Dhaval Packaging Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹97
Per ShareLot Size
1200 Shares
Minimum Investment
₹1,16,400
Issue Size
₹36.31 Cr
Face Value
₹10
Per ShareIPO Type
Book Building - SME
Retail Quota
35.02%
QIB Quota
49.95%
NII Quota
15.03%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Dhaval Packaging Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
90.86%
Promoter Holding (Post-Issue)
66.06%
Issue Type
Book Building - SME
ISIN
INE1HX301016
About the Company
Our Company, Dhaval Packaging Limited, was incorporated as a private limited company on November 02, 2015 at Sanand, Gujarat and was subsequently converted into a public limited company on October 08, 2025. Our Registered office is situated at Plot No. E 411, GIDC, Sanand, Ahmedabad, Sanand, Gujarat, India - 382110. We design, manufacture, and supply plastic packaging solutions for domestic and international markets. Our core philosophy is to translate brand intent into manufacturable and scalable packaging solutions for food and FMCG categories such as sweets, dairy, dry fruits, bakery and other related items. We position ourselves as a solutions partner that aligns design, materials, labelling, and tooling with production realities so that packaging enhances shelf presence, protects product integrity, and supports reliable throughput on customer lines.
Industry Overview
India emerged as one of the fastest growth economies amongst the leading advanced economies and emerging economies. In CY 2024, even amidst geopolitical uncertainties, particularly those affecting global energy and commodity markets, India continues to remain one of the fastest growing economies in the world and is expected to grow by 6.2% in CY 2025 and 6.3% in 2026. The Indian plastic packaging sector is a vital and rapidly expanding segment of the country's broader packaging industry, driven by increasing demand from FMCG, pharmaceuticals, food and beverage. This sector plays a key role in supporting India's growing consumption of packaged goods, especially among the rising middle class and urban population. The adoption of modern retail formats, expansion of online shopping, and demand for longer shelf-life products have significantly accelerated plastic packaging usage. Additionally, the sector has seen technological advancements such as in-mold labelling, multi-layered films, and biodegradable plastic packaging solutions. These are food-grade, tamper-evident packaging containers across types and sizes for use, suitable for categories such as sweets, dairy products, ice cream, ready-to-eat foods, bakery, confectionery, pharmaceuticals, agro food products and frozen foods. India's plastic packaging ecosystem witnessed significant activity in FY 2024, with a total of 7,88,027 tonnes of plastic packaging placed on the market by all IPP (Importers, Producers, and Packers) brands. This reflects the growing scale of packaged goods consumption across sectors such as FMCG, food and beverage, and pharmaceuticals. India's plastic packaging industry is set for strong growth, driven by key sectors like food processing, pharmaceuticals and FMCG. The food & beverage market is expanding due to rising consumer demand, urbanization, and advancements in food technology, with a focus on ready-to-eat, eco-friendly, and smart packaging solutions. Healthcare growth is increasing demand for pharmaceutical packaging, while the FMCG sector drives need for innovative, sustainable packaging formats. India's packaged food sector is expected to double by FY 2029, supported by urbanization, higher incomes, and consumer trust in food safety, ensuring a robust future for the packaging industry. SAW pipe protection plastic caps serve as critical components in safeguarding pipes during handling, transportation, and storage. Designed to prevent contamination, corrosion, mechanical damage, and ingress of foreign materials, these caps are extensively used across various sectors where pipes are a core infrastructure component. The demand for pipe protection caps is intrinsically linked to the demand for pipes themselves, and thus mirrors activity and investment across major industries such as construction, oil & gas, water and wastewater treatment, material handling & storage, and general manufacturing. In the SAW pipe protection plastic caps segment, competition is shaped by speed of delivery, product customization (size, thread type, material), and resistance properties. Clients in sectors such as construction, oil & gas, and water infrastructu re value suppliers that can offer caps with robust mechanical strength, UV stability, and precise fitting to prevent contamination and damage during logistics. As a result, the demand for SAW pipe protection plastic caps in manufacturing is increasing steadily. Manufacturers and suppliers see these as low-cost but high-impact accessories that ensure component safety and reduce rejection rates. The rise in precision engineering and just-in-time manufacturing further supports consistent usage of pipe caps in the industrial value chain.
Company History
Our Company was incorporated on November 02, 2015 as `Dhaval Packaging Private Limited, a private limited company under the p rovisions of the Companies Act, 2013, pursuant to a certificate of incorporation issued by the Assistant Registrar of Companies, Gujarat, at Ahmedabad. Subsequently, our Company was converted into a public limited company pursuant to a resolution passed by our Board of Directors in their meeting held on August 14, 2025 and by our Shareholders in an Annual General Meeting held on September 08, 2025 and consequently the name of our Company was changed to `Dhaval Packaging Limited' and a fresh certificate of incorporation dated October 08, 2025, consequent upon conversion to public company was issued by the Central Processing Centre on behalf of the jurisdictional Registrar of Companies. The corporate identification number of our Company was U25202GJ2015PLC084963. Subsequently, the Object Clause of the Memorandum of Association of our Company was amended pursuant to a resolution passed by our Board of Directors in their meeting held on September 24, 2025, and by our Shareholders in an Extraordinary General Meeting held on October 08, 2025. Consequent to such alteration, a fresh certificate of incorporation dated October 22, 2025, reflecting the change in the Object Clause, was issued by the Registrar of Companies, Central Processing Centre, on behalf of the jurisdictional Registrar of Companies. The Corporate Identification Number (CIN) of our Company has been changed to U22203GJ2015PLC084963.
Growth Strategy
- Focused marketing campaign targeting food and FMCG brands that use sticker-labelled containers.
- Expand our Ice-Cream containers portfolio with new molds and formats.
- Introduce a new product line: Tin containers for liquid food packaging.
- Target export growth in dairy, dates, and ice-cream.
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a standalone basis, as reported for FY24 to FY26.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offer of 37,48,800 equity shares of face value of Rs. 10/- each of Dhaval Packaging Limited ("DPL" or the "Company" or the "Issuer") for cash at a price of Rs. 97 per equity share including a share premium of Rs. 87 per equity share (the "Issue Price") aggregating to Rs. 36.31 Crores ("the Issue"), of which 1,88,400 equity shares of face value of Rs. 10/- each for cash at a price of Rs. 97 per equity share including a share premium of Rs. 87 per equity share aggregating to Rs. 1.83 Crores will be reserved for subscription by market maker to the issue (the "Market Maker Reservation Portion") and 1,20,000 equity shares of face value of Rs. 10/- each for cash at a price of Rs. 97 per equity share including a share premium of Rs. 87 per equity share aggregating to Rs. 1.16 Crores will be reserved for subscription by eligible employees (the "Employee Reservation Portion"). Pursuant to finalization of basis of allotment 98,400 equity shares were allotted to employees under the employee reservation portion. The issue less the market maker reservation portion and employee reservation portion i.e. Net issue of 34,62,000 equity shares of face value of Rs. 10/- each at a price of Rs. 97 per equity share including a share premium of Rs. 87 per equity share aggregating to Rs. 33.58 Crores is herein after referred to as the "Net Issue". The issue and the net issue will constitute 27.29% and 25.20%, respectively, of the post issue paid up equity share capital of the company. The face value of the equity shares is Rs. 10/- each. Price Band: Rs. 97 per equity share of face value Rs. 10/- each. The floor price is 9.7 times of the face value of the equity shares. Bids can be made for a minimum of 2400 equity shares and in multiples of 1200 equity shares thereafter.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Long standing relationships with a diversified customer base.
- Business Model focused on customized solutions and strong customer relationships.
- Experienced Promoters and management team.
- The company depends on a limited number of suppliers for its raw material requirements of the company's business. Further, the company does not have definitive agreements or fixed terms of trade with most of its suppliers. Failures to successfully leverage the company's relationships with existing suppliers or to identify new suppliers could adversely affect its business operations.
- Any disruptions to the supply, or increases in the pricing, of the raw materials and finished products that the company procure, may adversely affect the supply and pricing of its products and, in turn, adversely affect the company's business, cash flows, financial condition and results of operations.
- The company revenues are significantly dependent on certain geographical regions, and any adverse developments in these regions could adversely impact its business, financial condition and results of operations.
- The company's manufacturing facilities are located only in the state of Gujarat. Any adverse developments affecting its operations in the Gujarat could have an adverse impact on the company's revenue and results of operations.
- The company's business is operating under various laws which require it to obtain approvals from the concerned statutory/regulatory authorities in the ordinary course of business, and if the company is unable to obtain these approvals and the renewals, the company's business operations could be adversely affected thereby impacting its revenues and profitability.