Injecto Polymers IPO Day 3: Retail jumps 20% to 0.48x; QIB flat at 1.02x
- Injecto Polymers IPO subscribed 0.49x on Day 3, up from 0.46x earlier in the day.
- Retail participation surged 20% intraday to reach 0.48x.
- QIB demand remains steady at 1.02x, leading all categories.
- NII (bHNI) jumped 60% to 0.08x during the session.
- Issue closes on 16-09-2026 with listing scheduled for 21-09-2026.
*this image is generated using AI for illustrative purposes only.
Injecto Polymers IPO is subscribed 0.49 times on Day 3, with retail participation jumping 20% intraday to reach 0.48x. Qualified Institutional Buyers (QIBs) remain the strongest category at 1.02x as the issue approaches its close on 16-09-2026.
Subscription Status
The Injecto Polymers IPO has seen steady progression since its opening on 11-09-2026. While QIB demand remained stable at 1.02x throughout the first three days, non-institutional and retail segments showed incremental growth. By the end of Day 3, the total subscription stood at 0.49x.
| 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 | 0.08x | 0.43x | 0.48x | 0.49x |
Category-wise Breakdown
QIBs continue to drive the subscription numbers, having subscribed 1.02 times the available quota. Non-Institutional Investors (NII) showed mixed activity, with bHNI at 0.43x and sHNI at 0.08x. Retail investors contributed 0.48x to the total count.
Intra-day Timeline
On 15-09-2026, momentum highlights indicated a specific uptick in retail and NII interest during the morning session.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 1.02x | 0.05x | 0.40x | 0.44x |
| 12:15 | 1.02x | 0.05x | 0.43x | 0.46x |
| 13:15 | 1.02x | 0.08x | 0.48x | 0.49x |
Retail jumped +20.0% today (from 0.40x to 0.48x), while the total subscription jumped +11.4% (from 0.44x to 0.49x). NII (bHNI) jumped +60.0% today (from 0.05x to 0.08x). QIB figures remained unchanged from the day-open levels.
Offer Details
| Parameter | Details |
|---|---|
| Price Band | ₹98.00000 - ₹100.00000 |
| Issue Size | ₹235200 - ₹500000 crore |
| Min Bid Qty | 2400 shares |
| Open Date | 2026-09-11 |
| Close Date | 2026-09-16 |
What's Next
The issue closes for subscription on 16-09-2026. Allotment is scheduled for 17-09-2026, followed by listing on 21-09-2026.
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. It also trades plastic granules and PVC resins. The company operates two manufacturing units in West Bengal with a combined installed capacity of 18,070 MT. Promoted by Ramesh Kumar Rateria and Ashok Kumar Rateria, who bring 65 years of combined industry experience, Injecto serves customers across agriculture, construction, textiles, chemicals, and consumer goods industries through a B2B model.
Financial Highlights
The company reported revenue from operations of ₹375.53 crores in FY26, up from ₹261.48 crores in FY25 and ₹109.05 crores in FY24. Profit before tax stood at ₹23.45 crores in FY26.
| Metric (₹ crores) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from Operations | 109.05 | 261.48 | 375.53 |
| Profit Before Tax | 4.94 | 11.20 | 23.45 |
| Total Profit | 4.44 | 8.11 | 16.01 |
| Total Assets | 121.25 | 170.57 | 270.93 |
Objects of the Issue
- Repayment/pre-payment of certain outstanding borrowings: ₹10.00 crores proposed for repayment of borrowings from banks/financial institutions to reduce outstanding indebtedness.
- Funding Capital expenditure: ₹30.50 crores planned for establishing additional manufacturing facility at Unit-I to add capacity.
- General Corporate Purposes: Balance proceeds to be deployed towards general corporate purposes including operating expenses and business development.
Risk Factors
- High Customer Concentration: Top 10 customers contributed 40.07% of FY26 revenue. Loss of key customers could materially affect revenue.
- Dependence on Trading Activities: Trading activities contributed ₹18,912.21 lakhs, or 50.36% of FY26 revenue, exposing the company to price volatility and low margins.
- Geographic Concentration: 85.27% of FY26 revenue was generated from West Bengal. Regional disruptions could affect operations.
- Raw Material Supply and Price 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 the Injecto Polymers IPO close oversubscribed on the final day, or will it require a revision of the price band to attract sufficient retail and NII demand?
How might the company's reliance on trading activities for over 50% of its revenue impact long-term margin stability post-listing compared to pure-play manufacturing peers?
Given the negative operating cash flows in FY26, how effective will the ₹30.50 crore capital expenditure for new capacity be in improving operational efficiency and cash generation within the next two fiscal years?
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