Injecto Polymers IPO Makes Weak Debut, Stock Falls 5.75%

Injecto Polymers shares made a weak stock market debut on the BSE, listing at ₹99 per share, a 1% discount to the IPO issue price of ₹100 per share.

The stock extended its losses after listing and traded at ₹94.25, representing a 5.75% discount to the IPO issue price and a 4.80% decline from its listing price. During trading, the stock touched a high of ₹100 and a low of ₹94.05, while approximately 14.40 lakh shares changed hands.

The listing followed the company’s IPO, which was open for subscription from September 11 to September 16, 2026. The issue received an overall subscription of 1.28 times.

Injecto Polymers manufactures PP woven fabrics, bags and sacks used across industrial, agricultural and packaging applications. The company primarily operates through a B2B model, serving institutional and industrial customers through bulk and customised orders.

Injecto Polymers IPO Listing Details

Injecto Polymers launched its IPO through a fresh issue of 28,42,800 equity shares.

The bidding window opened on September 11 and closed on September 16, 2026. The IPO price band was fixed at ₹98 to ₹100 per share, with the final issue price set at the upper end of the band at ₹100 per share.

The IPO received an overall subscription of 1.28 times by the end of the bidding period.

Ahead of the IPO, Injecto Polymers raised ₹9.57 crore from anchor investors on September 10, 2026. The company allotted 9.57 lakh shares at ₹100 each to three anchor investors.

Injecto Polymers subsequently made its stock market debut at ₹99 per share on the BSE against the IPO issue price of ₹100, resulting in a listing discount of 1%.

Following the listing, the stock declined further to ₹94.25, trading 5.75% below the IPO issue price and 4.80% below its listing price.

During trading, the stock touched a high of ₹100 and a low of ₹94.05, with approximately 14.40 lakh shares changing hands.

• Issue Price: ₹100 per share
• BSE Listing Price: ₹99 per share
• Listing Discount: 1%
• Trading Price: ₹94.25 per share
• Discount From Issue Price at ₹94.25: 5.75%
• Change From Listing Price: -4.80%
• Intraday High: ₹100 per share
• Intraday Low: ₹94.05 per share
• Shares Traded: Approximately 14.40 lakh
• Price Band: ₹98 to ₹100 per share
• Fresh Issue: 28,42,800 equity shares
• Overall Subscription: 1.28 times
• Anchor Investment: ₹9.57 crore
• Anchor Shares: 9.57 lakh
• IPO Open Date: September 11, 2026
• IPO Close Date: September 16, 2026
• Post-Issue Promoter Holding: 54%
• Pre-Issue Promoter Holding: 73.97%
• Exchange: BSE

First-Day Trading Performance

Listing Price: Injecto Polymers share price debuted at ₹99 per share on the BSE against the IPO issue price of ₹100, resulting in a listing discount of 1%.

The stock moved lower following its market debut and traded at ₹94.25, ₹5.75 below the issue price. This represented a decline of 5.75% from the IPO price.

Compared with the ₹99 listing price, the stock was down 4.80% at ₹94.25.

During trading, Injecto Polymers shares touched a high of ₹100, briefly reaching the IPO issue price, while the session low stood at ₹94.05.

Approximately 14.40 lakh shares changed hands at the counter.

The market debut followed the company’s IPO, which received an overall subscription of 1.28 times during the bidding period from September 11 to September 16, 2026.

The listing performance indicated that Injecto Polymers entered the secondary market slightly below the price at which shares were allotted to IPO investors and subsequently moved further below the issue price during trading.

Growth Drivers and Challenges

Growth Drivers

Diversified Packaging Portfolio: Injecto Polymers manufactures PP woven fabrics, bags and sacks for industrial, agricultural and packaging applications.

Multiple Product Categories: In addition to PP woven products, the company’s portfolio includes BOPP bags, leno bags, FIBC bags, non-woven bags, LDPE pouches and polyester pouches.

Exposure to Multiple Industries: Its packaging products cater to food, pharmaceutical, cosmetic, agricultural and industrial applications, providing exposure to multiple end-use sectors.

B2B Business Model: Injecto Polymers primarily operates through a business-to-business model, serving institutional and industrial customers through bulk and customised orders.

Manufacturing Expansion: The company plans to deploy part of the IPO proceeds towards setting up Phase IV at its existing Unit-I manufacturing facility in West Bengal, which could support additional production capacity.

Financial Performance: For the financial year ended March 31, 2026, the company recorded revenue from operations of ₹375.53 crore and net profit of ₹16.01 crore.

Challenges

Moderate IPO Subscription: The IPO received an overall subscription of 1.28 times, indicating relatively moderate demand compared with more heavily subscribed public issues.

Raw Material Exposure: The company’s polymer-based manufacturing operations expose it to changes in the cost and availability of raw materials used across its packaging products.

B2B Customer Dependence: As the company primarily serves institutional and industrial customers, changes in demand or order volumes from major customers may affect business performance.

Manufacturing Dependence: Production continuity depends on the efficient operation of the company's manufacturing infrastructure.

Expansion Execution: The company plans to set up Phase IV at its existing Unit-I facility, making timely execution, cost control and effective deployment of IPO proceeds important.

Competitive Industry: The packaging industry includes organised and unorganised manufacturers across multiple product categories, creating competition around pricing, quality and customer relationships.

Utilisation of IPO Proceeds

Injecto Polymers’ IPO comprised a fresh issue of 28,42,800 equity shares.

The company proposes to utilise the net proceeds towards repayment or prepayment of certain outstanding borrowings, expansion of its existing manufacturing facility and general corporate purposes.

A portion of the proceeds will be used towards repayment or prepayment, in full or in part, of certain outstanding borrowings availed by the company.

The company also intends to deploy IPO proceeds towards setting up Phase IV at its existing Unit-I manufacturing facility situated at NH2 Bypass Road, Jaugram, Abujhati, Jamalpur, West Bengal.

This investment is intended to support the expansion of the company's manufacturing capabilities.

The remaining proceeds are proposed to be utilised for general corporate purposes.

The key proposed uses of the IPO proceeds include:

• Repayment or prepayment of certain outstanding borrowings
• Funding the setup of Phase IV at the existing Unit-I manufacturing facility
• General corporate purposes

Business and IPO Overview

Injecto Polymers manufactures PP woven fabrics, bags and sacks catering to industrial, agricultural and packaging applications.

Its broader product portfolio includes BOPP bags, leno bags, FIBC bags, non-woven bags, as well as LDPE and polyester pouches used for food, pharmaceutical, cosmetic and industrial packaging.

The company primarily follows a B2B business model and serves institutional and industrial customers through bulk and customised orders.

As of July 31, 2026, Injecto Polymers had 158 permanent full-time employees.

For the financial year ended March 31, 2026, the company recorded revenue from operations of ₹375.53 crore and net profit of ₹16.01 crore.

Injecto Polymers entered the public markets through an IPO comprising a fresh issue of 28,42,800 equity shares. The issue was subscribed 1.28 times.

Ahead of the IPO, the company raised ₹9.57 crore from anchor investors through the allotment of 9.57 lakh shares at ₹100 each to three anchor investors.

Following the IPO, promoter shareholding declined to 54% from 73.97% before the issue.

Injecto Polymers made its stock market debut on the BSE at ₹99 per share, representing a 1% discount to the IPO issue price of ₹100.

The stock subsequently declined to ₹94.25, taking its loss from the issue price to 5.75%. Compared with its ₹99 listing price, the stock was down 4.80%.

During trading, Injecto Polymers shares touched a high of ₹100 and a low of ₹94.05, while approximately 14.40 lakh shares changed hands.