Bai-Kakaji Polymers Ltd IPO
Status: Closed
Overview
IPO date
23 Dec 2025 to 26 Dec 2025
Face value
₹ 10 per share
Price
₹ 177 to ₹186 per share
Issue Size
5,654,400 shares
(aggregating up to ₹ 105.17 Cr)
(aggregating up to ₹ 105.17 Cr)
Allotment Date
29 Dec 2025
Listing at
NSE
Issue type
Book Building - SME
Sector
Plastic products
Objectives of Bai-Kakaji Polymers Ltd IPO
Bai-Kakaji Polymers Ltd IPO Strategy
About Bai-Kakaji Polymers Ltd
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T&C*
Strengths vs Risks of Bai-Kakaji Polymers Ltd
Know the pros & cons
Strengths
In-house manufacturing facilities.- Widespread reach in domestic market.
- Experienced Promoters and Directors with strong management team having domain knowledge.
- Stable and Consistent financial performance.
- Long standing association with customers.
Risks
- The company derives a significant portion of the Company's revenue from the sale of its key product i.e. Pet Preforms. Any decline in
the sales of our key product could have an adverse effect on the Company's business, results of operations and financial
condition.
- The company generates its major portion of turnover from the Company's operations in certain geographical regions and any adverse
developments affecting its operations in these regions could have an adverse impact on the Company's revenue and results of
operations.
- The company is primarily dependent upon few key suppliers within limited geographical location for procurement of raw
materials. Any disruption in the supply of the raw materials or fluctuations in their prices could have a material
adverse effect on its business operations and financial conditions.
- Increase in the prices of raw materials and fluctuations may adversely impact its business, financial condition and
operational results.
- There are outstanding legal proceedings involving the Company, its Directors and the Company's Promoters. Any adverse
decisions could impact its cash flows and profit or loss to the extent of demand amount, interest and penalty, divert
management time and attention and have an adverse effect on the Company's business, prospects, results of operations and
financial condition.
- The Company's business is subject to season volatility due to packaged mineral water and soft drinks sales in summer and
winter seasons.
- The Company's Business is dependent on its factory. Any disruption, breakdown or failures of machinery, disruption to power
sources or any temporary shutdown of the Company's factory, may has a material adverse effect on its business, results of
operations, financial condition and cash flows.
- The Company's requires certain approvals or licenses in the ordinary course of business, and the failures to renew, obtain, or
retain them in a timely manner, or at all, may adversely affect its operations.
- The Company's net cash flows from financing and investing activities has been negative in some years in the past. Any
negative cash flow in the future may affect its liquidity and financial condition.
- The restated financial statements has been provided by peer reviewed chartered accountants who is not statutory
auditor of the company.
- The company has to update the name of the company in some of the statutory approvals and certificates due to the
acquisition of Proprietorship firm into the Company, and any failures to efficiently integrate and operate the
acquired business could adversely affect its results of operations and financial condition.
- The company has certain inaccuracy in relation to regulatory filings to be made with the RoC.
- Under-utilization of the company manufacturing capacities and/or an inability to effectively utilize its existing
manufacturing capacities in future could has an adverse effect on the Company's business, future prospects and future
financial performance.
- The Company's insurance coverage may not be adequate to protect it against all potential losses to which the company may be subject
and this may have a material effect on its business and financial condition.
- The Company's logo is not registered as on Red Herring Prospectus. The may be unable to protect its intellectual
property against third party infringement or are found to infringe on the intellectual property rights of others, it
could have a material adverse effect on the Company's business, result of operations, and financial conditions.
- The Company's failures to adapt to technological developments or industry trends could affect the performance and features of
our products, and reduce its attractiveness to the Company's customers.
- The Company's business is working capital intensive and Inventories and trade receivables form a major part of its current
assets. Failures to manage its inventory and trade receivables could have an adverse effect on the Company's sales,
profitability, cash flow and liquidity.
- Extensive government regulation and the impact of plastics on the environment could have a severe impact on its
ability to continue the Company's business operations, which could adversely affect its business, results of operations and
financial condition.
- The Company's eligibility for and receipt of subsidies under the Packaged Scheme of Incentives (PSI) -2019 is subject to
various conditions, and any delay, shortfall, or non-receipt of such subsidies may adversely affect its business,
financial condition, and results of operations.
- Adverse publicity regarding the Company's products could negatively impact it.
- The company has in the past entered into related party transactions and may continue to does so in the future.
- The Company's contingent liabilities and commitments as stated in its Restated Financial Statements could affect the Company's
financial condition.
- The Company's industry is labour intensive and its business operations may be materially adversely affected by strikes, work
stoppages or increased wage demands by the Company's employees or those of the Company's suppliers.
- The company is heavily dependent on its Promoter and Key Management Personnel for the continued success of the Company's
business through their continuing services and strategic guidance and support.
- None of the Company's Directors possess experience of being on the board of any listed company.
- The company is exposed to foreign currency fluctuation risks, particularly in relation to import of raw materials, which may
adversely affect the Company's results of operations, financial condition and cash flows.
- The company is subject to strict quality requirements and are consequently required to incur significant expenses to
maintain its service quality. Any failures to comply with such quality standards may lead to cancellation of existing
and future orders which may adversely affect the Company's reputation, financial conditions, cash flows and results of
operations.
- The Company's historical performance is not indicative of its future growth or financial results and the company may not be able to
sustain its historical growth rates.
- Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to
certain compliance requirements, including prior approval of the shareholders of the Company.
- The Company's Proposed investment in a solar power project, which forms part of the Objects of the Issue, is subject to
regulatory, pricing, and operational risks that may adversely affect its financial performance.
- The company is subject to competition from both organized and unorganized players in the market, which may significantly
affect the fixation and realisation of the price for its product, which may adversely affect the Company's business operation
and financial condition.
- Unsecured loans taken by it can be recalled at any time.
- The average cost of acquisition of Equity Shares by the Company's Promoters, is lower than the face value of Equity Share.
- The company has issued Equity Shares in the last 12 months at a price which could be lower than the Issue Price.
- Dependence upon transportation services for supply and transportation of the Company's products are subject to various
uncertainties and risks, and delays in delivery may result in rejection of products by customer.
- The Promoters (including Promoter Group) and Directors hold almost 100% of the Equity Shares of the Company
and are therefore interested in the Company's performance in addition to their remuneration and reimbursement
of expenses.
- The company has incurred indebtedness which exposes it to various risks which may have an effect on its business and
results of operations.
- Technology failures or Cyber-attacks or other security breaches could have a material adverse effect on the Company's
business, results of operation or financial condition.
- Delays or defaults in client payments could affect its operations.
- Loans availed by the company has been secured on personal guarantees of its directors & promoters. The Company's
business, financial condition, results of operations, cash flows and prospects may be adversely affected in case of
invocation of any personal guarantees provided by its directors.
- The Company's Promoters and the Promoter Group will jointly continue to retain majority shareholding in the Company after
the issue, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
- The company has not identified any alternate source of funding and hence any failures or delay on its part to mobilize the
required resources or any shortfall in the Issue proceeds may delay the implementation schedule.
- The Issue Price of its Equity Shares may not be indicative of the market price of the Company's Equity Shares after the Issue
and the market price of its Equity Shares may decline below the Issue Price and you may not be able to sell your
Equity Shares at or above the Issue Price.
- Fraud, theft, employee negligence or similar incidents may adversely affect the Company's results of operations and financial
condition.
- The company could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could
adversely affect its financial condition, results of operations and reputation.
- The company may not be able to sustain effective implementation of its business and growth strategy.
- The Company's lenders have charge over properties in respect of finance availed by it.
- There are certain delays noticed in some statutory fillings with EPFO, ESIC and other statutory authorities. Any
Penalty or demand raised by statutory authorities in future will affect the Company's financial position of the Company.
- The company is subject to the risk of failures of, or a material weakness in, its internal control systems. If the company are
unable to establish and maintain an effective system of internal controls and compliances business and reputation
could be adversely affected.
- The Company's ability to pay dividends in the future will depend upon its future earnings, financial condition, cash flows,
working capital requirements, capital expenditure and restrictive covenants in the Company's financing arrangements.
- The Objects of the Issue for which funds are being raised, are based on the Company's management estimates and have not
been appraised by any bank or financial institution or any independent agency. Any variation between the
estimation and actual expenditure as estimated by the management could result in execution delays or influence
its profitability.
- The company may undertake acquisitions, investments, joint ventures or other strategic alliances, which may have
a material adverse effect on ability to manage business, and such undertakings may be unsuccessful.
- The Company's actual results could differ from the estimates and projections used to prepare its financial statements.
- There is no guarantee that the Equity Shares issued pursuant to the issue will be listed on the SME Platform of
BSE in a timely manner or at all.
- Industry information included in this Red Herring Prospectus has been derived from industry sources. There can
be no assurance that such third-party statistical, financial and other industry information is complete, reliable or
accurate.
- The Equity Shares have never been publicly traded, and, after the Issue, the Equity Shares may experience price
and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the price
of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Issue Price,
or at all.
- Significant differences exist between Indian GAAP and other accounting principles, such as Ind AS, IFRS and
U.S. GAAP, which may be material to investors' assessments of the Company's financial condition, result of operations and
cash flows.
- Certain key performance indicators for certain listed industry peers included in this Red Herring Prospectus have
been sourced from public sources and there is no assurance that such financial and other industry information is
complete.
- Any future issuance of Equity Shares may dilute your shareholdings, and sale of the Equity Shares by the Company's major
shareholders may adversely affect the trading price of our Equity Shares.
- Certain data mentioned in this Red Herring Prospectus has not been independently verified.
- QIBs and Non-Institutional Bidders are not permitted to withdraw or lower their Bids (in terms of quantity of Equity
Shares or the Bid Amount) at any stage after submitting a Bid and Individual Investors are not permitted to
withdraw their Bids after Bid/Issue Closing Date.
- The company may be subject to surveillance measures, such as the Additional Surveillance Measures (ASM) and the Graded
Surveillance Measures (GSM) by the Stock Exchanges which may adversely affect trading price of its Equity
Shares.
Bai-Kakaji Polymers Ltd Peer Comparison
Understand the company’s industry standing
Bai-Kakaji Polymers Limited
Cool Caps Industries Ltd.
Technopack Polymers Ltd.
Face Value
10
10
10
Standalone / Consolidated
Standalone
Consolidated
standalone
Total Income Rs. Cr.
332.1213
271.847
17.452
EPS-Basis
11.66
10.36
2.72
EPS-Diluted
11.66
10.36
2.72
NAV Per Share
---
---
---
P/E-Basic EPS
---
7.37
6.5
P/E-Diluted EPS
---
---
---
RONW(%)
34.18
21.84
8.61
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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Enter details- PAN, Application number or DP client ID
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The IPO opens on 23 Dec 2025 & closes on 26 Dec 2025.
Bai-Kakaji Polymers Limited was originally incorporated as a private limited Company under the name 'Harikishan Minerals Private Limited' on July 30, 2013, with the Registrar of Companies, Maharashtra, Mumbai. Subsequently, the name of the Company was changed to Bai-Kakaji Polymers Private Limited on May 09, 2015. The status was later converted into a public Limited Company following the change in name to Bai-Kakaji Polymers Limited on April 09, 2025 via fresh Certificate of Incorporation issued by the Central Processing Centre.
The Company is primarily engaged in the business of manufacturing & supplying of Pet Preforms, Plastic Caps and Closures, which are important parts of packaging used in many consumer products. The products find diverse applications across various industries including packaged drinking water, carbonated beverages, juices and dairy products. These product include specialized closures such as Alaska closures, Carbonated Soft Drinks (CSD) and wide range of PET Preforms designed for different bottling needs.
The Company started business in 2013 with a single machine for manufacturing of plastic closures. Over the years, it expanded the operations by adding more machines and increasing production capacity. Today, it use modern machines such as SACMI Continuous Compression Molding, ASB Preform Molding and HUSKY Pet Injection Molding machines from globally renowned OEMs to make closures and PET preforms. In recent years, Company has grown larger in making PET bottle caps along with cap handles used in many applications.
In a strategic move to expand capabilities, the Company has acquired the business of M/s Bai Kakaji Industries from its proprietor Mrs. Kiran Balkishan Mundada through a Business Transfer Agreement effective from 1st March, 2025. The Company works four manufacturing units in Latur, Maharashtra, including the recently acquired of M/s Bai Kakaji industries manufacturing unit.
Company came up with the IPO of issuing 56,54,400 equity shares of Rs 10 each by raising funds aggregating to Rs 105.17 crores through fresh issue on December 26, 2025.
Bai-Kakaji Polymers Ltd IPO will close on 26 Dec 2025.
- In-house manufacturing facilities.
- Widespread reach in domestic market.
- Experienced Promoters and Directors with strong management team having domain knowledge.
- Stable and Consistent financial performance.
- Long standing association with customers.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Balkishan Pandurangji Mundada | 5247200 | 33.32 | 5247200 | 24.51 |
| 2 | Harikishan Pandurangji Mundada | 5247200 | 33.32 | 5247200 | 24.51 |
| 3 | Akash Balkishan Mundada | 5247170 | 33.32 | 5247170 | 24.51 |
| 4 | Akshay Balkishan Mundada | 2100 | 0.01 | 2100 | 0.01 |
| 5 | Kiran Balkishan Mundada | 30 | --- | 30 | --- |
| 6 | Sneha Harikishan Mundada | 2100 | 0.01 | 2100 | 0.01 |
| 7 | Pranav Harikishan Mundada | 2100 | 0.01 | 2100 | 0.01 |
| 8 | Prajyot Harikishan Mundada | 2100 | 0.01 | 2100 | 0.01 |
- The company derives a significant portion of the Company's revenue from the sale of its key product i.e. Pet Preforms. Any decline in the sales of our key product could have an adverse effect on the Company's business, results of operations and financial condition.
- The company generates its major portion of turnover from the Company's operations in certain geographical regions and any adverse developments affecting its operations in these regions could have an adverse impact on the Company's revenue and results of operations.
- The company is primarily dependent upon few key suppliers within limited geographical location for procurement of raw materials. Any disruption in the supply of the raw materials or fluctuations in their prices could have a material adverse effect on its business operations and financial conditions.
- Increase in the prices of raw materials and fluctuations may adversely impact its business, financial condition and operational results.
- There are outstanding legal proceedings involving the Company, its Directors and the Company's Promoters. Any adverse decisions could impact its cash flows and profit or loss to the extent of demand amount, interest and penalty, divert management time and attention and have an adverse effect on the Company's business, prospects, results of operations and financial condition.
- The Company's business is subject to season volatility due to packaged mineral water and soft drinks sales in summer and winter seasons.
- The Company's Business is dependent on its factory. Any disruption, breakdown or failures of machinery, disruption to power sources or any temporary shutdown of the Company's factory, may has a material adverse effect on its business, results of operations, financial condition and cash flows.
- The Company's requires certain approvals or licenses in the ordinary course of business, and the failures to renew, obtain, or retain them in a timely manner, or at all, may adversely affect its operations.
- The Company's net cash flows from financing and investing activities has been negative in some years in the past. Any negative cash flow in the future may affect its liquidity and financial condition.
- The restated financial statements has been provided by peer reviewed chartered accountants who is not statutory auditor of the company.
- The company has to update the name of the company in some of the statutory approvals and certificates due to the acquisition of Proprietorship firm into the Company, and any failures to efficiently integrate and operate the acquired business could adversely affect its results of operations and financial condition.
- The company has certain inaccuracy in relation to regulatory filings to be made with the RoC.
- Under-utilization of the company manufacturing capacities and/or an inability to effectively utilize its existing manufacturing capacities in future could has an adverse effect on the Company's business, future prospects and future financial performance.
- The Company's insurance coverage may not be adequate to protect it against all potential losses to which the company may be subject and this may have a material effect on its business and financial condition.
- The Company's logo is not registered as on Red Herring Prospectus. The may be unable to protect its intellectual property against third party infringement or are found to infringe on the intellectual property rights of others, it could have a material adverse effect on the Company's business, result of operations, and financial conditions.
- The Company's failures to adapt to technological developments or industry trends could affect the performance and features of our products, and reduce its attractiveness to the Company's customers.
- The Company's business is working capital intensive and Inventories and trade receivables form a major part of its current assets. Failures to manage its inventory and trade receivables could have an adverse effect on the Company's sales, profitability, cash flow and liquidity.
- Extensive government regulation and the impact of plastics on the environment could have a severe impact on its ability to continue the Company's business operations, which could adversely affect its business, results of operations and financial condition.
- The Company's eligibility for and receipt of subsidies under the Packaged Scheme of Incentives (PSI) -2019 is subject to various conditions, and any delay, shortfall, or non-receipt of such subsidies may adversely affect its business, financial condition, and results of operations.
- Adverse publicity regarding the Company's products could negatively impact it.
- The company has in the past entered into related party transactions and may continue to does so in the future.
- The Company's contingent liabilities and commitments as stated in its Restated Financial Statements could affect the Company's financial condition.
- The Company's industry is labour intensive and its business operations may be materially adversely affected by strikes, work stoppages or increased wage demands by the Company's employees or those of the Company's suppliers.
- The company is heavily dependent on its Promoter and Key Management Personnel for the continued success of the Company's business through their continuing services and strategic guidance and support.
- None of the Company's Directors possess experience of being on the board of any listed company.
- The company is exposed to foreign currency fluctuation risks, particularly in relation to import of raw materials, which may adversely affect the Company's results of operations, financial condition and cash flows.
- The company is subject to strict quality requirements and are consequently required to incur significant expenses to maintain its service quality. Any failures to comply with such quality standards may lead to cancellation of existing and future orders which may adversely affect the Company's reputation, financial conditions, cash flows and results of operations.
- The Company's historical performance is not indicative of its future growth or financial results and the company may not be able to sustain its historical growth rates.
- Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
- The Company's Proposed investment in a solar power project, which forms part of the Objects of the Issue, is subject to regulatory, pricing, and operational risks that may adversely affect its financial performance.
- The company is subject to competition from both organized and unorganized players in the market, which may significantly affect the fixation and realisation of the price for its product, which may adversely affect the Company's business operation and financial condition.
- Unsecured loans taken by it can be recalled at any time.
- The average cost of acquisition of Equity Shares by the Company's Promoters, is lower than the face value of Equity Share.
- The company has issued Equity Shares in the last 12 months at a price which could be lower than the Issue Price.
- Dependence upon transportation services for supply and transportation of the Company's products are subject to various uncertainties and risks, and delays in delivery may result in rejection of products by customer.
- The Promoters (including Promoter Group) and Directors hold almost 100% of the Equity Shares of the Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
- The company has incurred indebtedness which exposes it to various risks which may have an effect on its business and results of operations.
- Technology failures or Cyber-attacks or other security breaches could have a material adverse effect on the Company's business, results of operation or financial condition.
- Delays or defaults in client payments could affect its operations.
- Loans availed by the company has been secured on personal guarantees of its directors & promoters. The Company's business, financial condition, results of operations, cash flows and prospects may be adversely affected in case of invocation of any personal guarantees provided by its directors.
- The Company's Promoters and the Promoter Group will jointly continue to retain majority shareholding in the Company after the issue, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
- The company has not identified any alternate source of funding and hence any failures or delay on its part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation schedule.
- The Issue Price of its Equity Shares may not be indicative of the market price of the Company's Equity Shares after the Issue and the market price of its Equity Shares may decline below the Issue Price and you may not be able to sell your Equity Shares at or above the Issue Price.
- Fraud, theft, employee negligence or similar incidents may adversely affect the Company's results of operations and financial condition.
- The company could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect its financial condition, results of operations and reputation.
- The company may not be able to sustain effective implementation of its business and growth strategy.
- The Company's lenders have charge over properties in respect of finance availed by it.
- There are certain delays noticed in some statutory fillings with EPFO, ESIC and other statutory authorities. Any Penalty or demand raised by statutory authorities in future will affect the Company's financial position of the Company.
- The company is subject to the risk of failures of, or a material weakness in, its internal control systems. If the company are unable to establish and maintain an effective system of internal controls and compliances business and reputation could be adversely affected.
- The Company's ability to pay dividends in the future will depend upon its future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in the Company's financing arrangements.
- The Objects of the Issue for which funds are being raised, are based on the Company's management estimates and have not been appraised by any bank or financial institution or any independent agency. Any variation between the estimation and actual expenditure as estimated by the management could result in execution delays or influence its profitability.
- The company may undertake acquisitions, investments, joint ventures or other strategic alliances, which may have a material adverse effect on ability to manage business, and such undertakings may be unsuccessful.
- The Company's actual results could differ from the estimates and projections used to prepare its financial statements.
- There is no guarantee that the Equity Shares issued pursuant to the issue will be listed on the SME Platform of BSE in a timely manner or at all.
- Industry information included in this Red Herring Prospectus has been derived from industry sources. There can be no assurance that such third-party statistical, financial and other industry information is complete, reliable or accurate.
- The Equity Shares have never been publicly traded, and, after the Issue, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Issue Price, or at all.
- Significant differences exist between Indian GAAP and other accounting principles, such as Ind AS, IFRS and U.S. GAAP, which may be material to investors' assessments of the Company's financial condition, result of operations and cash flows.
- Certain key performance indicators for certain listed industry peers included in this Red Herring Prospectus have been sourced from public sources and there is no assurance that such financial and other industry information is complete.
- Any future issuance of Equity Shares may dilute your shareholdings, and sale of the Equity Shares by the Company's major shareholders may adversely affect the trading price of our Equity Shares.
- Certain data mentioned in this Red Herring Prospectus has not been independently verified.
- QIBs and Non-Institutional Bidders are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid and Individual Investors are not permitted to withdraw their Bids after Bid/Issue Closing Date.
- The company may be subject to surveillance measures, such as the Additional Surveillance Measures (ASM) and the Graded Surveillance Measures (GSM) by the Stock Exchanges which may adversely affect trading price of its Equity Shares.
The Issue type of Bai-Kakaji Polymers Ltd is Book Building - SME.
The minimum application for shares of Bai-Kakaji Polymers Ltd is 1200.
The total shares issue of Bai-Kakaji Polymers Ltd is 5654400.
Initial public offer of up to 56,54,400 equity shares of face value of Rs. 10/- each (the "Equity Shares") of BAI-Kakaji Polymers Limited ("the Company" or "the Issuer") at an issue price of Rs. 177-Rs. 186 per equity share (including a share premium of Rs. 167- Rs. 176 per equity share) for cash, aggregating up to Rs. 100.08-Rs. 105.17 crores ("Public Issue") out of which 2,83,200 equity shares of face value of Rs. 10/- each, at an issue price of
Rs. 177-Rs. 186 per equity share for cash, aggregating Rs. 5.01- Rs. 5.27 crores will be reserved for subscription by the market maker to the issue (the "Market Maker Reservation Portion"). The public issue less market maker reservation portion i.e. issue of 53,71,200 equity shares of face value of Rs. 10/- each, at an issue price of Rs. 177-Rs. 186 per equity share for cash, aggregating up to Rs. 95.07-Rs. 99.90 crores is herein after referred to as the "Net Issue". The public issue and net issue will constitute 26.42% and 25.09% respectively of the post- issue paid-up equity share capital of the company.
Price Band: Rs. 186 per equity share of face value of Rs. 10/- each.
The floor price is 18.6 times of the face value of the equity shares.
Bids can be made for a minimum of 1200 equity shares and in multiples of 600 equity shares thereafter.