Vama Wovenfab IPO Day 3: Subscribed 1.97x; Retail surges 47.3% to 1.93x
- Vama Wovenfab IPO subscribed 1.97x on Day 3
- Retail demand surged 47.3% to 1.93x in final hour
- NII (bHNI) leads with 2.51x subscription
- QIB participation remains flat at 1.00x
*this image is generated using AI for illustrative purposes only.
Vama Wovenfab IPO is subscribed 1.97x on Day 3. Retail demand surged 47.3% in the final hour to reach 1.93x, while Non-Institutional Buyers (bHNI) led with 2.51x. QIB demand remained flat at 1.00x.
Subscription Status
The issue saw a significant uptick in the final hour of bidding. Total subscription jumped from 1.71x at 12:15 PM to 1.97x by 13:15 PM, marking a 39.7% increase from the earlier intra-day snapshot. Both Retail and NII categories accelerated sharply 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 | 2.51x | 1.54x | 1.93x | 1.97x |
Category-wise Breakdown
- QIB: 1.00x
- NII (bHNI): 2.51x
- NII (sHNI): 1.54x
- Retail: 1.93x
- Employees: 0 x
Intra-day Timeline
Subscription figures ticked up sharply in the final hour of Day 3. Retail and NII (bHNI) categories saw double-digit percentage jumps between 12:15 PM and 13:15 PM.
| 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 | 2.51x | 1.93x | 1.97x |
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 IPOs with stronger institutional backing?
Given the heavy reliance on a single customer for 63.68% of revenue, what strategies is Vama Wovenfab employing to diversify its client base post-IPO?
With negative operating cash flows in recent years, how will the raised working capital of ₹26.50 crores specifically address liquidity concerns?
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