Updated on 31.12.2025 @ 9:51 AM
Bai-Kakaji Polymers Limited has announced its Initial Public Offering (IPO) on the BSE SME platform. It is a Latur-based manufacturer of PET preforms. You can track all the upcoming and live IPOs at our IPO hub page which is updated daily.
The subscription will open on December 23, 2025 and close on 26th Dec. It comes with a price band of ₹177 to ₹186 per share.
The company aims to raise approximately ₹105.17 Crores through a fresh issue, with proceeds earmarked for debt repayment and funding capital expenditure for sustainable energy initiatives.
The company comes with a legacy of serving the beverage and dairy industries.
In this article, you will find Bai-Kakaji Polymers IPO GMP today, subscription status, allotment date, price band, and detailed review. Readers who prefer complementing IPO analysis with long-term investing can also explore our SIP Calculator and Mutual Fund Learning Hub for practical planning insights.
Briefs of Bai-Kakaji Polymers IPO Details:
- Price Band: ₹177 – ₹186 per share
- IPO Open / Close Dates: December 23, 2025 – December 26, 2025
- Lot Size: 600 Shares (Note: Retail Minimum Application is 2 Lots / 1,200 Shares)
- Issue Size: 56,54,400 Equity Shares / ₹105.17 Crores
- Fresh Issue / OFS: 100% Fresh Issue
- Registrar: Maashitla Securities Pvt.Ltd.
- Listing Exchange: BSE SME
What is the Bai-Kakaji Polymers IPO GMP Today?
You can check the GMP of this and other issues at our GMP hub page.
Note: The Grey Market Premium (GMP) changes daily based on market demand. It is an unofficial indicator and is not regularised by SEBI, NSE, or BSE. Investors should not rely solely on GMP for investment decisions.
Listing Updates:
| Type | Issue Price | Open | Gain/loss % |
| Lisiting | 186 | 190 | 2.15 |
What Are The Important Bai-Kakaji Polymers IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Tuesday, December 23, 2025
- IPO Close Date: Friday, December 26, 2025
- Basis of Allotment Date: Monday, December 29, 2025
- Refund Initiation Date: Tuesday, December 30, 2025
- Credit of Shares: Tuesday, December 30, 2025
- Listing Date: Wednesday, December 31, 2025
What Are The Objectives of Bai-Kakaji Polymers IPO?
The company is opting for a 100% fresh issue with a clear focus on deleveraging and sustainability:
- Debt Repayment: A substantial ₹60.00 Crores is allocated to repay or pre-pay existing borrowings, which is expected to significantly reduce finance costs and improve the bottom line.
- Capital Expenditure: Funds will be utilized for purchasing new machinery (₹9.80 Crores) and setting up a Solar Power Project (₹12.94 Crores) to reduce power costs at their Latur facilities.
- General Corporate Purposes: To meet ongoing operational contingencies.
How is The Financial Performance of Bai-Kakaji Polymers?
Figures in ₹ Crores
| Period Ended | 9M Ended 31-Dec-24 | FY 2024 | FY 2023 | FY 2022 |
Total Income | 234.22 | 296.42 | 275.09 | 195.67 |
Profit After Tax (PAT) | 10.60 | 9.38 | 4.18 | 4.11 |
EBITDA | 22.27 | 20.74 | 14.16 | 12.65 |
Net Worth | 45.97 | 35.37 | 25.99 | 21.81 |
Total Borrowing | 44.73 | 40.71 | 45.59 | 46.96 |
Assets | 109.60 | 97.99 | 91.55 | 79.19 |
Source: RHP
Observations and Analysis:
Total Income:
The company has demonstrated a consistent upward trajectory, with FY24 revenue touching ₹296.42 Crores. The 9M FY25 revenue of ₹234.22 Crores indicates that the company is on track to surpass previous annual benchmarks, driven by high demand for PET preforms.
Profit After Tax (PAT):
There has been a remarkable jump in profitability. PAT more than doubled from ₹4.18 Crores in FY23 to ₹9.38 Crores in FY24. The 9M FY25 profit of ₹10.60 Crores already exceeds the entire previous year's profit, signalling margin expansion.
EBITDA:
Operational efficiency is improving, with EBITDA reaching ₹22.27 Crores in the first nine months of the fiscal year. The EBITDA margin has improved to roughly 9.55%, reflecting better cost control in the manufacturing process.
Net Worth:
The company's equity base has strengthened to ₹45.97 Crores (Dec '24), supporting a healthy Return on Net Worth (RoNW) of over 23%.
Total Borrowing:
Debt levels have historically been high, hovering around ₹40-45 Crores. The IPO objective to repay ₹60 Crores (covering these borrowings) is a critical step that will likely make the company debt-free or net-cash positive post-listing.
Assets:
The asset base has expanded to ₹109.60 Crores, driven by capacity expansion in their Latur units to meet the growing demand from the beverage sector.
P/E Ratio and Peer Comparison
Based on its Fiscal Year 2024 earnings per share (EPS) of ₹5.96, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 31.2x at the upper end of the price band (₹186).
P/E Ratio = ₹186 (Price) / ₹5.96 (Earnings Per Share)
P/E Ratio ≈ 31.2x
Peer Analysis Table:
| Company | P/E Ratio (FY24) | RoNW (%) | EPS (₹) |
Bai-Kakaji Polymers | 31.2x | 26.53% | 5.96 |
| Cool Caps Industries | 239.56x | 9.17% | 3.40 |
| Technopack Polymers | 11.11x | 6.19% | 2.07 |
Analysis:
Bai-Kakaji Polymers’ IPO is priced at a valuation that can be compared to the industry average and specific peers.
While Technopack Polymers trades at a lower valuation and Cool Caps Industries at a higher one, Bai-Kakaji Polymers reports a Return on Net Worth (RoNW) of 26.53%, which is above the RoNW reported by both mentioned peers.
Industry Outlook
Growth Potential:
The Indian plastic industry is projected to reach US$ 122.54 billion by 2027. The primary driver is the food and beverage sector, where the shift from glass to PET bottles continues due to cost and logistics advantages.
Market Trends:
There is a growing emphasis on sustainability. Bai-Kakaji's investment in solar power aligns with the industry trend of reducing the carbon footprint in polymer manufacturing.
What Are The Strengths and Risks of Bai-Kakaji Polymers IPO?
Strengths:
- Integrated Manufacturing: With four units in Latur and modern machinery (HUSKY, SACMI), the company has strong control over production quality and volume.
- Deleveraging Story: The IPO proceeds will essentially wipe out the company's debt, likely resulting in a sharp increase in net profitability in future quarters due to saved interest costs.
- High RoNW: A Return on Net Worth of over 26% indicates management is highly efficient in generating returns for shareholders.
Risks:
- Seasonality: The business is heavily dependent on the beverage industry (water, juices, sodas), which peaks in summer. Investors should expect lumpy quarterly results, with weaker performance potentially in winter quarters.
- Raw Material Volatility: PET is a crude oil derivative. The company lacks long-term supply contracts, making margins vulnerable to global oil price fluctuations.
- Geographic Concentration: Deriving nearly 77% of revenue from Maharashtra exposes the company to regional regulatory or economic disruptions.
Key Considerations for Investors
This section is for information purposes only and does not constitute financial advice.
Investors should note the high entry barrier for this IPO.
- Minimum Investment: Unlike standard SME IPOs, the minimum application here is 2 Lots (1,200 shares), requiring an investment of ₹2,23,200. This higher ticket size may reduce retail liquidity.
- Valuation: At a P/E of ~31x, the issue leaves room for upside if the company maintains its growth rate, especially given the debt-free status post-IPO.
- Financial Health: The "clean-up" of the balance sheet via debt repayment is a strong positive signal for long-term investors.
Disclaimer: This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
Key Takeaways
- IPO Price: ₹186 per share (Upper Band).
- Min Investment: ₹2,23,200 (1,200 Shares).
- Allotment Date: December 29, 2025.
- Listing: BSE SME platform on December 31, 2025.
FAQs on Bai-Kakaji Polymers IPO
What is Bai-Kakaji Polymers IPO GMP today?
The GMP is a dynamic market sentiment indicator. Please check our dedicated GMP section for the latest updates.
What is Bai-Kakaji Polymers IPO price band?
The price band is fixed at ₹177 to ₹186 per equity share.
What is Bai-Kakaji Polymers IPO allotment date?
The allotment status is expected to be finalized on Monday, December 29, 2025.
How to check Bai-Kakaji Polymers IPO allotment status?
Investors can check the status on the Registrar's website or via the BSE IPO allotment portal. You can also check at our ipo allotment status page.
What is Bai-Kakaji Polymers IPO listing date?
The shares are tentatively scheduled to list on Wednesday, December 31, 2025.
Investment Perspective on Bai-Kakaji Polymers IPO
Bai-Kakaji Polymers presents a solid manufacturing play with a clear roadmap for debt reduction. The company's high return ratios make it attractive, but the seasonality of the business and high retail entry barrier are factors that risk-averse investors must weigh carefully.
Useful Links: Bai-Kakaji Polymers DRHP
Disclaimer:
The information provided in this article is based on the Red Herring Prospectus (RHP) and available public data. It is factual and neutral. IPO investments are subject to market risks. Read all scheme-related documents carefully. This is not a recommendation to buy or sell.
