₹89.25 |
| Last Trade | ₹85.70 |
Lead Manager Reports
Vigor Plast IPO is a SME IPO of 30,99,200 equity shares of the face value of ₹10 aggregating up to ₹25 Crores. The issue is priced at ₹81 per share. The minimum order quantity is 1600.
The IPO opens on Thu, Sep 4, 2025, and closes on Tue, Sep 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 Thu, Sep 4, 2025 and closes on Tue, Sep 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 Thu, Sep 11, 2025. Check the Vigor Plast IPO allotment status.
The Vigor Plast IPO listing date is on Fri, Sep 12, 2025.
