Aritas Vinyl IPO

ListedSMEMaterialsBSE SME

Price band: ₹40 – ₹47
Issue size: ₹37.52 Cr
Lot size: 3000 sh
Bidding: 16 – 20 Jan
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

62Balanced

IPOVista score

Balance sheet is the open question

63% of the scoring model was backed by disclosed data for Aritas Vinyl, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

Leveraged balance sheet
Debt-to-equity of 1.8× leaves limited headroom if demand softens or rates rise.
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2020 · Kubadthal, Daskroi, Ahmedabad, Gujarat · 89 employees

Aritas Vinyl makes artificial leather — PU synthetic leather and PVC-coated leather — at a single plant at Village Kubadthal, Taluka Daskroi, near Ahmedabad. The fabric is produced using transfer coating technology and sold by the roll in thicknesses from 0.35 mm to 6 mm, which lets it be cut for different end uses: car seats, door trims and steering-wheel covers; bags, wallets and laptop sleeves; footwear; and furnishing and wall coverings. Buyers are distributors, wholesalers and manufacturers in India, with exports to Greece, Oman, the UAE, Sri Lanka and the USA and supplies into special economic zones. Installed capacity is around 7.8 million metres a year, the facility covers roughly 6,067 square metres and includes an in-house testing laboratory. It had 89 employees, 54 of them permanent, as on 26 December 2025.

Revenue is the sale of coated fabric by the metre — the company manufactures the material and also trades it — so earnings track volume shipped and the gap between input cost and realisation per metre. FY25 revenue was Rs 98.02 crore against Rs 69.25 crore in FY24, with EBITDA of Rs 8.63 crore and profit after tax of Rs 4.13 crore. The structural constraint is the working-capital cycle: total borrowings stood at Rs 37.78 crore against net worth of Rs 22.77 crore at 31 August 2025, and Rs 20.45 crore of the Rs 32.89 crore fresh issue was earmarked for working capital, with Rs 4.26 crore for a solar power project.

The company on paper

Legal name: Aritas Vinyl Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 17 Apr 2020
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U19200GJ2020PLC113437
Sector: Materials · PVC-coated and PU synthetic leather (artificial leather) for automotive, footwear, fashion accessories and furnishing
Employees: 89
Registered office: Kubadthal, Daskroi, Ahmedabad, Gujarat
Promoters: Anilkumar Prakashchandra Agrawal, Sanjaykumar Kantilal Patel, Ankit Anilbhai Agrawal, Mohit Ashokkumar Agrawal, Rohit Dineshbhai Agrawal, Rutvik Patel, Shubham Sunilbhai Agrawal
Promoter holding, pre-issue: 47.2%
Promoter holding, post-issue: 28.0%
Website: aritasvinyl.com

The numbers

Financial performance

Revenue has compounded at 38.1% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

88% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹32.89 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹4.63 Cr
Total issue size: ₹37.52 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 4,02,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 19.2% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription2.27×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹47.00
Listed at: ₹47.00
Listing gain: unchanged 0.0%
Since listing: down 68.6%
Against the issue price: down 68.6%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 6,000
At cut-off price: ₹47.00
Amount blocked: ₹2,82,000

One lot is 3000 shares at ₹1,41,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,82,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~35%

chance of one lot, per application

Retail subscription: 2.88×
Applicants per share available: 2.9× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹47.00

listed at, 0.0% against the issue price

Issue price: ₹47.00
Premium said: —
If allotted 3000 shares: ₹0

Listing-day figures are as reported by the exchanges.

Our read

Easy to misread

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

Easy to miss in the prospectus

The last row is a five-month stub (1 April to 31 August 2025), not a year. Its revenue of Rs 40.58 crore is not comparable with the FY25 figure above it and should not be annualised.
Net worth rose from Rs 5.99 crore at 31 March 2024 to Rs 20.27 crore at 31 March 2025 while that year's profit after tax was Rs 4.13 crore, so most of the increase came from something other than retained earnings. The pages reachable for this record do not say what; the prospectus would.
Total borrowings fell from Rs 52.79 crore at 31 March 2024 to Rs 36.82 crore at 31 March 2025 even as revenue grew, so the FY24 figure is the peak of the series rather than a trend.

Straight from the filing

Read it yourself

No official copy of the offer document has been linked here yet.

The paperwork

Who is running the issue

Lead managers: Interactive Financial Services Ltd.
RegistrarAllotment status is checked on the registrar's own site: Bigshare Services Pvt. Ltd.

How these figures were checked

Built from 10 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 16 Jan 2026
Closes: 20 Jan 2026
Allotment: 21 Jan 2026
Lists: 23 Jan 2026
Revenue (FY25): ₹98.02 Cr
Profit (FY25): ₹4.13 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.