IPO Key Dates
| Anchor Investor Subscription | |
| IPO opens on | 30 Sept. 2025 |
| IPO Closes on | 3 Octo 2025 |
| Allotment on | 6 Octo. 2025 |
| Credit of shares on | 7 Octo. 2025 |
| Tentative Listing on | 8 Octo.2025 |
| Registered office in.. |
| Faridabad Haryana |
| Lead Manager of the IPO |
| Fintellecutal Corporate Advisors ptvltd |
| Registrar to the IPO |
| Bigshare Services Pvt ltd |
Business:
Incorporated in 2014, Valplast Technologies Ltd. is a civil engineering and construction company specializing in structural waterproofing, grouting/injection services, and precast concrete works. Its portfolio includes thermoplastic welding of geomembranes, sheet and liquid/spray-applied waterproofing, chemical and cementitious injections, ground stabilization, as well as specialized drilling solutions.
The company has executed 40+ projects across defence, railways and infrastructure segments, operating in 9 states of India. With steady expansion into high-demand regions, Valplast continues to strengthen its execution capabilities and presence in the pan-India construction and infrastructure space.
IPO Details
| IPO opens on | 30 September 2025 |
| IPO closes on | 3 October 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 5202,000 Shares / Rs 28.09Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | 280,000 Shares |
| Net offer to Public | 4922000 Shares Rs. 26.58 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 51-54 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 2000 Shares |
| Listing will at | BSE SME |
How shares are being offered
| Investor Category | Shares Offered |
| Market Maker | 5.38% |
| QIB | 24,54,000 |
| NII (HNI) | 14.30% |
| Retail | 33.14% |
| Total Shares | 100 |
| 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 |
The Promoters’ Holding
The promoters hold 86.65% of the pre-IPO capital
The Objects of the IPO
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
| Objects of the Issue | Rs in crores |
| Funding the capital expenditure requirements by purchase of Machinery | 4.95 |
| To meet incremental Working Capital requirements | 14 |
| General Corporate Purposes |
Financials Snapshot
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| 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 | 14.9 |
| Reserves and Surplus | 15.91 | 9.79 | 2.4 |
| Total Borrowing | 22.55 | 6.2 | 3.93 |
| Amount in Rs. Crore | |||
Peer Comparison:
| Company Name | P/E (x) | RoNW (%) |
| Valplast Technologies | 12.75 | 20.16 |
| SRM Contractors Limited | 20.6 | 19.96 |
Key Financial Indicators
| KPI | Values |
| 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 | 4.24 |
| PER | 12.75 |
IPO Recommendation/Concise Review-
Two aspect requires deep scrutiny.
1) The company has trade receivables of rs. 39.14 cr compared monthly revenue rate of Rs. 5.38 cr. So, the receivables are to the extent of 7.27 month of revenue.
2) The borrowings as on 31.03.2025 is Rs. 22.55 Cr. however the debt
equity ratio of 0.74 is reasonable.
3) There is liquity risk in a normal SME IPO .
Considering above aspects, the IPO is worth taking risk.
Quicklinks
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