Vigor Plast India was incorporated on January 30, 2014. The company, initially engaged in PVC pipe trading, expanded in 2020 by setting up a facility to manufacture PVC, uPVC, and cPVC pipes, fittings, and related products. Serving both rural and urban markets, it provides durable solutions for plumbing, irrigation, and SWR systems across residential, commercial, agricultural, and industrial sectors
| Bidding Dates |
|---|
| 04 Sep 2025 - 09 Sep 2025 |
| Subscription |
|---|
| 3.68x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,46,400 | 2 | 2 | 1600 | 3.1 M | ₹77 - ₹81 | 70.05 % | ₹238.6 M - ₹251.0 M | RHP DOC |
Vigor Plast IPO SUBSCRIPTION STATUS
09 Sep '25Vigor Plast IPO overall subscription rate was 3.68 times the total available shares
Vigor Plast IPO retail subscription rate was 3.3 times in the retail segment
Vigor Plast IPO non-institutional investor subscription rate was 9.86 times in the non-institutional investor category
Vigor Plast IPO Qualified Institutional Bidder subscription rate was 2.09 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
09 Sep 2025 (Day 4) | 3.3x | 9.86x | 2.09x |
08 Sep 2025 (Day 3) | 1.11x | 2.97x | 0.27x |
05 Sep 2025 (Day 2) | 0.57x | 2.63x | 0.27x |
04 Sep 2025 (Day 1) | 0.25x | 0.67x | 0.22x |
Vigor Plast FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY25 | 45.6 | 5.2 | 14.6 | 1.6 | 26.5% |
| FY24 | 42.5 | 2.9 | 2.0 | -8.6 | 17.8% |
| FY23 | 37.3 | 0.3 | 4.6 | 2.3 | 8.3% |
Vigor Plast IPO SUBSCRIPTION STATUS DETAILS
Vigor Plast had 3.1 M shares on offer
Vigor Plast IPO offer price was in the range ₹77 - ₹81
Vigor Plast IPO minimum Investment was ₹246400
Vigor Plast IPO issue size was ₹ 238.6 M - ₹ 251.0 M
Vigor Plast had a minimum lot size of 1600 Shares per application
Vigor Plast NUMBER OF SHARES ON OFFER
Vigor Plast IPO IMPORTANT DATES
| Issue Open Date | 04 Sep 2025 |
| Issue close Date | 09 Sep 2025 |
| Allotment Date | 10 Sep 2025 |
| Refund Date | 11 Sep 2025 |
| Demat Account Credit Date | 11 Sep 2025 |
| Listing Date | 12 Sep 2025 |
| Listing on Exchange(s) | NSE |
| Vigor Plast Allotment Status | Exchange/ Registrar |
Vigor Plast IPO subscription opened on 04 Sep 2025, and closed on 09 Sep 2025
IPO allotment for Vigor Plast was finalized on Wednesday, 10 Sep 2025
IPO listing for Vigor Plast was on NSE on Friday, 12 Sep 2025
Vigor Plast IPO LISTING GAINS
| Issue Price (adjusted) | 81.0 |
| Listing Open Price | 85.0 |
| Listing Close Price | 85.7 |
| Listing Gain% | 4.9% |
| Current Gain% | 17.3% |
Vigor Plast Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Vigor Plast India Ltd. | 95 | 98.3 | 10.8 | 0.1 | 1.4 | 22.8 | 14.9 | 65.9 | 43.2 | 9.1 | 77.1 | 8.8 | 83.9 |
| Supreme Industries Ltd. | 3495 | 44395.9 | 43 | 2.7 | 3.9 | 15.5 | 12.2 | 11262.5 | 7.2 | 954 | -0.7 | 81.3 | 16 |
| Astral Ltd. | 1437 | 38605 | 71.9 | 29.4 | 5.9 | 13.2 | 9.2 | 6615.9 | 12.6 | 536.6 | 2.4 | 20 | 2.4 |
| Shaily Engineering Plastics Ltd. | 3367.4 | 15474.1 | 87.5 | 1.7 | 15.1 | 23.7 | 14.8 | 998.4 | 26.5 | 169.9 | 82.5 | 38.5 | 51.3 |
| Time Technoplast Ltd. | 206.9 | 10212.8 | 20.8 | 1 | 1.6 | 11.5 | 8.3 | 6114.4 | 11.9 | 468.7 | 20.8 | 9.9 | 21.3 |
| Finolex Industries Ltd. | 161.3 | 10010.2 | 16.3 | 0.3 | 2.5 | 9.6 | 7.9 | 4324.8 | -1.5 | 599 | -25.1 | 9.9 | 54.8 |
Vigor Plast INFORMATION ON IPO ISSUE
About Vigor Plast
Vigor Plast India was incorporated on January 30, 2014. The company, initially engaged in PVC pipe trading, expanded in 2020 by setting up a facility to manufacture PVC, uPVC, and cPVC pipes, fittings, and related products. Serving both rural and urban markets, it provides durable solutions for plumbing, irrigation, and SWR systems across residential, commercial, agricultural, and industrial sectors
Object of the Issue
- Repayment of certain secured borrowings availed by the company
- Funding capital expenditure towards the development and construction of new warehouse in Ahmedabad, Gujarat
- General corporate purposes
Vigor Plast - PROMOTERS
| Name |
|---|
| Jayesh Premjibhai Kathiriya |
| Rajeshbhai Kathiriya |
| Premjibhai Dayabhai Kathiriya |
| Jashvantiben Rajeshbhai Kathiriya |
| Nitaben Jayeshbhai Kathiriya |
Vigor Plast - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Jayesh Premjibhai Kathiriya | Chairman & Managing Director |
| Rajeshbhai Kathiriya | Whole Time Director |
| Premjibhai Dayabhai Kathiriya | Director |
| Nitaben Jayeshbhai Kathiriya | Director |
| Jashvantiben Rajeshbhai Kathiriya | Director |
| Mahesh Busa | Independent Director |
| Sumit Rameshbhai Gosrani | Independent Director |
| Nimesh Rajput | Independent Director |
Vigor Plast Book Running Lead Manager
Unistone Capital Private Limited
mb@unistonecapital.com
Vigor Plast Registrar to the issue
KFin Technologies Limited
vpil.ipo@kfintech.com
Vigor Plast Strengths
Diversified product portfolio
The company offers a wide range of pipes and fittings for residential, commercial, and industrial use, enabling customized solutions and one-stop sourcing for distributors. Its diverse product portfolio helps mitigate demand fluctuations, ensuring market resilience and sustainable growth
Reliability
The company markets its products under the “Vigor” brand, strengthened by a brand ambassador to boost visibility and market presence. Consistent quality, customer loyalty, and strong brand equity provide a competitive edge, support expansion, and reinforce long-term growth
Quality & standards
The company is committed to delivering cPVC, uPVC, and PVC products of high quality, ensuring strict control from raw material selection to manufacturing. Rigorous quality checks prevent defects and ensure reliable products for customers
Vigor Plast Risks
Environmental regulations
The company’s operations involve handling hazardous waste and materials, posing risks of accidents, environmental damage, and liabilities. Any future bans or restrictions on plastic use could impact PVC production, adversely affecting profitability, operations, and financial condition
Geographically concentrated
Over 60% of the company’s revenue comes from Gujarat, Uttar Pradesh, and Madhya Pradesh, creating high geographical concentration risk. Adverse economic, competitive, or demographic changes in these regions could significantly impact business performance and growth
Customer complaints
The company has occasionally received customer complaints about product breakage during transportation, mainly due to third-party handling. Though limited, an increase in such incidents could impact operations and financials, despite efforts to resolve them through prompt compensation
IPO FAQs
This IPO consists of an offer for sale of up to Rs 4.9 crore, of 600,000 shares. It also consists of a fresh issue of Rs 20.2 crore.
The promoters of the company are Jayesh Premjibhai Kathiriya, Rajeshbhai Kathiriya, Premjibhai Dayabhai Kathiriya, Jashvantiben Rajeshbhai Kathiriya and Nitaben Jayeshbhai Kathiriya.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 77.0 - 81.0.
The IPO application opens on Sep 04, 2025 and closes on Sep 09, 2025.
The minimum lot size for the IPO is 3200. The maximum lot size for the IPO is 3200.
For all category investors, the minimum application amount for this IPO is Rs. 246,400.0, the maximum value for this IPO is Rs 259,200.0.
This IPO will be allotted on Sep 10, 2025.
The refund will be credited to your account on Sep 11, 2025.
The allotted shares will be credited to your demat on Sep 11, 2025.
Vigor Plast India Ltd.’s shares listed on the stock exchanges on Sep 12, 2025.