Bai-Kakaji Polymers IPO
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Bai-Kakaji Polymers IPO details
Schedule of Bai-Kakaji Polymers
| Issue open date | 23 Dec 2025 |
| Issue close date | 26 Dec 2025 |
| UPI mandate deadline | 26 Dec 2025 (5 PM) |
| Allotment finalization | 29 Dec 2025 |
| Refund initiation | 30 Dec 2025 |
| Share credit | 30 Dec 2025 |
| Listing date | 31 Dec 2025 |
| Mandate end date | 11 Jan 2026 |
| Lock-in end date for anchor investors (50%) | 28 Jan 2026 |
| Lock-in end date for anchor investors (remaining) | 28 Mar 2026 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Bai-Kakaji Polymers
Bai-Kakaji Polymers Limited was incorporated in 2013 and is engaged in the manufacturing of PET preforms, plastic caps, and closures. The Company was originally incorporated as Harikishan Minerals Private Limited and later renamed Bai-Kakaji Polymers. It was converted into a public limited company in 2025. The Company is promoted by Balkishan Pandurangji Mundada, Harikishan Pandurangji Mundada, Akash Balkishan Mundada, Akshay Balkishan Mundada, and Kiran Balkishan Mundada, who collectively bring industry experience and operational continuity. Bai-Kakaji Polymers operates manufacturing facilities located at MIDC, Latur, Maharashtra. Its products are used in packaging applications across packaged drinking water, carbonated soft drinks, juices, and dairy products. The product portfolio includes PET preforms and specialised caps and closures designed for varied bottling requirements. The business operates under a manufacturing-led model, emphasising quality, scale, and customisation. Its strengths include an integrated product range, long-standing customer relationships, regional market presence, and consistent focus on operational efficiency and capacity expansion
Financials of Bai-Kakaji Polymers
Issue size
| Funds Raised in the IPO | Amount |
|---|---|
| Total issue size | 105.17 |
| Fresh Issue – Proceeds go to the company | 105.17 |
Utilisation of Proceeds
| Purpose | INR crores (%) |
|---|---|
| Repayment / pre-payment of borrowings | 60 (57%) |
| Capital expenditure for additional plant & machinery | 9.8 (9.32%) |
| Capital expenditure for a solar power project |
12.94 (12.30%) |
| General corporate purposes | 22.43 (21.34%) |
Strengths
- Established manufacturer of PET preforms and plastic closures since 2013.
- Diverse product portfolio serving water, CSD, juice, and dairy segments.
- Integrated manufacturing facilities located at MIDC, Latur, Maharashtra.
- Long-standing promoter group with operational and industry experience.
- Consistent revenue growth supported by capacity expansion and automation.
Risks
- High revenue dependence on PET preforms as the primary product segment.
- Geographic concentration of operations and revenues in the state of Maharashtra.
- Exposure to volatility in raw material prices derived from petrochemicals.
- High working capital requirements are impacting cash flows.
- Customer concentration risk from key beverage and packaging clients.
Allotment Status for Bai-Kakaji Polymers
To check your IPO allotment status:
- Visit the Maashitla Securities IPO Application Status page.
- Select the company name from the dropdown menu.
- Select and enter one of the following: PAN, Application Number, DP/Client ID, or Account Number/IFSC.
- Click Submit to view your allotment status
Subscription Figures for Bai-Kakaji Polymers
As per media reports (Link), the Grey Market Premium (GMP) of Bai-Kakaji Polymers is reported at ₹8 over the IPO price. This metric is not reliable, and to track IPO interest, it is better to check subscription numbers published by exchanges, which are considered more reliable indicators.
Subscription numbers as of 05:00 PM on December 26, 2025:
| Category | Reserved (lakhs) | Applied (lakhs) | Subscription (X times) |
|---|---|---|---|
| Institutional | 10.75 | 84.71 | 7.88x |
| NII | 8.06 | 63.20 | 7.84x |
| Retail | 18.82 | 66.38 | 3.53x |
| Total | 37.63 | 214.30 | 5.69x |