Dhaval Packaging IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 56.38x |
| NII | 75.35x |
| sNII (₹2L–₹10L) | 48.36x |
| bNII (above ₹10L) | 88.89x |
| Retail (RII) | 40.36x |
| Employee | 0.78x |
| Total | 49.99x |
Bidding day 5 · final figures at close of bidding: 6 Aug 2026, 6:30 pm IST
IPO Details
- Open Date
- 30 Jul 2026
- Close Date
- 3 Aug 2026
- Listing Date
- 6 Aug 2026
- Face Value
- ₹10
- Fresh Issue
- ₹34.54 Cr
- OFS
- ₹0 Cr
- Listing On
- BSE
- Registrar
- KFin Technologies (KFintech)
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,32,800 |
| HNI (Min) | 3 | 3,600 | ₹3,49,200 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 10,30,800 | 28.95% |
| QIB (ex-anchor) | 6,87,600 | 19.31% |
| NII | 5,17,200 | 14.53% |
| — sNII (< ₹10L) | 1,72,800 | 4.85% |
| — bNII (> ₹10L) | 3,44,400 | 9.67% |
| Retail | 12,04,800 | 33.84% |
| Employee | 1,20,000 | 3.37% |
| Total | 35,60,400 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 48.08 | 1.55 | 4.99 | 4.1 | 33.7 | 19.28 | — |
| FY 2025 | 52.43 | 6.04 | 10.22 | 20.16 | 47.89 | 16.55 | — |
| FY 2026 | 65.2 | 8.04 | 13.93 | 30.75 | 66.42 | 24.13 | 8.05 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 12.05x
- P/E (post-issue)
- 16.58x
- RoNW
- 31.58%
- RoE
- 31.58%
- RoCE
- 22.58%
- Debt / Equity
- 0.78
- EPS (pre-issue)
- ₹8.05
- EPS (post-issue)
- ₹5.85
- EBITDA Margin
- 21.41%
- PAT Margin
- 12.33%
- P/BV
- 3.16x
- NAV / share
- ₹30.7
- Market Cap
- ₹133.25 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Part finance the cost of establishing new manufacturing facility at Plot No. E – 552 in the Sanand – II Industrial Estate, Hirapur, Taluka Sanand, District Ahmedabad (“Proposed facility”) | ₹27.19 Cr |
| Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by our Company | ₹3.75 Cr |
| General corporate purposes | ₹1.51 Cr |
| Issue Expense | ₹3.85 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Book Running Lead Manager Fees | ₹0.3 Cr |
| Fees payable to Regulatory, Advertising and Marketing Expense | ₹0.16 Cr |
| Other Expense (including Legal Advisors and Processing Fees) | ₹0.12 Cr |
| Payment for Printing & distribution Expenses etc. | ₹0.01 Cr |
| Underwriting Fees | ₹3.27 Cr |
Promoters & Shareholding
Promoters: <p>Manish Nanalal Dagla, Dhaval Nanalal Dagla, Shah Aalpa Dipak, Jigar Harivadan Contractor, Jigar Manubhai Shah</p>
- Holding (pre-issue)
- 90.86%
- Holding (post-issue)
- 66.06%
- Dilution
- 24.8%
Documents
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| CARNELIAN AIF CATEGORY I TRUST-Scheme I | Other | 5,16,000 | ₹97 | 5.01 | 50.06% |
| SAINT CAPITAL FUND | Other | 2,05,200 | ₹97 | 1.99 | 19.91% |
| VVD EQUITY FUND | Other | 1,03,200 | ₹97 | 1 | 10.01% |
| JALAN CHEMICAL INDUSTRIES PVT.LTD. | Other | 1,03,200 | ₹97 | 1 | 10.01% |
| BLUE ASTER CAPITAL FUND P.C.C-BLUE ASTER CAPITAL MULTI ASSET FUND PROTECTED CELL | Other | 1,03,200 | ₹97 | 1 | 10.01% |
Anchor bidding took place on 29 Jul 2026. Anchor lock-in: 50% of shares unlock on 2 Sept 2026, the remainder on 1 Nov 2026.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Dhaval Packaging | 8.08 | 30.78 | — | 31.58% | — | Restated |
| Mold-Tek Packaging Limited | 21.93 | 199.79 | 31.38x | 10.98% | 3.46x | — |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Listing Performance
About the Dhaval Packaging IPO
The Dhaval Packaging SME IPO opens for subscription on 30 Jul 2026 and closes on 3 Aug 2026, offered at a price band of ₹92–97 per share, and is set to list on BSE. In total, the issue aims to mobilise ₹36.36 crore. Retail investors bid in lots of 1200 shares, a minimum application of ₹2,32,800.
Issue structure
The IPO is structured entirely as a fresh issue of ₹34.54 crore, so the full proceeds flow to the company to fund its stated objects of the issue.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward part finance the cost of establishing new manufacturing facility at plot no. e – 552 in the sanand – ii industrial estate, hirapur, taluka sanand, district ahmedabad (“proposed facility”) (₹27.19 crore), alongside issue expense (₹3.85 crore). In all, 4 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Dhaval Packaging reported revenue of ₹65.2 crore and a net profit of ₹8.04 crore. Revenue grew from ₹48.08 crore in FY2024 to ₹65.2 crore in FY2026 (+36.0%). Net worth stood at ₹30.75 crore at the end of FY2026. At the upper band, that puts the issue at roughly 12.0× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 16.58× post-issue earnings and 3.16× book value, against a return on net worth of 31.58% and a debt-to-equity ratio of 0.78. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Manish Nanalal Dagla, Dhaval Nanalal Dagla, Shah Aalpa Dipak, Jigar Harivadan Contractor, Jigar Manubhai Shah</p>. Promoter holding stands at 90.86% before the issue and comes down to 66.06% after listing.
Grey market premium (GMP)
In the unofficial grey market, Dhaval Packaging shares are quoted at a premium of ₹12 implying an expected listing around ₹109, about +12.4% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Dhaval Packaging IPO was subscribed 49.99 times overall. The strongest demand came from non-institutional investors (NII) at 75.35 times, with qualified institutional buyers (QIB) at 56.38× and retail investors at 40.36×.
Listing performance
Dhaval Packaging listed on 6 Aug 2026 at ₹110, a premium of +13.4% over the issue price of ₹97.
What to weigh
When evaluating the Dhaval Packaging IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Dhaval Packaging
Incorporated in 2015, Dhaval Packaging Ltd. designs, manufactures, and supplies plastic packaging solutions for both Indian and international markets. Its focus is on turning brand ideas into practical, high-quality packaging that can be easily produced at scale. It mainly serves food and FMCG sectors such as sweets, dairy, bakery, dry fruits, and ready-to-eat products. The Company follows strict international standards for quality, safety, and sustainability. It is certified under ISO 9001:2015 (Quality Management), ISO 14001:2015 (Environmental Management), and ISO 45001:2018 (Workplace Health and Safety). The company also holds ISO/IEC 17025:2017 certification for our testing laboratory, ensuring accurate testing and consistent product quality. Key Products: 1. IML (In-Mold Labeling) Containers: In this process, a printed label is placed inside the mold before plastic is formed, so the label becomes part of the container. This creates a strong, long-lasting finish that resists moisture, scratches, and chemicals. The company offers around 39 IML container SKUs and supplies many well-known Indian brands, along with exports to international customers. 2. SAW Pipe Protection Plastic End Caps: It manufactures plastic end caps used to protect the ends of pipes and tubes during storage and transport. These caps prevent damage, contamination, and corrosion. They are used across industries such as oil & gas, construction, infrastructure, and heavy engineering. Competitive Strengths: In-house IML Manufacturing with Automation Backward Integration Dual-Segment portfolio Experienced Promoters Customisation and Tooling Capability Long-standing Customer Relationships and Key-Account Execution
Dhaval Packaging — Contact Details
- Registered office
- Plot No. E 411,, GIDC, Sanand, Ahmedabad, Gujarat, 382110
- Phone
- 9898066258
- Website
- www.dhavalpackaging.com/
- Registrar (IPO queries)
- dhavalpack.ipo@kfintech.com
Frequently asked questions
- What is the Dhaval Packaging IPO price band?
- The Dhaval Packaging IPO price band is ₹92 to ₹97 per share, with a lot size of 1200 shares.
- What was the Dhaval Packaging IPO GMP before listing?
- The final grey market premium recorded before the Dhaval Packaging IPO listed was ₹12. The IPO listed on 6 Aug 2026 at ₹110, +13.4% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Dhaval Packaging IPO open and close?
- The Dhaval Packaging IPO opens on 30 Jul 2026 and closes on 3 Aug 2026.
- When is the Dhaval Packaging IPO allotment and listing date?
- Allotment is expected on 4 Aug 2026. The shares are scheduled to list on 6 Aug 2026 on BSE.
- How many times was the Dhaval Packaging IPO subscribed?
- The Dhaval Packaging IPO was subscribed 49.99 times in total across all investor categories.
- What is the reservation split in the Dhaval Packaging IPO?
- Of the total shares offered, retail investors get 33.84%, QIBs 19.31% (plus 28.95% anchor), non-institutional investors 14.53%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Dhaval Packaging and what is their holding?
- The promoters are <p>Manish Nanalal Dagla, Dhaval Nanalal Dagla, Shah Aalpa Dipak, Jigar Harivadan Contractor, Jigar Manubhai Shah</p>. Promoter holding is 90.86% before the issue and 66.06% after listing.
- What is the P/E ratio of the Dhaval Packaging IPO?
- At the upper price band, the Dhaval Packaging IPO is valued at 12.05× pre-issue earnings and 16.58× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Dhaval Packaging IPO?
- The net proceeds go primarily toward part finance the cost of establishing new manufacturing facility at plot no. e – 552 in the sanand – ii industrial estate, hirapur, taluka sanand, district ahmedabad (“proposed facility”), among 4 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Dhaval Packaging IPO?
- The book-running lead manager is Rarever Financial Advisors Pvt.Ltd.. KFin Technologies (KFintech) is the registrar to the issue.
- Is Dhaval Packaging a Mainboard or SME IPO?
- Dhaval Packaging is an SME IPO, listing on BSE (SME platform).