The Dhaval Packaging IPO opened for subscription on July 30 and achieved 26% subscription by 12:49 IST on Day 1, with the retail portion subscribed at 25% and non-institutional investors (NII) portion booked at 70%. As per LiveMint, the company received bids for 6,62,400 shares against 25,29,600 shares on offer, while the employee portion has been subscribed at 2% and qualified institutional buyers (QIBs) remain unsubscribed. The grey market premium (GMP) stands at ₹8, indicating an estimated listing price of ₹105 per share, which represents an 8.25% premium over the IPO price of ₹97.
The ₹36.36-crore initial public offering by the packaging solutions provider will open for public subscription on July 30 and close on August 3. According to The Economic Times, the price band for the book-built issue has been fixed at ₹92-97 per share, with a face value of ₹10 per share, valuing the company at ₹133.2 crore. The allocation structure includes 17,18,400 shares (49.95%) for QIBs, 5,17,200 shares (15%) for HNI investors, and 12,04,800 shares (35%) for retail investors. The lot size is set at 1,200 shares, with retail investors requiring a minimum investment of ₹2,32,800 (2,400 shares) and HNI investors needing ₹3,49,200 (3,600 shares). The allotment is expected to be finalized on August 4, with shares scheduled to list on the BSE SME platform on August 6.
A total of five investors participated in the anchor book of Dhaval Packaging's IPO on Wednesday, July 29, acquiring 10.3 lakh shares worth ₹9.99 crore at the upper end of the price band. According to reports from Moneycontrol, Saint Capital Fund emerged as the largest anchor investor, purchasing 2.05 lakh shares worth ₹1.99 crore. Carnelian Asset Management and Carnelian AIF Category I Trust - Scheme 1 acquired 5.16 lakh shares worth ₹5 crore, while VVD Equity Fund, Jalan Chemical Industries, and Blue Aster Capital Fund each purchased 1.03 lakh shares worth ₹1 crore each. Carnelian AIF Category I Trust – Scheme 1 alone accounted for nearly half of the total anchor allocation, signalling strong investor confidence ahead of the public issue.
Incorporated in 2015, Dhaval Packaging manufactures rigid plastic packaging products used across food and FMCG industries, catering to segments such as sweets, dairy products, dry fruits, bakery items, and other packaged food categories while also serving export markets. According to The Economic Times, the company operates three manufacturing facilities at Sanand spread across more than 60,000 sq. ft. of manufacturing area, equipped with 21 injection moulding machines and one vacuum forming machine with a production capacity of approximately 8,400 kg per day. The company serves customers across food, dairy, confectionery, FMCG, pharma, construction, infrastructure, oil & gas, automotive, paint & coatings, and chemical & petrochemical sectors. For the financial year ended March 2026, the company reported revenue of ₹65 crore, up 24.4% year-on-year, with EBITDA increasing 36.2% to ₹13.9 crore and profit after tax rising 33% to ₹8 crore. The company expanded its export footprint by entering the Australian market and introduced a stackable tin-plastic hybrid packaging solution for premium food applications.
As reported by The Economic Times, the company plans to utilize ₹27.19 crore from the IPO proceeds to fund capacity expansion at its manufacturing facility at Sanand-II Industrial Estate, with ₹3.75 crore allocated for loan repayment and the remaining proceeds for general corporate purposes. The fresh capital raised through the IPO will largely support the company's expansion plans and strengthen its position in the competitive packaging solutions market. Rarever Financial Advisors Private Limited serves as the book-running lead manager, while KFin Technologies Limited acts as the registrar and New Berry Capitals Private Limited has been appointed as the market maker for the issue.
