IPO Details

Bidding Dates

04 Sep '25 - 09 Sep '25

Minimum Investment

₹2,59,200/ 2 Lots (3,200 Shares)

Price Range

₹77 -₹81

Maximum Investment

₹2,59,200/ 2 Lots (3,200 Shares)

Retail Discount

To be announced

Issue Size

₹25.10 Cr

Investor category and sub category

Retail Individual Investors (RII)  |   Non-institutional Investors (NII)  |   Qualified Institutional Buyers (QIB)  |  

Vigor Plast IPO Important Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

Sep 04, 25

IPO Closing Date

Sep 09, 25

Basis of Allotment

Sep 10, 25

Initiation of Refunds

Sep 11, 25

IPO Listing Date

Sep 12, 25

IPO Subscription Details

DateQIBNIIRetailTotal

Day 1Sep 3, 2025

 0.42 0.50 0.20 0.33

Day 2Sep 4, 2025

 0.50 1.62 0.45 0.72

Day 3Sep 7, 2025

 0.50 1.87 0.85 0.97

Day 4Sep 8, 2025

 3.94 7.03 2.49 3.88

About Vigor Plast IPO

Vigor Plast IPO is a book-built issue with a total size of ₹25.10 crore. The issue consists of a fresh issue of 0.25 crore shares aggregating to ₹20.24 crore and an offer for sale of 0.06 crore shares worth ₹4.86 crore. The IPO opens for subscription on September 4, 2025, and closes on September 9, 2025. 

The basis of allotment is likely to be finalised on September 10, 2025. The company’s shares are proposed to list on NSE SME with a tentative listing date set as September 12, 2025. The price band for the IPO is fixed between ₹77 to ₹81 per share. 

The minimum lot size for application is 1,600 shares. Retail investors need a minimum investment of ₹2,59,200 for 3,200 shares at the upper price band. For High Net-worth Individuals, the minimum application size is 3 lots, amounting to 4,800 shares worth ₹3,88,800. 

Unistone Capital Private Limited is acting as the book-running lead manager, Kfin Technologies Limited as the registrar, and Alacrity Securities Limited as the market maker. Refer to the RHP for detailed information.

Vigor Plast IPO Objectives 

The company plans to allocate the net proceeds from the issuance to the following purposes:

  1. Repayment of certain secured borrowings to reduce financial liabilities.
  2. Funding capital expenditure for building a new warehouse in Ahmedabad, Gujarat.
  3. Utilisation for general corporate purposes to support overall business needs.

About Vigor Plast India Limited 

Vigor Plast India Limited, incorporated in 2014, began its journey by trading PVC pipes and fittings before expanding into manufacturing in 2020. The company produces a wide range of PVC, uPVC, and cPVC pipes, fittings, and related products catering to plumbing, irrigation, and SWR (Soil, Waste, and Rainwater) management. 

These products are used across residential, commercial, agricultural, and industrial sectors due to their durability and resistance to corrosion. The manufacturing facility, located in Dared, Gujarat, is fully automated and ISO 9001:2005 certified. It has also received multiple BIS and ISO certifications, ensuring high-quality standards. 

An in-house laboratory at the facility further strengthens the company’s commitment to quality. Vigor Plast India Limited has established four warehouses across Gujarat—in Rajkot, Jamnagar, Surat, and Ahmedabad—enabling efficient distribution. In addition to domestic sales, the company exports to Nepal, enhancing its international presence. 

All transportation is carried out via road to ensure timely delivery. Products are marketed under the registered brand “VIGOR.” Marketing campaigns on social media and endorsements by a TV actor as brand ambassador have helped build strong brand visibility. An android app, “Vigor India Plast,” supports distributors and dealers in placing orders conveniently. The sales network spans 440 distributors across 25 states and union territories.

Promoters Jayesh Premjibhai Kathiriya, Rajeshbhai Kathiriya, and Premjibhai Dayabhai Kathiriya play key roles in production, operations, and marketing. Their combined leadership and experience have significantly contributed to the company’s growth, with domestic sales reaching ₹4,452.27 lakh in FY 2025.

Industry Outlook

  1. The Indian manufacturing sector contributes 17% of GDP with over 27.3 million workers and is projected to reach ₹87,57,000 crore (US$ 1 trillion) by FY26. Exports in FY25 touched ₹70,08,279 crore (US$ 820.93 billion), showing 6% year-on-year growth.
  2. Electronics and engineering goods are driving export momentum, while supportive government schemes like the PLI and National Manufacturing Policy aim to increase manufacturing’s GDP share to 25% by 2025. 
  3. Demand for infrastructure, housing, and water management solutions is rising, which directly boosts opportunities for pipe and plastic product manufacturers within the sector.

How To Apply for the Vigor Plast IPO Online?

  1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
  2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
  3. Select IPO: Find and select the Vigor Plast IPO from the list of open IPOs.
  4. Enter the Lot Size: Specify the number of lots you want to bid for.
  5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
  6. 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 Vigor Plast IPO?

Steps to check IPO allotment status on Angel One’s app:

  1. Log in to the Angel One app.
  2. Go to the IPO Section and then to IPO Orders.
  3. Select the individual IPO that you had applied for and check the allotment status.
  4. Angel One will notify you of your IPO allotment status via push notification and email.

Contact Details of Vigor Plast India Limited 

Registered office: Survey No. 640/3, Behind Gujarat Gas CNG Pump Godown Zone, Lalpur Road, Dared, Village: Chela, Jamnagar – 361 006, Gujarat, India

Phone: : 0288-2730912

E-mail:info@vigorplastindia.com

Vigor Plast IPO Reservation

Investor Category

Shares Offered

QIB Shares

Not more than 50% of the Net Offer

Retail Shares

Not less than 35% of the Net Offer

NII Shares

Not less than 15% of the Net Offer

Vigor Plast IPO Lot Size Details

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 Promoter Holding

The promoters of the company include Jayesh Premjibhai Kathiriya, Rajesh Premjibhai Kathiriya, Premjibhai Dayabhai Kathiria, Jashvantiben Rajeshbhai Kathiriya, and Nitaben Jayeshbhai Kathiriya.

Share Holding Pre-Issue

100.00%

Share Holding Post Issue

70.05%

Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.

Key Performance Indicators for Vigor Plast IPO

KPI

Value

ROE (%)

59.39

RoCE (%)

28.24

Debt/Equity

1.39

RoNW (%)

59.39

EBITDA Margin (%)

26.51

Price to Book Value

4.97

Vigor Plast IPO Prospectus

Vigor Plast IPO Registrar and Lead Managers

Vigor Plast IPO Lead Managers

  • Unistone Capital Private Limited

Registrar for Vigor Plast IPO

Kfin Technologies Limited

Financial Performance of Vigor Plast India Limited

Particulars Year ending on March 31, 2025 Year ending on March 31, 2024 Year ending on March 31, 2023
Revenue from Operation (in ₹ lakh) 4,557.79 4,248.08 3,728.39
Profit/loss After Tax (in ₹ lakh) 515.06 292.91 29.87
PAT Margin (%) 11.30 6.90 0.80
Total revenue (in ₹ lakh) 4,601.81 4,251.80 3,738.65
Current ratio (x) 0.63 0.74 0.53
Return on Capital Employed (RoCE) (%) 28.24 19.58 9.49
EBITDA (in ₹ lakh) 1,208.48 755.26 307.87

Know before investing

Strengths

8

  1. Wide product range meets diverse residential, commercial, industrial customer needs.

  2. A strong “Vigor” brand with ambassador support builds loyalty and market presence.

  3. ISO 9001:2015 certified with six IS standards ensuring product quality.

  4. Strategically located facilities lowers transport costs, improving margins and export efficiency.

  5. Experienced promoters with 10+ years expertise drive growth and sustainability.

  6. Access to skilled, low-cost labor helps maintain competitive operating costs.

  7. Strategic warehouse expansion ensures faster delivery and improved product availability.

  8. Scaling production with new machinery supports higher demand and consistent supply.

Risks

8

  1. All warehouses in Gujarat raise risks of higher transport costs, delays.

  2. Top ten suppliers contributed 65.97% purchases in FY25, concentration risk exists.

  3. Warehouse construction cost ₹385.86 lakh may exceed estimates, straining resources.

  4. Government plastic bans could severely impact PVC product demand and profitability.

  5. Raw material price fluctuations threaten stable product pricing and business margins.

  6. The company's debt stood at ₹1,646.86 lakh on July 31, 2025.

  7. Industrial sector contributed 44.62% revenue in FY25, slowdown risk significant.

  8. Top ten customers contributed 27.10% revenue in FY25, showing dependency.

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Vigor Plast India Limited Peer Comparison

Company Name EPS (Basic) NAV (per share) (₹) P/E (x) RoNW (%)
Vigor Plast India Limited 6.57 16.30 - 59.39
Captain Pipes Limited 0.59 2.97 27.27 25.18
Dutron Polymers Limited 4.54 48.58 30.25 9.80
Rex Pipes And Cables Industries Limited 5.42 38.64 24.49 15.09

Vigor Plast IPO FAQs

What is the Vigor Plast IPO?

Vigor Plast IPO is a book built issue IPO. It runs from September 4, 2025, to September 9, 2025.

When will the Vigor Plast IPO be allotted?

The Basis of Allotment will happen on Wednesday, September 10, 2025.

When will the Vigor Plast IPO open for subscription?

The IPO subscription window will open on September 4, 2025.

What minimum lot size can retail investors subscribe to?

The minimum lot size retail investors can subscribe to is 2 lots, and the lot size is 1,600 shares.

When will the Vigor Plast IPO list on exchanges?

The listing date for Vigor Plast IPO is Friday, September 12, 2025.

What is the issue size of the Vigor Plast IPO?

The issue size of the Vigor Plast IPO is ₹25.10 crore.

What are the open and close dates of the Vigor Plast IPO?

The open and close dates for Vigor Plast IPO are from September 4, 2025, to September 9, 2025.

What would be the listing gains on the Vigor Plast IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.

When will I know if my Vigor Plast IPO order is placed?

You will receive a notification once your order is successfully placed with the exchange after the bidding starts.

Who is the registrar of Vigor Plast IPO?

Kfin Technologies Limited is the registrar responsible for managing the IPO allotment process and handling investor queries.

Where is the Vigor Plast IPO getting listed?

The Vigor Plast IPO is proposed to be listed on the SME platform of the National Stock Exchange (NSE).

How to increase your chances of getting a Vigor Plast IPO allotment? 

  1. Multiple Submissions: Use different Demat accounts to make multiple applications.
  2. Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
  3. Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.

How do I approve the UPI mandate request for the Vigor Plast IPO? 

You must complete the payment process by logging in to your UPI handle and approving the payment mandate. 

Can I submit more than one application for the public issue of Vigor Plast IPO using one PAN? 

You can submit only one application using your PAN card. 

 

 

How to read Vigor Plast India Limited's financial statements? 

To read Vigor Plast India Limited’s financial statements, download the IPO’s  RHP document.

What is 'pre-apply' for the Vigor Plast IPO? 

Pre-apply allows investors to apply for the Vigor Plast IPO two days before the subscription period opens, ensuring an early submission of your application. 

 

 

If I pre-apply for the Vigor Plast IPO, when will my order get placed? 

Your order will be placed when the IPO opens for bidding, and a UPI request will follow within 24 hours.