Dhaval Packaging Limited

Here is the complete overview of Dhaval Packaging Limited IPO, covering company fundamentals, issue schedule, subscription status, and Grey Market Premium (GMP).

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1. Company Overview & Business Profile

Founded in 2015 and headquartered in Sanand (Gujarat), Dhaval Packaging Limited is an Indian packaging solutions provider specializing in plastic packaging for domestic and international markets.

  • Core Product Segments:

    1. In-Mold Labelling (IML) Containers: Customized packaging solutions for food and FMCG categories, including sweets, dairy, dry fruits, and bakery items.

    2. SAW Pipe Protection Caps: Plastic protection caps engineered for industrial piping applications.

  • Manufacturing Facilities: Operates primarily out of GIDC, Sanand in Ahmedabad, Gujarat.

  • Objects of the Issue: The proceeds from the fresh issue (~₹36.36 Crore) will be utilized toward:

    1. Setting up a new manufacturing unit at Sanand–II Industrial Estate, Ahmedabad (~Plot E-552).

    2. Full or partial repayment/prepayment of outstanding secured debt.

    3. General corporate purposes.

2. Key Company Fundamentals & Financial Highlights

The company has shown strong multi-year top-line and bottom-line growth, backed by high return ratios:

Metric / Financial Indicator FY2023 FY2024 FY2025 FY2026
Total Income ₹43.14 Cr ₹48.08 Cr ₹52.43 Cr ₹65.20 Cr
Profit After Tax (PAT) ₹0.51 Cr ₹1.55 Cr ₹6.04 Cr ₹8.04 Cr
EBITDA ₹2.59 Cr ₹4.99 Cr ₹10.22 Cr —
Net Worth — — — ₹28.56 Cr

Key Ratios & Valuation Parameters

  • Post-Issue P/E Ratio: ~17.08x (at upper price band of ₹97)

  • Return on Equity / RoNW: ~24.03%

  • Return on Capital Employed (ROCE): ~17.40%

  • Strengths: Established client relationships across food and industrial packaging, specialized in-house design capabilities.

  • Risks: Operational dependence on a single manufacturing geography (Gujarat) and reliance on unhedged raw material costs (plastic polymers).

3. IPO Key Details & Schedule

  • IPO Price Band: ₹92 to ₹97 per equity share

  • Total Issue Size: ₹36.36 Crore (100% Fresh Issue of 37,48,800 shares)

  • Listing Exchange: BSE SME Platform

  • Market Lot Size: 1,200 shares per lot

  • Minimum Retail Investment: 2 lots (2,400 shares) = ₹2,32,800 (at upper price band)

  • Lead Manager: Rarever Financial Advisors Pvt. Ltd.

  • Registrar: KFin Technologies Limited

Important Dates Schedule

  • IPO Open Date: July 30, 2026

  • IPO Close Date: August 3, 2026

  • Basis of Allotment: August 4, 2026

  • Initiation of Refunds / Credit to Demat: August 5, 2026

  • Tentative Listing Date: August 6, 2026

4. Subscription Status

  • Status: The bidding window opens on July 30, 2026.

  • Reservation buckets: 50% for Qualified Institutional Buyers (QIB), 15% for Non-Institutional Investors (NII), and 35% for Retail Individual Investors (RII). Bidding metrics will track live across these segments over the 3-day issue duration.

5. Grey Market Premium (GMP)

  • Current Live GMP: ₹0 (No active grey market trades recorded yet)

  • Estimated Indicative Listing Price: ₹97 per share (Equal to the upper issue price cap)

Note: Grey market activity remains muted ahead of the subscription opening on July 30. Retail interest in SME issues typically responds to overall subscription momentum during the bidding days.

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