Vama Wovenfab IPO Day 2: QIBs bid 1.00x; Retail surges 625% to 0.29x
- Vama Wovenfab IPO subscription reaches 0.50x on Day 2.
- QIBs enter with 1.00x bids; Retail surges 625% to 0.29x.
- NII (bHNI) leads category-wise at 1.78x.
- Issue remains open until 17-09-2026.
*this image is generated using AI for illustrative purposes only.
Vama Wovenfab IPO is subscribed 2.61x on Day 3. Retail demand surged 103.8% to reach 2.67x, while Non-Institutional Buyers (bHNI) rose 86.8% to 1.98x. QIB demand remained flat at 1.00x.
Subscription Status
The issue gained significant momentum in the final hours of Day 3, with total subscription ticking up sharply from 1.41x at 11:15 AM to 2.61x by 16:15 PM. Both Retail and NII (bHNI) categories saw double-digit percentage jumps, marking a strong acceleration in demand towards the close.
| 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 | 1.00x | 0.28x | 1.78x | 0.29x | 0.50x |
| Day 3 | 17-09-2026 | 1.00x | 1.98x | 2.72x | 2.67x | 2.61x |
Category-wise Breakdown
- QIB: 1.00x
- NII (bHNI): 1.98x
- NII (sHNI): 2.72x
- Retail: 2.67x
- Employees: 0 x
Intra-day Timeline
Subscription figures remained subdued until the final hour on 16-09-2026. A significant spike occurred at 15:15 IST, where QIBs jumped from 0.00x to 1.00x, and Retail increased from 0.11x to 0.18x. Further gains were recorded at 17:15 IST.
| 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 |
| 14:15 | 0.00x | 0.11x | 0.11x | 0.10x |
| 15:15 | 1.00x | 0.24x | 0.18x | 0.27x |
| 16:15 | 1.00x | 0.27x | 0.24x | 0.44x |
| 17:15 | 1.00x | 0.28x | 0.29x | 0.50x |
Offer Details
- Price band: ₹324.00000 - ₹341.00000
- Issue size: 259200 - 500000
- Min bid qty: 800
- Open: 2026-09-15 10:00:00
- Close: 2026-09-17 16:00:00
About the Company
Vama Wovenfab Limited is an ISO 9001:2015 certified company primarily engaged in manufacturing and selling Polypropylene (PP)/ High Density Polyethylene (HDPE) Woven Sack Bags & Fabric based products. The company offers customised bulk packaging solutions to B2B manufacturers in agriculture, chemicals, and food processing sectors. Incorporated in March 2011, it commenced production in 2013 at its unit in Daman.
Financial Highlights
| 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
- 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 on Limited Buyers: Top customer contributed 63.68% of revenue in FY 2026.
- Absence of Long-term Customer Agreements: Reliance on purchase orders without minimum offtake assurance.
- Raw Material Price Volatility Risk: PP and HDPE prices linked to crude oil fluctuations.
- High Geographical Revenue Concentration: 47.93% from Daman and Diu in FY 2026.
- Negative Operating Cash Flows: Reported negative cash flows from operating activities in FY 2026 and FY 2025.
Will the late-day QIB entry indicate sustained institutional confidence, or is it likely to be a last-minute arbitrage play that may not persist through Day 3?
How might Vama Wovenfab's heavy reliance on a single customer (63.68% of revenue) impact its valuation stability if that client renegotiates terms post-IPO?
Given the negative operating cash flows in FY 2026 despite revenue growth, will the ₹26.50 crore allocated for working capital be sufficient to stabilize liquidity without further dilution?
19
Create Custom Screeners 
Access 200+ Pre-built Filters 
Use 50+ Readymade Screener 
