Vama Wovenfab IPO Overview
Vama Wovenfab IPO is a ₹49.54 crore BSE SME book-built issue. The IPO opened on September 15, 2026, and closes today, September 17, 2026. The price band is fixed at ₹324 to ₹341 per share, and the issue consists entirely of a fresh issue of approximately 14.53 lakh shares. The shares are proposed to be listed on BSE SME.
| Particular | Details |
|---|---|
| IPO Name | Vama Wovenfab IPO |
| IPO Type | BSE SME |
| IPO Dates | Sep 15–17, 2026 |
| Price Band | ₹324–₹341 |
| Issue Size | ₹49.54 Cr |
| Issue Type | Fresh Issue |
| Fresh Shares | 14.53 Lakh |
| Lot Size | 400 Shares |
| Retail Minimum | 800 Shares |
| Minimum Investment | ₹2.73 Lakh |
| Allotment | Sep 18, 2026 |
| Refund / Demat | Sep 21, 2026 |
| Listing Date | Sep 22, 2026 |
| Listing Exchange | BSE SME |
At the upper price of ₹341, one lot is worth ₹1,36,400. Retail investors need a minimum of two lots, or 800 shares, making the minimum application amount ₹2,72,800.
Vama Wovenfab IPO GMP Today
The Vama Wovenfab IPO GMP is around ₹70 per share as of the morning of September 17, according to the latest grey-market update. The GMP was reported at ₹10 when the IPO opened and moved up to ₹70 on September 16.
At the upper IPO price of ₹341, a ₹70 GMP indicates an unofficial estimated price of approximately ₹411 per share.
| Particular | Value |
|---|---|
| Upper IPO Price | ₹341 |
| Latest GMP | ₹70 |
| Indicative Price | ₹411 |
| Indicative Premium | 20.53% |
| GMP Status | Positive |
GMP is an unofficial and unregulated market indicator. It can change quickly and does not guarantee the actual listing price.
Vama Wovenfab IPO Subscription
The IPO opened with very limited bidding, but subscription improved as the issue progressed. The latest available early September 17 data showed the overall issue at approximately 0.53x, with QIB at 1.00x and NII at 1.29x. Individual investors were around 0.33x at that point.
| Category | Subscription |
|---|---|
| QIB | 1.00x |
| NII | 1.29x |
| Individual | 0.33x |
| Overall | 0.53x |
These figures are provisional because bidding remains open today. Final subscription figures should be checked after the market closes.
Vama Wovenfab Business
Vama Wovenfab operates in the PP and HDPE woven packaging products industry. The company manufactures PP and HDPE woven sack bags and fabric-based products and also trades in plastic granules.
Its product portfolio includes PP/HDPE woven bags and fabrics, BOPP bags, HDPE trampoline sheets, coloured woven fabric sheets and loop-handle bags. The company operates its manufacturing facility in Nani Daman, Daman.
The company's products are supplied for applications across agriculture, food processing, chemicals, fertilisers, sugar, cement and other industrial segments. Its manufacturing process involves converting plastic granules into tapes, weaving those tapes into fabric and converting the fabric into finished products.
Vama Wovenfab Financial Performance
Vama Wovenfab has recorded strong revenue growth over the last three financial years.
| Financial Year | Revenue | PAT |
|---|---|---|
| FY24 | ₹27.87 Cr | ₹2.63 Cr |
| FY25 | ₹77.76 Cr | ₹6.84 Cr |
| FY26 | ₹214.62 Cr | ₹11.55 Cr |
Revenue increased substantially from about ₹27.87 crore in FY24 to ₹214.62 crore in FY26, while the company remained profitable throughout this period.
The rapid revenue expansion is an important part of the company's IPO story, although investors should assess whether the recent growth rate can be maintained after listing.
Vama Wovenfab IPO Financial Ratios
| Particular | FY26 |
|---|---|
| Revenue | ₹214.62 Cr |
| PAT | ₹11.55 Cr |
| EBITDA | ₹17.86 Cr |
| EBITDA Margin | 8.32% |
| PAT Margin | 5.38% |
| RoNW | 50.37% |
| ROCE | 31.94% |
| Debt/Equity | 0.89 |
| NAV | ₹76.80 |
| P/E | ~15.33x |
The FY26 return ratios are strong, with RoNW of about 50% and ROCE of nearly 32%. At the same time, the EBITDA margin remains relatively modest, making cost control and raw-material pricing important factors for future profitability.
Vama Wovenfab IPO Objects
The fresh issue proceeds are intended to support the company's business and working-capital requirements.
The proposed utilisation includes:
- Working-capital requirements.
- Construction of a new manufacturing shed.
- Purchase of machinery and equipment.
- General corporate purposes.
- Issue-related expenses.
The company expects the additional infrastructure and working capital to support higher production and future business expansion. Current offer information specifically identifies capital expenditure toward construction of a shed among the issue objectives.
Vama Wovenfab Growth Prospects
The company operates in a broad industrial packaging market, with products used by agriculture, food processing, chemical, fertiliser, sugar and cement customers.
Its significant revenue growth over FY24–FY26 shows that the business has expanded rapidly. The company's diversified woven-product range also gives it exposure to multiple applications.
Additional working capital and manufacturing infrastructure from the IPO could help Vama Wovenfab increase production and serve larger customer requirements.
However, maintaining the recent growth rate will depend on customer demand, capacity utilisation, working-capital management and the company's ability to control polymer costs.
Vama Wovenfab IPO Strengths
Key factors in the Vama Wovenfab IPO include:
- Strong revenue growth over FY24–FY26.
- Consistent profitability.
- FY26 revenue of approximately ₹214.62 crore.
- FY26 PAT of approximately ₹11.55 crore.
- Broad PP and HDPE product portfolio.
- Exposure to multiple industrial customer segments.
- Strong FY26 RoNW and ROCE.
- IPO funds intended for working capital and manufacturing infrastructure.
- Current grey-market premium has increased to around ₹70.
Vama Wovenfab IPO Risks
Vama Wovenfab operates in a competitive polymer-products industry. Changes in PP, HDPE and other raw-material prices can directly affect manufacturing costs and margins.
The company also has substantial dependence on machinery and continuous production operations. Equipment breakdowns, power interruptions or manufacturing downtime could affect production and customer deliveries.
Other risks include:
- Raw-material price volatility.
- Competition from other woven-product manufacturers.
- Working-capital requirements.
- Relatively modest operating margins.
- Dependence on manufacturing machinery.
- Negative operating cash flow reported for FY25 and FY26.
- Pending legal, civil and tax matters disclosed in the company's risk information.
- SME-platform liquidity and price volatility.
- High minimum investment of ₹2.73 lakh for retail investors.
Vama Wovenfab IPO Valuation
At the upper price band of ₹341, the IPO is valued at approximately 15.33 times FY26 earnings, based on the reported financial metrics.
The valuation needs to be considered alongside the company's rapid historical growth, strong return ratios and the risks associated with the polymer-products business.
The current GMP of approximately ₹70 indicates positive grey-market sentiment, but GMP should not be used as a substitute for fundamental valuation.
Vama Wovenfab IPO Review
Vama Wovenfab IPO combines strong historical revenue growth with the additional risks of an SME manufacturing business.
The company's revenue has increased sharply, profitability has remained positive and its products serve several industrial sectors. The IPO proceeds are also intended to support working capital and manufacturing infrastructure.
However, investors should pay attention to the company's cash-flow position, raw-material sensitivity, machinery dependence and SME-market liquidity. Subscription demand was initially weak but improved during the later part of the issue.
The current GMP of around ₹70 is substantially higher than the ₹10 reported when the issue opened, indicating that grey-market sentiment has strengthened during the IPO period.
Vama Wovenfab IPO Key Highlights
- IPO Size: ₹49.54 crore
- IPO Type: BSE SME
- Price Band: ₹324–₹341
- IPO Dates: September 15–17, 2026
- Lot Size: 400 shares
- Retail Minimum: 800 shares
- Minimum Investment: ₹2,72,800
- Allotment: September 18, 2026
- Refund/Demat: September 21, 2026
- Listing: September 22, 2026
- Latest GMP: ₹70
- Indicative GMP Price: ₹411
- FY26 Revenue: ₹214.62 crore
- FY26 PAT: ₹11.55 crore
- FY26 EBITDA: ₹17.86 crore
- FY26 Debt/Equity: 0.89x
- Issue Type: Fresh Issue
- Fresh Shares: 14.53 lakh
Vama Wovenfab IPO Conclusion
Vama Wovenfab IPO offers exposure to a PP and HDPE woven-products manufacturer serving agriculture, food processing, chemicals, fertilisers, sugar, cement and other industrial customers.
The company has delivered strong revenue growth and remains profitable, while the IPO proceeds are expected to support working capital and manufacturing infrastructure. At the same time, raw-material volatility, cash-flow requirements, machinery dependence and SME liquidity remain important risks.
The latest GMP of around ₹70 indicates positive grey-market sentiment, although the actual listing price can differ significantly from GMP. Investors should therefore evaluate the company's fundamentals, valuation and risk factors rather than relying only on the grey market.
Disclaimer: IPO GMP is unofficial and unregulated. It can change rapidly and should not be considered a guaranteed listing price or investment recommendation. Investors should read the company's offer documents and evaluate the financials, valuation and risk factors before investing.
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