Injecto Polymers IPO Day 4: Subscribed 1.05x; NII bHNI jumps 9.1%
- Injecto Polymers IPO subscribed 1.05x on Day 4
- NII (bHNI) jumped 9.1% intraday to 1.62x
- Retail demand rose to 0.98x from 0.93x
- QIB subscription stable at 1.02x
- Listing expected on 2026-09-21
*this image is generated using AI for illustrative purposes only.
Injecto Polymers IPO crossed the fully subscribed mark on Day 4, reaching a total subscription of 1.05x. The issue saw renewed momentum in the final hours, driven by a 9.1% intraday jump in NII (bHNI) bids and steady Retail participation.
Subscription Status
The Injecto Polymers IPO witnessed a significant jump in overall subscription during the final days of the bidding window. While the first two days saw modest interest, Day 3 triggered a surge in NII and Retail bids, pushing the total to 0.91x. On the final day, Day 4, the issue crossed the 1x threshold to become fully subscribed at 1.05x.
| 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 | 1.02x | 0.12x | 1.62x | 0.98x | 1.05x |
Intra-day Timeline
On Day 4, the subscription numbers picked up pace after 11:15 IST. The NII (bHNI) segment jumped from 0.11x to 0.12x, while Retail increased from 0.93x to 0.98x, pushing the total subscription above the 1x mark.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 1.02x | 0.11x | 0.93x | 1.00x |
| 12:15 | 1.02x | 0.12x | 0.98x | 1.05x |
Category-wise Breakdown
Non-Institutional Buyers (NII) emerged as the strongest category, with the bHNI segment subscribing 1.62 times its quota by the end of Day 4. Small HNI (sHNI) participation was minimal at 0.12x. Qualified Institutional Buyers (QIB) maintained a consistent 1.02x subscription throughout the four-day window. Retail investors showed improving interest, rising from 0.25x on Day 1 to 0.98x on Day 4. 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.
How might the heavy reliance on trading activities (over 50% of revenue) impact Injecto Polymers' long-term profitability margins post-listing?
What are the potential risks associated with the company's negative operating cash flows despite rising profits, and how will the IPO proceeds address this discrepancy?
Given that 85% of revenue comes from West Bengal, how vulnerable is Injecto Polymers to regional economic shifts or supply chain disruptions in that specific geography?
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