Vigor Plast India Ltd IPOVIGOR

The IPO opens on 04 Sept 2025 & closes on 09 Sept 2025.

Vigor Plast India Limited was incorporated as a Private Limited Company in the name Vigor Plast India Private Limited', vide Certificate of Incorporation dated January 30, 2014 issued by the Registrar of Companies, Gujarat. Subsequently, the status of the Company was converted from a Private Limited to Public Limited and the name of the Company was changed to Vigor Plast India Limited' and a Fresh Certificate of Incorporation was issued on November 27, 2024 by the Registrar of Companies, Central Processing Centre. The Company initially focused on trading of PVC pipes and fittings. In year 2020 onwards, the Company expanded its operations by establishing a manufacturing facility to produce Polyvinyl Chloride (PVC), Unplasticized Polyvinyl Chloride (uPVC), and Chlorinated Polyvinyl Chloride (cPVC) pipes, fittings, and related products. At present, Company is a manufacturer and supplier of a comprehensive range of Polyvinyl Chloride (PVC), Unplasticized Polyvinyl Chloride (uPVC) and Chlorinated Polyvinyl Chloride (cPVC) pipes, fittings, and related products for various applications in plumbing, irrigation, and SWR (Soil, Waste, and Rainwater) management. It cater to both rural and urban markets and provides long-lasting solutions for water distribution, wastewater management, and drainage. The Company works a manufacturing plant in Dared district of Gujarat. The products known for their durability and resistance to corrosion, are used in residential, commercial, agricultural and industrial sectors. Company is planning an IPO by issuing an aggregate of 31,50,000 Equity Shares of Rs 10 each comprising a fresh issue of 25,50,000 Equity Shares and 6,00,000 Equity Shares through offer for sale.

Vigor Plast India Ltd IPO will close on 09 Sept 2025.

<ul><li>Long Standing business track record.</li><li>Established Supplier Relationships.</li><li>Strong Knowledge and expertise of our Promoters.</li><li>Extensive Product Portfolio to Meet Customer Needs.</li></ul>

<table class="table"> <thead> <tr> <th>S.No</th> <th>Promoters Name</th> <th>Pre Issue Shares</th> <th>Pre Issue Percentage</th> <th>Post Issue Shares</th> <th>Post Issue Percentage</th> </tr> </thead> <tbody> <tr> <td>1</td> <td>Jayesh Premjibhai Kathiriya</td> <td>2345525</td> <td>29.87</td> <td>2145525</td> <td>20.73</td> </tr> <tr> <td>2</td> <td>Rajesh Kathiriya</td> <td>2303825</td> <td>29.34</td> <td>2103825</td> <td>20.32</td> </tr> <tr> <td>3</td> <td>Premjibhai Dayabhai Kathiria</td> <td>2289375</td> <td>29.15</td> <td>2089375</td> <td>20.18</td> </tr> <tr> <td>4</td> <td>Jashvantiben Rajeshbhai Kathir</td> <td>466050</td> <td>5.94</td> <td>466050</td> <td>4.5</td> </tr> <tr> <td>5</td> <td>Nitaben Jayeshbhai Kathiriya</td> <td>445725</td> <td>5.68</td> <td>445725</td> <td>4.31</td> </tr> <tr> <td>6</td> <td>Parvatiben Premjibhai Kathiriy</td> <td>1000</td> <td>0.01</td> <td>1000</td> <td>---</td> </tr> </tbody> </table>

<ul><li>Our top ten customers (dealers/distributors) contribute the majority of our revenues from operations. Any loss of business from one or more of them may adversely affect our revenues and profitability.</li><li>Our top ten suppliers contribute the majority of our purchases. Any loss of business with one or more of them may adversely affect our business operations and profitability.</li><li>The cost estimates for the construction of the proposed warehouse have been derived from internal estimates of our management and may not be accurate.</li><li>Any increase in the cost of our raw material or other purchases or a shortfall in the supply of our raw materials, may adversely affect the pricing and supply of our products and have an adverse effect on our business, results of operations and financial condition.</li><li>Dependence on a Single Manufacturing Facility may have an adverse effect on our business, results of operations and financial condition.</li><li>We have derived a significant portion of our revenue from Vigor Polytech, the sister concern of our company in the financial years ended on March 31, 2024, March 31, 2023 and March 31, 2022.</li><li>Geographical Concentration of our warehouses in a single state may have an adverse effect on our business, results of operations and financial condition.</li><li>Our business operations significantly depend on maintaining strong relationships with distributors and dealers through whom we sell a substantial portion of our products. Any disruption or termination of these relationships could impact our performance and business growth negatively.</li><li>We generate our major portion of revenue from our operations in certain geographical regions. Any adverse developments affecting our operations in these regions could have an adverse impact on our revenue and results of operations.</li><li>We may face several risks associated with the proposed warehouse, which could hamper our growth, prospects, cash flows and business and financial condition.</li><li>Any inability on our part to maintain quality standards could adversely impact our business, results of operations and financial condition.</li><li>Our Company had negative cash flow the last financial year, details of which are given below. Sustained negative cash flow could adversely impact our business, financial condition and results of operations.</li><li>The property used by the Company for the purpose of its operations is not owned by us. Any termination of the relevant lease agreement in connection with such property or our failure to renew the same could adversely affect our operations.</li><li>Use of Plastic may be prohibited by the concerned Government being a combustible, Hazardous commodity which may cause several health concerns.</li><li>The capacity of our current plant unit is not fully utilized. Consequently, if there is also any under-utilization of our capacities in future, it could affect our ability to fully absorb fixed costs and thus may adversely impact our financial performance.</li><li>In case of our inability to obtain, renew or maintain the statutory and regulatory licenses, permits and approvals required to operate our business it may have a material adverse effect on our business.</li><li>We have certain outstanding litigation against our Company, Directors and Promoters an adverse outcome of which may adversely affect our business, reputation and results of operations.</li><li>There have been instances of delay in repayment of loans in the past. We cannot assure you that any such delays shall not occur in the future or that such delays would not trigger any restrictive covenants or events of default as per the agreements executed with our lenders.</li><li>Our dependence on having brand ambassador(s) as a marketing strategy may have an adverse effect on our business, results of operations and financial condition.</li><li>The Memorandum of Understanding with the Brand Ambassador is not enforceable.</li><li>There have been instances of delays in filings of certain forms which were required to be filed as per the reporting requirements as well as discrepancies in the forms submitted to the Registrar of Companies (ROC) in accordance with the Companies Act, 2013.</li><li>Our manufacturing activities are dependent upon availability of skilled and unskilled labour.</li><li>Intense competition in the market of Pipes and Fittings Industry could affect our pricing, which could reduce our share of business from customers and decrease our revenues and profitability.</li><li>Credit and non-payment risks of our distributors and dealers could have a material adverse effect on our business, financial condition and results of operations.</li><li>Our failure to adapt to technological developments or industry trends could affect the performance and features of our products and reduce our attractiveness to our customers.</li><li>If we are not successful in managing our growth, our business may be disrupted and our profitability may be reduced.</li><li>We have a substantial amount of outstanding indebtedness, which requires significant cash flows to service and are subject to certain conditions and restrictions in terms of our financing arrangements, which restricts our ability to conduct our business and operations in the manner we desire.</li><li>Any failure to comply with financial and other restrictive covenants imposed on us under our financing agreements may affect our operational flexibility, business, results of operations and prospects.</li><li>Our insurance coverage may not be adequate to protect us against all potential losses to which we may be subject and this may have a material effect on our business and financial condition.</li><li>We have entered into and may enter into related party transactions in the future also.</li><li>The deployment of funds raised through this Offer shall not be subject to any Monitoring Agency and shall be purely dependent on the discretion of the management of Our Company.</li><li>Any variation in the utilization of the Net Proceeds as disclosed in this Draft Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of our Company.</li><li>Some portions of our Offer Proceeds are proposed to be utilized for general corporate purposes which constitute 15% of the Offer Proceed. As on date we have not identified the use of such funds.</li><li>Our ability to attract, train and retain executives and other qualified employees is critical to our business, results of operations and future growth.</li><li>Any loss of or breakdown of our machineries at our manufacturing facility may have an adverse effect on business, financial condition and results of operations.</li><li>We are dependent on third party transportation providers for delivery of raw materials to us from our suppliers and delivery of our finished products to our customers. We have not entered into any formal contracts with our transport providers and any failure on part of such service providers to meet their obligations could adversely affect our business, financial condition and results of operation.</li><li>If we are unable to identify customer demand accurately and maintain an optimal level of inventory proportionately, our business, results of operations and financial condition may be adversely affected.</li><li>Misconduct or errors by manpower engaged by us could expose us to business risks or losses that could affect our business prospects, results of operations and financial condition.</li><li>We are subject to the risk of failure of, or a material weakness in, our internal control systems.</li><li>We have not made any alternate arrangements for meeting our capital requirements for the Objects of the Offer. Further we have not identified any alternate source of financing the Objects of the Offer. Any shortfall in raising / meeting the same could adversely affect our growth plans, business operations and financial condition.</li><li>Objects of the Fresh Issue for which the funds are being raised have not been appraised by any bank or financial institution and any variation in the utilization of our Net Proceeds as disclosed in this Draft Red Herring Prospectus would be subject to certain compliance requirements, including prior shareholders' approval.</li><li>Our Company will not receive any proceeds from the Offer for Sale portion.</li><li>Our Promoters hold Equity Shares in our Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.</li><li>Our Promoters have given personal guarantees and mortgaged their property in relation to certain debt facilities provided to our Company by our lenders. In the event of default on the debt obligations, the personal guarantees may be invoked thereby adversely affecting our Promoters ability to manage the affairs of our Company and consequently this may impact our business, prospects, financial condition and results of operations.</li><li>Our business operations may be disrupted by an interruption in power supply which may impact our business operations.</li><li>Delays or outages in our information technology ("IT") systems and computer networks could have a material adverse effect on our business, financial condition and results of operations.</li><li>The future operating results are difficult to predict and may fluctuate or adversely vary from the past performance.</li><li>We have not independently verified certain data in this Draft Red Herring Prospectus.</li><li>Information relating to our production capacities and the historical capacity utilization of our production facilities included in this Draft Red Herring Prospectus is based on factual data and future production and capacity utilization may vary.</li><li>We are susceptible to risks relating to unionization of our employees employed by us.</li><li>We have certain contingent liabilities and our financial condition and profitability may be adversely affected if any of these contingent liabilities materialize.</li><li>Any Penalty or demand raised by statutory authorities in future will affect our financial position of the Company.</li><li>Our funds requirements are based on internal management estimates, wherever possible, and have not been appraised by any bank or financial institution. Any increase in the actual deployment of funds may cause an additional burden on our finance plans.</li><li>We have in the last 12 months issued Equity Shares at a price that may be at lower than the Offer Price.</li><li>The average cost of acquisition of Equity Shares by our Promoters could be lower than the Offer Price.</li><li>We have not paid any dividends in the last five Financial Years. Our ability to pay dividends in the future will depend upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.</li><li>Our Promoters' shareholding before and after the completion of the Offer, is substantial which will allow them to influence the outcome of matters submitted for approval of our shareholders.</li><li>Our Equity Shares have never been publicly traded and may experience price and volume fluctuations following the completion of the Offer, an active trading market for the Equity Shares may not develop, the price of our Equity Shares may be volatile and the Investors may be unable to resell their Equity Shares at or above the Offer Price or at all.</li><li>A third party could be prevented from acquiring control of our Company because of anti-takeover provisions under Indian law.</li><li>The requirements of being a listed company may strain our resources and distract management.</li><li>We may require further equity issuance, which will lead to dilution of equity and may affect the market price of our Equity Shares.</li><li>We may raise additional funds through incurring debt to satisfy our capital needs, which we may not be able to procure.</li><li>Dependence on a Single Export Market could adversely affect our business.</li></ul>

The Issue type of Vigor Plast India Ltd is Book Building - SME.

The minimum application for shares of Vigor Plast India Ltd is 3200.

The total shares issue of Vigor Plast India Ltd is 3099200.

Initial public offer of upto 30,99,200 equity shares of face value of Rs. 10/- each of Vigor Plast India limited ("Vigor" or the "Company" or the "Issuer") for cash at an offer price of Rs. 81/- per equity share including a share premium of Rs. 71/- per equity share (the "Offer Price") comprising of a fresh issue of upto 24,99,200 equity shares of face value of Rs. 10/- each aggregating to Rs. 20.24 crores (the "Fresh Issue") and an offer for sale of upto 6,00,000 equity shares of face value of Rs. 10/- each comprising upto of 2,00,000 equity shares of face value of Rs. 10 each by Jayesh Premjibhai Kathiriya, upto 2,00,000 equity shares of face value of Rs. 10 each by Premjibhai Dayabhai Kathiriya and upto 2,00,000 equity shares of face value of Rs. 10 each by Rajeshbhai Kathiriya ("the Selling Shareholders or "Promoter Selling Shareholders") ("Offer for Sale") aggregating to Rs. [*] crores, of which 1,55,200 equity shares of face value of Rs. 10/- each for aggregating to Rs. 1.26 crores will be reserved for subscription by market maker to the offer (the "Market Maker Reservation Portion"). The public offer less the market maker reservation portion i.e. net offer of [*] equity shares of face value of Rs. 10/- each aggregating to Rs. [*] crores is herein after referred to as the "Net Offer". The public offer and the net offer will constitute upto 31.46 % and 29.88 %, respectively, of the post-offer paid-up equity share capital of the company.