India’s SME IPO market continues to attract investor attention with promising small- and mid-cap issues. Vigor Plast India Ltd. is opening its IPO on September 4, 2025, presenting an opportunity for investors to participate in a fast-growing pipes and fittings manufacturer with a strong domestic presence.
Against this backdrop, here’s a detailed look at Vigor Plast India Ltd. IPO, and the industry outlook.
About Vigor Plast India Ltd.
Incorporated in 2012, Vigor Plast India Limited manufactures and supplies CPVC and UPVC pipes and fittings. The company offers a wide range of products, including CPVC and UPVC plumbing pipes, SWR pipes, and PVC agricultural pipes, catering to plumbing, sewage, agricultural, and industrial applications.
The company’s fully automated manufacturing facility and registered office are located in Dared, Gujarat, ensuring consistent high-quality production. Vigor Plast has established five warehouses in Gujarat (Rajkot, Jamnagar, Surat, Ahmedabad, and Dholka) and maintains a network of 440 distributors and dealers across 25 Indian states and territories. The company also leverages the “Vigor India Plast” Android app for seamless order placements and flexible credit terms.
As of June 30, 2025, Vigor Plast employs 81 personnel in functions such as management, procurement, marketing, production, quality control, dispatch, sales, and human resources.
Competitive Strengths
- Diverse product portfolio for multiple applications
- Strong brand identity emphasising quality and reliability
- Modern manufacturing setup with strategic location advantages
- Quality certifications (ISO and multiple IS/BIS standards)
Vigor Plast Ltd. IPO Details
Vigor Plast IPO is a combination of a fresh issue of 0.25 crore shares aggregating ₹20.24 crore and an offer for sale of 0.06 crore shares aggregating ₹4.86 crore, totalling ₹25.10 crore. The IPO opens on September 4, 2025, and closes on September 9, 2025.
Important IPO Timeline
| Event | Date |
| IPO Open Date | Sep 4, 2025 |
| IPO Close Date | Sep 9, 2025 |
| Tentative Allotment Date | Sep 10, 2025 |
| Refunds Initiation | Sep 11, 2025 |
| Credit of Shares to Demat | Sep 11, 2025 |
| Tentative Listing Date | Sep 12, 2025 |
| Cut-off Time for UPI Mandate Confirmation | 5 PM on Sep 9, 2025 |
Key IPO Details
| IPO Date | September 4, 2025, to September 9, 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹77 to ₹81 per share |
| Lot Size | 1,600 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 30,99,200 shares (aggregating up to ₹25.10 Cr) |
| Reserved for Market Maker | 1,55,200 shares (aggregating up to ₹1.26 Cr) Alacrity Securities Ltd. |
| Fresh Issue (Ex Market Maker) |
23,44,000 shares (aggregating up to ₹18.99 Cr) |
| Offer for Sale | 6,00,000 shares of ₹10 (aggregating up to ₹4.86 Cr) |
| Net Offered to Public | 29,44,000 shares (aggregating up to ₹23.85 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 78,52,500 shares |
| Share Holding Post Issue | 1,03,51,700 shares |
IPO Lot Size & Investment Details
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 3,200 | ₹2,59,200 |
| 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 |
Promoter Holding
Jayesh Premjibhai Kathiriya, Rajesh Premjibhai Kathiriya, Premjibhai Dayabhai Kathiria, Jashvantiben Rajeshbhai Kathiriya, and Nitaben Jayeshbhai Kathiriya are the promoters.
| Promoter Holding Pre-Issue | 100.00% |
| Promoter Holding Post Issue | 70.05% |
Vigor Plast Ltd.: Financials
The Vigor Plast IPO has a market capitalisation of ₹83.85 Cr. Its key performance indicators as of March 31, 2025, are:
| KPI | Value |
| ROE | 59.39% |
| ROCE | 28.24% |
| Debt/Equity | 1.39 |
| RoNW | 59.39% |
| PAT Margin | 11.30% |
| EBITDA Margin | 26.51% |
| Price to Book Value | 4.97 |
Financial Overview (₹ Cr)
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 40.51 | 35.89 | 20.09 |
| Total Income | 46.02 | 42.52 | 37.39 |
| Profit After Tax | 5.15 | 2.93 | 0.30 |
| EBITDA | 12.08 | 7.55 | 3.08 |
| Net Worth | 12.78 | 4.57 | 1.64 |
| Reserves and Surplus | 4.93 | 4.07 | 1.14 |
| Total Borrowing | 17.72 | 21.57 | 11.29 |
| Amount in ₹ Crore | |||
Vigor Plast IPO Objectives
The company plans to utilise the IPO proceeds as follows:
| S.No. | Object | Expected Amount (₹ Cr) |
| 1 | Repayment of certain secured borrowings | 11.39 |
| 2 | Funding capital expenditure for a new warehouse in Ahmedabad | 3.80 |
| 3 | General corporate purposes |
Vigor Plast Ltd.: Industry Outlook
- India’s demand for CPVC and UPVC pipes is increasing due to growing infrastructure, plumbing, agriculture, and sewage projects.
- Urbanisation, smart city initiatives, and government-backed water and irrigation programs are driving growth in the piping industry.
- The push for eco-friendly materials and ISO/BIS-certified products positions Vigor Plast to capitalise on sustainability-focused infrastructure development.
- SME companies like Vigor Plast are expected to benefit from government schemes supporting local manufacturing and organised distribution networks.
Conclusion
Vigor Plast IPO offers investors a chance to participate in a niche and growing segment of CPVC and UPVC pipes and fittings. With a robust distribution network, strong brand presence, and steady financial growth, the company presents an appealing investment opportunity. Potential investors should, however, consider risks such as dependency on domestic infrastructure projects, competition from larger players, and volatility in raw material prices.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
