Bai Kakaji Polymers IPO will open for subscription on December 23, 2025 and will close on December 26, 2025. The IPO is a Book Build Issue, through which the company plans to raise ₹105.17 crore. The entire issue consists of a fresh issue of ₹105.17 crore, while the offer for sale component is nil.
The price band is fixed at ₹177 to ₹186 per share, and the IPO will be listed on BSE SME on December 31, 2025. The basis of allotment is expected on December 29, 2025.
Based on financial performance and business fundamentals, the IPO is considered suitable mainly for long-term investors, while short-term gains may depend on listing sentiment.
Contents
Bai Kakaji Polymers IPO Details
| Particulars | Details |
|---|---|
| IPO Open Date | December 23, 2025 |
| IPO Close Date | December 26, 2025 |
| Face Value | ₹10 per equity share |
| Price Band | ₹177 to ₹186 per share |
| Issue Size | ₹105.17 crore |
| Fresh Issue | ₹105.17 crore |
| Issue Type | Book Build Issue |
| Listing Exchange | BSE SME |
| DRHP | View PDF |
| RHP | View PDF |
Bai Kakaji Polymers IPO
Open: 23-26 Dec
Issue Size: ₹105.17 Cr.
Objective: Repay debt, expand capacity, fund solar project, general use.
Exchange: BSE SME
Bai Kakaji Polymers IPO GMP Today
Bai Kakaji Polymers SME IPO GMP is at ₹2 on 30 December 2025, indicating mild but stable grey market interest. With the upper price band fixed at ₹186, the estimated listing price works out to around ₹194, suggesting an expected listing gain of about 1.08%.
Over the last six sessions, the GMP has moved from ₹0 to ₹8 and has managed to hold at this level, which reflects cautious optimism among grey market participants. The presence of a steady Retail Subject to Sauda rate of ₹3,600 also supports near-term listing stability.
While the GMP trend is not aggressive, the upward movement from zero levels signals improving sentiment. Investors should note that SME IPO GMPs often remain range-bound and can change closer to listing.
Bai Kakaji Polymers SME IPO Day-wise GMP Trend:
| Date | GMP | Estimated Listing Price | Expected Gain |
|---|---|---|---|
| 30-Dec-2025 | ₹2 | ₹188 | 1.08% |
| 29-Dec-2025 | ₹2 | ₹188 | 1.08% |
| 28-Dec-2025 | ₹3 | ₹189 | 1.61% |
| 27-Dec-2025 | ₹3 | ₹189 | 1.61% |
| 26-Dec-2025 | ₹3 | ₹189 | 1.61% |
| 25-Dec-2025 | ₹9 | ₹195 | 4.84% |
| 24-Dec-2025 | ₹9 | ₹195 | 4.84% |
| 23-Dec-2025 | ₹15 | ₹201 | 8.06% |
| 22-Dec-2025 | ₹8 | ₹194 | 4.30% |
| 21-Dec-2025 | ₹0 | ₹186 | 0.00% |
| 20-Dec-2025 | ₹0 | ₹186 | 0.00% |
| 19-Dec-2025 | ₹0 | ₹186 | 0.00% |
| 18-Dec-2025 | ₹0 | ₹186 | 0.00% |
Disclaimer: IPO GMP, Kostak, and Subject to Sauda (Sub2) rates are unofficial and shared for informational purposes only. We do not trade or recommend participation in the grey market. GMP is not a guarantee of listing performance. Investors should apply after reviewing the company’s fundamentals and official offer documents.
Bai Kakaji Polymers IPO Review
Bai Kakaji Polymers operates in a competitive plastic and polymer manufacturing segment. The company has shown steady growth in revenue and profitability over the last three financial years.
However, high debt levels and moderate margins may limit near-term upside. Long-term investors with a higher risk appetite may evaluate the IPO, while conservative investors may wait for post-listing performance.
Bai Kakaji Polymers IPO Market Lot Details
The minimum application size is 1,200 shares, requiring an investment of ₹2,23,200.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 1,200 | ₹2,23,200 |
| Retail Maximum | 2 | 1,200 | ₹2,23,200 |
| S-HNI Minimum | 3 | 1,800 | ₹3,34,800 |
| S-HNI Maximum | 8 | 4,800 | ₹8,92,800 |
| B-HNI Minimum | 9 | 5,400 | ₹10,04,400 |
- Also Read: Dhara Rail Projects IPO (23-26 Dec)
IPO Reservation Details
| Investor Category | Shares Offered | % of Total Issue |
|---|---|---|
| Anchor Investors | 16,08,000 | 28.44% |
| QIB (Ex-Anchor) | 10,75,200 | 19.02% |
| NII | 8,06,400 | 14.26% |
| Retail | 18,81,600 | 33.28% |
Bai Kakaji Polymers IPO Anchor Investors
| Particulars | Details |
|---|---|
| Anchor Bidding Date | December 22, 2025 |
| Shares Offered | 16,08,000 |
| Anchor Size | Not disclosed |
| Lock-in (50% – 30 Days) | January 28, 2026 |
| Lock-in (50% – 90 Days) | March 29, 2026 |
Bai Kakaji Polymers IPO Important Dates
| Event | Date |
|---|---|
| IPO Open Date | December 23, 2025 |
| IPO Close Date | December 26, 2025 |
| Basis of Allotment | December 29, 2025 |
| Refunds | December 30, 2025 |
| Credit to Demat | December 30, 2025 |
| Listing Date | December 31, 2025 |
| Bidding Cut-off Time | December 26, 2025 – 5 PM |
Promoters and Shareholding Pattern
The promoters of the company are Balkishan Pandurangji Mundada, Harikishan Pandurangji Mundada, Akash Balkishan Mundada, Akshay Balkishan Mundada, and Kiran Balkishan Mundada.
| Particulars | Shares | % Holding |
|---|---|---|
| Pre-Issue Holding | 1,57,50,000 | 100% |
| Post-Issue Holding | 2,14,04,400 | 73.55% |
Objects of the Issue
The company intends to utilise the IPO proceeds mainly for repayment and pre-payment of existing borrowings, which will help reduce finance costs and strengthen the balance sheet.
A portion of the funds will be used to install additional plant and machinery to support capacity expansion. The company also plans to invest in setting up a solar power project to reduce energy costs and improve sustainability. Remaining funds will be used for general corporate purposes.
About Bai Kakaji Polymers Limited
Bai Kakaji Polymers Limited is engaged in the manufacturing and sale of plastic and polymer-based products. Its product portfolio includes plastic granules, PET preforms, and plastic caps and closures, which are widely used in packaged drinking water, carbonated beverages, juices, and dairy products.
The company operates four manufacturing units in Latur, Maharashtra, spread across approximately 33,000 square metres. Its facilities are equipped with modern machinery such as SACMI Continuous Compression Molding, ASB Preform Molding, HUSKY PET Injection Molding, and advanced quality testing equipment, ensuring consistent product quality.
Bai Kakaji Polymers Financial Performance (₹ in Crore)
| Period | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | 275.09 | 269.35 | 4.18 | 91.55 |
| 2024 | 296.42 | 284.98 | 9.38 | 98.00 |
| 2025 | 332.12 | 306.22 | 18.37 | 203.69 |
| Sep 2025 | 168.56 | 150.72 | 12.81 | 195.45 |
Bai Kakaji Polymers IPO Valuation – FY2025
| KPI | Value |
|---|---|
| ROE | 41.23% |
| ROCE | 25.71% |
| EBITDA Margin | 10.28% |
| PAT Margin | 5.64% |
| Debt to Equity | 2.03 |
| EPS (Basic) | ₹11.66 |
| P/E Ratio | Not available |
| RoNW | 34.18% |
| NAV | ₹34.12 |
Peer Comparison
| Company | EPS | PE | RoNW | NAV | Income |
|---|---|---|---|---|---|
| Cool Caps Industries Ltd | 10.36 | 7.37 | 21.84% | 47.42 | ₹271.85 Cr |
| Technopack Polymers Ltd | 2.72 | 6.50 | 8.61% | 18.46 | ₹17.45 Cr |
IPO Lead Manager
Hem Securities Limited
Company Address
| Particulars | Details |
|---|---|
| Company Name | Bai Kakaji Polymers Limited |
| Address | Plot No. M3 & M4, MIDC, Latur, Maharashtra – 413531 |
| Phone | +91 9028254663 |
| cs@baikakaji.com | |
| Website | https://baikakajipolymers.com |
IPO Registrar
| Particulars | Details |
|---|---|
| Registrar | Maashitla Securities Pvt. Ltd. |
| Phone | +91-11-45121795-96 |
| investor.ipo@maashitla.com | |
| Website | https://maashitla.com/allotment-status/public-issues |
Bai Kakaji Polymers IPO FAQs
What is Bai Kakaji Polymers IPO?
Bai Kakaji Polymers IPO is an SME IPO aiming to raise ₹105.17 crore and will be listed on BSE SME.
When will the IPO open?
The IPO opens on December 23, 2025 and closes on December 26, 2025.
What is the price band?
The price band is ₹177 to ₹186 per share.
What is the lot size?
The minimum bid is 1,200 shares, amounting to ₹2,23,200.
When is the allotment date?
The allotment date is December 29, 2025.
When is the listing date?
The shares are expected to list on December 31, 2025.
Expert Comment
Bai Kakaji Polymers has demonstrated steady growth in revenue and profits, supported by expanding manufacturing capacity and improving margins. However, the company operates in a highly competitive segment and carries relatively high debt.
The IPO appears suitable for long-term investors with a higher risk tolerance, while short-term investors should closely monitor listing sentiment and post-listing performance.
