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 DRHP
• Vigor Plast IPO RHP

Vigor Plast IPO Registrar and Lead Managers

Vigor Plast IPO Lead Managers

• Unistone Capital Private Limited

Registrar for Vigor Plast IPO

Kfin Technologies Limited

• Contact Number: 04067162222, 04079611000
• Email Address: vpil.ipo@kfintech.com
• Vigor Plast IPO Registrar: https://ipostatus.kfintech.com/

Financial Performance of Vigor Plast India Limited

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

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.

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