Bai-Kakaji Polymers: Final Day Subscription Hits 2.04x | The IPO List

Bai-Kakaji Polymers Limited closed its subscription window on December 26, 2025, with a total subscription of 2.04 times. While this is lower than the massive frenzy seen in other SME issues this week, it reflects a more selective and "value-oriented" investor base. The HNI category led the demand at 3.39x, while retail investors subscribed 1.90 times. The company, a specialist in plastic packaging for the FMCG and pharma sectors, is seeking a valuation of ₹105 crore.\n\n\n\nThe company’s focus on recycled and sustainable polymers is its main competitive advantage. As India moves toward stricter plastic waste management rules, Bai-Kakaji’s existing infrastructure for processing eco-friendly materials puts it ahead of traditional competitors. The IPO funds are intended to set up a new manufacturing unit in Maharashtra to capture the growing demand for food-grade packaging.\n\nFinancially, the company has maintained steady growth, with revenues reaching ₹51 crore in FY25. The PAT margins have been stable at around 9%, which is commendable in a sector often plagued by fluctuating raw material (crude oil) prices. The lower subscription level actually benefits retail applicants, as the probability of allotment is much higher (nearly 1 in 2) compared to the over-hyped issues.\n\nThe listing for Bai-Kakaji is scheduled for December 31, 2025, on the BSE SME platform. Analysts suggest that the stock might list at a "flat to positive" note given the current neutral GMP. However, for long-term investors, the company offers a play on the resilient FMCG supply chain. The post-listing performance will depend heavily on the successful commissioning of their new production lines.\n\nIn conclusion, Bai-Kakaji Polymers is a "sleeper" pick. It lacks the speculative heat of the tech sector but offers a tangible, growing business model. Investors who receive allotment should consider holding for the medium term to see the impact of their new capacity expansion. Keep an eye on the bulk deal data on listing day to see if any institutional players enter the stock at the current valuation.