Bai Kakaji Polymers IPO
Bai Kakaji Polymers Ltd. is launching a Book-Built SME IPO of Rs. 105.17 crore, entirely a fresh issue of 56,54,400 equity shares.
The IPO opens on December 23, 2025 and closes on December 26, 2025.
The allotment is expected on December 29, 2025, and the tentative listing on December 31, 2025, on BSE SME.
The price band is Rs. 177 to Rs. 186 per share.
The lot size is 600 shares.
As the minimum retail application requires 2 lots (1,200 shares), minimum retail investment is Rs. 2,23,200 at upper price.
Lead Manager: Hem Securities Ltd.
Registrar: Maashitla Securities Pvt. Ltd.
🕗 Last Update: 18 December 2025, 6.00 AM
👉 GMP | Reviews | Subscription | Allotment
👉 Chanakya Grey Market Intelligence – 8 PM Edition | News Crux |
👉 Power Calls | Breakout Stocks | Coffee Can Portfolio |
IPO Details
| Particulars | Details |
|---|---|
| IPO Dates | Dec 23, 2025 – Dec 26, 2025 |
| Listing | BSE SME |
| Face Value | Rs. 10 per share |
| Price Band | Rs. 177 to Rs. 186 |
| Lot Size | 600 shares |
| Issue Size | 56,54,400 shares (Rs. 105.17 Cr) |
| Fresh Issue | Entirely Fresh |
| Market Maker Portion | 2,83,200 shares (Rs. 5.27 Cr) |
| Net Offer to Public | 53,71,200 shares (Rs. 99.90 Cr) |
| Pre-Issue Shares | 1,57,50,000 |
| Post-Issue Shares | 2,14,04,400 |
| Market Cap (Pre-IPO) | Rs. 398.12 Cr |
IPO Timeline (Tentative)
| Event | Date |
|---|---|
| IPO Open | Tue, Dec 23, 2025 |
| IPO Close | Fri, Dec 26, 2025 |
| Allotment | Mon, Dec 29, 2025 |
| Refunds | Tue, Dec 30, 2025 |
| Shares in Demat | Tue, Dec 30, 2025 |
| Listing Date | Wed, Dec 31, 2025 |
| UPI Cut-off | 5 PM, Dec 26, 2025 |
Reservation Structure
| Investor Category | Shares |
|---|---|
| Market Maker | 2,83,200 |
| QIB | Not more than 50% of Net Issue |
| NII (HNI) | Not less than 15% of Net Issue |
| Retail | Not less than 35% of Net Issue |
IPO Lot Size
| Category | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min–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 |
Company Financials (Rs. in Crore)
| Period | 31-Dec-24 | FY24 |
|---|---|---|
| Assets | 178.96 | 148.38 |
| Total Income | 238.05 | 286.33 |
| PAT | 13.26 | 11.84 |
| EBITDA | 31.28 | 27.61 |
| Net Worth | 50.48 | 37.91 |
| Reserves & Surplus | 46.43 | 33.16 |
| Borrowings | 104.70 | 84.83 |
Growth Snapshot
Based on available financials, the company has reported stable profitability with healthy EBITDA levels, while borrowings remain a key monitorable.
Key Performance Indicators (As of FY25)
| KPI | Value |
|---|---|
| RoNW | 34.18% |
| PAT Margin | 5.60% |
| EBITDA Margin | 13.20% |
| EPS (Pre / Post) | Rs. 7.52 / Rs. 8.26 |
| P/E (Pre / Post) | 24.73x / 22.51x |
About the Company
Bai Kakaji Polymers Ltd. is engaged in the manufacturing and trading of plastic and polymer-based products, with a focus on high-quality plastic granules, PET preforms, plastic caps and closures. These products cater to end-use segments such as packaged drinking water, carbonated beverages, juices and dairy products.
The company operates four manufacturing units located in Latur, Maharashtra, spread across approximately 33,000 square meters. It uses modern manufacturing systems and equipment such as SACMI Continuous Compression Molding, ASB Preform Molding and HUSKY PET Injection Molding machines, along with quality testing instruments including SST Secure Seal Tester, bridge strength tester and vernier caliper.
Competitive Strengths
In-house manufacturing facilities
Widespread reach in domestic markets
Experienced promoters and management team
Stable and consistent financial performance
Long-standing association with customers
Promoters
Balkishan Pandurangji Mundada, Harikishan Pandurangji Mundada, Akash Balkishan Mundada, Akshay Balkishan Mundada and Kiran Balkishan Mundada
Company Contact
Bai Kakaji Polymers Ltd.
Lead Manager:
Hem Securities Ltd.
Registrar
Maashitla Securities Pvt. Ltd.
📞 +91-11-45121795-96
✉️ investor.ipo@maashitla.com
🌐 https://www.maashitla.com
Chanakya IPO Review (Short)
Bai Kakaji Polymers operates in a steady demand segment of PET preforms and closures catering to beverages and packaged water, supported by in-house manufacturing scale and established customer relationships. Profitability appears healthy with stable margins, while relatively higher borrowings and valuation comfort remain key monitorables for risk-managed investors.
Chanakya View: Suitable for medium-to-high risk investors. Listing performance will depend on subscription response and broader SME market sentiment.
Quicklinks
- Market Analysis by Nagaraj Shetti
- Stock Market today by Vaishali Parekh
- Analysis by Kotak Securities
- Market Analysis by HDFC Securities
- Technical Analysis by Kotak Securities
- Technical Analysis by Samco Securities
- Reliance, Target & Stoploss
- Gold Analysis
- FII buy-Sell
- Technical Analysis
- Calls for the Day
- Currency Analysis
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.
