Twinkle Papers IPO
smeupcomingAbout the company
Incorporated in 1995, Twinkle Papers is the manufacturer of corrugated boxes and polymer-based moulded packaging products. The company manufactures a wide range of packaging and material handling products, including corrugated boxes, plastic pallets, crates, HDPE cans, poly jars, jerry cans, drums, polythene sheets, poly bags and plastic chairs. The plastic products are made using advanced technologies like blow moulding, injection moulding, and rotational moulding. These are mainly used in industries such as food, dairy, construction chemicals, pharmaceuticals, textiles, and more. Key raw materials include kraft paper, starch powder, and stitching wire for corrugated boxes, and chemicals, granules (HDPE/LLDPE), rings, rubber, and steel strips for plastic products. Granules form the largest raw material cost, accounting for 85.28% of domestic purchases in 9MFY26 and 83.58% in FY25. In 9MFY26, drums/cans/polyjars/jerry cans contributed 40.67% of revenue, followed by pallets at 28.67%, corrugated boxes at 24.07%, crates at 5.13%, and polythene sheets/bags at 1.46%. All sales are routed through dealers/traders, with no exclusive dealership arrangements in place. The company has three manufacturing facilities which all are situated in Jitwal Kurd, Ahmedgarh, and Malerkotla, Punjab. It also maintains an owned storage facility of 60,000 sq m within its factory premises in Punjab, with capacity for 20,000 standard pallets and 12,000 rack positions. Corrugated boxes contributed ~24.07% in 9MFY26. Punjab continues to dominate in the company's revenue with an 88.8% contribution in 9MFY26, followed by Haryana at 3.3% and Uttar Pradesh at 2.5%. Average capacity utilisation for 9MFY26 across all divisions was 79.40%. Among divisions, HDPE/LLDPE plastic had the highest utilisation at 85%, and the polythene sheet division had the lowest utilisation of 72.2% in 9MFY26.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 04 Sep | ₹2 | ₹71 | +1 |
| 03 Sep | ₹1 | ₹70 | 0 |
| 02 Sep | ₹1 | ₹70 | -1 |
| 01 Sep | ₹2 | ₹71 | 0 |
| 31 Aug | ₹2 | ₹71 | -1 |
| 30 Aug | ₹3 | ₹72 | +1 |
| 29 Aug | ₹2 | ₹71 | +1 |
| 28 Aug | ₹1 | ₹70 | 0 |
Strengths
- Established presence in the paper and packaging industry.
- Diversified product portfolio catering to multiple end-use sectors.
- Strong relationships with customers and suppliers.
- Focus on quality standards and operational efficiency.
- Experienced management team with industry expertise.
- Growing demand for paper-based packaging solutions.
- Strategic manufacturing capabilities supporting scalable operations.
- Opportunity to benefit from increasing preference for sustainable packaging materials.
Risks
- Business performance is dependent on the availability and pricing of raw materials.
- Exposure to fluctuations in paper and packaging industry demand.
- Intense competition from organized and unorganized players.
- Dependence on a limited number of key customers for a portion of revenue.
- Rising energy, transportation, and production costs may affect profitability.
- Regulatory and environmental compliance requirements could increase operating expenses.
- Economic slowdowns may impact demand from end-user industries.
- Any disruption in manufacturing operations could adversely affect business performance.
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
UpcomingTBABidding starts for all investor categories
IPO Closes
UpcomingTBALast day to place your bid
Basis of Allotment
UpcomingTBAShare allotment finalised
Refund Initiation
UpcomingTBARefunds credited for non-allottees
Credit to Demat
UpcomingTBAAllotted shares credited to demat account
Listing on Exchange
UpcomingTBAShares 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 | 2000 | ₹138,000 | 1 | ₹138,000 | 1 lot only |
| HNI | 2 | 4000 | ₹276,000 | 2 | ₹276,000 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 2,105,263 | 14 | 0 | 0.00x | 100% |
| NII | 15% | 631,579 | 4.2 | 6,316 | 0.01x | 100% |
| Retail | 35% | 1,473,684 | 9.8 | 250,526 | 0.17x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
Date-wise daily subscription (all categories)
| Date / Day | Retail (x) | QIB (x) | NII (x) | EMP (x) | OTHER (x) | Total (x) | Total |
|---|---|---|---|---|---|---|---|
04 Sep Day 1 | 0.02x | 0.00x | 0.00x | 0.00x | 0.00x | 0.02x | 0.04x |
Date-wise cumulative subscription figures per category, refreshed each bidding day.