Vama Wovenfab IPO Day 2: Subscribed 0.07x; Retail jumps 100%
- Vama Wovenfab IPO subscription stands at 0.07x on Day 2.
- Retail bids jumped 100% to 0.08x, while NII (bHNI) rose 66.7% to 0.10x.
- QIB and Employee categories remain at 0x.
- Total subscription increased 133.3% intra-day from 0.03x to 0.07x.
*this image is generated using AI for illustrative purposes only.
Vama Wovenfab IPO subscription stands at 0.07x on Day 2. The total multiple jumped 133.3% intra-day from 0.03x to 0.07x, driven by a 100% surge in Retail bids and a 66.7% rise in NII (bHNI) subscriptions. QIB demand remains absent.
Subscription Status
The Vama Wovenfab IPO saw accelerated traction during the second day of subscription. The total subscription multiple increased from 0.01x on Day 1 to 0.07x on Day 2. Institutional interest remains non-existent, with QIBs and Employees recording zero bids throughout the period.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 15-09-2026 | 0.00x | 0.03x | 0.00x | 0.01x | 0.01x |
| Day 2 | 16-09-2026 | 0.00x | 0.10x | 0.00x | 0.08x | 0.07x |
Category-wise Breakdown
Retail investors continue to lead the absolute demand with 0.08x subscriptions, up from 0.04x earlier in the day. The Non-Institutional Investor (NII) category shows distinct movement, with big HNI (bHNI) subscribers jumping 66.7% from 0.06x to 0.10x. Small HNI (sHNI) subscriptions remain static at 0.00x. Qualified Institutional Buyers (QIB) and Employee categories remain at 0x.
Intra-day Timeline
Subscription figures picked up pace after the midday mark on 16-09-2026. The following table highlights the hourly progression:
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.06x | 0.04x | 0.03x |
| 12:15 | 0.00x | 0.08x | 0.05x | 0.05x |
| 13:15 | 0.00x | 0.10x | 0.08x | 0.07x |
Offer Details
- Price Band: ₹324.00000 - ₹341.00000
- Issue Size: ₹259200 - ₹500000
- Min Bid Qty: 800
- Open Date: 2026-09-15
- Close Date: 2026-09-17
About the Company
Vama Wovenfab Limited is an ISO 9001:2015 certified manufacturer of Polypropylene (PP) and High Density Polyethylene (HDPE) Woven Sack Bags & Fabric. Incorporated in March 2011, the company commenced production in 2013 at its Daman unit. It provides customised bulk packaging solutions to B2B manufacturers in agriculture, chemicals, and food processing sectors.
Financial Highlights
The company reported significant revenue growth in FY 2026 compared to prior years. Standalone financial data is presented below:
| Particulars | FY 2026 (₹ crores) | FY 2025 (₹ crores) | FY 2024 (₹ crores) |
|---|---|---|---|
| Revenue from Operations | 214.62 | 77.45 | 27.87 |
| Total Profit | 11.55 | 6.84 | 2.63 |
| Total Assets | 74.18 | 67.47 | 37.14 |
Objects of the Issue
The net proceeds from the IPO will be utilized for:
- Capital Expenditure towards Construction of shed: ₹1.36 crores
- Capital Expenditure towards Purchase of Machinery: ₹7.25 crores
- To meet Working Capital Requirements: ₹26.50 crores
- General Corporate Purposes
Risk Factors
- Substantial Revenue Dependence: Top customer contributed 63.68% of revenue in FY 2026.
- Raw Material Price Volatility: PP and HDPE prices linked to crude oil fluctuations.
- Negative Operating Cash Flows: Reported negative cash flows of ₹631.47 lakhs in FY 2026.
- Geographical Concentration: 47.93% revenue from Daman and Diu in FY 2026.
Will the complete absence of QIB interest force the company to revise the price band downwards or risk a potential IPO cancellation?
How might the heavy reliance on a single customer (63.68% of revenue) impact long-term investor confidence despite the recent surge in retail subscriptions?
Given the negative operating cash flows in FY 2026, will the allocated ₹26.50 crores for working capital be sufficient to stabilize liquidity post-IPO?
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