New Delhi, September 12 (HS): Vigor Plast India Limited, a manufacturer of CPVC and UPVC plumbing pipes and fittings, made a strong entry into the stock market today, rewarding its IPO investors. Priced at Rs 81 per share, the company’s stock listed at Rs 85 on the NSE SME platform, opening at a 4.94 percent premium. Following the debut, strong buying momentum lifted the shares further, and by 11 a.m., they were trading at Rs 89. This translated into a 9.88 percent gain for IPO investors in the early hours of trading.

The Rs 25.10 crore IPO of Vigor Plast India, which was open for subscription from September 4 to 9, received a positive response and was subscribed 3.88 times overall. The Qualified Institutional Buyers’ (QIB) portion saw 3.94 times subscription, Non-Institutional Investors (NIIs) subscribed 7.03 times, and Retail Investors subscribed 2.49 times. The IPO comprised fresh issue of shares worth Rs 20.25 crore and an Offer for Sale (OFS) of 6 lakh equity shares with a face value of Rs 10 each. Funds raised will be utilized for setting up a new warehouse in Ahmedabad, repayment of existing borrowings, meeting working capital requirements, and general corporate purposes.

Financial Performance

As per the company’s prospectus, Vigor Plast India’s financial health has shown consistent improvement. Its net profit stood at Rs 30 lakh in FY 2022-23, which rose to Rs 2.93 crore in FY 2023-24, and further surged to Rs 5.15 crore in FY 2024-25.

Revenue recorded a compound annual growth rate (CAGR) of over 10 percent, reaching Rs 46 crore in FY 2024-25. Debt levels fluctuated over the years: from Rs 11.29 crore in FY 2022-23, rising to Rs 21.57 crore in FY 2023-24, before moderating to Rs 17.72 crore at the end of FY 2024-25.

The company’s reserves and surplus showed steady growth, improving from Rs 1.14 crore at the end of FY 2022-23 to Rs 4.07 crore in FY 2023-24, and further climbing to Rs 4.93 crore by FY 2024-25.

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Hindusthan Samachar / Jun Sarkar