In December 2025, India’s IPO market continues to witness steady participation, with several SME and mainboard issues attracting investor attention. Amid improving market sentiment and stable secondary markets, companies from diverse sectors such as manufacturing, logistics, polymers, and FMCG sector are tapping the capital markets to fund expansion and strengthen balance sheets. Against this backdrop, Bai Kakaji Polymers Ltd is set to launch its initial public offering, offering investors an opportunity to participate in the growing plastic and polymer manufacturing segment.
Here is a detailed overview of Bai Kakaji Polymers Ltd, its IPO details, financial performance, and business outlook.
About Bai Kakaji Polymers Ltd.
Bai Kakaji Polymers Ltd is an Indian company engaged in the manufacturing and trading of a wide range of plastic and polymer-based products. The company primarily focuses on producing high-quality plastic granules, PET preforms, plastic caps, and closures that cater to various industrial applications.
Its products are widely used across packaged drinking water, carbonated beverages, juices, and dairy product segments. The company operates four manufacturing units located in Latur, Maharashtra, spread across approximately 33,000 square meters.
Bai Kakaji Polymers utilises modern manufacturing technologies and machinery such as SACMI Continuous Compression Molding, ASB Preform Molding, HUSKY PET Injection Molding machines, SST Secure Seal Testers, bridge strength testers, and precision measurement equipment, enabling consistent quality and efficient production.
Bai Kakaji Polymers IPO Details
With the IPO launch, Bai Kakaji Polymers Ltd aims to raise funds through a fresh issue to support debt repayment, capacity expansion, renewable energy initiatives, and general corporate purposes.
Important IPO Timeline
| Event | Date |
| IPO Open Date | Tuesday, December 23, 2025 |
| IPO Close Date | Friday, December 26, 2025 |
| Tentative Allotment | Monday, December 29, 2025 |
| Initiation of Refunds | Tuesday, December 30, 2025 |
| Credit of Shares to Demat | Tuesday, December 30, 2025 |
| Tentative Listing Date | Wednesday, December 31, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Friday, December 26, 2025 |
Key IPO Details
| IPO Date | 23 to 26 Dec, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹177 to ₹186 |
| Lot Size | 600 Shares |
| Sale Type | Fresh Capital |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 56,54,400 shares (agg. up to ₹105.17 Cr) |
| Reserved for Market Maker | 2,83,200 shares (agg. up to ₹5.27 Cr) Hem Finlease Pvt.Ltd. |
| Net Offered to Public | 53,71,200 shares (agg. up to ₹99.90 Cr) |
| Share Holding Pre Issue | 1,57,50,000 shares |
| Share Holding Post Issue | 2,14,04,400 shares |
Lot Size of Bai Kakaji Polymers IPO
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 1,200 | ₹2,23,200 |
| Retail (Max) | 2 | 1,200 | ₹2,23,200 |
| S-HNI (Min) | 3 | 1,800 | ₹3,34,800 |
| S-HNI (Max) | 8 | 4,800 | ₹8,92,800 |
| B-HNI (Min) | 9 | 5,400 | ₹10,04,400 |
Bai Kakaji Polymers IPO Reservation
| Investor Category | Shares Offered |
| Market Maker | 2,83,200 (5.01%) |
| QIB | 26,83,200 (47.45%) |
| NII (HNI) | 8,06,400 (14.26%) |
| Retail | 18,81,600 (33.28%) |
| Total | 56,54,400 (100%) |
Bai Kakaji Polymers Ltd. Financials
The Bai Kakaji Polymers IPO has a pre-IPO market capitalisation of approximately ₹398.12 crore. The company has demonstrated steady financial growth, with revenue increasing by 12% and profit after tax rising by 96% between FY2024 and FY2025.
Key Company Financials
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets (₹ Cr) | 195.45 | 203.69 | 98.00 | 91.55 |
| Total Income (₹ Cr) | 168.56 | 332.12 | 296.42 | 275.09 |
| Profit After Tax (₹ Cr) | 12.81 | 18.37 | 9.38 | 4.18 |
| EBITDA (₹ Cr) | 24.35 | 33.51 | 20.75 | 14.17 |
| Net Worth (₹ Cr) | 66.55 | 53.74 | 35.37 | 25.99 |
| Reserves & Surplus (₹ Cr) | 50.80 | 51.49 | 33.12 | 23.74 |
| Total Borrowing (₹ Cr) | 107.25 | 109.27 | 40.71 | 45.59 |
Key Performance Indicators (KPI)
| KPI | Value |
| ROE | 41.23% |
| ROCE | 25.71% |
| Debt/Equity | 2.03 |
| RoNW | 34.18% |
| PAT Margin | 5.64% |
| EBITDA Margin | 10.28% |
| Price to Book Value | 5.45 |
| Market Cap (Pre-IPO) | ₹398.12 Cr |
Valuation Metrics
| Metric | Pre IPO | Post IPO |
| EPS (₹) | 11.66 | 11.97 |
| P/E (x) | 15.95 | 15.54 |
| Promoter Holding | 100% | 73.55% |
The promoters of the company are Balkishan Pandurangji Mundada, Harikishan Pandurangji Mundada, Akash Balkishan Mundada, Akshay Balkishan Mundada, and Kiran Balkishan Mundada.
Competitive Strengths
- In-house manufacturing facilities
- Widespread reach in the domestic market
- Experienced promoters and management team
- Stable and consistent financial performance
- Long-standing association with customers
Objects of the Issue (Bai Kakaji Polymers IPO Objectives)
| S.No. | Objects of the Issue | Estimated Amount (₹ Cr) |
| 1 | Repayment and/or pre-payment of borrowings | 64.00 |
| 2 | Capital expenditure for additional plant & machinery | 9.85 |
| 3 | Capital expenditure for setting up a solar power project | 12.94 |
| 4 | General Corporate Purposes | Balance |
Bai Kakaji Polymers Ltd IPO: Peer Comparison
Bai Kakaji Polymers Ltd IPO can be compared with peers such as Supreme Industries Ltd, Astral Ltd, Prince Pipes and Fittings Ltd, Finolex Industries Ltd, and Responsive Industries Ltd. Reviewing these companies helps investors assess Bai Kakaji Polymers’ positioning within the plastic processing and polymer manufacturing sector and gain perspective on its scale, product focus, and competitive landscape before making informed investment decisions.
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Conclusion
Bai Kakaji Polymers Ltd offers investors exposure to the plastic and polymer manufacturing sector, catering to fast-moving consumer industries such as packaged beverages and dairy products. The company benefits from modern manufacturing facilities, an established customer base, and improved financial performance.
However, investors should also consider factors such as high debt levels, raw material price volatility, and industry competition before making an investment decision. As with any SME IPO, careful evaluation of risk tolerance and long-term objectives is essential.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
