Injecto Polymers’ US$6.7M IPO opens Sept 11 to fund packaging expansion

INDIA – Injecto Polymers has announced its ₹56.12 crore (US$6.7 million) IPO will open for subscription on September 11, 2026, with the entire fresh issue of 56.12 lakh shares at a price band of ₹98 to ₹100 per share, as the polymer packaging manufacturer seeks to fund capacity expansion from 10,870 MT to 18,070 MT per annum.

The Ahmedabad-based company, established in 1998, manufactures a diversified range of polymer-based packaging products including PP woven fabrics, PP woven sacks and bags, BOPP bags, laminated woven bags, Leno bags, FIBC bulk bags, HM/LD liners and non-woven bags. 

The issue will close on September 16, with the Anchor Book opening on September 10 and allotment expected on September 17, followed by listing on the BSE SME platform on September 21. 

Financial Performance and Capacity Utilisation

The company reported revenue from operations of ₹375.53 crore (US$45 million) in FY2026, up from ₹261.48 crore in FY2025, with EBITDA of ₹38.04 crore (US$4.6 million) and profit after tax of ₹16.01 crore (US$1.9 million). 

EBITDA margin stood at 10.13 percent and PAT margin at 4.26 percent, with ROE of 28.94 percent and ROCE of 15.64 percent. 

Manufacturing activities contributed 49.64 percent of total revenue during FY2026, reflecting the company’s continued focus on strengthening its manufacturing capabilities. 

The company operates two manufacturing facilities in West Bengal with an installed capacity of 10,870 MT per annum and achieved 95.29 percent capacity utilisation during FY2026.

Planned Expansion and Utilisation of IPO Proceeds

The company is currently implementing Phase III expansion of 2,400 MT per annum, with 1,200 MT commencing trial run on 1 July 2026 and the remaining 1,200 MT expected to be commissioned subsequently. 

The proposed Phase IV expansion of 4,800 MT per annum, funded through IPO proceeds, will bring total installed capacity to 18,070 MT per annum. 

The company proposes to utilise net proceeds from the issue towards repayment or prepayment of certain borrowings, funding the proposed Phase IV expansion and general corporate purposes. 

The minimum retail application of 2,400 shares entails an investment of ₹2.40 lakh (US$2,874) at the upper price band, while the minimum HNI application of 3,600 shares entails ₹3.60 lakh (US$4,311). Indcap Advisors Private Limited is the book-running lead manager, with Integrated Registry Management Services as registrar.

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