Unpacking the Aritas Vinyl SME IPO: Dates, Pricing, and Business Outlook
The Indian capital markets are buzzing with activity, particularly in the SME segment, which continues to offer unique growth opportunities. Aritas Vinyl Limited, a player in the technical textile space specializing in artificial leather, is entering the fray with its Initial Public Offering (IPO). For prospective investors looking at SME listings, understanding the nitty-gritty of this issue is crucial. We break down everything you need to know about the Aritas Vinyl IPO, from its opening date to its business fundamentals.
Key IPO Timeline and Structure Summary
Aritas Vinyl IPO is a Book Building issue hitting the BSE SME platform. The total size is significant for an SME offering, indicating a push for capital expansion and working needs.
IPO Open Date: Friday, January 16, 2026
IPO Closing Date: Tuesday, January 20, 2026
Tentative Listing Date: Friday, January 23, 2026
For visualizing the timeline:
Detailed IPO Subscription Specifications
The IPO aggregates up to ₹38 Crores and comprises both a fresh issue component and an Offer for Sale (OFS). Understanding the split between fresh capital infusion and promoter monetization is key.
| Component | Shares Offered | Approximate Value (₹ Cr.) |
|---|---|---|
| Total Issue Size | 79,83,000 shares | 38.00 |
| Fresh Issue (For Company) | 0.70 crore shares | 32.89 |
| Offer for Sale (OFS) | 0.10 crore shares | 4.63 |
Price Band and Investment Mechanics
The price band for the issue is set to gauge investor appetite. Bidding must adhere to specific lot sizes for different investor classes.
- Price Band: ₹40 to ₹47 per share.
- Face Value: ₹10 per share.
- Lot Size: Minimum application requires 3,000 shares.
- Minimum Retail Investment: ₹2,82,000 (based on the upper price band for 2 lots of 6,000 shares, noting the data suggests a minimum of 2 lots/6000 shares for retail, but standard SME lot size is 3000 shares, leading to a required minimum investment of ₹1,41,000 (3000 shares * ₹47). *Note: The provided data indicates a minimum retail investment of ₹2,82,000 for 6,000 shares (2 lots). Investors should confirm the final retail lot size.*
Investor Category Reservation Breakdown
A significant portion of the SME issue is often reserved for Non-Institutional Investors (NII) and Retail Individual Investors (RII).
| Investor Category | Shares Offered | Percentage (%) |
|---|---|---|
| Market Maker | 4,02,000 | 5.04% |
| QIBs (Qualified Institutional Buyers) | 78,000 | 0.98% |
| NII (Non-Institutional Investors) | 29,91,000 | 37.47% |
| RII (Retail Individual Investors) | 45,12,000 | 56.52% |
Understanding Aritas Vinyl Limited: The Business Profile
Established in 2020, Aritas Vinyl has rapidly positioned itself in the technical textile manufacturing sector, focusing on synthetic leather alternatives.
- Core Business: Manufacturing and trading of technical textiles, specifically Artificial Leather (PU Synthetic Leather and PVC-coated leather).
- Technology Used: Employs Transfer Coating Technology.
- Product Applications: Serves diverse sectors including Automotive Upholstery (seats, door trims), Fashion Accessories (bags, wallets), and Interior Design (wall coverings).
- Market Reach: Supplies domestic distributors, wholesalers, manufacturers, and exports to regions like the USA, UAE, and Greece.
- Infrastructure: Operates a 6,067 sq. meters manufacturing facility in Kubadthal, Ahmedabad, with an annual capacity of 7.8 million square meters.
Competitive Edges in the Market
The company highlights several strengths that contribute to its market standing:
- Commitment to product quality and customization capabilities.
- Strong leadership with promoters possessing deep industry understanding.
- A strategically located, fully integrated manufacturing setup.
- Demonstrated ability to scale production capacity quickly.
- Cultivating long-term relationships across various customer industries.
Financial Health Snapshot: A Look at Performance
Analyzing the restated financial figures is vital for assessing the company’s operational efficiency and growth trajectory leading up to the IPO.
Financial Performance Summary (Amounts in ₹ Crore)
| Metric | Aug 31, 2025 (Latest) | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 |
|---|---|---|---|---|
| Total Income | 40.58 | 98.02 | 69.25 | 51.42 |
| Profit After Tax (PAT) | 2.42 | 4.13 | 1.67 | 0.99 |
| EBITDA | 4.55 | 8.63 | 4.65 | 3.09 |
| Total Borrowing | 37.78 | 36.82 | 52.79 | 33.10 |
Key Performance Indicators (KPIs) Insight
These indicators suggest improving profitability metrics relative to the size of operations:
| KPI | Aug 31, 2025 | Mar 31, 2025 |
|---|---|---|
| ROE (Return on Equity) | 11.16% | 31.23% |
| PAT Margin | 5.97% | 4.23% |
| Debt/Equity Ratio | 1.65 | 1.80 |
Valuation Metrics and Promoter Structure
The IPO structure results in a post-issue capitalization and promoter holding shift.
| Metric | Pre-Issue | Post-Issue |
|---|---|---|
| Market Capitalization | ₹92.54 Cr. | (Calculated based on IPO Price) |
| EPS (Rs) | 3.26 | 2.95 |
| P/E Ratio (x) | 14.43 | 15.93 |
| Promoter Holding | 47.22% | 27.99% |
Founders and Management Strength
The company is steered by a group of promoters, indicating shared responsibility and diverse expertise:
- Mr. Anilkumar Prakashchandra Agrawal
- Mr. Sanjaykumar Kantilal Patel
- Mr. Ankit Anilbhai Agrawal
- Mr. Mohit Ashokkumar Agrawal
- Mr. Rohit Dineshbhai Agrawal
- Mr. Rutvik Patel
- Mr. Shubham Sunilbhai Agrawal
Objectives of the Capital Raise
The fresh capital raised is earmarked for specific growth and operational improvements.
| Purpose of Fund Utilization | Estimated Amount (₹ Cr.) |
|---|---|
| Working Capital Requirements | 20.45 |
| Capital Expenditure for Solar Power Project | 4.26 |
| General Corporate Purposes | (Balance) |
Internal Assessment: SWOT Analysis of Aritas Vinyl
A balanced view requires assessing inherent strengths against potential market challenges.
Strengths
- Established presence in synthetic leather niche.
- Experienced promoter team guiding operations.
- Fully integrated facility supporting consistent quality.
Weaknesses
- High reliance on a relatively fragmented market segment.
- The current Debt-to-Equity ratio suggests moderate leverage, which needs monitoring.
Opportunities
- Growing global demand for sustainable and affordable leather alternatives.
- Potential for expanding product lines within technical textiles.
Threats
- Intense competition from established domestic and international players.
- Volatility in raw material costs impacting margins.
Crucial Intermediaries for the IPO Process
Smooth execution of the IPO relies on experienced market partners.
Book Running Lead Manager (BRLM)
The issue is managed by Interactive Financial Services Ltd., which will oversee the process, marketing, and price discovery.
Registrar to the Issue
For allotment tracking and refund coordination, the registrar is Bigshare Services Pvt.Ltd.
Contact Details for Registrar:
- Phone: +91-22-6263 8200
- Email: ipo@bigshareonline.com
Company Contact Information
For direct corporate inquiries:
- Address: Survey No. 1134, Near Elegant Vinyl Private Limited, Daskroi, Ahmedabad, Gujarat, 382430
- Phone: 9998852850
- Email: info@aritasvinyl.com
Final Considerations for Potential Applicants
The Aritas Vinyl SME IPO presents an opportunity to invest in a company aiming to scale its manufacturing base within the artificial leather industry. While the financials show recent growth, market participants should assess the pricing against sector peers, especially given the competitive nature of the technical textile domain. For those comfortable with the inherent risks of SME listings and the current valuation outlook, monitoring the Grey Market Premium (GMP) as the subscription window opens will be the next step before final bidding decisions.
Disclaimer: This analysis is based solely on the data provided and publicly available information regarding the IPO structure and company profile. Investment decisions in the stock market, especially in SME issues, carry inherent risks. It is advisable to conduct thorough due diligence or consult with a qualified financial advisor before making any investment commitment.
© 2026 Publiclisting.in. All rights reserved.