The polymer and plastics processing industry in India is expanding rapidly; it was estimated to be worth USD 40 billion in 2025 and is projected to be worth USD 60.11 billion by 2030 at a compound annual growth rate (CAGR) of 6.30%. Rapid e-commerce growth, rising demand for biodegradable and sustainable packaging options, government PLI (Production Linked Incentive) programs speeding up capacity expansions, and growing consumption in the consumer goods, construction, and automotive industries are the primary drivers of this growth. By utilising cutting-edge production technologies, upholding strict quality standards, and building strategic supply relationships with packaged beverage, dairy, and personal-care brands, regional manufacturers that specialise in premium PET preforms, plastic caps, closures, and injection-molded components are gaining a sizable portion of the market. In order to raise 99.90 crore for debt repayment and capacity expansion, Bai Kakaji Polymers Limited, a manufacturer of premium PET preforms, CSD closures, and specialised plastic components with four integrated manufacturing facilities and SACMI/HUSKY injection moulding capabilities, is launching its BSE SME IPO (23–26 Dec 2025). The company is taking advantage of strong market tailwinds in India's booming polymer processing sector.
Bai Kakaji Polymers IPO Details:
Bai Kakaji Polymers Issue Management:
Hem Securities Limited acts as the book-running lead manager for Bai Kakaji Polymers SME IPO, managing underwriting, regulatory compliance, and investor coordination.
Bai Kakaji Polymers RTA (Registrar) Details:
Maashitla Securities Pvt Ltd. handles allotment, refunds, and demat credits - contact at +91-11-45121795-96 or ipo@maashitla.com.
Bai Kakaji Polymers IPO Allotment Status:
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Apply Bai Kakaji Polymers IPO by opening a demat account here
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Bai Kakaji Polymers GMP Update: Check latest grey market premium here
PET preforms, plastic caps, and closures - essential packaging elements for packaged drinking water, carbonated soft drinks, juices, and dairy products - are the speciality of Bai Kakaji Polymers Limited. The company's four manufacturing facilities, which span about 33,000 square meters in MIDC Latur, Maharashtra, employ cutting-edge equipment like SACMI continuous compression moulding lines, HUSKY PET injection systems, and ASB preform moulding machines to produce high-precision, leak-proof, and flash-free products. Along with shrink and adhesive films, Bai Kakaji provides integrated rigid and flexible packaging solutions to more than 900 clients in western and southern India, with significant concentrations in Maharashtra, Karnataka, Gujarat, Kerala, Telangana, and Andhra Pradesh.
PET preforms contributed 68.52% of the ₹232.79 crore in revenue from product sales in the nine months ending December 31, 2024, followed by plastic closures (19.60%), shrink films (6.26%), and other products (5.62%). This indicates a diverse but preform-led revenue mix.
Bai Kakaji Polymers SME IPO comprises a 100% fresh issue of approximately ₹105.17 crore (56.54 lakh shares) to fund debt repayment, working capital, and capacity expansion in its PET preform and closures business.
Bai Kakaji Polymers IPO major proceeds will be deployed towards the following objectives:
Bai Kakaji Polymers SME IPO reserves shares across key investor categories, with retail at 33.25%, NII at 14.25%, QIB (including anchors) at 47.50%, and market makers at 5.01%.
Bai Kakaji Polymers has kept 28.50% of the issue reserved for anchor investors.
Anchor allocation: 16,11,360 shares (28.50% of the total 56,54,400 shares).
Anchor amount (at ₹186): Approximately ₹29.97 crore.
Anchor bidding date: December 22, 2025, one day before the IPO opens to the public (Dec 23–26, 2025).
Lock-in: 50% of anchor shares locked in for 30 days from allotment and the remaining 50% for 90 days, in line with SEBI norms.
Bai Kakaji Polymers is moderately profitable with improving operating metrics, giving a return on net worth (RoNW) of 34.18%, an EBITDA margin of 13.20%, and a PAT margin of 5.60% for FY24 (pro forma to March 31, 2025).
At the upper price band of ₹186, the issue is valued at about 22.5x post-IPO P/E and roughly 8.3x P/B on FY24 earnings and net worth, positioning it at a premium to larger packaging peers but aligned with higher-growth SME names in the polymer space.
The important risks and strengths of Bai Kakaji Polymers IPO are mentioned below:
Strengths
Robust, modern internal production facility with cutting-edge PET preform and closure capabilities.
Vast domestic reach, serving clients in several Indian states and end-use sectors.
Seasoned family of promoters and a competent management group with extensive industry knowledge.
An established track record of consistent profitability and steady revenue growth in recent years.
Enduring connections with key customers, resulting in revenue visibility and repeat business.
Risks
Revenue and margins could be significantly impacted by any slowdown or substitution in this product segment due to the high reliance on PET preforms and closures.
Due to its geographic concentration in western and southern India, the company is vulnerable to regional disruptions related to the economy, climate, or regulations.
Reliance on limited suppliers for essential raw materials, making one more susceptible to supply disruptions, price fluctuations, and supplier bargaining power.
High levels of leverage prior to the IPO, with a sizable portion of the proceeds designated for debt repayment, underscore the balance-sheet risk in the event that growth or margins fall short.
Concentration of customers in the top few accounts, where cash flows and capacity utilisation may be greatly impacted by the loss or downscaling of important
Instead of project-based orders, Bai Kakaji Polymers' growth story is based on scaling PET preforms and closures at the industrial level. Revenue increased from approximately ₹272–275 crore to ₹286–295 crore in FY24, and PAT more than doubled from approximately ₹4.2 crore to ₹9.3–9.4 crore. On a pro forma basis, it has already generated ₹233 crore in revenue and ₹10.6 - 13.3 crore in profit in 9M FY25. In India's rapidly growing packaged beverage and dairy packaging ecosystem, where consumption is increasing structurally across water, CSD, juices, and value-added dairy, this reflects consistent volume growth, improved product mix, and operating leverage.
If Bai Kakaji Polymers maintains steady revenue growth and executes well on capacity expansion and cost optimisation, it has a fair amount of room for re-rating given its mid-20s RoNW and increasing profitability. However, since about ₹60 crore of the proceeds are set aside specifically for debt reduction, investors should be aware of the risks associated with raw material price volatility (which is linked to crude derivatives), customer and regional concentration, and the execution of a leveraged balance sheet transitioning post-IPO. Before making any investment decisions, this analysis should be used in conjunction with the comprehensive risk factors found in the DRHP/RHP.
Action Links:
Apply Bai Kakaji Polymers IPO by opening demat account here
Bai Kakaji Polymers Subscription Status: Check live subscription here
Bai Kakaji Polymers GMP Update: Check current grey market premium here
1. What is Bai Kakaji Polymers SME IPO and on which exchange will it list?
Bai Kakaji Polymers SME IPO is a 100% fresh issue of 56,54,400 equity shares aggregating up to about ₹105.17 crore, proposed to be listed on the BSE SME platform.
2. What are the Bai Kakaji Polymers IPO dates and how can I track live subscriptions on Finnpick?
The IPO opens on 23 December 2025 and closes on 26 December 2025, with allotment on 29 December and listing on 31 December 2025. Investors can track Bai Kakaji Polymers IPO live subscription, day‑wise QIB/NII/retail demand, and Finnpick’s analytics dashboard directly on the Finnpick Bai Kakaji IPO subscription page here.
3. What is the Bai Kakaji Polymers IPO price band, lot size, and minimum investment?
The IPO price band is ₹177–₹186 per share with a market lot of 600 shares; the minimum retail application is 2 lots (1,200 shares), requiring about ₹2,23,200 at the upper band.
4. What is the Bai Kakaji Polymers IPO GMP and where can I see Finnpick’s GMP view?
With reported Bai Kakaji Polymers IPO GMP levels updated daily on specialised GMP portals, third-party GMP trackers currently display early grey-market activity around this SME issue. Investors can visit the Finnpick Bai Kakaji IPO GMP page here for information on data-driven sentiment, spreads, and Finnpick's fair-value view in comparison to GMP.
5. What are the key objects of the Bai Kakaji Polymers IPO?
A solar power project (~₹12.94 crore), capex for new plant and machinery (~₹9.80 crore), repayment/prepayment of borrowings (~₹60 crore), and general corporate purposes and issue expenses (~₹12.94 crore) will all be funded by IPO proceeds.
6. Is Bai Kakaji Polymers IPO fairly valued compared to peers?
Bai Kakaji Polymers is valued at approximately 8–9x P/B on FY24 numbers and 22–23x post-issue P/E at the upper band of ₹186, which is higher than some larger packaging peers but consistent with premium SME polymer listings. This can be compared to Manjushree Technopack, Swashthik Plascon, and Global Pet Industries in Finnpick's valuation section to illustrate relative upside and downside.
7. Who are the promoters of Bai Kakaji Polymers and what is their post‑IPO holding?
The Mundada promoter family has backed the IPO; they currently own 100% of the equity and are anticipated to keep about 73–74% of it after listing, indicating that they are going to remain active in the market.
