The Rs 28.09 crore IPO received a mild overall subscription of 1.19 times when bidding closed on October 3. Retail investors subscribed 1.46 times, QIBs 1.05 times, while the non-institutional investor (NII) category remained undersubscribed at 0.74 times. Despite a small issue size, participation remained thin compared with other recent SME offerings.
Priced in the range of Rs 51–54 per share, the IPO comprised a fresh issue of 52.02 lakh shares. The minimum investment for retail investors was Rs 2.16 lakh for 4,000 shares. Fintellectual Corporate Advisors was the lead manager, and Nikunj Stock Brokers acted as the market maker.
Company overview
Valplast Technologies offers a diverse portfolio of civil engineering and construction services including structural waterproofing, injection grouting, slope stabilization, and precast concrete works.
The company has executed over 40 projects across nine Indian states in sectors such as defence, railways, and infrastructure, and is known for deploying advanced construction materials and techniques.
Financially, the company’s performance has been steady but not particularly strong. Revenue declined marginally by 1% in FY25 to Rs 64.5 crore, while profit after tax fell 6% to Rs 6.1 crore. Margins remain decent, with PAT at 9.67% and EBITDA at 20.1%.
While Valplast operates in a technically niche zone, the tepid subscription and lack of grey market activity point to a quiet listing. Unless sentiment improves, the stock is expected to list flat around the issue price.
as a Reliable and Trusted News Source(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)