Vigor Plast IPO Set for Flat Debut on NSE SME Platform
Vigor Plast India, a Gujarat-based CPVC and UPVC pipe manufacturer, is set to list on the NSE SME platform. The company's IPO raised Rs 25.10 crore, with a price band of Rs 77-81 per share. The issue was oversubscribed 3.90 times overall, with strong interest from non-institutional investors. Despite this, grey market indicators suggest a flat listing. The IPO proceeds will be used for debt repayment, warehouse construction, and general corporate purposes. Vigor Plast India reported recent revenue of Rs 46.00 crore and net profit of Rs 5.20 crore, showing significant profit growth.
*this image is generated using AI for illustrative purposes only.
Vigor Plast India, a Gujarat-based manufacturer of CPVC and UPVC pipes, is poised to make its debut on the NSE SME platform today. The initial public offering (IPO), which raised Rs 25.10 crore, is expected to list without any premium, according to grey market indicators.
IPO Details
The Vigor Plast IPO consisted of a fresh issue of Rs 20.24 crore and an offer for sale worth Rs 4.86 crore. The price band was set at Rs 77-81 per share. The company successfully raised Rs 7.08 crore from anchor investors prior to the public issue.
Subscription Highlights
The IPO garnered significant interest from various investor categories:
| Investor Category | Subscription (times) |
|---|---|
| Overall | 3.90 |
| Non-institutional investors | 7.00 |
| Qualified institutional buyers (QIBs) | 4.00 |
| Retail investors | 2.50 |
Listing Expectations
Despite the strong subscription numbers, the grey market premium currently stands at zero, suggesting expectations of a flat listing on the NSE SME platform.
Fund Utilization
The proceeds from the IPO will be allocated as follows:
- Debt repayment: Rs 11.39 crore
- Construction of a warehouse in Ahmedabad: Rs 3.80 crore
- General corporate purposes: Remaining amount
Company Overview
Vigor Plast India has established a strong presence in the CPVC and UPVC pipes manufacturing sector. Key points about the company include:
- Operational network: 440 distributors across 25 states
- Recent financial performance:
- Revenue: Rs 46.00 crore (8% growth)
- Net profit: Rs 5.20 crore (76% growth)
The company's significant profit growth, despite modest revenue increase, indicates improved operational efficiency or higher-margin products in its portfolio.
As Vigor Plast India makes its market debut, investors will be closely watching its performance on the NSE SME platform, given the flat listing expectations despite the oversubscribed IPO.
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