Utkal Speciality Industries India IPO
smelistedAbout the company
Incorporated in 2015, Utkal Speciality Industries India is engaged in production of paper-based products and packaging materials, supplying a long range of items that serve the needs across various customer segments. Its product portfolio consists of paper-based alternatives required for everyday use as well as special occasions, matching with consumer preferences for sustainable and convenient options. Its focus has been on developing practical solutions that match with consumer needs, enabling it to establish a presence within the sector and maintain consistent engagement with its customer base. The company also generates revenue through trading of key raw materials. First is polyethylene - This is a polymer which is purchased from multinational companies and second one is Corrugated Boxes – the company has many small manufacturers who purchase their primary raw material from the company and produce paper cups and plates. The company serves a wide range of customers, including smaller manufacturers as well as end retailers who distribute its paper-based products and packaging materials. Its B2C customers are typically small retailers, including those with retail shops, cloud kitchens, and similar businesses. 100% revenue comes from the domestic markets in 9MFY26 in which South India contributed ~49% of revenue. Its 97.5% revenue was produced by the paper products segment and 2% by trading in 9MFY26. Its B2B revenue made up in 9MFY26 was 94% as well as 6% by B2C. Revenue made by Odisha, West Bengal and Andhra Pradesh was ~ 77% in 9MFY26. Coated rolls (wall, bottom & speciality multilayered), coated sheets (Blanks/Fans/Circles) and paper cups, glasses, plates and bowls contributed most of the revenue (83%) in 9MFY26.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 08 Jun | ₹0 | ₹66 | 0 |
Strengths
- Operates in the specialty chemicals and industrial materials segment with applications across multiple industries
- Diversified product portfolio catering to varied customer requirements
- Established customer relationships and repeat business from existing clients
- Experienced management team with industry expertise
- Focus on quality control and process efficiency
- Growing demand for specialty products from domestic industrial sectors
- Strategic use of IPO proceeds for business expansion and operational growth
- Potential to benefit from increasing import substitution and domestic manufacturing initiatives
Risks
- Business performance is sensitive to fluctuations in raw material prices
- Intense competition from domestic and international players
- Dependence on a limited number of key customers may impact revenue stability
- Any slowdown in end-user industries could affect demand for products
- Regulatory and environmental compliance requirements may increase costs
- Working capital-intensive operations can put pressure on cash flows
- Profit margins may be affected by volatility in input costs
- Customer concentration and order fluctuations can impact earnings visibility
- SME-listed stock may witness lower liquidity and higher price volatility after listing
- Expansion plans may face execution and operational risks if not implemented efficiently
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed10 Jun 2026Bidding starts for all investor categories
IPO Closes
Completed12 Jun 2026Last day to place your bid
Basis of Allotment
Completed15 Jun 2026Share allotment finalised
Refund Initiation
Completed16 Jun 2026Refunds credited for non-allottees
Credit to Demat
Completed16 Jun 2026Allotted shares credited to demat account
Listing on Exchange
Completed17 Jun 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 | 2000 | ₹132,000 | 1 | ₹132,000 | 1 lot only |
| HNI | 2 | 4000 | ₹264,000 | 2 | ₹264,000 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 2,734,375 | 17.5 | 0 | 0.00x | 100% |
| NII | 15% | 820,313 | 5.25 | 1,107,423 | 1.35x | 74.1% |
| Retail | 35% | 1,914,063 | 12.25 | 535,938 | 0.28x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
