Bai Kakaji Polymers IPO is a book-built issue worth ₹105.17 crore. The issue is entirely a fresh issue of 0.57 crore shares aggregating ₹105.17 crore. The IPO will open for subscription on December 23, 2025, and close on December 26, 2025.
The basis of allotment is expected to be finalised on December 29, 2025, with tentative listing scheduled on BSE and NSE for December 31, 2025. The price band for the Bai Kakaji Polymers IPO has been fixed at ₹177 to ₹186 per share.
Investors can bid for Bai Kakaji Polymers IPO with a minimum of 2 lots, having 1,200 shares. For retail investors, the minimum investment required is ₹2,23,200. For high-net-worth investors (bHNI), the lot size stands at 9 lots, equal to 5,400 shares, amounting to ₹10,04,400.
Hem Securities Ltd is the book running lead manager (BRLM), and Maashitla Securities Pvt Ltd is the registrar of the issue. Detailed information is available at the Bai Kakaji Polymers IPO RHP.
Bai Kakaji Polymers IPO Objectives
Bai Kakaji Polymers & Super Speciality will use the funds raised from the public issue for the following:
- Repayment and/or pre-payment, in full or part, of borrowing availed by the company
- Funding capital expenditure for the installation of additional plant & machinery
- Funding capital expenditure for setting up a solar power project
- General corporate purposes.
About Bai Kakaji Polymers Limited
Incorporated in 2013, Bai Kakaji Polymers Limited is engaged in the manufacture of PET preforms, plastic caps, and closures, which are essential components of packaging used across a wide range of consumer products. Its product portfolio includes specialised closures such as Alaska closures, commonly used for packaged drinking water; caps for carbonated soft drinks (CSD) with 1881 neck finish; and a wide range of PET preforms designed to meet diverse bottling requirements. These products cater to multiple industries, including packaged drinking water, carbonated beverages, juices, and dairy products.
Over the years, the Company has progressively expanded its operations by adding advanced machinery and enhancing production capacity. Currently, it operates state-of-the-art equipment such as SACMI Continuous Compression Moulding machines, ASB Preform Moulding machines, and HUSKY PET Injection Moulding machines sourced from globally renowned original equipment manufacturers. All products are subjected to stringent quality control processes to ensure compliance with applicable standards.
Industry Outlook
- The Indian plastics industry comprises nearly 50,000 enterprises, largely dominated by micro, small, and medium-sized enterprises (MSMEs). These units contribute approximately ₹3.5 lakh crore to the Indian economy and provide significant employment across the country.
- India recycles nearly 60% of its plastic waste, a rate higher than that of many developed economies, indicating a strong focus on sustainability, resource efficiency, and circular economy practices within the industry.
- Government initiatives such as Make in India, Skill India, Swachh Bharat, and Digital India are accelerating plastic production and consumption. By 2027, the plastics industry is expected to generate annual revenues of approximately ₹10 lakh crore, along with exports of around two lakh tonnes.
- The plastics industry is closely linked to the petrochemicals sector, as polymers are a critical raw material. This linkage creates an integrated value chain encompassing both upstream petrochemical inputs and downstream plastic manufacturing and application segments.
How To Apply for the Bai Kakaji Polymers IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Bai Kakaji Polymers IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Bai Kakaji Polymers IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Bai Kakaji Polymers IPO
Plot No. M3 & M4 MIDC, Latur, Maharashtra, India, 413531
Phone:+91 9028254663
E-mail:baikakajipolymers.com
Bai Kakaji Polymers IPO Reservation
| Investor Category | Shares Offered | Percentage |
| Market Maker Shares Offered | 2,83,200 | 5.01% |
| QIB Shares Offered | 26,83,200 | 47.45% |
| NII (HNI) Shares Offered | 8,06,400 | 14.26% |
| Retail Shares Offered | 18,81,600 | 33.28% |
| Total Shares Offered | 56,54,400 | 100.00% |
Bai Kakaji Polymers IPO Lot Size Details
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 1,200 | ₹2,23,200 |
| Retail (Max) | 2 | 1,200 | ₹2,23,200 |
| S-HNI (Min) | 3 | 1,800 | ₹3,34,800 |
| S-HNI (Max) | 8 | 4,800 | ₹8,92,800 |
| B-HNI (Min) | 9 | 5,400 | ₹10,04,400 |
Bai Kakaji Polymers IPO Promoter Holding
Balkishan Pandurangji Mundada, Harikishan Pandurangji Mundada, Akash Balkishan Mundada, Akshay Balkishan Mundada and Kiran Balkishan Mundada are the promoters of the company.
| Share Holding Pre-Issue | 100% |
| Share Holding Post Issue | 73.55% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Bai Kakaji Polymers IPO
| KPI | Value |
| ROE (%) | 41.23 |
| ROCE (%) | 25.71 |
| RoNW (%) | 34.18 |
| PAT Margin (%) | 5.64 |
| EBITDA Margin (%) | 10.28 |
Bai Kakaji Polymers IPO Registrar and Lead Managers
Bai Kakaji Polymers IPO Lead Managers
Hem Securities Ltd
Registrar for Bai Kakaji Polymers IPO
Maashitla Securities Pvt Ltd
Contact Number: 011-47581432
Email Address:investor.ipo@maashitla.com
Financial Performance of Bai Kakaji Polymers Limited
| Particulars | Period Ended on Sep 30, 2025 | Year ending on March 31, 2025 | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
| Revenue from Operations (in ₹ Mn) | 16,211.05 | 32,592.92 | 29,481.45 | 27,287.91 |
| EBITDA (in ₹ Mn) | 2,434.67 | 3,350.72 | 2,074.91 | 1,416.91 |
| EBITDA Margin (%) | 15.02 | 10.28 | 7.04 | 5.19 |
| Profit/loss After Tax (in ₹ lakhs) | 1,281.22 | 1,836.90 | 938.46 | 417.68 |
| PAT Margin (%) | 7.90 | 5.64 | 3.18 | 1.53 |
| ROE (%) | 21.30 | 41.23 | 30.59 | 17.48 |
| Net Worth (in ₹ lakhs) | 6,655.40 | 5,374.19 | 3,537.29 | 2,598.83 |
Bai Kakaji Polymers Limited Peer Comparison
| Name of Company | Face Value (₹) | EPS (Basic/Diluted) | P/E | RoNW (%) | Book Value (₹) |
| Bai-Kakaji Polymers Limited | 10 | 11.66 | — | 34.18% | 34.12 |
| Peer Group | |||||
| Cool Caps Industries Ltd. | 10 | 10.36 | 7.37 | 21.84% | 47.42 |
| Technopack Polymers Ltd. | 10 | 2.72 | 6.50 | 8.61% | 18.46 |
Strengths and Opportunities of Bai Kakaji Polymers Limited
- Integrated in-house manufacturing capabilities with ISO 9001:2015 certification for PP/HDPE caps, closures, and PET preforms.
- Strong domestic market presence with a well-established and reliable distribution reach across India.
- Experienced promoters and management team with over 16 years of domain expertise in the plastics packaging industry.
- Consistent and stable financial performance driven by operational and functional excellence.
- Long-standing customer relationships built on reliability, quality, and demand-driven product offerings.
- Continuous investment in advanced technology to enhance product quality and meet evolving customer requirements.
- Focused domestic expansion strategy across existing and new markets to deepen market penetration.
- Strict adherence to customer specifications and quality standards through continuous monitoring and timely corrective actions.
Risks and Threats of Bai Kakaji Polymers Limited
- The Company’s business performance is dependent on industry growth and its ability to adapt to changing customer and market dynamics.
- Under-utilisation of existing and proposed manufacturing capacities could adversely impact operational efficiency, profitability, and cash flows.
- Inability to periodically upgrade and diversify the product portfolio may affect competitiveness and long-term growth prospects.
- Changes in government policies, taxation structures, or regulatory frameworks may increase costs and impact financial performance.
- Delays or challenges in executing strategic initiatives, expansion plans, and technological upgrades may hinder growth objectives.
- Failure to retain key management personnel and skilled employees could disrupt operations and strategic continuity.
- Inability to customise products in line with evolving customer requirements may result in loss of business opportunities.
- Macroeconomic factors such as inflation, interest rate volatility, and fluctuations in financial markets may adversely affect overall business stability.
