Vigor Plast IPO: Price, GMP, Analysis, And Details

Vigor Plast IPO- Company Analysis

Vigor Plast IPO under the SME IPO category is a bookbuilding issue of Rs. 25.10 Cr by Vigor Plast India Ltd., which was incorporated in 2012, and engaged in producing and distributing CPVC and UPVC pipes and fittings.

The company sells a variety of goods, such as PVC agricultural pipes, SWR pipes, and CPVC and UPVC plumbing pipes and fittings. The plumbing, sewage, industrial, and agricultural sectors are among the many uses for which these goods are produced.

Fully automated machinery is used in the company's Dared, Gujarat, manufacturing plant and registered office to guarantee reliable, superior output while optimizing processes and keeping careful supervision.

Products:

Vigor provides a wide range of pipe systems for different uses, including-

• Pipes

• Accessories and Fittings.
  
  

Vigor Plast IPO Details

The Vigor Plast IPO date is on 04 September 2025, and its initial public offering will end on 09 Sep with IPO allotment on Sep 10, and refund initiation on Sep 11, 2025.

The Rs. 25.10 crore new SME IPO comprises a combination of fresh issue of 0.25 crore shares (Rs. 20.24 Cr) and an offer for sale (OFS) of 0.06 crore shares (Rs. 4.86 Cr).

The Vigor Plast IPO listing date (expected) might be on Friday, Sep 12, 2025, and listing at the NSE and SME. 

The Vigor Plast IPO price band is Rs. 77 to Rs. 81.

IPO Timetable (Tentative)

Events	Date
IPO Opening Date	Sep 04, 2025
IPO Closing Date	Sep 09, 2025
IPO Allotment Date	Sep 10, 2025
Refund Initiation	Sep 11, 2025
IPO Listing Date	Sep 12, 2025

 

Click to open demat account and apply for the IPO.

 

 

Company Financials

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	40.51	35.89	20.09
Total Revenue	46.02	42.52	37.39
PAT	5.15	2.93	0.30
EBITDA	12.08	7.55	3.08
Net Worth	12.78	4.57	1.64
Reserves & Surplus	4.93	4.07	1.14
Borrowings	17.72	21.57	11.29

 

Cash Flows

(Amount in lac)

Net Cash Flow in Multiple Activities	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	1,457.13	196.50	464.79
Net Cash Flow Investing Activities	(1,211.21)	(1,148.64)	(215.92)
Net Cash Flow Financing Activities	(245.57)	929.27	(226.51)

Revenue Bifurcation

Geography-wise Revenue Breakdown

State-wise Revenue Breakdown (Top Three States)

Industry-wise Revenue Breakdown

Product-wise Revenue Breakdown

(Source: RHP)

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• Repayment of some secured loans that the business obtained. ~ Rs. 11.39 Cr.

• Capital expenditure funding for the design and building of a new warehouse in Ahmedabad, Gujarat. ~ Rs. 3.80 Cr.

• General Corporate Purposes. 

Listed Peers of Vigor Plast Ltd. 

Company Name	Face Value (Rs. per Share)	EPS (Rs.)	P/E (x)
Captain Pipes Ltd.	10	0.59	27.27
Dutron Polymers Ltd.	10	4.54	30.25
Rex Pipes & Cables Industries Ltd.	10	5.42	24.49

 

Valuation

Metric	Value
ROE	59.39%
ROCE	28.24%
RoNW	59.39%
Debt/Equity	1.39
PAT Margin	11.30%
EBITDA Margin	26.51%
Price to Book Value	4.97

Evaluation of P/E Ratio

Considering the FY ended on 31 Mar 2025 with an EPS of Rs. 6.57 from the last year, the resulting P/E ratio is 12.32x. When compared with the industry’s average P/E of 27.34x, it indicates an undervaluation (on a P/E ratio basis only). Hence, the price of the Share seems fairly priced for the investors.

Explore the Austere Systems IPO.

IPO's Strengths 

• A wide range of adaptable products for a variety of uses.

• A powerful brand identity that emphasizes dependability and excellence.

• A cutting-edge, well-positioned manufacturing facility that facilitates cost, production, and logistics efficiency.

• Quality supported by certification (ISO and several IS/BIS standards).
  
  

 

 

IPO’s Weaknesses 

• Product refunds and grievances.

• Concentration of revenue.

• Dependency on suppliers and customers.

• Debt dependency and repayment delays.
  
  

Vigor Plast IPO GMP (Grey Market Premium)

Vigor Plast IPO GMP today has not started yet, as of 29 Aug 2025 at the time of writing this information.

Vigor Plast IPO Summary

The Vigor IPO has a market maker portion size of 1,55,200 Shares (Rs. 1.26 Cr).

IPO Opening & Closing Date	04 Sep, 2025 to 09 Sep, 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 77 to Rs. 81 per Share.
Lot Size	1600 Shares
Issue Size	30,99,200 Shares (Rs. 25.10 Cr)
Offer for Sale	6,00,000 Shares (Rs. 4.86 Cr)
Fresh Issue	23,44,000 Shares (Rs. 18.99 Cr)
Listing at	NSE, SME
Issue Type	Bookbuilding IPO
Registrar	Kfin Technologies Ltd.

 

 

IPO Lot Details 

Retail investors can invest in a minimum and maximum of 2 Lots (3200 Shares) for Rs. 2,59,200 and in multiples thereof, while for S-HNI investors, the minimum Lot is 3 (4800 Shares) for Rs. 3,88,800.

Minimum Lot Investment (Retail)	2 Lots
Maximum Lot Investment (Retail)	2 Lots
S-HNI (Min)	3 Lots

Vigor Plast IPO Allotment Status

To check the Vigor Plast IPO Allotment Status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

Promoters And Management of Vigor Plast Ltd.

• Jayesh Premjibhai Kathiriya

• Rajesh Premjibhai Kathiriya

• Premjibhai Dayabhai Kathiria

• Jashvantiben Rajeshbhai Kathiriya

• Nitaben Jayeshbhai Kathiriya.
  
  

Pre-Issue Promoter Shareholding	100%
Post-Issue Promoter Shareholding	-

 

IPO Lead Managers

• Unistone Capital Pvt. Ltd.  

Dividend Policy

The company has not declared a dividend during the last three years.

Conclusion

With robust sales growth, a high ROE of 59.39%, and a fair P/E valuation in comparison to peers, Vigor Plast IPO appears appealing. The majority of the money received will be used to expand the warehouse and pay off debt, bolstering operations going forward. High debt dependence and client concentration are still major hazards, though.                          

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

Click Here To Stay Updated With The Upcoming IPOs.

DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.