Bai-Kakaji Polymers was incorporated on July 30, 2013. The company manufactures PET preforms, plastic caps, and closures, including specialized products like Alaska closures and CSD caps. Its offerings serve diverse packaging needs across industries such as packaged drinking water, carbonated beverages, juices, and dairy products
| Bidding Dates |
|---|
| 23 Dec 2025 - 26 Dec 2025 |
| Subscription |
|---|
| 5.38x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,12,400 | 2 | 2 | 600 | 5.7 M | ₹177 - ₹186 | 73.58 % | ₹1000.8 M - ₹1051.7 M | RHP DOC |
BaiKakaji Polymers IPO SUBSCRIPTION STATUS
26 Dec '25BaiKakaji Polymers IPO overall subscription rate was 5.38 times the total available shares
BaiKakaji Polymers IPO retail subscription rate was 4.73 times in the retail segment
BaiKakaji Polymers IPO non-institutional investor subscription rate was 10.88 times in the non-institutional investor category
BaiKakaji Polymers IPO Qualified Institutional Bidder subscription rate was 4.19 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
26 Dec 2025 (Day 3) | 4.73x | 10.88x | 4.19x |
24 Dec 2025 (Day 2) | 0.36x | 1.74x | 2.08x |
23 Dec 2025 (Day 1) | 0.13x | 1.36x | 2.08x |
BaiKakaji Polymers 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 |
| H1FY26 | 162.1 | 12.8 | 13.8 | 9.2 | 15.0% |
| FY25 | 325.9 | 18.4 | 11.7 | -54.5 | 10.3% |
| FY24 | 294.8 | 9.4 | 21.4 | 3.7 | 7.0% |
| FY23 | 272.9 | 4.2 | 13.0 | 7.3 | 5.2% |
BaiKakaji Polymers IPO SUBSCRIPTION STATUS DETAILS
BaiKakaji Polymers had 5.7 M shares on offer
BaiKakaji Polymers IPO offer price was in the range ₹177 - ₹186
BaiKakaji Polymers IPO minimum Investment was ₹212400
BaiKakaji Polymers IPO issue size was ₹ 1000.8 M - ₹ 1051.7 M
BaiKakaji Polymers had a minimum lot size of 600 Shares per application
BaiKakaji Polymers NUMBER OF SHARES ON OFFER
BaiKakaji Polymers IPO IMPORTANT DATES
| Issue Open Date | 23 Dec 2025 |
| Issue close Date | 26 Dec 2025 |
| Allotment Date | 29 Dec 2025 |
| Refund Date | 30 Dec 2025 |
| Demat Account Credit Date | 30 Dec 2025 |
| Listing Date | 31 Dec 2025 |
| Listing on Exchange(s) | BSE |
| BaiKakaji Polymers Allotment Status | Exchange/ Registrar |
BaiKakaji Polymers IPO subscription opened on 23 Dec 2025, and closed on 26 Dec 2025
IPO allotment for BaiKakaji Polymers was finalized on Monday, 29 Dec 2025
IPO listing for BaiKakaji Polymers was on BSE on Wednesday, 31 Dec 2025
BaiKakaji Polymers IPO LISTING GAINS
| Issue Price (adjusted) | 186.0 |
| Listing Open Price | 190.0 |
| Listing Close Price | 188.2 |
| Listing Gain% | 2.1% |
| Current Gain% | 28.9% |
BaiKakaji Polymers 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 % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Bai-Kakaji Polymers Ltd. | 239.8 | 513.4 | 19 | 1.4 | 15.4 | 9.6 | 374.8 | 27 | 12.6 | ||||
| Supreme Industries Ltd. | 3442 | 43722.7 | 42.4 | 2.6 | 3.9 | 15.5 | 12.2 | 11262.5 | 7.2 | 954 | -0.7 | 81.3 | 16 |
| Astral Ltd. | 1444 | 38793.1 | 72.3 | 29.6 | 5.9 | 13.2 | 9.2 | 6615.9 | 12.6 | 536.6 | 2.4 | 20 | 2.4 |
| Shaily Engineering Plastics Ltd. | 3162.3 | 14531.6 | 82.2 | 1.6 | 14.2 | 23.7 | 14.8 | 998.4 | 26.5 | 169.9 | 82.5 | 38.5 | 51.3 |
| Finolex Industries Ltd. | 164.4 | 10202.5 | 16.6 | 0.3 | 2.6 | 9.6 | 7.9 | 4324.8 | -1.5 | 599 | -25.1 | 9.9 | 54.8 |
| Time Technoplast Ltd. | 204.9 | 10113.6 | 20.6 | 1 | 1.6 | 11.5 | 8.3 | 6114.4 | 11.9 | 468.7 | 20.8 | 9.9 | 21.3 |
BaiKakaji Polymers INFORMATION ON IPO ISSUE
About BaiKakaji Polymers
Bai-Kakaji Polymers was incorporated on July 30, 2013. The company manufactures PET preforms, plastic caps, and closures, including specialized products like Alaska closures and CSD caps. Its offerings serve diverse packaging needs across industries such as packaged drinking water, carbonated beverages, juices, and dairy products
Object of the Issue
- Repayment and/or pre-payment, in full or part, of borrowing availed by the company
- Funding capital expenditure for the installation of additional plant & machinery
- Funding capital expenditure for setting up a solar power project
- General corporate purpose
BaiKakaji Polymers - PROMOTERS
| Name |
|---|
| Balkishan Pandurangji Mundada |
| Harikishan Pandurangji Mundada |
| Akshay Balkishan Mundada |
| Akash Balkishan Mundada |
| Kiran Balkishan Mundada |
BaiKakaji Polymers - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Balkishan Pandurangji Mundada | Chairman & Managing Director |
| Harikishan Pandurangji Mundada | Whole Time Director |
| Akshay Balkishan Mundada | Executive Director & CFO |
| Kiran Balkishan Mundada | Non-Executive Director |
| Nilesh Gokuldas Chandak | Independent Director |
| Balu Govindlal Bhansali | Independent Director |
BaiKakaji Polymers Book Running Lead Manager
HEM Securities Limited
ib@hemsecurities.com
BaiKakaji Polymers Registrar to the issue
Maashitla Securities Private Limited
investor.ipo@maashitla.com
BaiKakaji Polymers Strengths
In-house manufacturing facilities
The company, ISO 9001:2015 certified, manufactures PP/HDPE caps, closures, and PET preforms at its 33,000 sqm Latur facility, handling the entire production lifecycle in-house. This setup ensures stringent quality control, operational efficiency, faster turnaround, and better consistency compared to competitors relying on outsourcing
Market presence
The company has established a strong domestic presence, leveraging its understanding of local customer needs to drive consistent growth and trust. It is also gradually expanding into international markets, reflecting the quality and potential of its products globally
Stable & consistent financial performance
The company’s focus on operational excellence has driven strong financial performance, with growing revenue, EBITDA, and profits from FY22 to FY24. Efficient manufacturing and supply-chain management, along with positive operating cash flows, support customer needs and the development of new products
BaiKakaji Polymers Risks
Seasonal volatility
The company’s business is seasonal, with higher sales to mineral water and soft drink suppliers in summer and lower demand in winter. This seasonality causes fluctuations in quarterly financial performance, which may not fully reflect the company’s annual results
Approvals & licenses
The company requires various statutory and regulatory permits to operate, some of which need periodic renewal. Failure to obtain or renew these approvals on time could disrupt operations and negatively impact business, financial condition, and results
Compliance risks
The company’s manufacturing of PET preforms, caps, and closures relies heavily on plastics, making it vulnerable to stricter government regulations or bans due to environmental concerns. Compliance costs or operational restrictions could adversely affect production, revenue, and overall financial performance
IPO FAQs
The promoters of the company are Balkishan Pandurangji Mundada, Harikishan Pandurangji Mundada, Akshay Balkishan Mundada, Akash Balkishan Mundada and Kiran Balkishan Mundada.
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 177.0 - 186.0.
The IPO application opens on Dec 23, 2025 and closes on Dec 26, 2025.
The minimum lot size for the IPO is 1200. The maximum lot size for the IPO is 1200.
For all category investors, the minimum application amount for this IPO is Rs. 212,400.0, the maximum value for this IPO is Rs 223,200.0.
This IPO will be allotted on Dec 29, 2025.
The refund will be credited to your account on Dec 30, 2025.
The allotted shares will be credited to your demat on Dec 30, 2025.
Bai-Kakaji Polymers Ltd.’s shares listed on the stock exchanges on Dec 31, 2025.