IPO Overview
Founded in 2011 and incorporated in Daman, Vama Wovenfab Limited is an ISO 9001:2015-certified manufacturer of Polypropylene (PP) and High-Density Polyethylene (HDPE) woven sacks and fabric-based packaging products. The company caters primarily to B2B manufacturers and traders across industries that require bulk packaging solutions — including agriculture, food grains, sugar, fertilizers, chemicals, cement, and construction. Its product portfolio spans PP/HDPE woven bags, woven fabrics, HDPE trampoline products, coloured woven fabric sheets, and loop-handle bags. The company also trades in plastic granules — the primary raw material used in its manufacturing process. Its manufacturing facility is located at Bhimpore, Nani Daman, where production commenced in 2013.
The company is now launching its SME IPO on the BSE SME platform to raise approximately ₹49.54 crore through a fully fresh issue of 14.53 lakh equity shares. The price band is set at ₹324 to ₹341 per share, with a lot size of 400 shares, making the minimum retail investment approximately ₹2,72,800 (2 lots). The IPO opens on 15 September 2026 and closes on 17 September 2026, with listing expected on 22 September 2026 on the BSE SME platform.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 15 September 2026 |
| IPO Close Date | 17 September 2026 |
| Allotment Date | 18 September 2026 (Expected) |
| Refund Initiation | 21 September 2026 |
| Credit to Demat | 21 September 2026 |
| Listing Date | 22 September 2026 (Tentative) |
| Price Band | ₹324 – ₹341 per share |
| Face Value | ₹10 per share |
| Lot Size | 400 shares |
| Minimum Investment (Retail) | ₹2,72,800 (2 lots = 800 shares) |
| Minimum Investment (HNI) | ₹4,09,200 (3 lots = 1,200 shares) |
| Issue Size | ₹49.54 crore |
| Fresh Issue | 14,52,800 shares (₹49.54 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds will go directly to the company.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | 72,800 shares (Reserved) |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The issue is entirely a fresh issue, and all proceeds after deduction of issue-related expenses will be retained by the company for business purposes. Promoters will retain approximately 72% holding post-IPO, reflecting strong promoter confidence in the business.
Objects of the Issue (Fund Utilization)
The company plans to use the net IPO proceeds as follows:
- Capital expenditure towards construction of manufacturing shed — ₹1.36 crore
- Capital expenditure towards purchase of new machinery — ₹7.25 crore
- Working capital requirements — ₹26.50 crore
- General corporate purposes — remaining proceeds
Note: Working capital accounts for the largest share of the fund utilization, making inventory and receivables management a key operational focus area post-IPO.
Lead Managers & Registrar
- Book Running Lead Manager: Gretex Corporate Services Limited
- Registrar to the Issue: Maashitla Securities Private Limited
Promoters & Management
The company is promoted by a family group with manufacturing and trading experience in the polymer and packaging sector:
- Mr. Suresh Mohanlal Gupta
- Mr. Vaibhav Suresh Gupta
- Mr. Saurabh Suresh Gupta
- Mrs. Nisha Vaibhav Gupta
Post-IPO, the promoter group is expected to retain approximately 72% equity stake in the company, indicating that this is a growth capital raise rather than a promoter exit.
Company Details
Vama Wovenfab Limited is engaged in the manufacturing of PP and HDPE woven sacks, woven fabrics, and other fabric-based packaging products used for bulk storage and transportation across multiple industries. The company also processes recycled granules and additives in its manufacturing process and trades in plastic granules as a complementary business. It supplies customised bulk packaging to business customers across a wide range of industries.
Sectors Served:
- Agriculture & Food Grains
- Sugar & Fertilizers
- Chemicals & Construction
- Cement & Infrastructure
- Retail Bulk Packaging & Logistics
Key Products:
- PP / HDPE Woven Sack Bags
- Coloured Woven Fabric Sheets
- Loop Handle Bags
- HDPE Trampoline Products
- Woven Fabrics (customised specifications)
- Plastic Granules (trading)
Key Capabilities:
- In-house quality control with stable power infrastructure
- Processes recycled granules and additives for sustainable manufacturing
- Customised packaging solutions for B2B clients across multiple sectors
- End-to-end production at a single integrated manufacturing facility
Manufacturing Facility:
- Bhimpore, Nani Daman — production commenced 2013
- As of 30 April 2026: 94 employees including 85 in operations
Certifications:
- ISO 9001:2015
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY25 | ₹77.76 | ₹6.84 |
| FY26 | ₹214.62 | ₹11.55 |
Key Financial Metrics
- Revenue surged 176% from ₹77.76 crore in FY25 to ₹214.62 crore in FY26 — an exceptionally sharp expansion driven by rapid business scaling.
- PAT grew 69% from ₹6.84 crore to ₹11.55 crore over the same period.
- ROE: 50.37% | ROCE: 31.94% — indicating strong capital efficiency.
- PAT Margin: ~5.38% — thin, as is typical for the commodity packaging sector.
- Post-issue P/E: 15.33x — reasonable given the recent growth trajectory.
- Borrowings: ₹25.44 crore as of latest available period — elevated relative to the company’s size.
Company Strengths
- Operates in the bulk packaging segment — a stable, evergreen demand space driven by food grains, fertilizers, cement, sugar, and chemicals sectors across India.
- Exceptional revenue growth of 176% in FY26, demonstrating strong scaling ability and market traction.
- High capital efficiency — ROE of 50.37% and ROCE of 31.94% are well above typical manufacturing SME benchmarks.
- Reasonable post-issue valuation at P/E of 15.33x compared to some listed packaging peers trading at significantly higher multiples.
- Entire IPO is a fresh issue — no promoter exit; promoters retain ~72% stake, reflecting alignment with long-term business growth.
- ISO 9001:2015 certified facility with in-house quality control and recycled material processing capabilities.
Key Risks & Challenges
- Thin PAT margins: At ~5.38%, profitability is vulnerable to raw material price volatility — PP and HDPE granule prices fluctuate with crude oil and global polymer markets.
- Heavy working capital dependence: ₹26.50 crore out of total IPO proceeds is earmarked for working capital — suggesting the business is capital-intensive at the operational level with high inventory and receivables requirements.
- Unusually sharp revenue growth: Revenue growing 176% in a single year raises questions about sustainability — investors should monitor whether this growth rate is maintainable in FY27.
- Elevated borrowings: Existing borrowings of ₹25.44 crore add financial risk, especially since the IPO does not allocate proceeds towards debt repayment.
- Single manufacturing facility: Operations concentrated at one plant in Daman — any disruption to this facility could materially impact production and revenues.
- SME IPO liquidity risk: Limited secondary market trading volumes on BSE SME, with potential for high price volatility post-listing.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
