Injecto Polymers IPO is an SME IPO of Injecto Polymers Limited. The company is engaged in manufacturing and supplying a range of plastic and flexible packaging products, including polypropylene woven fabrics, polypropylene woven bags, BOPP bags, leno bags, FIBC bags, pouches and non-woven bags.
The Injecto Polymers IPO opened for subscription on 11 September 2026 and will close on 16 September 2026. The IPO price band has been fixed at ₹98 to ₹100 per equity share, with a face value of ₹10 per share. The total issue size is approximately ₹56.12 crore.
The issue is entirely a Fresh Issue of up to 56,12,400 equity shares. The company plans to use the IPO proceeds primarily for repayment or pre-payment of borrowings and capital expenditure for Phase IV expansion at its existing manufacturing facility in West Bengal.
The shares are proposed to be listed on the BSE SME platform on 21 September 2026. The basis of allotment is expected to be finalized on 17 September 2026.
Table of Contents
IPO Details
| Particulars | IPO Details |
|---|---|
| IPO Open Date | 11 September 2026 |
| IPO Close Date | 16 September 2026 |
| IPO Allotment Date | 17 September 2026 |
| IPO Listing Date | 21 September 2026 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹98 to ₹100 Per Share |
| Issue Size | Approx. ₹56.12 Crores |
| Fresh Issue | 56,12,400 Equity Shares |
| Offer for Sale | Nil |
| Issue Type | Book Building Issue |
| IPO Listing | BSE SME |
| Market Lot | 1,200 Shares |
| Minimum Retail Application | 2 Lots / 2,400 Shares |
| Minimum Investment | ₹2,40,000 |
| Registrar | Integrated Registry Management Services Private Limited |
| Lead Manager | Indcap Advisors Private Limited |
The issue consists entirely of fresh equity shares, while up to 2,83,200 shares are reserved for the market maker portion. The net issue after the market maker reservation is available for the applicable investor categories.
Injecto Polymers IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | 10 September 2026 |
| IPO Open Date | 11 September 2026 |
| IPO Close Date | 16 September 2026 |
| Basis of Allotment | 17 September 2026 |
| Initiation of Refunds | 18 September 2026 |
| Credit of Shares to Demat | 18 September 2026 |
| IPO Listing Date | 21 September 2026 |
Injecto Polymers IPO Reservation
The Injecto Polymers IPO reservation has been structured across QIB, NII and Retail Individual Investor categories. The anchor investor portion forms part of the QIB allocation.
| Investor Category | Shares Offered |
|---|---|
| Anchor Investors | 9,57,600 Shares |
| QIB | 6,38,400 Shares |
| NII | 18,66,000 Shares |
| Retail | 18,67,200 Shares |
| Total Net Issue | 53,29,200 Shares |
The anchor portion is carved out of the QIB category. The final allotment within each category will depend on the applicable SME IPO allocation rules and valid applications received during the issue.
Injecto Polymers IPO Lot Size
The Injecto Polymers IPO lot size is 1,200 shares. For retail investors, the minimum application is two lots, or 2,400 shares. At the upper price band of ₹100, the minimum retail investment is ₹2,40,000.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 2,400 | ₹2,40,000 |
| Retail Maximum | 2 | 2,400 | ₹2,40,000 |
| S-HNI Minimum | 3 | 3,600 | ₹3,60,000 |
| S-HNI Maximum | 8 | 9,600 | ₹9,60,000 |
| B-HNI Minimum | 9 | 10,800 | ₹10,80,000 |
About Injecto Polymers
Injecto Polymers Limited was originally incorporated as Injecto Polymers Private Limited in 1998 and was subsequently converted into a public limited company in 2024. The company is engaged in the manufacturing of plastic and flexible packaging products for industrial, agricultural, food, medical, hygiene and other applications.
Its product portfolio includes polypropylene woven fabrics, polypropylene woven bags, BOPP bags, leno bags, FIBC bags, low-density and polyester pouches and non-woven bags. These products are used across several end-user industries, including chemicals, fertilizers, agriculture, food products, pharmaceuticals and consumer goods.
The company operates manufacturing facilities in West Bengal. Its manufacturing capabilities include customized and high-denier packaging products designed for different applications. The company also focuses on quality control and product specifications to meet the requirements of institutional and industrial customers.
Injecto Polymers has expanded its manufacturing footprint over the years. The company acquired land for its first manufacturing unit in Burdwan in 2015 and later acquired a second manufacturing unit at Andul, West Bengal, on a leave-and-license basis.
Injecto Polymers Business Overview
Injecto Polymers operates in the plastic packaging and polymer products industry. Its products are designed for applications where durable, flexible and cost-effective packaging solutions are required.
The company has a diversified product portfolio covering woven sacks, BOPP bags, FIBC bags, leno bags and other flexible packaging products. This allows it to cater to multiple industries instead of depending on a single product category.
Its customers and end-use industries include agriculture, food, chemicals, fertilizers, pharmaceuticals, healthcare, consumer goods and industrial packaging. The company also provides customized packaging solutions according to customer requirements.
Injecto Polymers plans to further expand its manufacturing capacity through Phase IV development at its existing Unit-I facility. The proposed expansion is one of the primary uses of the IPO proceeds and could increase production capacity if successfully implemented.
Injecto Polymers IPO Growth Strategy
The company’s growth strategy is focused on expanding manufacturing capacity, strengthening its product portfolio and increasing its presence in the flexible packaging market.
The proposed Phase IV expansion at the existing manufacturing facility is expected to support additional production capacity. The company also intends to use part of the IPO proceeds to reduce certain borrowings, which could help improve its financial structure over time.
The company’s diversified product range provides opportunities to serve customers across agriculture, food, chemicals, pharmaceuticals, healthcare and other industrial segments. Continued investment in manufacturing capacity, product customization and quality standards can support its future growth.
However, future performance will depend on demand for packaging products, raw material prices, capacity utilization, competition and the company’s ability to manage working capital efficiently.
Injecto Polymers Financial Information
| Particulars (₹ Cr) | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Total Income | 109.80 | 261.85 | 375.83 |
| EBITDA | 12.35 | 22.57 | 38.04 |
| Profit After Tax | 4.44 | 8.11 | 16.01 |
| Net Worth | 21.22 | 47.33 | 63.34 |
| Total Assets | 121.25 | 170.57 | 270.93 |
| Total Borrowings | 83.35 | 101.11 | 165.19 |
Injecto Polymers reported substantial growth in its financial performance during the reported period. Total income increased from ₹109.80 crore in FY2024 to ₹375.83 crore in FY2026, while profit after tax increased from ₹4.44 crore to ₹16.01 crore. EBITDA increased from ₹12.35 crore to ₹38.04 crore during the same period.
At the same time, total borrowings increased from ₹83.35 crore in FY2024 to ₹165.19 crore in FY2026. Investors should therefore consider both the company’s growth and its leverage while evaluating the IPO.
Injecto Polymers IPO Key Performance Indicators
| KPI | FY2026 |
|---|---|
| EPS | ₹10.55 |
| RoNW | 25.28% |
| ROE | 28.94% |
| ROCE | 15.64% |
| EBITDA Margin | 10.13% |
| PAT Margin | 4.26% |
| Debt / Equity | 2.61 |
| NAV Per Share | ₹41.73 |
| Pre-Issue P/E | 9.48x |
| Post-Issue P/E | 12.99x |
The company reported an FY2026 EPS of ₹10.55 and a return on net worth of 25.28%. Its FY2026 EBITDA margin was 10.13%, while PAT margin stood at 4.26%. The debt-to-equity ratio of 2.61 indicates that the company has a relatively leveraged capital structure.
Injecto Polymers IPO Objects of the Issue
The company plans to use the net IPO proceeds for repayment of borrowings, capital expenditure and general corporate purposes.
| Objects of the Issue | Amount |
|---|---|
| Repayment/Pre-payment of Certain Borrowings | ₹10.00 Cr |
| Capital Expenditure for Phase IV at Existing Manufacturing Facility | ₹30.50 Cr |
| General Corporate Purposes | Yet to be Updated |
The largest portion of the IPO proceeds is proposed to be used for capital expenditure related to Phase IV expansion at the company’s existing Unit-I manufacturing facility in Jaugram, West Bengal. Another significant portion will be used for repayment or pre-payment of certain outstanding borrowings.
Injecto Polymers IPO GMP
Injecto Polymers IPO GMP is an unofficial indicator of the premium available in the grey market before the shares are listed. Grey market premium is not regulated by SEBI and should not be considered a guaranteed listing price.
The latest available market data showed the GMP around ₹0, indicating no meaningful premium in the grey market at the time of checking.
| Date | IPO Price | GMP | Estimated Listing Price | Estimated Gain |
|---|---|---|---|---|
| 11 September 2026 | ₹100 | ₹0 | ₹100 | 0.00% |
| 10 September 2026 | ₹100 | ₹0 | ₹100 | 0.00% |
| 9 September 2026 | ₹100 | ₹0 | ₹100 | 0.00% |
| 8 September 2026 | ₹100 | ₹0 | ₹100 | 0.00% |
Note: GMP is unofficial and can change before the listing. Investors should evaluate the company’s fundamentals and valuation rather than relying only on grey market activity.
Injecto Polymers IPO Subscription Status
The Injecto Polymers IPO opened for subscription on 11 September 2026 and will close on 16 September 2026. Subscription figures may change throughout the issue period.
As of the latest available update on the first day, the overall issue had received partial subscription, with QIB participation stronger than the retail and NII categories.
| Category | Subscription |
|---|---|
| QIB | 1.02x |
| NII | 0.08x |
| Retail | 0.25x |
| Total | 0.29x |
The subscription figures are subject to change as investors can submit applications until the closing date.
Injecto Polymers IPO Review
Injecto Polymers IPO provides investors with an opportunity to participate in a growing plastic and flexible packaging manufacturing company. Its diversified product portfolio serves several industries, reducing dependence on a single end-use segment.
The company’s financial performance has improved significantly over the last three reported financial years. Revenue increased from ₹109.80 crore in FY2024 to ₹375.83 crore in FY2026, while PAT increased from ₹4.44 crore to ₹16.01 crore.
The proposed use of IPO proceeds is another important factor. A significant amount is earmarked for Phase IV expansion, while ₹10 crore is planned for repayment or pre-payment of borrowings. The expansion could support future production capacity, although investors should monitor execution and capacity utilization.
Injecto Polymers IPO Strengths
- Diversified Product Portfolio – The company manufactures woven fabrics, woven bags, BOPP bags, FIBC bags, leno bags, pouches and non-woven bags.
- Strong Revenue Growth – Total income increased from ₹109.80 crore in FY2024 to ₹375.83 crore in FY2026.
- Improving Profitability – PAT increased from ₹4.44 crore in FY2024 to ₹16.01 crore in FY2026.
- Experienced Promoters – The promoters have extensive experience in the polymer and packaging industry.
- Manufacturing Expansion – IPO proceeds are planned partly for Phase IV expansion of the existing manufacturing facility.
- Multiple End-Use Industries – Products are supplied for agricultural, food, chemical, pharmaceutical and industrial packaging applications.
- Quality Certifications – The company’s manufacturing operations are supported by quality and food-safety certifications.
Injecto Polymers IPO Risk Factors
- High Borrowings – Total borrowings increased to ₹165.19 crore in FY2026.
- Leverage Risk – The FY2026 debt-to-equity ratio stood at 2.61.
- Raw Material Price Risk – Changes in polymer and other raw material prices can affect margins.
- Competitive Industry – The packaging industry has several established manufacturers and competitors.
- Working Capital Requirement – Manufacturing and bulk-order operations require significant working capital.
- Expansion Risk – The benefits of the proposed Phase IV expansion depend on successful execution and capacity utilization.
- SME Listing Risk – SME-listed shares can experience lower liquidity and higher price volatility compared with Mainboard stocks.
- Customer and Industry Dependence – Demand is influenced by activity across agriculture, food, chemicals, pharmaceuticals and other end-use industries.
Injecto Polymers IPO Promoters
The promoters of Injecto Polymers Limited include individual promoters and promoter group companies. Ramesh Kumar Rateria and Ashok Kumar Rateria are the principal individual promoters, while several investment and holding entities are part of the promoter group.
| Promoter | Pre-Issue Shares | Pre-Issue Holding |
|---|---|---|
| Ramesh Kumar Rateria | 32,81,000 | 21.62% |
| Ashok Kumar Rateria | 2,31,000 | 1.52% |
| Suman Financial Advisory Private Limited | 21,60,000 | 14.23% |
| Suman Towers Private Limited | 21,60,000 | 14.23% |
| Vinayak Tie-Up Private Limited | 16,07,200 | 10.59% |
| Nivedeeka Commercial Private Limited | 10,08,200 | 6.64% |
| Bhagyashri Trading Private Limited | 7,78,800 | 5.13% |
| Total | 1,12,26,200 | 73.97% |
The promoters’ combined pre-issue holding is 73.97% according to the disclosed shareholding information.
Injecto Polymers IPO Management Team
Injecto Polymers is led by an experienced management team with significant experience in the polymer and packaging industry.
| Name | Designation |
|---|---|
| Ramesh Kumar Rateria | Chairman & Managing Director |
| Ashok Kumar Rateria | Whole Time Director |
| Sushil Kumar Sultania | Independent Director |
Ramesh Kumar Rateria has more than three decades of experience in the polymer industry and is responsible for the strategic direction and day-to-day management of the company. Ashok Kumar Rateria has more than 30 years of experience in the polymer and packaging industry and oversees marketing and business development functions.
Injecto Polymers IPO Lead Manager Details
| Particulars | Details |
|---|---|
| Lead Manager | Indcap Advisors Private Limited |
| Role | Book Running Lead Manager |
Indcap Advisors Private Limited is the Book Running Lead Manager for the Injecto Polymers IPO.
Injecto Polymers IPO Contact Details
| Particulars | Details |
|---|---|
| Company Name | Injecto Polymers Limited |
| Registered Office | 5th Floor, Room No. 2, Gate No. 3, Poddar Court, 18 Rabindra Sarani, Kolkata – 700001, West Bengal |
| Telephone | +91 33 2237 8167 |
| [email protected] | |
| Website | https://injectopolymers.in/ |
The company’s contact information includes its Kolkata registered office, telephone number and corporate email address.
Injecto Polymers IPO Registrar Details
| Particulars | Details |
|---|---|
| Registrar Name | Integrated Registry Management Services Private Limited |
| Contact Number | 044-28140801 / 044-28140803 |
| [email protected] | |
| Website | www.integratedregistry.in |
Integrated Registry Management Services Private Limited is the registrar responsible for handling the IPO application and allotment process.
How to Check Injecto Polymers IPO Allotment?
Investors can check the Injecto Polymers IPO allotment status after the basis of allotment is finalized.
- Visit the registrar’s IPO allotment page.
- Select Injecto Polymers IPO.
- Select PAN, application number or DP/Client ID.
- Enter the required details.
- Submit the information.
- The allotment status will appear on the screen.
The basis of allotment is expected to be finalized on 17 September 2026, followed by refund initiation and credit of allotted shares on 18 September 2026.
Injecto Polymers IPO Listing Performance
Injecto Polymers shares are scheduled to list on the BSE SME platform on 21 September 2026.
| Particulars | Details |
|---|---|
| Listing Exchange | BSE SME |
| Listing Date | 21 September 2026 |
| Issue Price | ₹98 – ₹100 |
| Expected Listing Price | Yet to be Updated |
| Listing Gain/Loss | Yet to be Updated |
The actual listing price will depend on market conditions, demand and investor sentiment at the time of listing.
Should You Invest in Injecto Polymers IPO?
Injecto Polymers IPO has several positive factors, including strong revenue growth, improving profitability, a diversified product portfolio and an experienced promoter group. The company has also identified specific uses for IPO funds, including manufacturing expansion and debt repayment.
The financial performance shows significant growth, with FY2026 revenue of ₹375.83 crore and PAT of ₹16.01 crore. However, the company also carries substantial borrowings of ₹165.19 crore, and its debt-to-equity ratio of 2.61 requires careful consideration.
Investors should also consider the cyclical nature of raw material prices, competition in the packaging industry, working capital requirements and risks associated with SME-listed companies. Investors looking for listing gains should not rely only on GMP, especially when the current grey-market premium is around zero.
Injecto Polymers IPO Conclusion
Injecto Polymers IPO is a ₹56.12 crore SME IPO comprising a fresh issue of 56,12,400 equity shares. The company operates in the plastic and flexible packaging industry and manufactures products used across agricultural, food, pharmaceutical, chemical and industrial applications.
The company has reported strong growth in revenue and profitability over the last three years. Its proposed expansion of the existing manufacturing facility could support future growth, while the planned repayment of borrowings may help strengthen its financial position.
However, investors should carefully evaluate the company’s relatively high borrowings, debt-to-equity ratio, raw material price exposure, competitive environment and SME-market liquidity before investing. The IPO should be evaluated on its fundamentals, valuation and long-term business prospects rather than GMP alone.
Injecto Polymers IPO FAQs
What is Injecto Polymers IPO?
Injecto Polymers IPO is an SME IPO of Injecto Polymers Limited, a manufacturer of plastic and flexible packaging products.
When will Injecto Polymers IPO open?
Injecto Polymers IPO opened for subscription on 11 September 2026.
When will Injecto Polymers IPO close?
The Injecto Polymers IPO will close on 16 September 2026.
What is Injecto Polymers IPO price band?
The IPO price band is ₹98 to ₹100 per equity share.
What is Injecto Polymers IPO lot size?
The Injecto Polymers IPO lot size is 1,200 shares. The minimum retail application is two lots, or 2,400 shares.
What is the minimum investment in Injecto Polymers IPO?
At the upper price band of ₹100, the minimum retail investment is ₹2,40,000 for 2,400 shares.
What is Injecto Polymers IPO issue size?
The Injecto Polymers IPO issue size is approximately ₹56.12 crore.
What is Injecto Polymers IPO GMP today?
The latest available grey-market data showed GMP around ₹0. GMP is unofficial and can change before listing.
When is Injecto Polymers IPO allotment?
The Injecto Polymers IPO allotment is expected to be finalized on 17 September 2026.
When will Injecto Polymers IPO list?
Injecto Polymers shares are scheduled to list on the BSE SME platform on 21 September 2026.
Who are the promoters of Injecto Polymers?
The promoters include Ramesh Kumar Rateria, Ashok Kumar Rateria, Suman Financial Advisory Private Limited, Suman Towers Private Limited, Vinayak Tie-Up Private Limited, Nivedeeka Commercial Private Limited and Bhagyashri Trading Private Limited.
Who is the registrar of Injecto Polymers IPO?
Integrated Registry Management Services Private Limited is the registrar to the Injecto Polymers IPO.
