Twinkle Papers IPO

The Twinkle Papers SME IPO runs from 29 Jun 2026 to 1 Jul 2026, offered at a price band of ₹64–69 per share, and is set to list on BSE. The company is looking to raise ₹26.14 crore through the offer. Retail investors bid in lots of 2000 shares, a minimum application of ₹2,76,000.

Issue structure

The IPO is structured entirely as a fresh issue of ₹26.14 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 to meet the working capital requirements of the company (₹8 crore), alongside to repayment of portion of loans availed by the company (₹7 crore). In all, 4 objects are disclosed — the full break-up is in the table above.

Financials

In FY2025, Twinkle Papers reported revenue of ₹73.13 crore and a net profit of ₹5.4 crore. Revenue grew from ₹54.96 crore in FY2023 to ₹73.13 crore in FY2025 (+33.0%). Net worth stood at ₹24.94 crore at the end of FY2025.

Valuation

At the upper band, the issue is priced at 14.52× post-issue earnings and 3.94× book value, against a return on net worth of 21.66% and a debt-to-equity ratio of 2.15. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including Prima Plastics Ltd and Pyramid Technoplast Limited, with a median peer P/E of about 39.5×. The issue's own post-issue P/E works out to 14.52×.

Promoters

The promoters of the company are Amit Jain, Ayush Jain and Ruchi Jain. Promoter holding stands at 98.99% before the issue and comes down to 72.94% after listing.

Grey market premium (GMP)

In the unofficial grey market, Twinkle Papers shares are quoted at a premium of ₹2 implying an expected listing around ₹71, about +2.9% 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 Twinkle Papers IPO was subscribed 0.24 times overall. The strongest demand came from qualified institutional buyers (QIB) at 2.09 times, with non-institutional investors (NII) at 0.02× and retail investors at 0.26×.

What to weigh

When evaluating the Twinkle Papers 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 Twinkle Papers

Twinkle Papers Limited , incorporated on September 27, 1995, is engaged in the manufacturing of packaging and material handling solutions for a wide range of industries. The company produces corrugated packaging products as well as polymer-based molded products designed to meet diverse industrial packaging and storage requirements. The company utilizes advanced manufacturing technologies such as blow molding, injection molding, and rotational molding to produce high-quality plastic packaging and handling products. Its offerings cater to customers across sectors including food & beverages, dairy, pharmaceuticals, construction chemicals, textiles, healthcare, and industrial manufacturing. Twinkle Papers markets its products under the "Twinkle" brand and offers a diversified product portfolio comprising: Corrugated boxes and packaging solutions Multi-color printed fiberboard cartons HDPE drums and jerry cans Plastic crates and industrial pallets Molded plastic furniture Waste management bins and dustbins The company also manufactures a variety of industrial packaging components, including lids, handles, pallets, drums, jerry cans, and other ancillary products. Production primarily utilizes HDPE and LLDPE plastic granules, enabling the company to serve customers across industries such as food processing, healthcare, chemicals, textiles, refineries, and consumer goods. Supported by an in-house research and development team, the company collaborates closely with customers to develop customized polymer-based packaging solutions tailored to their specific requirements. Its manufacturing facilities operate under quality management systems compliant with ISO 9001:2015 standards, reflecting its commitment to product quality and operational excellence. As of January 31, 2025, Twinkle Papers Limited employed 302 personnel across its manufacturing, technical, administrative, and support functions. Key Competitive Strengths Experienced management team and skilled workforce with strong industry expertise. Track record of consistent financial growth and operational performance. Expanding and diversified customer base across multiple industries. Scalable business model supported by integrated manufacturing capabilities. Promoters and senior management possessing extensive domain knowledge and execution experience.