Dhaval Packaging Limited IPO
Registrar: KFIN TECHNOLOGIES LIMITED · Lead: RAREVER FINANCIAL ADVISORS PRIVATE LIMITED · Listing on BSE
IPO Lot Size
1200 shares / lot · ₹97 upper bandInvestors can bid for a minimum of 1200 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,32,800 |
| Retail (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 |
About the company
Dhaval Packaging Limited, incorporated in November 2015 and converted to a public company in October 2025, designs, manufactures, and supplies plastic packaging solutions for domestic and international markets. The company's core philosophy is to translate brand intent into manufacturable and scalable packaging solutions for food and FMCG categories, enhancing shelf presence, product integrity, and reliable customer throughput.
The company is certified for international management standards including ISO 14001:2015, ISO 9001:2015, and ISO 45001:2018, covering the manufacturing of plastic IML food containers, sweet boxes, square boxes, lids, spoons, trays, end caps, and holds ISO/IEC 17025:2017 certification for testing and calibration laboratories. Its product portfolio includes IML containers (food-grade, tamper-evident for dairy, sweets, ice cream) and SAW Pipe Protection Plastic Caps (end caps for oil & gas, construction, infrastructure, heavy engineering).
Objectives of the issue
- Part finance the cost of establishing a new manufacturing facility at Plot No. E – 552 in Sanand – II Industrial Estate, Hirapur, Taluka Sanand, District Ahmedabad.
- Full or part repayment and/or prepayment of certain outstanding secured borrowings.
- General corporate purposes.
- Strengthen manufacturing base.
- Receive benefits of listing Equity Shares on the Stock Exchange.
- Enhance Company’s visibility and brand image.
- Create a public market for Equity Shares in India.
Key strengths
- In-house IML Manufacturing with Automation for quality and speed, shortening cycle times and stabilizing changeovers.
- Backward Integration of label production, from artwork to molding, ensuring direct control over critical path and reduced inventory exposure.
- Dual-Segment product portfolio (IML Containers & End Caps) serving diverse demand profiles and improving plant utilization and delivery reliability.
- Customisation and Tooling Capability, enabling tailored customer solutions and faster time-to-market with fewer changeovers.
- Long-standing relationships with a diversified customer base, fostering continuity and repeat orders.
- Experienced Promoters and management team with extensive industry experience across various packaging and industrial sectors.
Key risks
- A majority of our revenue is concentrated from a limited number of top 10 customers, making the company vulnerable to reduced demand or loss of these customers.
- High dependence on a limited number of suppliers for raw materials without definitive long-term agreements, exposing the company to price and supply fluctuations.
- Pending NCLT proceedings for revision of financial statements and past instances of delays in statutory filings could lead to regulatory actions, penalties, or impact compliance status.
- Concentration of all manufacturing facilities and a significant portion of revenue in the state of Gujarat exposes the company to region-specific economic, social, political, or regulatory risks.
- Operations rely heavily on the efficient functioning of manufacturing machinery; any breakdowns, malfunctions, or technical failures may adversely affect production and profitability.
- Operating from leased premises, including short-term arrangements, poses risks of disruption, non-renewal, or unforeseen relocation costs.
- Capital expenditure for the proposed new manufacturing facility has not yet resulted in placed orders for machinery, risking delays and cost overruns.
- The company's inability to keep pace with changing packaging design trends or evolving customer preferences could adversely affect its competitiveness and business growth.
- Intense competition from domestic and international players with larger resources and advanced technological capabilities may impact market share and pricing.
- Exposure to foreign exchange risk from imported molds due to currency fluctuations, which can increase input costs and affect margins.