Ajay Poly IPO Upcoming
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About Ajay Poly
Ajay Poly is one of India’s leading manufacturers of refrigeration sealing solutions, profile extrusion, and toughened glass products for the appliance industry. With a dominant market share in refrigeration gaskets (61%) and strong positions in profile extrusion and appliance glass, the company serves major OEMs in the consumer durables, commercial refrigeration, and automotive sectors. Its ten strategically located manufacturing facilities and in-house R&D capabilities support joint product development with multinational and Indian appliance brands, reinforcing its role as a key innovation partner and reliable supplier in the appliance component manufacturing space.
Financials of Ajay Poly
*All figures are in ₹ Crores.
Issue size
| Funds Raised in the IPO | Amount |
| Overall | [.] shares (aggregating up to ₹[.] Cr) |
| Fresh Issue | ₹238 crores |
| Offer for sale | 93,00,000 shares of ₹1 (aggregating up to ₹[.] Cr) |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Repayment/prepayment of borrowings | 119(50%) |
| Funding capital expenditure requirements | 64.9(27.2%) |
| General corporate purposes | (not above 25% of gross proceeds) |
Strengths
- Market leader in sealing solutions and toughened glass
- Well-established relationships with marquee customers
- Strategically located manufacturing facilities near OEMs
- Strong backward integration with in-house design and development capabilities
Risks
- High dependency on third-party raw material suppliers and price stability
- Business vulnerable to supply chain disruptions in raw materials
- Reliance on contract labour may impact operational efficiency and cost control