Injecto Polymers IPO subscription accelerated sharply on Day 4, reaching a total of 1.28x. Qualified Institutional Buyers (QIB) drove the momentum, jumping 53.9% intraday from 1.02x to 1.57x in the final hours. Retail investors also pushed their subscription above the fully subscribed mark to 1.26x.

Subscription Status

The Injecto Polymers IPO witnessed a significant surge in demand during the final hours of the bidding window on Day 4. While the first two days saw modest interest, Day 3 triggered a rise in NII and Retail bids, pushing the total to 0.91x. On Day 4, the issue gained further traction, crossing the 1x threshold early and closing at 1.28x.

Intra-day Timeline

Subscription activity picked up pace sharply in the final hours of trading. The total subscription jumped from 0.09x at 14:15 PM to 0.29x by 17:15 PM, driven primarily by institutional investor interest and late retail bids.

Category-wise Breakdown

Qualified Institutional Buyers (QIB) emerged as the strongest category by the end of Day 4, subscribing 1.57 times its quota after a late-day surge. Non-Institutional Buyers (NII) saw the bHNI segment subscribe 1.70 times its quota, while sHNI participation stood at 0.22x. Retail investors showed consistent improvement, rising from 0.25x on Day 1 to 1.26x on Day 4, crossing the fully subscribed threshold. Employee quota remained unsubscribed at 0x.

Offer Details

Injecto Polymers priced its IPO in the band of ₹98.00000 - ₹100.00000. The issue size ranges from ₹235200 to ₹500000. The minimum bid quantity is set at 2400 shares. The bidding window opened on 2026-09-11 and closed on 2026-09-16.

About the Company

Injecto Polymers Limited is a packaging company engaged in manufacturing diverse packaging products including Polypropylene Woven Fabrics, PP Woven Bags, BOPP bags, FIBC bags, and non-woven bags. The company also trades plastic granules and PVC resins. It operates two manufacturing units in West Bengal with a combined installed capacity of 18,070 MT. The company serves customers across agriculture, construction, textiles, chemicals, and consumer goods industries through a B2B model. Promoted by Ramesh Kumar Rateria and Ashok Kumar Rateria, the promoters bring 65 years of combined industry experience.

Financial Highlights

The company reported revenue from operations of ₹375.53 crores for FY26, up from ₹261.48 crores in FY25 and ₹109.05 crores in FY24. Profit before tax stood at ₹23.45 crores in FY26, compared to ₹11.20 crores in FY25 and ₹4.94 crores in FY24.

Objects of the Issue

The company plans to utilize the proceeds for the following purposes:

• Funding Capital expenditure for Phase IV expansion at existing manufacturing facility: ₹30.50 crores
• Repayment/pre-payment of certain outstanding borrowings: ₹10.00 crores
• General Corporate Purposes: Balance proceeds

Risk Factors

• High Customer Concentration: Top 10 customers contributed 40.07% of FY26 revenue.
• Dependence on Trading Activities: Trading contributed 50.36% of FY26 revenue.
• Geographic Concentration: 85.27% of FY26 revenue generated from West Bengal.
• Raw Material Supply and Price Volatility: Dependency on polypropylene and other raw materials.
• Negative Operating Cash Flows: Reported negative operating cash flows in FY24, FY25, and FY26.

What's Next

Allotment is scheduled for 2026-09-17. The shares are expected to list on 2026-09-21.