About Ajay Poly IPO
Ajay Poly IPO Details
The Ajay Poly IPO is a 100% book-built issue that comprises a fresh issue of ₹238 crore and an offer for sale (OFS) of 93 lakh equity shares, with a face value of ₹1 per share. The company filed its DRHP with SEBI on December 28, 2024.
The price band and official dates of subscription and listing will be announced by the company later, but the shares are supposed to be listed on the BSE and the NSE platforms. The book-running lead manager (BRLM) of this issue is Motilal Oswal Investment Advisors Ltd. and SBI Capital Markets Ltd., while the registrar to the issue is KFin Technologies Ltd.
Ajay Poly IPO Date & Timeline
Ajay Poly Ltd. officially filed its Draft Red Herring Prospectus (DRHP) on December 28, 2024. However, the specific Ajay Poly IPO date and subscription timeline remain unannounced. Following regulatory approval, the company will finalise the price band and bidding dates. Once cleared, the schedule for anchor allotment, public bidding and the final listing on the exchange will be formally disclosed.
Ajay Poly IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
Ajay Poly IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 1 per share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Offer For Sale |
| Total Issue Size | Up to ₹ 238.00 Cr + 9,300,000 Equity Shares |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | Up to ₹ 238.00 Cr (aggregating up to ₹ 2,380.00 million) |
| Offer for Sale | Up to 93,00,000 Equity Shares |
| Net Offered to Public | - |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | - |
| Share Holding Post Issue | - |
Ajay Poly IPO GMP (Grey Market Premium)
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The Ajay Poly IPO GMP is currently trading at ₹[.], reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹[.], which is [.]% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
Company Background
Ajay Poly Ltd. was incorporated in 1980 in New Delhi and has boasted a legacy spanning over 4 decades (40+ years). The company began its journey focusing on basic polymer extrusion products and has continuously evolved to meet the complex demands of modern manufacturing.
Over the years, the company transitioned its core business to become a specialised provider of refrigeration sealing solutions, toughened glass products and advanced magnetic materials. The registered office of the company is in New Delhi, from where they have strategically expanded their operational footprint across India to remain in close geographic proximity to the manufacturing hubs of major appliance brands.
Operations & Product Range
Ajay Poly Ltd. is engaged in the design, development and manufacture of superior quality appliance parts. The company offers refrigerator door gaskets, thermoplastic profiles, magnets and toughened glass shelves among other products. As a tier one supplier, Ajay Poly Ltd. offers complete solutions ranging from raw materials to final product testing to multinational as well as indigenous OEMs in various industries.
Facilities & Capacity
Ajay Poly Ltd. has sufficient capacity to meet its extensive manufacturing needs through the use of an extensive infrastructure system. The company has 10 manufacturing plants that are located across the country in strategic positions within the industrial belts of India, including several manufacturing plants at Greater Noida, Karegaon & Shirwal and Chennai. This distributed manufacturing setup allows the company to optimise logistics, reduce delivery lead times and maintain an uninterrupted supply chain for its OEM clients.
Brands & Market Presence
Ajay Poly Ltd. operates with a strong brand reputation built over decades of supplying to India's top appliance brands. The company’s position in the market is evidenced by its significant market share, estimated by the F&S Report to be 61.0% for refrigeration sealing solutions (gaskets) and 31.3% for refrigerator glass shelves in FY24. Ajay Poly Ltd. has won many awards from premium customers for quality, cost-effectiveness and cooperation.
Revenue Streams & Business Model
Ajay Poly Ltd. generates primary revenue from bulk sales of sealing solutions, polymer extrusions and glass components to appliance OEMs. It employs a backward integration model by manufacturing its own PVC compounds and magnet powders, ensuring control over costs and quality. For FY 2024, it reported total revenue of ₹366.39 crore, reflecting strong year-on-year growth. The revenue is closely tied to clients' production cycles, leading to consistent orders driven by consumer demand for white goods.
Management & Shareholding
The promoters of Ajay Poly Ltd. are Bina Jain, Rajeev Jain and Nitin Jain. Before the IPO, the promoters held a 98.03% stake in the company, but after the IPO, the promoters will see a dilution in the stakeholding as the offering includes shares for OFS by existing shareholders.
Board & Key Management
The leadership of Ajay Poly Ltd. is led by a team of experts with many years of experience. Rajeev Jain serves as the Chairman & Managing Director and gives strategic direction to the firm and manages the daily operations. To ensure good governance, the board includes Independent Directors Vinod Kumar Srivastava, Anil Kumar Jha, Sudhir Arya and Vikas Modi for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.
Ajay Poly IPO Financial Information
Latest Revenue
130.74
₹ Crore
Profit After Tax
12.16
₹ Crore
Net Worth
105.50
₹ Crore
Total Borrowing
129.13
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 30 Jun 2024 | 329.01 | 130.74 | 12.16 | 105.50 | 104.57 | 129.13 | |||
| 31 Mar 2024 | 297.46 | 366.39 | 22.53 | 93.27 | 92.34 | 119.15 | |||
| 30 Jun 2023 | 218.49 | 87.82 | 7.63 | 78.15 | 77.22 | 94.21 | |||
| 31 Mar 2023 | 202.33 | 242.25 | 12.99 | 70.52 | 69.58 | 82.50 | |||
| Amount in ₹ Crore | |||||||||
Ajay Poly Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 27.37% |
| ROCE | 22.37% |
| Debt/Equity | 1.28x |
| RoNW | 27.37% |
| PAT Margin | 6.12% |
| EBITDA Margin | - |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 2.19 (basic/diluted) | - |
| P/E (x) | - | - |
Ajay Poly IPO Objectives
The company intended to utilise the Ajay Poly IPO proceeds for strategic purposes:
- • Repayment/prepayment of debt (in part or in full)
- • Funding capital expenditure requirements toward the purchase of equipment
- • General corporate purposes
Ajay Poly IPO Review
Ajay Poly Ltd. is one of India’s leading manufacturers of refrigeration sealing solutions, profile extrusion and glass products for the appliance industry. They also cater to sectors such as consumer durables, commercial refrigeration and automotive sectors. The manufacturing happens in the 10 manufacturing facilities across India in the North, West and South appliance manufacturing hubs of key OEM players.
Financially, the company has shown a growing and healthy financial statement; as for FY24, the total income was reported at ₹366.3 crore and the PAT margin was at 6.12%. The company has mentioned that they are dependent on their top 10 customers, as one of them has solely contributed above 30% to the total revenue of FY24.
However, risks exist; the company's revenue relies heavily on the consumer durables sector, meaning any downturn in consumer spending could impact order volumes. Additionally, fluctuations in raw material prices pose challenges. Overall, the IPO review shows a specialised manufacturer with a strong market position and infrastructure. Investors should consider the price band and valuation metrics compared to peers in the component manufacturing sector once the issue opens.
Conclusion
Ajay Poly IPO is an opportunity for investors to invest in a growing company that has spent over four decades building a resilient B2B manufacturing footprint. The company has shown a strong and growing financial statement in the past financial years. With this issue, the company aims to reduce the debt to strengthen the balance sheet, to fund the capital expenditure of purchasing new manufacturing equipment to upgrade the capacity of inputs.
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Competitive Strengths
India’s market leader in offering complete solutions in refrigeration sealing systems and tempered glass components.
Very high importance is given to backward integration and internalisation in design, development, tools and testing.
An elite clientele comprising highly loyal relationships with top-tier MNCs and Indian OEMs.
Well-placed manufacturing plants for proximity to major OEM centres.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | SEBI/Exchange approval received | 30/04/2025 | - |
| 2 | Filed with SEBI/Exchange | 01/01/2025 | View DRHP |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | — | ₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | — | Up to ₹200,000 |
| S-HNI (Min) | 14-15 | — | Over ₹200,000 |
| S-HNI (Max) | 66-70 | — | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | — | Over ₹10,00,000 |