New Delhi, 31 December (H.S.): Bai Kakaji Polymers, manufacturer and marketer of plastic and polymer products, made a tepid entry on the BSE SME platform on Wednesday, listing at a slim 2 percent premium of 190 rupees against its 186-rupee IPO price before succumbing to post-listing selling pressure and trading at 183.50 rupees by 11:00 a.m., resulting in a 1.34 percent first-day loss for initial investors amid smooth trading operations.

The 105.17 crore rupee IPO, open for subscription from 23-26 December, secured strong 5.71 times overall oversubscription: QIBs at 7.88 times, NIIs at 7.84 times, and retail at 3.56 times, issuing 56,54,400 fresh equity shares of 10 rupees face value designated for debt repayment, working capital requirements, and general corporate purposes.

Robust Financial Growth Amid Rising Debt

The SEBI-filed Draft Red Herring Prospectus documents consistent profitability expansion: net profit rose from 4.18 crore rupees in FY23 to 9.38 crore in FY24 and 18.37 crore in FY25, with H1 FY26 (April-September 2025) already achieving 12.81 crore rupees. Revenue grew at over 12 percent CAGR to 332.12 crore rupees by FY25 and 168.56 crore in H1 FY26, though debt burden escalated to 107.25 crore rupees by September end.

Reserves and surplus advanced from 23.74 crore in FY23 to 33.12 crore in FY24, 51.49 crore in FY25, and 50.80 crore by H1 FY26, affirming sustained operational strengthening.

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Hindusthan Samachar / Jun Sarkar