# Vedant Poly Fabs IPO: SME Issue Details and Financials
> Vedant Poly Fabs SME IPO on NSE Emerge: INR 88-94 band, 1,200-share lot (2 lots minimum), 2-4 Nov 2026, ~INR 56.68 cr fresh + OFS, quotas, financials, risks.
- **Published**: 2026-11-04
- **Modified**: 2026-11-04
- **Category**: ipo
- **URL**: https://www.tldr.money/articles/ipo/vedant-poly-fabs-ipo
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This is our guide to the **Vedant Poly Fabs IPO**, an SME issue on NSE Emerge, using the company's abridged prospectus and NSE data. Allotment checks are on the [Vedant Poly Fabs IPO allotment status](/articles/ipo/vedant-poly-fabs-ipo-allotment-status) page, and every other issue is in our [IPO guides](/ipo).
**Last updated: 4 November 2026, 5:30 pm IST.** Bidding closed on 4 Nov. Allotment, refund and listing dates below are the prospectus's indicative "on or about" dates.
> **Educational content, not investment advice.** This page explains the issue using the company's own offer documents and exchange data. tldr.money is not a SEBI-registered investment adviser or research analyst, and nothing here is a recommendation to apply for, buy, sell or hold any security. SME IPOs can be illiquid and can lose money, including on listing day. Read the [abridged prospectus](https://affinityglobalcap.in/wp-content/uploads/2026/10/Abridged-Prospectus-1.pdf) and the [NSE issue page](https://www.nseindia.com/market-data/issue-information?series=SME&symbol=VPFL&type=Active), and speak to a SEBI-registered adviser if you need personal advice.
- **What:** Vedant Poly Fabs Limited (**VPFL**), a Kolkata maker of plastic packaging films and pouches, listing on **NSE Emerge** (the SME platform).
- **Price:** INR 88 to INR 94 a share. Lot of 1,200 shares, and individuals must apply for **2 lots**, so the minimum was **INR 2,25,600** at the cap.
- **Size:** ~INR 56.68 crore: fresh ~INR 51.01 crore + OFS ~INR 5.67 crore by the promoter LLP.
- **Demand:** about **1.95x** the net issue at close on NSE data (individual investors 2.26x).
- **Next:** allotment ~**5 Nov**, refunds and demat credit ~**6 Nov**, listing ~**9 Nov** (indicative).
- **The catch:** SME shares trade in big lots with thin volumes, revenue is concentrated in one state and a few customers, and the business is young.
## Vedant Poly Fabs IPO key details
| Item | Detail |
|---|---|
| Company | Vedant Poly Fabs Limited |
| Exchange and symbol | NSE Emerge (SME), VPFL |
| Issue type | Book built; fresh issue + offer for sale |
| Price band | INR 88 to INR 94 per share; face value INR 10 |
| Lot size | 1,200 shares |
| Minimum for individuals | 2 lots = 2,400 shares = INR 2,25,600 at the cap (INR 2,11,200 at the floor) |
| Total shares | 60,30,000 |
| Fresh issue | 54,26,400 shares (~INR 51.01 crore at the cap) |
| Offer for sale | 6,03,600 shares by Sethsawaria Poly Fab LLP (~INR 5.67 crore at the cap) |
| Issue size | ~INR 56.68 crore at the cap (~INR 53.06 crore at the floor, our calculation) |
| Market maker | Giriraj Stock Broking Private Limited (3,04,800 shares) |
| Book running lead manager | Affinity Global Capital Market Private Limited |
| Registrar | Cameo Corporate Services Limited |
| Sponsor bank | Kotak Mahindra Bank |
Rupee amounts for the fresh issue and OFS are share counts multiplied by the INR 94 cap, as published by the Economic Times and Chittorgarh. The OFS money goes to the promoter LLP, not the company; its average cost of acquisition is INR 20.21 a share, per the abridged prospectus.
## What Vedant Poly Fabs does
Vedant Poly Fabs was incorporated in Kolkata on 10 December 2018 and became a public limited company in August 2025. Its registered office is in Barasat, North 24 Parganas, West Bengal, and it had 61 employees at 30 June 2026.
It makes flexible plastic packaging for other businesses (B2B): 3-layer and 5-layer LD films, shrink films, barrier films, printed laminates, and milk and edible-oil pouches. Main raw materials are LDPE, metallocene granules and polyester film. About 96-97% of revenue comes from West Bengal, and the top 5 customers accounted for 60.18% of FY26 revenue (72.10% in the June 2026 quarter).
## Dates
Bidding 2-4 Nov 2026; allotment ~5 Nov; refunds and demat credit ~6 Nov; listing ~9 Nov (indicative).
| Date | Event |
|---|---|
| Mon 2 Nov 2026 | Bidding opens |
| Wed 4 Nov 2026 | Bidding closes; UPI mandate cut-off 5:00 pm IST (NSE) |
| Thu 5 Nov 2026 | Basis of allotment (T+1, indicative) |
| Fri 6 Nov 2026 | Refunds / unblocking and demat credit (T+2, indicative) |
| Mon 9 Nov 2026 | Listing on NSE Emerge (T+3, indicative) |
## Quotas: who the shares are for
SME issues set aside at least 5% of the issue for a **market maker**, a broker that must quote buy and sell prices after listing so there is some liquidity. The rest is the net issue, split between categories.
Individual investors 33,96,000 shares; NII 22,60,800; market maker 3,04,800; QIB 68,400.
| Category | Shares | % of net issue |
|---|---|---|
| QIB | 68,400 | 1.19% |
| NII (HNI), total | 22,60,800 | 39.49% |
| NII: above INR 10 lakh (bNII) | 15,07,200 | -- |
| NII: INR 2-10 lakh (sNII) | 7,53,600 | -- |
| Individual investors (2 lots) | 33,96,000 | 59.32% |
| Net issue | 57,25,200 | 100% |
| Market maker (separate) | 3,04,800 | -- |
Percentages are our calculation from the abridged prospectus share counts. Under SEBI's SME rules, an individual investor applies for exactly 2 lots; anyone wanting more applies as an NII. At the INR 94 cap, NII applications start at 3 lots (INR 3,38,400); small NII runs up to 8 lots (INR 9,02,400) and big NII starts at 9 lots (INR 10,15,200).
## Subscription at close
| Category | Shares bid | Shares offered | Times |
|---|---|---|---|
| QIB | 68,400 | 68,400 | 1.00x |
| NII, total | 34,32,000 | 22,60,800 | 1.52x |
| bNII | 19,96,800 | 15,07,200 | 1.32x |
| sNII | 14,35,200 | 7,53,600 | 1.90x |
| Individual investors | 76,68,000 | 33,96,000 | 2.26x |
| **Total (net issue)** | **1,11,68,400** | **57,25,200** | **~=1.95x** |
Source: NSE bid details, "updated as on 04-Nov-2026 17:12:01". Times-subscribed is shares bid / shares offered (our calculation); 3,520 applications in all. NSE's headline figure of about **1.85x** uses all 60,30,000 shares, including the market maker portion, as the denominator. Trackers reported roughly 0.41x after day 1 and 0.92x after day 2 ([ScanX](https://scanx.trade/stock-market-news/ipo/vedant-poly-fabs-ipo-day-3-subscribed-1-42x-retail-demand-leads-1-49x-check-allotment-status/55318335)).
## Financials
FY24 revenue INR 49.53 cr, PAT INR 0.64 cr; FY25 revenue INR 81.02 cr, PAT INR 4.56 cr; FY26 revenue INR 115.14 cr, PAT INR 10.97 cr.
| INR lakh (restated) | FY24 | FY25 | FY26 | Apr-Jun 2026 |
|---|---|---|---|---|
| Total income | 4,972.92 | 8,157.97 | 11,531.47 | 3,049.16 |
| Revenue from operations | 4,953.46 | 8,102.12 | 11,513.91 | 3,028.78 |
| Operating EBITDA | 128.58 | 774.23 | 1,900.12 | 659.11 |
| Profit after tax | 63.59 | 456.06 | 1,096.62 | 347.81 |
| Net worth | 385.78 | 1,542.10 | 4,225.70 | 4,560.38 |
| EPS (INR ) | 0.59 | 4.24 | 10.01 | 2.36 |
| Return on net worth | 16.48% | 29.57% | 25.95% | -- |
Source: abridged prospectus (RHP dated 27 Oct 2026). FY26 operating EBITDA margin was 16.50%, and 21.76% in the June 2026 quarter; FY26 ROE was 38.03% and ROCE 30.65%. Borrowings are not in the abridged prospectus; aggregators put them at about INR 46.82 crore at March 2026 and INR 44.81 crore at June 2026, so check the RHP.
**Valuation, our calculation.** Post-issue shares are 2,01,51,614 (1,47,25,214 pre-issue + 54,26,400 fresh). At INR 94 that is a market value of about INR 189.4 crore, or roughly **17.3x FY26 profit** of INR 10.97 crore. Growth from FY24 to FY26 has been very fast from a small base, so one year's profit is a fragile anchor.
## Use of the money
| Object (fresh issue) | INR lakh |
|---|---|
| Working capital | 2,461.04 |
| Repay or prepay borrowings | 800.00 |
| Plant and machinery | 651.29 |
| General corporate purposes | TBA (fixed at the issue price) |
| Issue expenses | TBA |
Source: abridged prospectus. The OFS proceeds (~INR 5.67 crore) go to the promoter LLP. Brickwork is the monitoring agency for the use of proceeds.
## Promoters and holding
The promoters are **Pankaj Kumar Maheshwari** (Chairman and Managing Director), **Sujata Maheshwari** (Whole-time Director) and **Sethsawaria Poly Fab LLP**, the promoters' LLP and the selling shareholder. The promoter group holds 100% before the issue; after the fresh issue and OFS that falls to about **70%** (our calculation from the share counts). Promoter-held shares are subject to SEBI lock-in after listing.
## Risks in plain English
From the risk factors in the abridged prospectus, in our words:
- **Few customers, mostly verbal orders.** The top 5 customers are 60% of revenue and many orders are not under long-term contracts. Losing one big buyer would hurt.
- **One region.** Almost all revenue comes from West Bengal and eastern India.
- **Raw material prices.** Plastic granules and films are oil-linked and volatile, and the company may not be able to pass on increases quickly.
- **Working capital.** The business ties up money in receivables and inventory; most of the fresh money goes to funding that, not new capacity.
- **Legal matters.** There is a INR 185.84 lakh tax proceeding against the company, small tax matters against directors and a minor one against a promoter, and litigation involving promoter-related entities.
- **Young listed company.** The promoters have limited experience running a listed company, and the prospectus notes it began operations before some statutory registrations were in place.
## SME IPO caveats
- **High ticket.** The minimum was INR 2,25,600, not ~INR 15,000 as on a mainboard IPO.
- **Thin trading.** SME shares trade in lots (here 1,200 shares), so selling a small position may not be possible. The market maker helps but does not guarantee a price.
- **Fast listing (T+3).** Shares list three working days after the close, with less time for news to settle.
- **Lighter scrutiny.** SME offer documents are filed with the exchange rather than reviewed by SEBI the way mainboard ones are.
## Should you invest? Pros and cons
We do not recommend for or against. These are the points the prospectus and data raise:
| Points in favour | Points against |
|---|---|
| Revenue more than doubled from FY24 to FY26 and margins widened | Fast growth from a small base; one strong year drives the valuation |
| FY26 ROE 38% and ROCE 31% (prospectus KPIs) | Revenue concentrated in West Bengal and top 5 customers |
| Most of the issue is fresh money, mainly for working capital and debt | Working-capital heavy; borrowings around INR 45 crore (aggregator) |
| A market maker is committed for liquidity | SME lot size makes exits lumpy; NSE Emerge volumes are thin |
| Demand at close was about 2x the net issue | Modest demand by SME standards; listing gains are not assured |
## Related guides
- [Vedant Poly Fabs IPO allotment status](/articles/ipo/vedant-poly-fabs-ipo-allotment-status)
- [Antala Industries IPO (BSE SME)](/articles/ipo/antala-industries-ipo)
- [IPO calendar India](/ipo/calendar)
- [IPOs in India: all our guides](/ipo)
- [Tax on IPO listing gains](/articles/ipo/ipo-listing-gains-tax)
## Sources
Primary sources first. Accessed 4 November 2026.
- [NSE issue information -- Vedant Poly Fabs (VPFL, SME)](https://www.nseindia.com/market-data/issue-information?series=SME&symbol=VPFL&type=Active)
- [Abridged prospectus of the RHP dated 27 Oct 2026 (Affinity Global Capital)](https://affinityglobalcap.in/wp-content/uploads/2026/10/Abridged-Prospectus-1.pdf)
- [Red herring prospectus on NSE archives (ZIP)](https://nsearchives.nseindia.com/content/ipo/RHP_VPFL.zip)
- [Draft red herring prospectus (Affinity Global Capital)](https://affinityglobalcap.in/wp-content/uploads/2026/06/vedant-polyfabs-limited-DRHP.pdf)
- [Vedant Poly Fabs -- IPO documents](https://vedantpolyfabs.com/ipo-documents/)
- [Economic Times -- Vedant Poly Fabs IPO](https://economictimes.indiatimes.com/vedant-poly-fabs-ltd/ipos/companyid-2485838.cms)
- [Economic Times -- IPO calendar, 1 Nov 2026](https://economictimes.indiatimes.com/markets/ipos/fpos/ipo-calendar-primary-market-cools-after-jio-frenzy-but-13-listings-lined-up/articleshow/135419009.cms)
- [Chittorgarh -- Vedant Poly Fabs IPO (borrowings, secondary)](https://www.chittorgarh.com/ipo/vedant-poly-fabs-ipo/3143/)
- [ScanX -- day-wise subscription](https://scanx.trade/stock-market-news/ipo/vedant-poly-fabs-ipo-day-3-subscribed-1-42x-retail-demand-leads-1-49x-check-allotment-status/55318335)
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