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IPO Open

Thu, Jul 30, 2026

IPO Close

Mon, Aug 3, 2026

Price Band

₹92 to ₹97

Market Cap (Pre-IPO)

₹133.25 Cr

IPO Details

  • IPO Date
    30 Jul to 3 Aug, 2026
  • Listing Date
    Thu, Aug 6, 2026
  • Face Value
    ₹10 per share
  • Price Band
    ₹92 to ₹97
  • Lot Size
    1,200 Shares
  • Sale Type
    Fresh capital only
  • Issue Type
    Bookbuilding IPO
  • Listing At
    BSE SME
  • Total Issue Size
    37,48,800 shares (agg. up to ₹36 Cr)
  • Reserved for Market Maker
    1,88,400 shares (agg. up to ₹2 Cr)
  • Fresh Issue (Ex Market Maker)
    35,60,400 shares (agg. up to ₹35 Cr)
  • Net Offered to Public
    35,60,400 shares (agg. up to ₹35 Cr)
  • Share Holding Pre Issue
    99,88,000 shares
  • Share Holding Post Issue
    1,37,36,800 shares

IPO Timetable (Tentative)

  • IPO Open
    Thu, Jul 30, 2026
  • Allotment
    Tue, Aug 4, 2026
  • Credit of Shares
    Wed, Aug 5, 2026
  • IPO Close
    Mon, Aug 3, 2026
  • Refund
    Wed, Aug 5, 2026
  • Listing
    Thu, Aug 6, 2026

Issue Reservation

Investor Category Shares Offered
QIB Shares Offered Not more than 50% of the Net Issue
Retail Shares Offered Not less than 35% of the Net Issue
NII Shares Offered Not less than 15% of the Net Issue

IPO Lot Size

Investors can bid for a minimum of 2,400 shares and in multiples of 1,200 shares thereof.

Application Lots Shares Amount
Individual investors (IND) (Min) 2 2,400 ₹2,32,800
Individual investors (IND) (Max) 2 2,400 ₹2,32,800
S-HNI (Min) 3 3,600 ₹3,49,200
S-HNI (Max) 8 9,600 ₹9,31,200
B-HNI (Min) 9 10,800 ₹10,47,600
Employee (Min) 2 2,400 ₹2,32,800
Employee (Max) 4 4,800 ₹4,65,600

IPO Subscription Details

Investor Category Reservations

Application Category Bidding Limits
Only Individual investor (retail) 2 lots
Only sNII 3 lots – 8 lots
Only bNII 9 lots and above
Only employee 2 lots – 4 lots
Employee + RII/NII
  • 1. Employee limit: 2 lots – 4 lots AND
  • 2. If applying as RII: 2 lots OR
  • 2. If applying as sNII: 3 lots – 8 lots OR
  • 2. If applying as bNII: 9 lots and above

* Bidding at cut-off price is not allowed for any category

About Dhaval Packaging Ltd.

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

Company Financials (Restated Consolidated)

(Amount in ₹ Crore)

Period Ended 31 Dec 2025 31 Mar 2025 31 Mar 2024 31 Mar 2023
Assets 64.69 47.89 33.70 29.27
Total Income 51.73 52.43 48.08 43.14
Profit After Tax 5.86 6.04 1.55 0.51
EBITDA 10.20 10.22 4.99 2.59
NET Worth 28.56 20.16 4.10 2.55
Reserves and Surplus 18.58 17.75 2.10 0.55
Total Borrowing 23.66 16.55 19.28 14.04

Recently Listed IPOs in Packaging

Company Issue Type Issue Size Issue Price PE Ratio Listing Day Close Listing Gain/Loss % LTP
Diksha Polymers Ltd. SME ₹17.90 Cr ₹112 9.79 ₹120.20 +7.32% ₹119.00 (+0.00%)
RFBL Flexi Pack Ltd. SME ₹35.33 Cr ₹50 9.75 ₹55.10 +10.20% ₹88.00 (+1.15%)
Ecoline Exim Ltd. SME ₹76.42 Cr ₹141 12.12 ₹140.50 -0.35% ₹199.00 (+1.02%)

IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

  • # Issue Objects
    Est Amt (₹ Cr.)
  • 1 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
  • 2 Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by our Company
    3.95
  • 3 General corporate purposes
  • Total
    31.14

Key Performance Indicator (KPI)

KPI Dec 31, 2025 Mar 31, 2026
ROE 24.03% 31.58%
ROCE 17.40% 22.58%
Debt/Equity 0.83 0.78
RoNW 24.03% 31.58%
PAT Margin 11.32% 12.33%
EBITDA Margin 19.77% 21.41%
Price to Book Value 3.16
Check IPO Peer Comparison here.
Pre IPO Post IPO
EPS (₹) 6.05 5.68
P/E (x) 16.03 17.08
Promoter Holding 90.87%
Market Cap ₹133.25 Cr.
Manish Nanalal Dagla, Dhaval Nanalal Dagla, Shah Aalpa Dipak, Jigar Harivadan Contractor and Jigar Manubhai Shah
  • The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
  • The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2025 available in RHP.
  • The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of December 31, 2025 available in RHP.

IPO Registrar

Kfin Technologies Ltd.

IPO Lead Manager(s)

  1. Rarever Financial Advisors Pvt.Ltd.  (Past IPO Performance)

Lead Manager Reports

  • Lead Manager Performance Summary
  • Lead Manager Performance Tracker

Contact Details

Dhaval Packaging Ltd. Address
Plot No. E 411, GIDC,
Sanand
Ahmedabad, Gujarat, 382110

IPO FAQs

Dhaval Packaging IPO is a SME IPO of 37,48,800 equity shares of the face value of ₹10 aggregating up to ₹36 Crores. The issue is priced at ₹92 to ₹97. The minimum order quantity is 1200.

The IPO opens on Thu, Jul 30, 2026, and closes on Mon, Aug 3, 2026.

Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.

Angel One customers can apply online in Dhaval Packaging IPO using UPI as a payment gateway. Angel One customers can apply in Dhaval Packaging IPO by login into Angel One  Console (back office) and submitting an IPO application form.

Steps to apply in Dhaval Packaging IPO through Angel One

Visit the Angel One website and login to Console.
Go to Portfolio and click the IPOs link.
Go to the ‘Dhaval Packaging IPO’ row and click the ‘Bid’ button.
Enter your UPI ID, Quantity, and Price.
Submit IPO application form.
Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Angel One IPO Application Process Review for more detail.

The Dhaval Packaging IPO opens on Thu, Jul 30, 2026 and closes on Mon, Aug 3, 2026.

Dhaval Packaging IPO lot size is 1200, and the minimum amount required for application is ₹2,32,800, with 2 lots being the minimum application size.

You can apply in Dhaval Packaging IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Angel One, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.

The finalization of Basis of Allotment for Dhaval Packaging IPO will be done on Tuesday, August 4, 2026, and the allotted shares will be credited to your demat account by Wed, Aug 5, 2026. Check the Dhaval Packaging IPO allotment status.

The Dhaval Packaging IPO listing date is not yet announced. The tentative date of listing is Thu, Aug 6, 2026.

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