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Vigor Plast India SME IPO – ₹25 Cr, PVC Pipes & 11% GMP Buzz

IPOName: Vigor Plast IPO; ListingDate: 2025-09-12; IPOSize: ₹25.10 Cr; PriceBand: ₹77–₹81; OpenDate: 2025-09-04; CloseDate: 2025-09-09; LotSize: 1,600; Exchange: NSE Emerge; Registrar: KFin Technologies; IssueType: Book Built; FaceValue: ₹10;

Vigor Plast India Ltd, a manufacturer of PVC, uPVC & cPVC pipes and fittings, has launched its SME IPO on September 4, 2025. The issue size is approximately ₹25.10 crore, featuring a fresh issue and promoter offer-for-sale component.

📌 IPO Snapshot

  • Open Date: 4 Sept 2025
  • Close Date: 9 Sept 2025
  • Price Band: ₹77–₹81 per share
  • Total Issue: ₹25.10 Cr (Fresh: ₹18.99 Cr; OFS: ₹4.86 Cr)
  • Lot Size: 1,600 shares (₹1.29 Lakh per lot)
  • Listing Date: 12 Sept 2025 on NSE Emerge

🏭 Company Overview

Incorporated in 2012, Vigor Plast manufactures PVC, uPVC, and cPVC pipes and fittings under the “VIGOR” brand. Catering to plumbing, irrigation, sewage, and industrial needs, it operates from Jamnagar with five warehouses across Gujarat and serves via 440+ distributors across 25 states. Key promoters include Jayesh Premjibhai Kathiriya and team. :contentReference[oaicite:0]{index=0}

📊 Financial Performance (FY25)

  • Revenue: ₹46.01 Cr (FY25) vs ₹42.48 Cr (FY24)
  • PAT: ₹5.15 Cr vs ₹2.93 Cr
  • ROE: 59.4%; ROCE: 28.2%
  • Net Worth: ₹12.7 Cr; Borrowings: ₹17.7 Cr

Strong profit growth along with healthy margins indicate operational strength. :contentReference[oaicite:1]{index=1}

🛠 Use of IPO Proceeds

  • ₹11.39 Cr for debt repayment
  • ₹3.8 Cr for building a new warehouse in Ahmedabad
  • Remaining amount for general corporate purposes
:contentReference[oaicite:2]{index=2}

🌐 Sector Context

The PVC/UPVC pipes industry is competitive yet growing, with demand from domestic plumbing, irrigation, and infrastructure projects. Vigor Plast’s integrated product suite and modern plant infrastructure offer a competitive edge. :contentReference[oaicite:3]{index=3}

🔍 Grey Market Premium (GMP)

No GMP data is available yet — common with SME IPOs. We'll update this section as soon as it surfaces.

Reminder: Blogs often encourage caution:

> “SME IPOs can be tricky… Fake GMPs drive oversubscription…” :contentReference[oaicite:4]{index=4}

⚠ Key Risks

  • Customer concentration and raw material sourcing risk
  • Dependence on a single manufacturing facility
  • SME IPOs often lack liquidity post-listing

📣 Final Verdict

Vigor Plast India presents a niche SME IPO with strong financials, growth visibility, and strategic expansion plans. A solid choice for long-term investors in the piping sector — with due vigilance on subscription data, GMP updates, and valuation trends.

Stick with GMPRadar.com for live IPO price band updates, GMP alerts, allotment status, and listing reviews.

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