Injecto Polymers IPO Day 2: Subscription stagnant at 0.29x; QIB leads with 1.02x
- Injecto Polymers IPO subscription remained stagnant at 0.29x on Day 2.
- QIB category led demand with 1.02x subscription.
- No incremental bids were recorded across any investor category.
- Issue size ranges from ₹235,200 lakhs to ₹500,000 lakhs.
- IPO closes for subscription on September 16, 2026.
*this image is generated using AI for illustrative purposes only.
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.
| 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 |
| Day 3 | 15-09-2026 | 1.02x | 0.09x | 1.38x | 0.84x | 0.91x |
| Day 4 | 16-09-2026 | 1.57x | 0.22x | 1.70x | 1.26x | 1.28x |
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 |
| 13:15 | 1.02x | 0.03x | 0.25x | 0.29x |
| 14:15 | 1.02x | 0.03x | 0.25x | 0.29x |
| 15:15 | 1.02x | 0.03x | 0.25x | 0.29x |
| 16:15 | 1.02x | 0.03x | 0.25x | 0.29x |
| 17:15 | 1.02x | 0.03x | 0.25x | 0.29x |
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.
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from Operations (₹ crores) | 109.05 | 261.48 | 375.53 |
| Profit Before Tax (₹ crores) | 4.94 | 11.20 | 23.45 |
| Total Assets (₹ crores) | 121.25 | 170.57 | 270.93 |
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.
Will the lack of retail and NII interest on Day 2 signal a potential under-subscription risk for the final days of the IPO window?
How might the company's negative operating cash flows in FY26 influence institutional investors' willingness to commit capital despite the QIB oversubscription?
Could the heavy reliance on trading activities (over 50% of revenue) deter long-term value investors from participating in the remaining subscription days?
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