Bai-Kakaji Polymers IPO

About Bai-Kakaji Polymers IPO

The IPO of Bai-Kakaji Polymers comprises a fresh issue of up to 56,54,400 equity shares. There’s no offer for sale in this IPO, which is a 100% book-built issue. The price band is ₹177 to ₹186 per share.

Bai-Kakaji Polymers IPO opens on December 23, 2025 and closes on December 26, 2025. The allotment of shares will take place on December 29, 2025. The credit of shares to the Demat account will take place on December 30, 2025. The initiation of refunds will take place on December 30, 2025. The listing of shares will take place on December 31, 2025.

The lot size of shares in the IPO is 600. The minimum number of lots in the IPO for retail investors is 2. The minimum investment amount required by a retail investor is ₹2,23,200 (1200 shares) based on the upper price.

Bai-Kakaji Polymers is engaged in the business of manufacturing PET preforms, plastic caps and closures. These are important parts of packaging used in many consumer products. Its product portfolio includes specialised closures such as Alaska closures (commonly used in packaged drinking water), Carbonated Soft Drinks (CSD) cap (1881 neck finish), and wide range of PET preforms designed for different bottling needs.

Objectives of Bai-Kakaji Polymers IPO

The company proposes to utilise the IPO proceeds for:

• Repayment and/or pre-payment, in full or part, of borrowing availed by the company
• Funding capital expenditure for the installation of additional plant and machinery
• Funding capital expenditure for setting up a solar power project
• General corporate purpose

Market maker reservation portion is 5.01% of the offer size.

Industry Outlook

The plastics industry is currently home to about 50,000 industries, most of which are micro, small, and medium-sized enterprises (MSMEs). These enterprises contribute ₹3.5 lakh crores (US$ 42.89 billion) to India's economy and employ more than 50,000 people. The country recycles plastic at a rate of 60%, which is higher than that of developed nations.

The ‘Make in India’, ‘Skill India’, ‘Swachh Bharat’, and ‘Digital India’ initiatives of the government are increasing plastic production, and by 2027, it is expected that the plastics industry will generate ₹10 lakh billion (US$ 122.54 billion) annual revenue, with two lakh tonnes of exports.

Given that polymer is a crucial raw ingredient for plastic, the plastic industry in India is closely related to the petrochemicals sector. As a result, both upstream and downstream activities are included in the plastic industry's value chain.

While the upstream market is dominated by big firms, the downstream market is far more diversified, with many small and medium-sized businesses engaged in the production of plastic goods. Strong polymer production capabilities support the Indian plastic processing industry, ensuring the supply of raw materials.

Bai-Kakaji Polymers Company Information

Bai-Kakaji Polymers is engaged in the business of manufacturing PET preforms, plastic caps and closures. These are important parts of packaging used in many consumer products. Its product portfolio includes specialised closures such as Alaska closures (commonly used in packaged drinking water), Carbonated Soft Drinks (CSD) cap (1881 neck finish), and wide range of PET preforms designed for different bottling needs.

Its products find diverse applications across various industries including packaged drinking water, carbonated beverages, juices and dairy products.

Strengths of Bai-Kakaji Polymers

• 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 of Bai-Kakaji Polymers

• Decline in the sales of key product like pet preforms could have an adverse effect on business
• Reliance on specific geographical regions for revenue generation may adversely impact business
• Dependence on a few key suppliers in few geographies may impact operations and financial condition
• Increase in raw material prices and fluctuations may adversely affect business and financial performance
• Business is subject to season volatility due to packaged mineral water and soft drinks sales in summer and winter seasons

Anchor Investor Bidding Date

Anchor portion of the IPO opens for bidding on December 22, 2025.

IPO Registrar and Book Running Lead Manager

• IPO Registrar: Maashitla Securities
• Book Running Lead Manager: Hem Securities

Bai-Kakaji Polymers Business Model

The product portfolio of Bai-Kakaji Polymers includes specialised closures such as Alaska closures (commonly used in packaged drinking water), Carbonated Soft Drinks (CSD) cap (1881 neck finish), and wide range of PET preforms designed for different bottling needs.

The company also offers shrink and adhesive films to support its existing customers with a complete packaging solution. These films are in high demand, especially in industries that need strong and reliable packaging.

Bai-Kakaji Polymers Company Growth Trajectory

The revenue from operations of Bai-Kakaji Polymers grew from ₹272.8791 crores in FY 23 to ₹325.9292 crores in FY 25. Its EBITDA margin grew from 5.19% in FY 23 to 10.28% in FY 25, while PAT margin increased from 1.53% in FY 23 to 5.64% in FY 25. Widespread reach in domestic markets and long-standing association with customers have driven the company’s growth over the years.

Bai-Kakaji Polymers Market Position

Bai-Kakaji Polymers has four manufacturing units in Latur, Maharashtra, and spread over 33,000 square meters including the recently acquired M/s Bai Kakaji industries manufacturing unit. These units are equipped with modern machines, a laboratory, and testing equipment such as SST Secure Seal Tester (analogue & tester), Bridge strength tester, Vernier Calliper, Digital Torque and Perpendicular tester to make sure its products meet quality standards.

The company has built a strong and reliable presence in the domestic market, which remains its primary area of operation. Its deep understanding of local customer needs and market trends has helped it to maintain consistent growth and trust across the country. In addition to its domestic success, it has also started exploring opportunities in international markets.

How to apply for Bai-Kakaji Polymers IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.