Injecto Polymers IPO Day 2: Subscription stagnant at 0.29x; QIB leads
- Injecto Polymers IPO subscription remains at 0.29x on Day 2.
- QIB category leads with 1.02x subscription.
- No incremental bids reported across all categories on Day 2.
- IPO price band is ₹98.00000 to ₹100.00000.
*this image is generated using AI for illustrative purposes only.
Injecto Polymers IPO subscription stood at 0.29x on Day 2, with Qualified Institutional Buyers (QIB) leading the demand at 1.02x. The overall subscription figure remained unchanged from Day 1, indicating a pause in investor activity during the second trading day.
Subscription Status
The IPO saw no incremental bids on Day 2, maintaining the same levels recorded at the close of Day 1. The cumulative subscription multiple remains below the fully subscribed mark of 1x.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 11-09-2026 | 1.02x | 0.03x | 0.10x | 0.25x | 0.29x |
| Day 2 | 14-09-2026 | 1.02x | 0.03x | 0.10x | 0.25x | 0.29x |
Category-wise Breakdown
QIBs accounted for the majority of the subscription interest, contributing 1.02x to the total pool. In contrast, individual investors showed limited participation. Retail subscribers contributed 0.25x, while Non-Institutional Investors (NII) were split between business/high-net-worth individuals (bHNI) at 0.10x and small high-net-worth individuals (sHNI) at 0.03x. Employee category subscriptions stood at 0x.
Intra-day Timeline
The intra-day timeline for Day 2 reflects static numbers, with no new bids reported since the market opened.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 1.02x | 0.03x | 0.25x | 0.29x |
| 12:15 | 1.02x | 0.03x | 0.25x | 0.29x |
Offer Details
Injecto Polymers has priced its IPO in the band of ₹98.00000 to ₹100.00000. The issue size ranges from ₹235,200 lakhs to ₹500,000 lakhs. The minimum bid quantity is set at 2,400 shares. The IPO opened for subscription on September 11, 2026, and will remain open until September 16, 2026.
About the Company
Injecto Polymers Limited is a packaging manufacturer engaged in producing Polypropylene Woven Fabrics, PP Woven Bags, BOPP bags, FIBC bags, and non-woven bags. The company also trades plastic granules and PVC resins. Operating two manufacturing units in West Bengal with a combined installed capacity of 18,070 MT, Injecto serves customers across agriculture, construction, textiles, chemicals, and consumer goods sectors through a B2B model. The company is promoted by Ramesh Kumar Rateria and Ashok Kumar Rateria, who bring 65 years of combined industry experience.
Financial Highlights
Injecto Polymers reported steady revenue growth over the last three financial years. Revenue from operations increased from ₹109.05 crores in FY24 to ₹375.53 crores in FY26. Profit after tax also rose from ₹4.44 crores in FY24 to ₹16.01 crores in FY26.
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from Operations (₹ crores) | 109.05 | 261.48 | 375.53 |
| Profit After Tax (₹ crores) | 4.44 | 8.11 | 16.01 |
Objects of the Issue
The proceeds from the IPO are intended for the following purposes:
- Repayment/pre-payment of certain outstanding borrowings: ₹10.00 crores
- Funding Capital expenditure for Phase IV expansion at existing manufacturing facility: ₹30.50 crores
- General Corporate Purposes: Balance proceeds
Risk Factors
Investors should note several risks associated with the company:
- High Customer Concentration: Top 10 customers contributed 40.07% of FY26 revenue.
- Dependence on Trading Activities: Trading contributed 50.36% of FY26 revenue, exposing the company to price volatility.
- Geographic Concentration: 85.27% of FY26 revenue was generated from West Bengal.
- Raw Material Volatility: Manufacturing depends on polypropylene and other raw materials influenced by crude oil prices.
- Negative Operating Cash Flows: The company reported negative operating cash flows of ₹4,880.10 lakhs in FY26.
Will Injecto Polymers consider revising its price band or extending the subscription window if the overall multiple remains below 1x on the final day?
How might the company's negative operating cash flows in FY26 influence institutional investor sentiment despite the QIB segment being fully subscribed?
Given the heavy reliance on trading activities for over 50% of revenue, how vulnerable is the IPO valuation to near-term fluctuations in crude oil and polypropylene prices?
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