Vedant Poly Fabs IPO: Dates, Price Band, GMP and What the Prospectus Shows

Vedant Poly Fabs raised ₹56.68 crore to put a defined part of it into the business rather than into someone's exit. The SME issue, priced at ₹88–₹94 a share, was open from 2 November 2026 to 4 November 2026 and listed on 9 November 2026.

This page sets out what the filings actually say — the dates, the money, the ratios the prospectus discloses and the grey-market number doing the rounds — and is deliberately clear about which of those is a fact and which is a rumour. Live status, subscription and documents for this issue sit on its IPO Center page.

The offer, in the numbers that decided what applicants paid

• Price band: ₹88 to ₹94 per share, face value ₹10
• Total issue: ₹56.68 crore
• Type: Book Building
• Registrar: Cameo Corporate Services Limited
• Book-running lead manager: Affinity Global Capital Market Private Limited

What the company says it will do with the money

The prospectus lists these objects for the fresh issue:

• Funding incremental working capital requirements of the Company
• Prepayment or Repayment of all or a portion of certain secured or/and unsecured outstanding borrowings availed by the company
• Funding Capital Expenditure for purchase and installation of Plant and Machinery at its existing manufacturing facility
• General Corporate Purposes
• To meet the offer related expenses

Objects are a commitment, not a forecast. They are disclosed in the offer document, monitored after listing, and changing them later needs shareholder approval — which is why they are one of the more reliable things in a prospectus.

Who the shares are reserved for, and what that tells you

The issue reserves 0% for qualified institutional buyers, 39.96% for non-institutional investors and 60.03% for retail.

That is the standard split for an issuer meeting the ICDR track-record test. Retail gets a third of the book, which is the more forgiving of the two structures when an issue is heavily subscribed.

The financials the prospectus actually discloses

These are the ratios from the company's own red herring prospectus, for the financial year ended 31 March 2026. We checked each of them against that document rather than taking them from an aggregator.

• Earnings per share: ₹10.05
• Net asset value per share: ₹28.7
• Return on net worth: 25.95%
• Return on equity: 38.03%
• Return on capital employed: 46.34%
• Operating EBITDA margin: 16.50%

At the upper band of ₹94, the issue was priced at about 9.4 times FY26 earnings. That is roughly 3.3 times the disclosed net asset value of ₹28.7 a share. Both are arithmetic on the two numbers above, not a valuation opinion — a multiple only means something next to comparable companies, which is what peer comparison in an IPO is for.

A return on equity above 30% is high, and high returns invite the same question every time: is the equity base small, is the debt doing the work, or is the business genuinely that profitable? How to analyse IPO financials walks through separating those three.

The grey market number, and what it is not

Our desk has no grey-market reading for this issue. A blank is not a zero: it means nobody has given us a number we are willing to publish.

Now the caveat, and it is not a formality. The grey market is an unofficial, unregulated market in applications and allotments. It is not an exchange, the price is not a quotation, nobody supervises it, and the number changes daily on thin volume. It has been badly wrong in both directions. Treat it as sentiment, never as a forecast — grey-market premium risks sets out how it goes wrong, and IPO GMP explained covers what it is.

The dates that follow the close

• Bidding opened: 2 November 2026
• Bidding closed: 4 November 2026
• Basis of allotment: 5 November 2026
• Refunds initiated: 6 November 2026
• Shares credited to demat: 6 November 2026
• Listing: 9 November 2026

If you applied, the next thing that happens is the basis of allotment. An application whose UPI mandate was never approved does not reach it at all, which is worth ruling out before reading a "not allotted" result as bad luck — UPI mandate failures explains how to tell.

Allotment is decided by the registrar, Cameo Corporate Services Limited, and in an oversubscribed retail category it is a lottery on lots rather than a proportionate cut. How to check your allotment status and the basis of allotment cover both halves of that.

Reading this after the close

This is an SME issue, and that changes the risk rather than just the size. SME lots are large, the shares trade thinly after listing, disclosure is lighter than on the mainboard and exiting can be genuinely hard. Mainboard versus SME sets out what actually differs.

Figures come from the company's red herring prospectus and from NSE's issue data as at the dates stated, and issues change: bands are revised, dates move, and an issue can be withdrawn. CAPITA1 is an information service, not a broker, and is not registered with SEBI as an investment adviser — nothing here is investment advice.