Bai Kakaji Polymers Ltd.
IPOIssue Details
Issue Size
– Cr
Fresh Issue
– Cr
OFS
– Cr
Price Band
₹177 – ₹186
Lot Size
600
₹1,11,600
Face Value
₹10
Listing Price
₹190
Important Dates
Open Date
23 Dec 2025
Close Date
26 Dec 2025
Allotment
29 Dec 2025
Refund
30 Dec 2025
Listing
31 Dec 2025
About Company
Bai Kakaji Polymers Ltd. is engaged in the manufacturing and trading of plastic and polymer-based products.
The company manufactures high-quality PET preforms, plastic caps and closures used in packaged drinking water, carbonated beverages, juices and dairy products.
Its products cater to various industrial packaging applications across beverages and other FMCG segments.
The company operates four manufacturing units located in Latur, Maharashtra, with a combined area of around 33,000 square meters.
Modern manufacturing technologies and machinery such as SACMI Continuous Compression Molding, ASB Preform Molding and HUSKY PET Injection Molding machines are deployed.
Quality control equipment includes SST Secure Seal Testers, bridge strength testers and precision measuring instruments.
The company has built long-standing relationships with customers in the beverage and packaging industries.
Bai Kakaji Polymers focuses on in-house manufacturing to ensure quality and cost efficiency.
Objects of the Issue
| # | Description | Amount (₹ Cr) |
|---|---|---|
| 1 | Repayment and/or pre-payment, in full or part, of borrowings availed by the company. | ₹64 |
| 2 | Funding capital expenditure for the installation of additional plant and machinery. | ₹9.85 |
| 3 | Funding capital expenditure for setting up a solar power project. | ₹12.94 |
| 4 | General corporate purposes. | ₹6.78 |
Financial Performance
Share Reservations
QIB
26,83,200
Anchor
16,08,000
NII
8,06,400
Retail
18,81,600
Employee
0
Total
56,54,400
RHP Insights
AI-powered analysis from Red Herring Prospectus
Strategic Conversion to Public Limited Entity
The company, originally incorporated in 2013 as Harikishan Minerals Private Limited, underwent a series of name changes and was finally converted into a public limited company in March 2025 to facilitate this IPO.
Impact: HighSME Platform Listing for Growth
The company is proposing to list its equity shares on the SME Platform of the BSE (BSE SME), which is a significant milestone for a regional player from Latur to access national capital markets.
Impact: High100% Fresh Issue of Shares
The entire issue consists of up to 56,56,000 Equity Shares as a Fresh Issue, with no Offer for Sale (OFS) from existing promoters. This ensures that all proceeds (net of expenses) stay within the company to fund its objects.
Impact: HighStrong Promoter Control and Experience
The company is led by the Mundada family, with five promoters having deep ties to the business. Post-issue, the promoters will continue to hold a significant 73.58% stake (26.42% being the public issue portion), ensuring management continuity.
Impact: HighRisk of Sustained Trading and Liquidity
As highlighted in the DRHP, there is no assurance of an active or sustained trading market for the shares post-listing, which is a common risk for companies listing on SME platforms.
Impact: LowSWOT Analysis
AI-generated strategic view
Strengths
- •In-house manufacturing facilities enabling better quality and cost control.
- •Widespread reach in the domestic market for PET preforms and closures.
- •Experienced promoters and management team with domain understanding.
- •Stable and consistent financial performance with growth in revenue and profits.
- •Long-standing association with key customers in the packaging value chain.
Weaknesses
- •High leverage as reflected by a debt-to-equity ratio above 2x.
- •Profitability margins, though improving, are modest for a manufacturing business.
- •Business is exposed to fluctuations in polymer raw material prices.
- •Concentration in specific product categories and end-use segments.
Opportunities
- •Rising demand for packaged beverages and bottled water in India.
- •Potential for capacity expansion and product diversification within polymer packaging.
- •Scope to increase presence in new geographies and customer segments.
- •Opportunity to improve margins via backward integration and process efficiencies.
Threats
- •Intense competition from organized and unorganized plastic packaging manufacturers.
- •Regulatory and environmental changes impacting single-use plastics and packaging norms.
- •Volatility in crude-linked polymer input prices affecting cost structure.
- •Dependence on beverage and FMCG demand cycles.
Bai Kakaji Polymers Ltd. IPO Peer Comparison
The table below shows peer comparison from DRHP/RHP.
| Company | EPS Basic | EPS Diluted | NAV | P/E(x) | RoNW | Financial statements |
|---|---|---|---|---|---|---|
| Bai Kakaji Polymers Limited | 11.66 | 11.66 | 34.12 | 34.18 | – | Consolidated |
Bai Kakaji Polymers Ltd. - Documents & Links
Registrar
Maashitla Securities Pvt. Ltd.
Contact: +91-11-45121795, +91-11-45121796
investor.ipo@maashitla.comWebsiteCompany contact
Bai Kakaji Polymers Ltd.
Address: Plot No. M3 & M4, MIDC, Latur, Maharashtra, 413531
cs@baikakaji.comhttps://baikakajipolymers.com/Lead managers
Frequently Asked Questions
Common questions about Bai Kakaji Polymers Ltd. IPO.