Dhaval Packaging IPO
smelistedAbout the company
Incorporated in November 2015, Dhaval Packaging designs, produces, and delivers plastic consumer packaging products to the domestic and global markets in the categories of sweets, dairy, dry fruits, and bakery. The company operates in two product categories: IML (In-Mould Labelling) Containers and SAW (Submerged Arc Welded) Pipe Protection Plastic Caps (End Caps). The company operates three manufacturing units in GIDC, Sanand, Ahmedabad, equipped with 21 injection-moulding machines (with robotic arms) and 1 vacuum-forming machine, with a combined installed capacity of more than 8,000 kg/day. IML production is fully in-house and backed by backward integration through Octa Labels, a promoter group entity, ensuring consistent label supply, tighter colour control, faster artwork-to-line turnaround, and stronger traceability. In FY26, IML containers contributed 73% of revenue and end caps contributed 26.9% of revenue. The main raw materials are plastic granules (HDPE, PP, LDPE), masterbatch, IML label films (BOPP/PP), liners and corrugated boxes. These are procured from local sources (93.2%) and from imports (6.7%), which include custom moulds from China. The top 10 customers contributed 51.27% to the revenue in FY26 and the repeat orders contributed ₹47.92 crore of the total revenue in FY26.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 03 Aug | ₹5 | ₹102 | -6 |
| 02 Aug | ₹11 | ₹108 | 0 |
| 01 Aug | ₹11 | ₹108 | -1 |
| 31 Jul | ₹12 | ₹109 | -3 |
| 30 Jul | ₹15 | ₹112 | +3 |
| 29 Jul | ₹12 | ₹109 | +4 |
| 28 Jul | ₹8 | ₹105 | +8 |
| 27 Jul | ₹0 | ₹97 | 0 |
Strengths
- Integrated manufacturing capabilities with advanced In-Mold Labeling (IML) technology and automated production systems.
- Strong presence in the food-grade plastic packaging industry with a diversified product portfolio.
- Healthy financial performance with improving profitability and a high return on net worth.
- Expansion through a new manufacturing facility is expected to enhance production capacity.
- Long-standing customer relationships backed by quality certifications and manufacturing expertise.
- Certified under international quality, environmental, and occupational safety standards.
- Well-positioned to benefit from growing demand for sustainable and premium food packaging solutions.
Risks
- Significant dependence on the food packaging industry for revenue.
- Operations are concentrated at manufacturing facilities in Gujarat, exposing the business to regional risks.
- Delay in commissioning the new manufacturing facility could impact future growth.
- Business is exposed to fluctuations in plastic resin and other raw material prices.
- Faces intense competition from organized and unorganized packaging manufacturers.
- Compliance with stringent food safety and environmental regulations is critical.
- Any slowdown in demand from food and FMCG customers may affect revenue growth.
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed30 Jul 2026Bidding starts for all investor categories
IPO Closes
Completed03 Aug 2026Last day to place your bid
Basis of Allotment
Completed04 Aug 2026Share allotment finalised
Refund Initiation
Completed05 Aug 2026Refunds credited for non-allottees
Credit to Demat
Completed05 Aug 2026Allotted shares credited to demat account
Listing on Exchange
Completed06 Aug 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 1200 | ₹116,400 | 1 | ₹116,400 | 1 lot only |
| HNI | 2 | 2400 | ₹232,800 | 2 | ₹232,800 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 1,904,762 | 18 | 0 | 0.00x | 100% |
| NII | 15% | 571,429 | 5.4 | 1,771,430 | 3.10x | 32.3% |
| Retail | 35% | 1,333,333 | 12.6 | 760,000 | 0.57x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
