Bai Kakaji Polymers IPO

Bai Kakaji Polymers IPO offers investors a way to participate in a fast-growing plastic packaging and polymer products business with strong return ratios, planned solar and capacity capex, and SME-type risks around scale and margins.​

Bai Kakaji Polymers IPO – Key Details

• Company: Bai Kakaji Polymers Limited
• Sector: Polymers / plastic-based products (packaging and allied applications)
• IPO Type: SME IPO (book-built, fresh issue)
• IPO Open Date: 23 December 2025
• IPO Close Date: 26 December 2025
• Basis of Allotment: 29 December 2025
• Refunds / Demat Credit: 30 December 2025
• Listing Date: 31 December 2025​
• Price band :- Rs. 177 to 186
• Face value :- Rs. 10 per share
• Total issue size – Rs 105 Cr

Promoters & Holding:​

• Promoters: Balkishan Pandurangji Mundada, Harikishan Pandurangji Mundada, Akash Balkishan Mundada, Akshay Balkishan Mundada, Kiran Balkishan Mundada
• Promoter holding pre‑issue: 1,57,50,000 shares
• Promoter holding post‑issue: 2,14,04,400 shares (final % in RHP)

Business & Financial Snapshot

Bai Kakaji Polymers manufactures polymer-based products (likely bottles, caps, and packaging components, as suggested by peer set) from its MIDC Latur facility, supplying to FMCG, beverages and other industrial clients.​

Financials (₹ in crore):​

Bai Kakaji Polymers Ltd.'s revenue increased by 12% and profit after tax (PAT) rose by 96% between the financial year ending with March 31, 2025 and March 31, 2024.

Period Ended	30 Sep 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	195.45	203.69	98.00	91.55
Total Income	168.56	332.12	296.42	275.09
Profit After Tax	12.81	18.37	9.38	4.18
EBITDA	24.35	33.51	20.75	14.17
NET Worth	66.55	53.74	35.37	25.99
Reserves and Surplus	50.80	51.49	33.12	23.74
Total Borrowing	107.25	109.27	40.71	45.59
Amount in ₹ Crore

Key Ratios FY24:​

• ROE: 30.59%
• ROCE: 20.19%
• EBITDA Margin: 7.04%
• PAT Margin: 3.18%
• EPS (Basic): ₹5.96
• RoNW: 26.53%
• NAV: ₹22.46

Peers: Cool Caps Industries Ltd., Technopack Polymers Ltd.​

Market Lot & Investment:​

• Market lot: 1,200 shares
• Minimum retail application: 1,200 shares (~₹2,23,200)
• Retail max: 1,200 shares
• S‑HNI: 1,800–4,800 shares (~₹3,34,800–₹8,92,800)
• B‑HNI: 5,400 shares (~₹10,04,400)

IPO Reservation

Bai Kakaji Polymers IPO offers total 56,54,400 shares. Out of which 26,83,200 (47.45%) allocated to QIB, 10,75,200 (19.02%) allocated to QIB (Ex- Anchor), 8,06,400 (14.26%) allocated to NII  18,81,600 (33.28%) allocated to RII and 16,08,000 (28.44%) allocated to Anchor investors.

Objective of the Issue (₹ crore):​

• Repayment / pre-payment of borrowings: 60.00
• Capex for additional plant & machinery: 9.80
• Capex for a solar power project: 12.94
• General corporate purposes

Lead Manager: Hem Securities Ltd.; Registrar: Maashitla Securities Pvt. Ltd.​

How To Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 
• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email

FAQs – Bai Kakaji Polymers IPO

Q1. What are the Bai Kakaji Polymers IPO dates and listing schedule?
The IPO opens on 23 December 2025 and closes on 26 December 2025. Basis of allotment is on 29 December, refunds and Demat credit on 30 December, and listing on 31 December 2025.​

Q2. What is the lot size and minimum investment for retail investors?
The minimum lot size is 1,200 shares, and the minimum retail application amount is about ₹2,23,200.​

Q3. How will the IPO proceeds be used?
Funds will be used to repay/prepay company borrowings (₹60 crore), install additional plant & machinery (₹9.80 crore), set up a solar power project (₹12.94 crore), and for general corporate purposes.​

Q4. How has the company performed financially?
Revenue grew from ₹275.09 crore in FY23 to ₹286.33 crore in FY24, while PAT more than doubled from ₹4.18 crore to ₹9.38 crore; 9M FY25 PAT already stands at ₹10.60 crore, with ROE around 30.59% in FY24.​

Q5. Who are the promoters and what stake do they hold post-issue?
The company is promoted by the Mundada family (Balkishan, Harikishan, Akash, Akshay, Kiran). Promoter shareholding increases in absolute terms from 1,57,50,000 to 2,14,04,400 shares, with final percentage stake detailed in the RHP.​

Q6. What are key risks to consider?
Key risks include modest PAT margin (~3.2%), sector competition, reliance on polymer/raw material prices, SME listing liquidity and execution risk around the planned capacity and solar capex.​