Aritas Vinyl Ltd. IPO
Aritas Vinyl IPO is a book building SME issue of Rs. 37.52 crore, comprising a fresh issue of 0.70 crore equity shares aggregating to Rs. 32.89 crores and an offer for sale of 0.10 crore equity shares aggregating to Rs. 4.63 crores. The IPO opens for subscription on Friday, January 16, 2026 and closes on Tuesday, January 20, 2026. The allotment is expected to be finalised on Wednesday, January 21, 2026, and the shares are proposed to be listed on the BSE SME platform with a tentative listing date of Friday, January 23, 2026.
The IPO is offered in a price band of Rs. 40 to Rs. 47 per share with a lot size of 3,000 shares. At the upper price band, the minimum investment for retail investors works out to Rs. 2,82,000 for 2 lots (6,000 shares), while HNI investors are required to apply for a minimum of 3 lots (9,000 shares), amounting to Rs. 4,23,000. Interactive Financial Services Ltd. is the Book Running Lead Manager to the issue, Bigshare Services Pvt. Ltd. is the Registrar, and Giriraj Stock Broking Pvt. Ltd. is the Market Maker for the IPO.
🕗 Last Update: 14 January 2026, 6.00 AM
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IPO Snapshot
| Particulars | Details |
|---|---|
| IPO Type | Book Building SME IPO |
| Issue Size | Rs. 37.52 Cr |
| Fresh Issue | 70,00,000 shares |
| Offer for Sale | 10,00,000 shares |
| Face Value | Rs. 10 per share |
| Price Band | Rs. 40 to Rs. 47 |
| Lot Size | 3,000 shares |
| Listing Platform | BSE SME |
| Market Cap (Pre-IPO) | Rs. 92.54 Cr |
IPO Timetable (Tentative)
| Event | Date |
|---|---|
| IPO Opens | Fri, Jan 16, 2026 |
| IPO Closes | Tue, Jan 20, 2026 |
| Allotment | Wed, Jan 21, 2026 |
| Refunds | Thu, Jan 22, 2026 |
| Credit of Shares | Thu, Jan 22, 2026 |
| Listing | Fri, Jan 23, 2026 |
IPO Reservation Structure
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| Market Maker | 4,02,000 | 5.04% |
| QIB | 78,000 | 0.98% |
| NII (HNI) | 29,91,000 | 37.47% |
| – bNII (> Rs. 10 Lakh) | 19,95,000 | 24.99% |
| – sNII (< Rs. 10 Lakh) | 9,96,000 | 12.48% |
| Retail (RII) | 45,12,000 | 56.52% |
| Total | 79,83,000 | 100.00% |
IPO Lot Size & Investment Amount
| Category | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min & Max) | 2 | 6,000 | 2,82,000 |
| S-HNI (Min) | 3 | 9,000 | 4,23,000 |
| S-HNI (Max) | 7 | 21,000 | 9,87,000 |
| B-HNI (Min) | 8 | 24,000 | 11,28,000 |
Issue Management
| Role | Name |
|---|---|
| Lead Manager | Interactive Financial Services Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
| Market Maker | Giriraj Stock Broking Pvt. Ltd. |
Aritas Vinyl Ltd. Address
Survey No. 1134,
Near Elegant Vinyl Private Limited,
Daskroi,
Ahmedabad, Gujarat, 382430
9998852850
info@aritasvinyl.com
About the business
Aritas Vinyl Limited was incorporated in 2020 and is engaged in the manufacturing and trading of technical textiles such as artificial leather (PU synthetic leather) and PVC-coated leather, using Transfer Coating Technology. The company manufactures artificial leather, PVC vinyl and allied products catering to end-use industries such as automotive, fashion and interior design.
The company supplies products to distributors, wholesalers and manufacturers and also exports to countries such as Greece, Oman, UAE, Sri Lanka and the USA, besides supplying to SEZ units. Its manufacturing facility is located at Kubadthal, Ahmedabad, spread over 6,067 sq. meters, with an annual installed capacity of 7.8 million sq. meters.
Products
| Segment | Key Applications |
|---|---|
| Automotive Upholstery | Seats, door trims, steering wheel covers and other upholstery |
| Fashion Accessories | Bags, wallets, laptop sleeves, purses; multiple colours/textures |
| Interior Design | Wall coverings and upholstery for residential & commercial |
Competitive Strengths
| Key Strength | Commentary |
|---|---|
| Quality & Customisation | Focus on consistent quality with customisation |
| Experienced Promoters | Sound market understanding |
| Integrated Manufacturing | Plant at strategic location |
| Capacity Expansion | Enhanced capacity within three years |
| Customer Relationships | Long-standing relationships across industries |
Company Financials (Restated – Rs. Cr.)
| Period Ended | 31 Aug 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Total Assets | 98.25 | 95.26 | 76.12 | 57.95 |
| Total Income | 40.58 | 98.02 | 69.25 | 51.42 |
| EBITDA | 4.55 | 8.63 | 4.65 | 3.09 |
| PAT | 2.42 | 4.13 | 1.67 | 0.99 |
| Net Worth | 22.77 | 20.27 | 5.99 | 4.32 |
| Reserves & Surplus | 10.21 | 7.79 | 3.49 | 1.82 |
| Total Borrowings | 37.78 | 36.82 | 52.79 | 33.10 |
Key Performance Indicators (KPI)
| KPI | Aug 31, 2025 | Mar 31, 2025 |
|---|---|---|
| ROE | 11.16% | 31.23% |
| ROCE | 11.14% | 21.99% |
| Debt/Equity | 1.65 | 1.80 |
| RoNW | 25.51% | 20.36% |
| PAT Margin | 5.97% | 4.23% |
| EBITDA Margin | 11.20% | 8.81% |
| Price to Book Value | 2.62 | 2.94 |
Valuation Snapshot
| Particulars | Pre-IPO | Post-IPO |
|---|---|---|
| EPS (Rs.) | 3.26 | 2.95 |
| P/E (x) | 14.43 | 15.93 |
| Promoter Holding | 47.22% | 27.99% |
| Market Cap | Rs. 92.54 Cr | — |
Objects of the Issue
| No. | Object | Amount (Rs. Cr.) |
|---|---|---|
| 1 | Capital expenditure for Solar Power Project | 4.26 |
| 2 | Working capital requirements | 20.45 |
| 3 | General corporate purposes | Balance |
Promoters
The promoters of the company are Mr. Anilkumar Prakashchandra Agrawal, Mr. Sanjaykumar Kantilal Patel, Mr. Ankit Anilbhai Agrawal, Mr. Mohit Ashokkumar Agrawal, Mr. Rohit Dineshbhai Agrawal, Mr. Rutvik Patel and Mr. Shubham Sunilbhai Agrawal.
Chanakya View (Investment Perspective)
Aritas Vinyl operates in the technical textile / synthetic leather space with applications across automotive, fashion and interior segments, supported by an integrated manufacturing setup and a growing export footprint. The key positives include capacity expansion and diversified end-use, while key monitorables remain working capital intensity and leverage (Debt/Equity above 1.5). At the offered valuation band, the issue appears reasonably priced for SME investors, but listing expectations should remain measured given market conditions.
Overall View: Suitable for moderate-risk investors looking at SME manufacturing exposure, with a medium-term view and strict risk management.
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Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
