Aritas Vinyl IPO
Market Sentiment
IPO Details
IPO Reservation
Financial Analysis
| Metric | 2023 | 2024 | 2025 | August 2025 |
|---|---|---|---|---|
| Revenue | 51.42 | 69.25 | 98.02 | 40.58 |
| Expense | 50.20 | 67.22 | 92.96 | 37.60 |
| Profit (PAT) | 0.99 | 1.67 | 4.13 | 2.42 |
| Total Assets | 57.95 | 76.12 | 95.26 | 98.25 |
| Company | P/E | EPS | Market Cap (Cr) |
|---|---|---|---|
| Mirza International Limited | 39.71 | 0.93 | -1 |
| Amin Tannery Limited | 58.67 | 0.03 | 2 |
Promoters: Mr. Anilkumar Prakashchandra Agrawal, Mr. Sanjaykumar Kantilal Patel, Mr. Ankit Anilbhai Agrawal, Mr. Mohit Ashokkumar Agrawal, Mr. Rohit Dineshbhai Agrawal, Mr. Rutvik Patel and Mr. Shubham Sunilbhai Agrawal
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 1,26,90,080 | 47.22% |
| Promoter Holding Post Issue | 1,96,88,680 | 27.99% |
Company Information
Aritas Vinyl Private Limited, founded in 2020, is one of the leading companies involved in the manufacturing of technical textiles. The company utilizes the latest technology, known as Transfer Coating Technology, to produce artificial leather, also referred to as PU Synthetic leather, and PVC-coated leather. Aritas Vinyl manufactures Artificial leather to cater to the automotive, fashion, and interior design industries. Unlike firms that produce animal leathers, Aritas has been known to offer synthetic leather, following the sustainable and environmentally friendly approach. Its product portfolio consists of Automotive upholstery, material used to cover vehicle interiors, fashion accessories like bags, wallets, laptop sleeves, and purses, and interior design for wall coverings and furniture. The company sells its products through distributors, wholesalers, manufacturers, and supplies to foreign countries like Greece, Oman, the UAE, Sri Lanka, the USA, and SEZs as well.
| Purpose | Amount (Cr) |
|---|---|
| Capital Expenditure for Solar Power Project | 4.26 |
| Working Capital | 20.45 |
| General Corporate Purpose | - |
Resources & Documents
Aritas Vinyl Ltd., Survey No. 1134,, Near Elegant Vinyl Private Limited,, Daskroi,, Ahmedabad, Gujarat, 382430
Aritas Vinyl has set a price band of Rs 45–Rs 47 per share in the vinyl manufacturing sector. The stock listed with a 5.00% discount versus its issue price on January 23, 2026.
Aritas Vinyl Private Limited, founded in 2020, is one of the leading companies involved in the manufacturing of technical textiles. The company utilizes the latest technology, known as Transfer Coating Technology, to produce artificial leather, also referred to as PU Synthetic leather, and PVC-coated leather. The company operates in the vinyl manufacturing space.
The issue is promoted by Mr. Anilkumar Prakashchandra Agrawal, Mr. Sanjaykumar Kantilal Patel, Mr. Ankit Anilbhai Agrawal, Mr. Mohit Ashokkumar Agrawal, Mr. Rohit Dineshbhai Agrawal, Mr. Rutvik Patel and Mr. Shubham Sunilbhai… with Interactive Financial Services Ltd. acting as lead manager. Net proceeds will primarily be used towards Capital Expenditure for Solar Power Project (Rs 4 crore) and Working Capital (Rs 20 crore).
Final subscription data records overall subscription at 2.27x, retail at 2.88x, QIB at 1.00x, NII at 1.37x.
On fundamentals, the company is posting revenue growth of 41.6%, a profit margin of 4.2%, return on equity of 31.2% in its most recent reported period. Listed peers in this segment include Amin Tannery Limited (P/E 58.67x, market cap Rs 2 crore) and Mirza International Limited (P/E 39.71x, market cap Rs -1 crore) — useful reference points when evaluating the issue's pricing relative to where the broader sector are trading.
Our data-driven engine currently flags this issue as an Avoid view — key indicators are weak enough that the risk-reward looks unfavourable for now. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Understanding Grey Market Premium (GMP)
The Grey Market Premium (GMP) is an unofficial indicator of how an IPO's shares are trading in the grey market before they are officially listed on a stock exchange. It reflects investor sentiment and demand for the IPO shares ahead of listing day.
How does it work? The grey market is an informal, over-the-counter market where investors buy and sell IPO shares before the official listing date. If an IPO has a positive GMP, it suggests that investors expect the stock to list above its issue price. A negative GMP indicates expectations of a listing below the issue price.
Example: If an IPO has an issue price of ₹100 and the GMP is ₹50, the expected listing price would be approximately ₹150 (issue price + GMP). This translates to an estimated listing gain of 50%.
Factors that influence GMP:
- Subscription levels — Higher subscription typically drives GMP up
- Market conditions — Bullish markets tend to boost GMP across all IPOs
- Company fundamentals — Strong financials and growth potential attract premium
- Industry sentiment — Positive outlook for the sector can increase demand
- IPO pricing — Reasonably priced IPOs relative to peers tend to command higher GMP
Disclaimer: GMP is an unofficial metric from the grey market and is not regulated by SEBI or any stock exchange. GMP values fluctuate frequently and should not be the sole basis for investment decisions. Always consider company fundamentals, financial health, and your own risk appetite before investing in any IPO.
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