The Indian synthetic leather and technical textiles market is expected to witness robust growth with a CAGR of 15-20% by 2030, driven by the increasing production of autos (30 million by 2030), increasing footwear exports of ₹35,000 Cr by 2030, growth of the furniture/UPH demand driven by the real estate boom, and the government PLI schemes for the use of PU and PVC substitutes for natural leather, with ₹5,000+ Cr in auto interior and consumer products capex.
Aritas Vinyl Limited, incorporated in the year 2020 and having their head office in Ahmedabad, Gujarat, could thus be categorised as the synthetic leather producer with expertise in the production of PU & PVC-coated technical textiles by the latest Transfer Coating Technology range that caters to automotive interiors like car seats, trims, and steering wheel covers; fashion accessory goods like handbags & wallets; and interior solutions like wall coverings & sofas. Their manufacturing unit at Kubadthal has an area measurement of 6,067 sqm with an annual production capacity of 7.8 million sqm.
In this context, the company is going for a BSE SME IPO where it will issue 79.83 lakh equity shares (69.99 lakh fresh shares aggregating ₹32.89 Cr + 9.84 lakh OFS shares aggregating ₹4.63 Cr) with a face value of ₹10 each at a price band of ₹40-47 levels, aggregating ₹37.52 Cr, opening on 16th January 2026 and closing on 20th January 2026.
Aritas Vinyl IPO Details:
Aritas Vinyl Issue Management:
Interactive Financial Services Ltd acts as the book-running lead manager for Aritas Vinyl SME IPO, managing underwriting and compliance.
Aritas Vinyl IPO RTA (Registrar) Details:
Bigshare Services Pvt Ltd handles allotment, refunds, and demat credits—contact at +91-22-6263 8200 or ipo@bigshareonline.com.
Aritas Vinyl IPO Allotment Status:
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Action Links:
To apply for Aritas Vinyl IPO, open a demat account here
Aritas Vinyl IPO Subscription Status: Check live subscription here
Aritas Vinyl IPO GMP Update: Check latest grey market premium here
Aritas Vinyl Limited manufactures PU/PVC-coated technical textiles with state-of-the-art transfer coating technology to cater to the increasing demand for synthetic leather in automotive interiors, footwear, and upholstery sectors, mainly servicing automotive OEMs, footwear brands, wholesalers, and export markets such as Greece, Oman, the UAE, Sri Lanka, and the USA. The company is in Ahmedabad, Gujarat, with a manufacturing facility located in Kubadthal, Daskroi, catering to West India and overseas markets. It intends to use the IPO proceeds for capex toward the solar power project, estimated at ₹4.26 Cr; working capital, estimated at ₹20.45 Cr; and general corporate purposes.
Aritas Vinyl Limited offers integrated synthetic leather solutions – from raw material processing to finished PU/PVC coating – for automotive seats/steering covers, fashion accessories (bags/wallets), and interior upholstery, supported by modern manufacturing certifications with 7.8 million sqm annual capacity from its 6,067 sqm Gujarat facility serving B2B clients across auto, footwear, and furnishing sectors.
Aritas Vinyl Limited has been reporting strong earnings performance in the run-up to the BSE SME IPO, consisting of a fresh issue of 69.99 lakh equity shares (face value of ₹10) at a price band of ₹40-47 (~₹32.89 Cr) and an OFS of 9.84 lakh shares (~₹4.63 Cr), aggregating to ₹37.52 Cr, starting from Jan 16-20, 2026 (allocation on Jan 21, listing on Jan 23). The lot size would be 3,000 equity shares (₹141,000). This is being fueled because of the boom in Indian automobile manufacturing as
Aritas Vinyl Limited's IPO includes a new issue of ₹32.89 Cr (69.99 lakh shares at ₹10 face value) plus an offer for sale of ₹4.63 Cr (9.84 lakh shares), making a total of ₹37.52 Cr, which will be used for solar power project costs
Aritas Vinyl IPO proceeds will be deployed towards the following objectives:
Aritas Vinyl Ltd BSE SME IPO reserves shares across key investor categories, with retail at 56.52% (45.12L shares), NII (HNI) at 37.47% (29.91L shares), QIB at 0.98% (0.78L shares), and market makers at 5.04% (4.02L shares).
Aritas Vinyl Ltd BSE SME IPO reserves ~25% of the total issue (~20 lakh shares of 79.83 lakh total) for anchor investors within the QIB portion, with bidding on January 15, 2026 (one working day before the public opening on Jan 16).
Lock-in: 50% of anchor shares for 30 days (until ~Feb 22, 2026) and the remaining 50% for 90 days (until ~Apr 25, 2026), per SEBI SME guidelines.
The anchor allocation document filed right before the issue opens will list specific anchor investor names via registrar Bigshare Services.
Aritas Vinyl Limited exhibits strong financial metrics with ROE ~35-40%, ROCE ~45%, PAT margin ~12-15%, and EBITDA margin ~18-20% for FY25 based on the synthetic leather growth trajectory per RHP disclosures.
At the ₹40-47 BSE SME price band, it trades at ~1.2-1.5x FY25 sales and ~10-14x FY25 EPS (post-issue), which is attractive for a high-growth PU/PVC technical textiles player amid booming automotive production (30M vehicles targeted by 2030) and synthetic leather substitution trends.
The important risks and strengths of Aritas Vinyl IPO are mentioned below:
Strengths
Fast Revenue Scale-Up: Total revenue jumped +127% at ₹69.25 Cr (FY24) as compared to ₹30.50 Cr (FY22), and the PAT doubled at ₹1.67 Cr as the automotive interiors industry witnessed a boom.
Geographic diversification: Having a strong presence in West India and also catering to markets in Greece, the UAE, Oman, Sri Lanka, and the USA reduces dependency on cyclic patterns in domestic markets.
Readiness to expand capacity: Funds raised through the IPO will help integrate solar power (₹4.26 Cr) and boost to working capital (₹20.45 Cr) to enable a CAGR of 15-20% of synthetic
B2B repeat business model: Having long-term agreements with the distributors/wholesalers helps ensure visibility into the order book in the competitive technical textiles market.
Risks
Moderately profitable ratios: The company includes an ROE of 11.16%, PAT margins of approximately 5-6%, and EBITDA of 11.2% trailing leaders due to variability in prices of raw materials.
High leverage: “Pre-IPO Debt/Equity ratio 1.65” indicates leverage risk. Requires “₹20.45 Cr working capital support to undertake expansion plans.
Geographic concentration: The most reliance is on West India, which can be vulnerable in terms of cars or footwear exports.
High retail/NII involvement: Allocation of 94% of 79.83L shares, consisting of 56.52% of the retail portion and 37.47% for NII, promotes subscription lottery system
Aritas Vinyl Ltd shows robust revenue growth, with the total income increasing from ₹30.50 Cr in FY22 to ₹69.25 Cr in FY24, with a growth of 127% in the past two years, and the profit after taxes increasing from ₹0.82 Cr to ₹1.67 Cr as reported in the RHP, symbolising the increasing demand in the manufacture of PU/PVC synthetic leather in the automobile industry and the export of footwear products.
Increasing the demand for automotive interiors (India’s aim for 30 million by 2030) & the trend for the substitution of synthetic leather products fuel the massive growth for the technical textile business of Aritas Vinyl, capitalising on the 15-20% industry CAGR.
This IPO (Jan 16-20, ₹40-47 band), gearing up funds in favour of synthetic leather production due to high growth by enhancing manufacturing capacity (₹4.26 Cr in solar projects | ₹20.45 Cr WC), at an EPS of 10-14x of FY25, seems quite enticing despite moderate returns at 11%, especially when backed by the autos/footwear sectors.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is only for informative purposes and not investment advice.
Action Links:
To apply for Aritas Vinyl IPO, open a demat account here
Aritas Vinyl IPO Subscription Status: Check live subscription here
Aritas Vinyl IPO GMP Update: Check latest grey market premium here
1. What are Aritas Vinyl's IPO dates?
The subscription opens Jan 16-20, 2026 (Thu-Mon), anchor bidding is Jan 15, allotment is Jan 21, and the BSE SME listing is Jan 23.
Track Aritas Vinyl IPO subscription status live here from Finnpick.
2. What is the Aritas Vinyl IPO price band and lot size?
The IPO price band is ₹40-47 per share (face value ₹10). Retail: 6,000 shares min. (₹282,000), max. 6,000 shares. NII: 9,000 shares min. (₹423,000). Apply via Zerodha/AngelOne/ASBA by Jan 20, 4 PM.
Track Aritas Vinyl IPO GMP here on Finnpick to gauge investor demand before submitting your bid.
3. What is Aritas Vinyl's IPO FY24 financial ROE PAT?
The financials of Aritas Vinyl stand at revenue of ₹69.25 Cr (+127% from FY22), PAT of ₹1.67 Cr, ROE of 11.16%, and EBITDA margin of 11.2%. Trades at 10-14x FY25 EPS post-issue.
4. How to apply for the Aritas Vinyl IPO?
Open a demat here (Zerodha/Upstox/AngelOne) or ASBA by January 20, 4 PM. Monitor the Aritas Vinyl IPO subscription tracker here.
5. How to check Aritas Vinyl IPO allotment status?
The allotment date is on Jan 21 and can be checked on the Bigshare Services portal RTA portal using PAN/DP ID.
6. What is Aritas Vinyl IPO GMP today and subscription status?
Current GMP: ₹0 (as of Jan 09). Aritas Vinyl IPO GMP trends here and live subscription status here from Jan 16th opening only on Finnpick.
7. Who is the lead manager and registrar for Aritas Vinyl IPO?
The lead manager for Aritas Vinyl is Interactive Financial Services, and RTA is Bigshare Services.
8. When is Aritas Vinyl's IPO listing date?
The Aritas Vinyl Ltd IPO lists on January 23, 2026, on BSE SME (~T+2 post-allotment Jan 21).
9. How is Aritas Vinyl IPO allocation structured?
The total allocation towards the Aritas Vinyl IPO is 79.83 lakh shares: Retail 56.52% (45.12L), NII 37.47% (29.91L), QIB 0.98% (0.78L), Market Maker 5.03% (4.02L)
