Vigor Plast India made its debut on the NSE SME platform on September 12, 2025, with shares listing at ₹85, a 5% premium over the IPO price of ₹81. The ₹25 crore IPO experienced moderate subscription, and the proceeds are intended for debt repayment and the construction of a new warehouse.

The IPO, which was open for bidding from September 4, 2025, to September 9, 2025, comprised a fresh issue of 0.25 crore shares and an offer for sale of 0.06 crore shares. The company offered a total of 30.99 lakh shares in the price band of ₹77–81 per share. The IPO was subscribed 3.9 times overall. The non-institutional investor (NII) category led the demand, with 7 times subscription. Qualified institutional buyers (QIBs) subscribed nearly 4 times, while the retail portion saw 2.5 times subscription. Ahead of the IPO opening, Vigor Plast raised ₹7.08 crore from anchor investors, allotting them 8.7 lakh shares.

Vigor Plast India, a Gujarat-based manufacturer of CPVC and UPVC pipes and fittings, decided to list on the NSE SME platform after a moderately subscribed IPO. The company's revenue increased by 8% from ₹42.52 crores in March 2024 to ₹46.02 crores in March 2025. However, its PAT declined by 76% from ₹2.93 crores to ₹5.15 crores. The company's revenue from operations in FY23 was ₹37.3 crore, which rose to ₹42.5 crore in FY24 and to ₹45.6 crore in FY25.

The fresh issue aimed to raise ₹20.24 crore, which the company plans to utilize for repaying certain borrowings, funding capital expenditure towards the development and construction of a new warehouse in Ahmedabad, Gujarat, and for general corporate purposes. Specifically, ₹11.39 crore is earmarked for repaying borrowings, and ₹3.8 crore is for the construction of the new warehouse in Ahmedabad.

The IPO allotment was expected on September 10, with shares credited to accounts on September 11 and listing on NSE SME on September 12. Investors could check the Vigor Plast India IPO allotment status on the registrar's website, Kfin Technologies Limited.