Unlocking Opportunities: A Deep Dive into the Bai Kakaji Polymers SME IPO
Your essential guide to the upcoming listing on BSE SME.
Navigating the Next Big SME Debut: Bai Kakaji Polymers IPO Insight
The Indian SME segment continues to be a vibrant space for growth-oriented companies looking to tap the public market for capital. One such entity poised for its debut is Bai Kakaji Polymers Ltd. This upcoming Initial Public Offering (IPO) on the BSE SME platform presents an opportunity for investors to understand the polymer manufacturing landscape better. We break down all the critical details—from financials and objectives to bidding strategy—to help you make an informed decision.
Understanding Bai Kakaji Polymers: Core Business and Strengths
Bai Kakaji Polymers Ltd. is a well-established player in the Indian plastics and polymer industry. The company specializes in manufacturing and trading high-quality polymer-based products, crucial for various fast-moving consumer goods sectors.
What the Company Does:
- Manufacturing and trading of diverse plastic and polymer-based products.
- Key products include PET preforms and plastic caps/closures.
- Products serve critical applications, especially in packaged drinking water, carbonated beverages, juices, and dairy packaging.
- Operates four modern manufacturing units spanning 33,000 square meters in Latur, Maharashtra.
- Leverages advanced machinery like SACMI Continuous Compression Molding and HUSKY Pet Injection Molding machines.
Competitive Edge (SWOT Element: Strengths):
- Robust in-house manufacturing capabilities ensure quality control.
- Extensive distribution network providing widespread domestic market reach.
- Backed by an experienced team of promoters and management professionals.
- Demonstrated stability and consistency in financial performance over previous fiscal years.
- Cultivated long-term relationships with a loyal customer base.
Potential Hurdles (SWOT Element: Weaknesses/Threats):
While the company demonstrates solid operational footing, participants should be aware of inherent industry risks common in the polymer sector, such as volatility in raw material costs and intense market competition.
The IPO Snapshot: Key Subscription Details
The Bai Kakaji Polymers IPO is structured as a Bookbuilding issue aiming to raise approximately ₹105.17 Crores entirely through a fresh issuance of 0.57 crore shares. This capital infusion is intended for strategic expansion and debt management.
Timeline and Price Summary
Here is a quick reference guide detailing the tentative schedule for the IPO process.
| Event | Tentative Date |
|---|---|
| IPO Opening Date | Tuesday, December 23, 2025 |
| IPO Closing Date | Friday, December 26, 2025 |
| Finalization of Share Allotment | Monday, December 29, 2025 |
| Initiation of Refunds / Credit to Demat | Tuesday, December 30, 2025 |
| Tentative Listing Date on BSE SME | Wednesday, December 31, 2025 |
Investment Structure and Lot Sizes
Investors must adhere to the defined lot sizes for bidding. The price band is set between ₹177.00 and ₹186.00 per equity share.
| Investor Category | Lot Size (Shares) | Minimum Investment (Upper Price) |
|---|---|---|
| Retail Investor (Minimum Bid) | 1,200 (2 Lots) | ₹ 2,23,200.00 |
| S-HNI (Small HNI - Minimum Bid) | 1,800 (3 Lots) | ₹ 3,34,800.00 |
IPO Allocation Breakdown
A significant portion of the offering is reserved for Qualified Institutional Buyers (QIBs), followed by Retail Individual Investors (RIIs).
| Investor Category | Shares Offered | Percentage (%) |
|---|---|---|
| Qualified Institutional Buyers (QIB) | 26,83,200 | 47.45% |
| Non-Institutional Investors (NII) | 8,06,400 | 14.26% |
| Retail Individual Investors (RII) | 18,81,600 | 33.28% |
| Market Maker Reservation | 2,83,200 | 5.01% |
Financial Health Check: Performance Indicators
Examining the recent financial trajectory provides insight into the company's growth momentum. As of March 31, 2025, the company showed strong improvement in profitability.
Financial Highlights (Amounts in ₹ Crore)
| Metric | FY 2024 (Mar 31) | FY 2025 (Mar 31) |
|---|---|---|
| Total Income | 296.42 | 332.12 |
| Profit After Tax (PAT) | 9.38 | 18.37 |
| Total Borrowing | 40.71 | 109.27 |
Key Performance Indicators (KPIs) Snapshot (As of March 31, 2025)
| KPI | Value |
|---|---|
| Return on Equity (ROE) | 41.23% |
| Return on Capital Employed (ROCE) | 25.71% |
| Debt/Equity Ratio | 2.03 |
Capital Structure and Promoter Stake
The IPO involves a dilution of promoter holding, a key factor for potential investors to assess governance and ownership structure.
- Pre-Issue Promoter Holding: 100%
- Post-Issue Promoter Holding: 73.55%
- The promoters driving this venture are Balkishan Pandurangji Mundada, Harikishan Pandurangji Mundada, Akash Balkishan Mundada, Akshay Balkishan Mundada, and Kiran Balkishan Mundada.
Utilization of Fresh Proceeds
The funds raised are strategically allocated towards strengthening the balance sheet and capacity expansion:
| Objective | Estimated Amount (₹ Cr.) |
|---|---|
| Repayment/Pre-payment of Borrowings | 64.00 |
| Funding CAPEX for New Plant & Machinery | 9.85 |
| Setting up Solar Power Project (CAPEX) | 12.94 |
| General Corporate Purposes | (Balance) |
Key Intermediaries in the Listing Process
The success and smooth execution of the IPO rely heavily on experienced partners.
Registrar and Lead Manager Details
- Book Running Lead Manager (BRLM): Hem Securities Ltd.
- Registrar to the Issue: Maashitla Securities Pvt.Ltd. (Contact: +91-11-45121795-96, investor.ipo@maashitla.com)
- Market Maker: Hem Finlease Pvt.Ltd.
Investor Actions and Post-Listing Procedures
Prospective investors should understand the practical steps for participation and subsequent tracking.
How to Apply (General Guidance):
- Applications are accepted via UPI or ASBA methods through registered brokerage accounts.
- For UPI applications, ensure your mandate is approved on your banking/UPI app before the cut-off time (5 PM on Dec 26, 2025).
- The minimum retail application requires bidding for 2 lots (1,200 shares).
Checking Allotment Status:
The allotment status should be verifiable on or around December 29, 2025. Check directly via the Registrar's designated portal or through your broker's application dashboard. Shares credited to successful applicants are expected by December 30, 2025, ahead of the tentative listing on December 31, 2025, on the BSE SME exchange.
Final Takeaway for PublicListing.in Readers
The Bai Kakaji Polymers SME IPO offers a look into a company focused on essential packaging components, supported by strong recent financial growth, particularly in profitability. The capital raised is intended to deleverage the company significantly while funding capacity and green energy initiatives. As with all SME listings, investors should note that these scrips carry higher risk and volatility compared to Mainboard listings. Thorough due diligence, especially concerning the post-issue Debt/Equity ratio improvement, is advised before committing capital.