BAI-KAKAJI POLYMERS IPO
Quick Overview of the Public Offering
Bai-Kakaji Polymers Limited is set to launch its Initial Public Offering (IPO), inviting investors to participate in its growth journey. This offering provides a window for investment in a company specializing in essential packaging solutions.
| IPO Period | 23rd – 26th Dec 2025 |
|---|---|
| Listing on | 31 Dec 2025 |
| Price Band | ₹177 – ₹186 per equity share |
| Lot Size & Minimum Investment | 600 shares – ₹111,600 |
| Total Issue Size | ₹105.17 Crores |
Important Dates for the IPO Journey
Understanding the IPO schedule is crucial for investors planning their participation. Here are the key dates for the Bai-Kakaji Polymers IPO:
- Opening Date: 23 Dec 2025
- Closing Date: 26 Dec 2025
- UPI Payment Deadline: 26 Dec 2025 (5 PM)
- Allotment Announcement: 29 Dec 2025
- Refund Processing: 30 Dec 2025
- Demat Credit: 30 Dec 2025
- Stock Market Listing: 31 Dec 2025
- Mandate Validity End: 11 Jan 2026
- Anchor Investor Lock-in Release (50%): 28 Jan 2026
- Anchor Investor Lock-in Release (Remaining): 28 Mar 2026
*Dates may be revised as per official updates.
Company Overview: Bai-Kakaji Polymers Ltd.
Founded in 2013, Bai-Kakaji Polymers Limited has established itself as a significant player in the manufacturing of PET preforms, plastic caps, and closures. Initially incorporated as Harikishan Minerals Private Limited, the company rebranded and transitioned into a public limited entity in 2025, marking a pivotal moment in its corporate evolution. Under the guidance of experienced promoters — Balkishan Pandurangji Mundada, Harikishan Pandurangji Mundada, Akash Balkishan Mundada, Akshay Balkishan Mundada, and Kiran Balkishan Mundada — the company benefits from a continuity of leadership and deep industry insights.
Operating manufacturing facilities located at MIDC, Latur, Maharashtra, Bai-Kakaji Polymers specializes in creating essential packaging components. These products are critical for a wide array of packaging applications across various segments, including packaged drinking water, carbonated soft drinks (CSD), juices, and dairy products. The company’s comprehensive product portfolio encompasses diverse PET preforms and specialized caps and closures, meticulously designed to meet the specific bottling requirements of its clientele. Emphasizing a manufacturing-led operational model, the company prioritizes quality, scale, and customization, ensuring its offerings align with rigorous industry standards and client needs. Its market position is strengthened by an integrated product range, enduring customer relationships, a strong regional presence, and a consistent commitment to operational efficiency and expanding its manufacturing capabilities.
Details of the Initial Public Offering
The Bai-Kakaji Polymers IPO is structured entirely as a fresh issue, meaning all proceeds from the offering will directly flow into the company. This approach underscores the management’s commitment to injecting capital into the business for future growth and operational enhancements.
| Total Funds Raised | ₹105.17 Crores |
|---|---|
| Fresh Issue Component | ₹105.17 Crores |
| Offer for Sale Component | Not Applicable |
The fact that the entire issue is a fresh issue indicates a strategic move to strengthen the company’s financial foundation, fuel expansion projects, and reduce existing liabilities, ultimately aiming to enhance long-term shareholder value. This can be viewed positively by investors looking for companies reinvesting in their own growth.
Strategic Allocation of IPO Proceeds
The capital raised through the IPO is earmarked for several strategic initiatives, designed to bolster Bai-Kakaji Polymers’ operational capabilities, financial health, and future growth prospects. The planned utilisation reflects a balanced approach towards debt reduction, infrastructure enhancement, and sustainable practices.
| Objective | Amount (INR Crores) | Allocation % |
|---|---|---|
| Repayment / pre-payment of borrowings | 60.00 | 57.00% |
| Capital expenditure for additional plant & machinery | 9.80 | 9.32% |
| Capital expenditure for a solar power project | 12.94 | 12.30% |
| General corporate purposes | 22.43 | 21.34% |
A significant portion of the proceeds, 57%, is allocated to the repayment or pre-payment of existing borrowings. This move is expected to strengthen the company’s balance sheet by reducing its debt burden, thereby improving financial flexibility and potentially lowering interest expenses. Further, investments in additional plant and machinery aim to enhance manufacturing capacity and efficiency, catering to growing market demand. The allocation towards a solar power project highlights the company’s commitment to sustainable operations and reducing energy costs in the long run. The remaining funds for general corporate purposes will provide the company with the flexibility to meet various operational and strategic needs, including working capital requirements, business development, and other inorganic growth opportunities.
Core Strengths Setting Bai-Kakaji Polymers Apart
Bai-Kakaji Polymers possesses several distinguishing strengths that contribute to its competitive edge in the packaging industry. These factors underpin its market position and potential for sustained growth:
- Established Manufacturing Expertise: With incorporation in 2013, the company has accumulated over a decade of experience as a manufacturer of PET preforms and plastic closures, implying robust operational knowledge and market understanding.
- Diverse Product Portfolio: The company offers a wide range of products that cater to multiple segments, including water, carbonated soft drinks (CSD), juice, and dairy. This diversification reduces reliance on any single market segment and broadens its customer base.
- Integrated Manufacturing Facilities: Operating from strategically located integrated facilities at MIDC, Latur, Maharashtra, Bai-Kakaji Polymers benefits from streamlined production processes, enhanced quality control, and potential cost efficiencies.
- Experienced Promoter Group: The long-standing promoter group brings invaluable operational and industry experience, providing stable leadership and strategic direction for the company’s growth trajectory.
- Consistent Growth Trajectory: The company has demonstrated consistent revenue growth, supported by strategic capacity expansion initiatives and the adoption of automation, indicating a resilient business model.
Understanding the Investment Risks
While Bai-Kakaji Polymers presents an intriguing investment opportunity, potential investors should also be aware of certain risk factors that could impact the company’s performance:
- Product Concentration Risk: A high proportion of the company’s revenue is derived from PET preforms, making it susceptible to fluctuations in demand, pricing, or technological advancements within this primary product segment.
- Geographic Concentration: The company’s operations and revenue generation are significantly concentrated in the state of Maharashtra, which exposes it to regional economic downturns, specific regulatory changes, or intensified local competition.
- Raw Material Price Volatility: The primary raw materials, derived from petrochemicals, are subject to global price fluctuations. Volatility in these input costs can directly impact the company’s profitability margins if not effectively managed.
- High Working Capital Requirements: The nature of the manufacturing business necessitates significant working capital, which could potentially strain cash flows if not managed efficiently, impacting liquidity.
- Customer Concentration: The business may face concentration risk from key beverage and packaging clients. A substantial portion of revenue from a few large customers could expose the company to risks associated with client retention or changes in their purchasing patterns.
Current Subscription Status and Investor Interest
As the IPO progresses, tracking the subscription data provides insights into investor interest across different categories. Below are the latest available subscription figures for Bai-Kakaji Polymers IPO:
| Investor Category | Shares Reserved (Lakhs) | Shares Applied (Lakhs) | Subscription (Times) |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 10.75 | 42.15 | 3.92x |
| Non-Institutional Investors (NII) | 8.06 | 8.26 | 1.02x |
| Retail Individual Investors (RII) | 18.82 | 1.79 | 0.10x |
| Total | 37.63 | 52.19 | 1.39x |
The subscription trends indicate varying levels of interest from different investor segments. While Qualified Institutional Buyers (QIBs) have shown robust interest, it’s important for investors to conduct thorough due diligence and consider all aspects of the offering before making an investment decision.
*GMP figures are unofficial and may vary; exchange data is more reliable.
Seamless Application Process
Investors interested in participating in the Bai-Kakaji Polymers IPO can seamlessly apply through the official Dhan Kirti IPO platform. Ensure you complete your application before the subscription window closes on 26th December 2025.
Investors can participate in this IPO via the official Dhan Kirti IPO platform before the subscription closes.
