India’s IPO market continues to attract investors seeking growth in niche industrial and construction sectors. Among recent offerings, Valplast Technologies Limited presents an opportunity to participate in the growth of a civil engineering firm with expertise in structural waterproofing, injection/grouting, precast concrete, and specialised infrastructure projects. The IPO opens on September 30, 2025, allowing investors to tap into a company with steady execution capabilities and a diversified project portfolio.
About Valplast Technologies Ltd.
Incorporated in 2014, Valplast Technologies Limited provides civil engineering and construction services, including:
- Tunnel Construction: Drilling, blasting, and cut-and-cover techniques for safe and efficient tunnels
- Waterproofing Services: Advanced membrane, coatings, and drainage solutions for tunnels, buildings, and reservoirs
- Injection Grouting: Reinforcement of structures via chemical and cementitious grouting
- Precast Concrete Elements: Fabrication and installation of beams, columns, walls, and slabs
- Slope Stabilisation & Retaining Walls: Preventing erosion and landslides through drainage, vegetation, and retaining structures
The company operates across 9 states in India, executing over 40 projects in defence, railways, and infrastructure, strategically expanding into high-demand regions.
Competitive Strengths:
- Experienced management and trained workforce
- Efficient utilisation of resources
- Diversified revenue across multiple geographies
Valplast Technologies IPO Details
The Valplast Technologies IPO is a book-building issue of ₹28.09 crore, entirely a fresh issue of 0.52 crore shares, to be listed on BSE SME.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Sep 30, 2025 |
| IPO Close Date | Oct 3, 2025 |
| Tentative Allotment | Oct 6, 2025 |
| Initiation of Refunds | Oct 7, 2025 |
| Credit of Shares to Demat | Oct 7, 2025 |
| Tentative Listing Date | Oct 8, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Oct 3, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹10 per share |
| Issue Price Band | ₹51 – ₹54 per share |
| Lot Size | 2,000 shares |
| Total Issue Size | 52,02,000 shares (₹28.09 Cr) |
| Reserved for Market Maker | 2,80,000 shares (₹1.51 Cr) |
| Net Offered to Public | 49,22,000 shares (aggregating up to ₹26.58 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Shareholding Pre-Issue | 1,44,25,943 shares |
| Shareholding Post-Issue | 1,96,27,943 shares |
Investor Category Reservation:
| Investor Category | Shares Offered |
| Market Maker | 2,80,000 (5.38%) |
| QIB | 24,54,000 |
| NII (HNI) | 7,44,000 (14.30%) |
| Retail | 17,24,000 (33.14%) |
| Total | 52,02,000 (100%) |
Lot Size & Investment:
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 4,000 | ₹2,16,000 |
| Retail (Max) | 2 | 4,000 | ₹2,16,000 |
| S-HNI (Min) | 3 | 6,000 | ₹3,24,000 |
| S-HNI (Max) | 9 | 18,000 | ₹9,72,000 |
| B-HNI (Min) | 10 | 20,000 | ₹10,80,000 |
Promoter Holding:
The company’s promoters are Mr. Sanjay Kumar, Mr. Rajeev Tyagi, and Mrs. Madhunita.
- Pre-IPO: 86.65%
- Post-IPO: 63.68%
Book Running Lead Manager: Fintellectual Corporate Advisors Pvt. Ltd.
Registrar: Bigshare Services Pvt. Ltd.
Market Maker: Nikunj Stock Brokers Ltd.
Valplast Technologies Ltd.: Financials
Financial Highlights (₹ Crore):
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 75.61 | 56.83 | 26.75 |
| Total Income | 64.53 | 65.24 | 27.34 |
| Profit After Tax | 6.11 | 6.52 | 1.27 |
| EBITDA | 12.71 | 9.98 | 3.13 |
| Net Worth | 30.33 | 24.22 | 14.90 |
| Reserves & Surplus | 15.91 | 9.79 | 2.40 |
| Total Borrowing | 22.55 | 6.20 | 3.93 |
Key Performance Indicators (FY2025):
| KPI | Value |
| Market Capitalisation | ₹105.99 Cr |
| ROE | 22.41% |
| ROCE | 18.82% |
| Debt/Equity | 0.74 |
| RoNW | 20.15% |
| PAT Margin | 9.67% |
| EBITDA Margin | 20.10% |
| Price to Book Value | 2.57 |
| EPS (Pre-IPO / Post-IPO) (₹) | 4.24 / 3.11 |
| P/E (Pre-IPO / Post-IPO) (x) | 12.75 / 17.34 |
Valplast Technologies IPO Objectives
The IPO proceeds are proposed to be utilised as follows:
| Object | Amount (₹ Crore) |
| Funding capital expenditure by the purchase of machinery | 4.95 |
| Meeting incremental working capital requirements | 14.00 |
| General corporate purposes | Balance |
Industry Outlook
The civil engineering and construction sector is witnessing steady growth, driven by:
- Expansion of infrastructure projects, including defence, railways, and urban development
- Increasing demand for specialised structural waterproofing, injection, and grouting solutions
- Precast and modular construction is gaining adoption for faster project execution
- Rising importance of sustainable and efficient construction techniques
Valplast Technologies’ diversified service portfolio, execution capabilities, and presence across multiple states position it to benefit from these trends.
Conclusion
Valplast Technologies Ltd. presents an attractive niche opportunity in civil engineering and construction, with expertise in waterproofing, injection/grouting, and precast concrete solutions. The company has delivered consistent revenues, strong EBITDA margins, and a growing order book. Investors should note risks such as project delays, client concentration, and sectoral cyclicality, but the IPO offers a chance to participate in a specialised infrastructure services company with growth potential.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
