Vama Wovenfab Limited is an SME IPO raising ₹50 Cr at ₹324 – ₹341 a share. The smallest application you can make is 400 shares, costing ₹1,36,400 at the top of the band. Bidding closes on 17 Sept 2026 and the shares list on 22 Sept 2026. So far it has been subscribed 0.00× in total.
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 341-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 13 specific to this company; 494 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severeconcentrationpage 26
Extreme customer concentration - top buyer 63.68%
Our Company derives a substantial portion of its revenues from limited buyers who procure woven sacks and fabrics in bulk quantities. This model inherently exposes us to customer concentration risk...Customer 1 13,667.19 63.68%
Severefinancialpage 29
Negative operating cash flows in FY26 and FY25
Net cash flow from operating activities (631.47) (232.51) 692.94
the fair value of our Equity Shares has been determined at ₹72.00 per share. However, the Issue Price for the Equity Shares has been fixed at ₹71.86 per share and accordingly the subscription amount have been received...the filings made with the Registrar of Companies ("RoC") for the allotment of Equity Shares were based on the valuation price of ₹72.00 per share
Form PAS-3 was erroneously filed for further allotment of 20,02,533 equity shares... Form DPT-3 not filed for FY 2021-22, FY 2020-21, 2022-23... Company has not maintained cost records for FY 17-18, 18-19 and 19-20
Highoperationalpage 30
Manufacturing and revenue concentration in Daman
Our manufacturing facility is located in Daman, which exposes us to risks of concentration...Daman and Diu, and Dadra & Nagar Haveli 10,286.97 47.93%
Highregulatorypage 32
Operated without valid pollution consent for over a decade
The Company had previously obtained a Consent to Operate ("CTO") dated December 2, 2013, which was valid up to October 31, 2014. Following the expiry of the said consent, the Company submitted an application...fresh CTE under Application No. 2279827 dated August 25, 2025
Highoperationalpage 27
PP and HDPE raw material price volatility tied to crude oil
the prices of PP and HDPE are inherently linked to global crude oil benchmarks and feedstock costs...price fluctuations of 20–40% often observed within short durations due to volatility in international crude oil markets
Highmarketpage 27
Commoditised market with no long-term customer agreements
our transactions are governed by purchase orders, which do not provide assurance of minimum offtake or fixed pricing...customers may conveniently shift their sourcing to other manufacturers offering more favourable terms
Highregulatorypage 31
Persistent GST/TDS/PF statutory payment delays
We have delayed in depositing the GST, TDS, EPF/ESIC with the offices concerned of the departments on a few instances...2025-26 11 9 - 4 / 2024-25 12 12 - 6 / 2023-24 12 10 - 7
Highregulatorypage 38
Plastic product regulatory and sustainability risk
Our Company is engaged in the manufacture of woven packaging products primarily using PP and HDPE granules, both of which are petroleum-derived plastics... The Government has already introduced restrictions and phased bans on certain categories of single-use plastics, while actively promoting biodegradable and compostable alternatives.
Highoperationalpage 31
Capex from IPO proceeds - no firm orders placed
As on the date of this RHP, we have not placed order for construction and machinery to be procured. While we have procured quotations from various vendors...we have not placed any firm orders for any of them
Highoperationalpage 40
Sharp rise in employee attrition
The attrition rate of employees for FY 2026, FY 2025 and 2024 is 26.04 %, 28.43%, and 8.24% respectively.
Highpromoterpage 36
Restrictive loan covenants backed by promoter personal guarantees
For the financial year ended on March 31, 2026, 2025 and 2024 were Rs. 2,299.93 lakhs, Rs. 1,362.67 lakhs and Rs. 946.86 lakhs as secured short term loans... The credit facilities availed by our Company are secured by way of mortgage of fixed assets, hypothecation of current assets (both present and future), and personal guarantees given by our Promoter.
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹0.3 Cr.
Against
Criminal
Tax
Other material
Amount at stake
The company
3
12
0
₹0.3 Cr
Promoters
3
2
0
₹0.0 Cr
Directors
0
0
0
₹0.0 Cr
case₹0.2 Crpage 260
GST Summary Order (CGST/SGST/IGST) demand for FY 2020-21 against Vama Woven Fab Limited under Section 74 of GST Act (tax liability determined at ₹23,46,672); demand pending
case₹0.0 Crpage 259
Income Tax demand u/s 143(1)(a) for AY 2023-24 against Vama Woven Fab Limited for ₹2.05 lakhs (including accrued interest); pending/un-replied
casepage 257
Trans Express Logistic India Pvt Ltd vs Vama Wovenfab Pvt Ltd & Suresh Gupta – Complaint Case 45814/2019, Section 138 NI Act (cheque dishonour) before Metropolitan Magistrate Court, Calcutta; pending at E/R of Warrant stage
Amounts converted from lakhs to crore (1 crore = 100 lakhs). All 3 criminal Section 138 NI Act cases name both Vama Wovenfab Pvt Ltd and promoter Suresh Gupta, hence counted against both company and promoters. Vaibhav Suresh Gupta and Saurabh Suresh Gupta appear in both 'Promoters and Directors' and 'KMP' tax lists with identical cases (same demand notices). Company tax amount = ₹3.42L (IT outstanding) + ₹23.47L (GST) + ₹2.15L (TDS) = ₹29.04L = ₹0.2904 cr. Promoters/Directors tax amount = ₹0.90L + ₹0.03L = ₹0.93L = ₹0.0093 cr. Grand total = ₹29.97L = ₹0.2997 cr. No subsidiaries, associate or group companies exist. No other material civil/regulatory/SEBI disciplinary proceedings.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.