Vama Wovenfab IPO Day 3: Subscribed 2.61x; Retail jumps 104% to 2.67x
- Vama Wovenfab IPO subscribed 2.61x on Day 3
- Retail demand jumped 103.8% to 2.67x
- NII (bHNI) rose 86.8% to 1.98x
- QIB subscription remained flat at 1.00x
- Issue closes on 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 picked up pace after 2pm, with Retail and NII (bHNI) driving the gains.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 1.00x | 1.06x | 1.31x | 1.41x |
| 12:15 | 1.00x | 1.32x | 1.65x | 1.71x |
| 13:15 | 1.00x | 1.54x | 1.93x | 1.97x |
| 14:15 | 1.00x | 1.61x | 2.17x | 2.17x |
| 15:15 | 1.00x | 1.79x | 2.41x | 2.38x |
| 16:15 | 1.00x | 1.98x | 2.67x | 2.61x |
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.
How might the flat QIB subscription at 1.00x impact the listing price premium compared to the strong retail demand?
Given the 63.68% revenue dependence on a single top customer, what strategies will Vama Wovenfab employ to diversify its client base post-IPO?
Will the company's negative operating cash flows in FY 2025 and FY 2026 be resolved by the ₹26.50 crores allocated for working capital?
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