Dhaval Packaging IPO GMP today is Rs 8. Investors can use this GMP along with price band and subscription status for a better IPO review.
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SME IPO
DHAVALPACK
Dhaval Packaging
Dhaval Packaging Limited designs, manufactures, and supplies specialised plastic packaging solutions for domestic and international markets. The company’s core business is centred on two main product categories: In-Mold Labelling (IML) containers and Submerged Arc Welded (SAW) pipe protection plastic caps. The IML segment, which forms the cornerstone of its operations, provides food-grade, tamper-evident packaging for customers in the food and FMCG sectors, including sweets, dairy, ice cream, and bakery products. This is the company’s primary revenue source. The second segment involves producing precision-engineered end caps that protect industrial pipes from damage, contamination, and corrosion during storage and transport, serving sectors like oil and gas, construction, and infrastructure. Dhaval Packaging positions itself as a solutions partner, focusing on creating scalable and manufacturable packaging that enhances product integrity and shelf presence for its clients.
IPO Details
Complete IPO information
| Current GMP | ₹8 |
|---|---|
| Estimated Listing Gain | +8.25% |
| Price Band | ₹92.00 - ₹97.00 |
| Issue Price | ₹97.00 |
| Listing Price | TBA |
| Lot Size | 1,200 Shares |
| Issue Type | SME |
| Issue Size | Approx ₹36.36 Cr |
| Registrar | TBA |
| Exchange | BSE SME |
| Retail Quota | TBA |
| Overall Subscription | TBA |
| Listing Date | 06 Aug 2026 |
| Minimum Investment | ₹2,32,800 |
Timeline
IPO roadmap at a glance
01
Bidding Opens
30 Jul 2026
02
Bidding Closes
03 Aug 2026
03
Allotment
04 Aug 2026
04
Listing
06 Aug 2026
Grey Market Premium
Daily GMP status
| Date | GMP | Change | Gain |
|---|---|---|---|
| 29 July | ₹8 | +₹8.00 | 8.25% |
| 28 July | ₹0 | - | -% |
| 27 July | ₹0 | - | -% |
| 25 July | ₹0 | - | -% |
| 24 July | ₹0 | - | -% |
Market Lot
Application size breakdown
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 Lot | 2,400 | ₹2,32,800 |
| Retail Maximum | 2 Lot | 2,400 | ₹2,32,800 |
| S-HNI Minimum | 3 Lot | 3,600 | ₹3,49,200 |
| S-HNI Maximum | 8 Lot | 9,600 | ₹9,31,200 |
| B-HNI Minimum | 9 Lot | 10,800 | ₹10,47,600 |
Issue Notes
Important takeaways before applying
Strengths
- Operates a fully in-house, automated manufacturing process for In-Mold Labelling (IML).
- Backward integration with a promoter-group entity ensures uninterrupted label supply.
- Maintains a dual-segment portfolio of IML containers and industrial End Caps.
- Offers customised packaging solutions with in-house tooling and design capabilities.
- Business model is focused on long-standing relationships and key-account execution.
Risks
- A majority of revenue is concentrated from its top 10 customers.
- The business is dependent on a limited number of suppliers for raw materials.
- All manufacturing facilities are geographically concentrated in the state of Gujarat.
- Revenues are concentrated in the food, FMCG, and pipe manufacturing end-use industries.
- The company has experienced negative cash flows from investing activities in recent fiscal years.
Analysis
Dhaval Packaging IPO Details
Dhaval Packaging Limited is launching its Initial Public Offering (IPO) through the Book Build Issue route. The entire issue comprises a Fresh Issue, with the company planning to raise capital for its expansion plans, business growth, and other corporate objectives as specified in the offer document.
The equity shares of Dhaval Packaging Limited are proposed to be listed on the BSE SME platform. Investors can apply for the IPO during the subscription period within the announced price band.
| Particular | Details |
|---|---|
| IPO Open Date | July 30, 2026 |
| IPO Close Date | August 3, 2026 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹92 to ₹97 Per Share |
| Issue Size | Approx ₹36.36 Crores |
| Fresh Issue | Approx ₹36.36 Crores |
| Issue Type | Book Build Issue |
| IPO Listing | BSE SME |
Analysis
Dhaval Packaging IPO Reservation
The Dhaval Packaging IPO follows the SEBI-prescribed allocation framework applicable to Book Build Issues. The issue has been reserved across various investor categories, including Anchor Investors, Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Retail Individual Investors (RIIs). This allocation structure helps ensure balanced participation from institutional as well as retail investors.
The category-wise reservation and the corresponding number of shares available for each investor segment are shown below.
| Investor Category | Shares Offered | Reservation (%) |
|---|---|---|
| Anchor Investor | 10,30,800 Shares | 27.50% |
| QIB (Ex. Anchor) | 6,87,600 Shares | 18.34% |
| NII Shares Offered | 5,17,200 Shares | 13.80% |
| Retail Shares Offered | 12,04,800 Shares | 32.14% |
Note: The above reservation details are based on the proposed IPO structure. The final allocation may vary in accordance with SEBI regulations and the basis of allotment approved after the issue closes.
Analysis
Dhaval Packaging IPO Anchor Investors
The Dhaval Packaging IPO has scheduled its Anchor Investor bidding for July 29, 2026, one business day before the public issue opens. The anchor portion is reserved for Qualified Institutional Buyers (QIBs) and is intended to attract participation from leading institutional investors before the IPO opens for public subscription.
Following the completion of the anchor allocation process, the company will publish the list of anchor investors, the amount raised through the anchor book, and the allocation details. The allotted shares will remain subject to the mandatory lock-in requirements prescribed by SEBI.
| Particular | Details |
|---|---|
| Anchor Bidding Date | July 29, 2026 |
| Anchor Investors List | |
| Shares Offered | 10,30,800 Shares |
| Anchor Size | [.] Cr. |
| Lock-in Period End Date (50% Shares – 30 Days) | 2026 |
| Lock-in Period End Date (Remaining 50% Shares – 90 Days) | 2026 |
Note: The final Anchor Investor list, anchor issue size, and exact lock-in end dates will be announced after the completion of the anchor allocation process and the release of the official allocation details.
Analysis
Dhaval Packaging IPO Dates
The Dhaval Packaging IPO will open for subscription on July 30, 2026 and close on August 3, 2026. During this period, eligible investors can submit their IPO applications through the ASBA process or supported online trading platforms.
The basis of allotment is expected to be finalised on August 4, 2026. Refunds for unsuccessful applicants and the credit of equity shares to successful investors' demat accounts are scheduled for August 5, 2026. The company's shares are proposed to be listed on the BSE SME platform on August 6, 2026.
| Event | Date |
|---|---|
| IPO Open Date | July 30, 2026 |
| IPO Close Date | August 3, 2026 |
| Basis of Allotment | August 4, 2026 |
| Refunds | August 5, 2026 |
| Credit to Demat Account | August 5, 2026 |
| IPO Listing Date | August 6, 2026 |
Note: The above IPO timeline is based on the announced schedule. The company, registrar, or stock exchange may revise these dates if required before the completion of the IPO process.
Analysis
Dhaval Packaging IPO Promoters and Holding Pattern
Dhaval Packaging Limited is promoted by Manish Nanalal Dagla, Dhaval Nanalal Dagla, Shah Aalpa Dipak, Jigar Harivadan Contractor, and Jigar Manubhai Shah. The promoter group has played a significant role in the company's growth and continues to provide strategic direction and operational leadership.
Prior to the IPO, the promoters collectively hold a substantial majority stake in the company. Following the fresh issue of equity shares, the promoter shareholding will be diluted in accordance with the increase in post-issue share capital while the promoters are expected to retain significant ownership in the business.
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre Issue | 99,88,000 | 90.86% |
| Promoter Holding Post Issue | 1,37,36,800 | -% |
Note: The post-issue promoter shareholding percentage will be updated after the IPO allotment and listing process is completed, based on the final issued share capital.
Analysis
Dhaval Packaging IPO Objects of the Issue & Utilisation of Proceeds
Dhaval Packaging Limited intends to utilise the net proceeds from its Initial Public Offering (IPO) primarily to expand its manufacturing capabilities and strengthen its financial position. A significant portion of the funds will be invested in setting up a new manufacturing facility, enabling the company to enhance production capacity and support future business growth.
The company will also utilise part of the IPO proceeds to repay or prepay certain outstanding secured borrowings, which is expected to improve its capital structure and reduce finance costs. The remaining proceeds, if any, will be utilised for general corporate purposes in accordance with the objectives mentioned in the offer document.
| Purpose | Amount |
|---|---|
| Part finance the cost of establishing a new manufacturing facility at Plot No. E-552, Sanand-II Industrial Estate, Hirapur, Taluka Sanand, District Ahmedabad (Proposed Facility) | ₹27.19 Crores |
| Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by the Company | ₹3.95 Crores |
| General Corporate Purposes | ₹- |
Note: The utilisation of IPO proceeds is based on the objects stated in the Draft Red Herring Prospectus (DRHP)/Red Herring Prospectus (RHP). The actual utilisation of funds will be carried out in accordance with applicable SEBI regulations and the company's approved business plans.
Analysis
Dhaval Packaging About IPO
Since its incorporation in November 2015, Dhaval Packaging has been involved in designing, manufacturing, and supplying of plastic packaging solutions for FMCG, food, and industrial sectors. The firm manufactures In-Mold Labelling (IML) food containers and SAW Pipe Protection Plastic Caps (End Caps), catering to both domestic and international markets.
Its packaging solutions serve various industries: dairy, sweets, bakery, confectionery, frozen foods, pharmaceuticals, agro products, oil & gas, construction, infrastructure, and heavy engineering. The firm runs its 3 manufacturing facilities in Sanand, Gujarat, furnished with 21 IML injection moulding machines and one vacuum forming machine with a production capacity exceeding 8,000 kg per day. Moreover, Dhaval Packaging also exports its products to international countries, including Malaysia, Mauritius, Canada, the UAE, Qatar, and Australia.
Analysis
Dhaval Packaging IPO Company Financial Report
Dhaval Packaging Limited has demonstrated consistent financial growth over the last four financial years. The company has reported steady growth in revenue while significantly improving its profitability. The increase in Profit After Tax (PAT) and total assets indicates improving operational efficiency and expansion of its business operations ahead of the proposed IPO.
The financial information below provides an overview of the company's revenue, expenses, profit after tax (PAT), and total assets for the reported financial years. These figures help investors evaluate the company's historical performance and financial strength before making an investment decision.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | ₹43.14 Cr. | ₹42.54 Cr. | ₹0.51 Cr. | ₹29.27 Cr. |
| 2024 | ₹48.08 Cr. | ₹46.05 Cr. | ₹1.55 Cr. | ₹33.70 Cr. |
| 2025 | ₹52.43 Cr. | ₹44.40 Cr. | ₹6.04 Cr. | ₹47.89 Cr. |
| 2026 | ₹65.20 Cr. | ₹54.48 Cr. | ₹8.04 Cr. | ₹66.42 Cr. |
Amount in ₹ Crores: The above financial figures are based on the financial statements disclosed by Dhaval Packaging Limited in its IPO documents and provide a summary of the company's financial performance prior to the public issue.
Analysis
Dhaval Packaging IPO Valuation – FY2026
The valuation metrics of Dhaval Packaging Limited provide investors with a snapshot of the company's profitability, operational efficiency, and financial strength before the IPO. Key indicators such as Earnings Per Share (EPS), Return on Equity (ROE), Return on Capital Employed (ROCE), EBITDA Margin, Return on Net Worth (RoNW), Debt-to-Equity Ratio, and Net Asset Value (NAV) are useful for evaluating the company's overall financial performance.
Based on the FY2026 financial statements, Dhaval Packaging has reported healthy profitability with strong returns on equity and improving operating margins. The final Price-to-Earnings (P/E) ratio will be available once the IPO price is finalized and the post-issue valuation is determined.
| KPI | Values |
|---|---|
| ROE | 31.58% |
| ROCE | 22.58% |
| EBITDA Margin | 21.41% |
| PAT Margin | 12.33% |
| Debt to Equity Ratio | 0.78 |
| Earning Per Share (EPS) | ₹8.08 (Basic) |
| Price / Earnings (P/E) Ratio | N/A |
| Return on Net Worth (RoNW) | 31.58% |
| Net Asset Value (NAV) | ₹30.78 |
Note: The above valuation figures are based on the FY2026 financial statements of Dhaval Packaging Limited. The final P/E ratio will be calculated after the IPO price is finalized and the company is listed on the stock exchange.
Analysis
Dhaval Packaging IPO Peer Group Comparison
A peer group comparison enables investors to evaluate Dhaval Packaging Limited against an established listed company operating in the packaging industry. Comparing financial parameters such as Earnings Per Share (EPS), Price-to-Earnings (P/E) Ratio, Return on Net Worth (RoNW), Net Asset Value (NAV), and total income provides additional perspective on the company's financial performance and valuation before investing in the IPO.
The comparison below highlights the financial metrics of the listed peer company based on the latest available financial information.
| Company | EPS | P/E Ratio | RoNW | NAV | Income |
|---|---|---|---|---|---|
| Mold-Tek Packaging Limited | 21.93 | 31.38 | 10.98% | 199.79 | ₹887.86 Cr. |
Note: The peer comparison is intended solely for informational purposes. Investors should evaluate Dhaval Packaging's business model, financial performance, growth prospects, profitability, and valuation along with peer company metrics before making an investment decision.
Analysis
IPO Lead Managers aka Merchant Bankers
- Rarever Financial Advisors Pvt. Ltd.
FAQ
Dhaval Packaging IPO FAQs
Dhaval Packaging IPO price band is Rs 92.00 to Rs 97.00. Check the latest issue price, lot size and GMP together before applying.
Dhaval Packaging IPO open date is 30 Jul 2026, close date is 03 Aug 2026, and listing date is 06 Aug 2026.
Dhaval Packaging IPO lot size is 1,200 shares. The minimum retail investment is Rs 2,32,800.
Dhaval Packaging is classified as a SME IPO. This helps investors quickly understand the issue category and exchange segment.
Dhaval Packaging IPO subscription status currently shows Subscription data is currently awaited.
Dhaval Packaging Limited designs, manufactures, and supplies specialised plastic packaging solutions for domestic and international markets. The company’s core business is centred on two main product categories: In-Mold Labelling (IML) containers and Submerged Arc Welded (SAW) pipe protection plastic caps. The IML segment, which forms the cornerstone of its operations, provides food-grade, tamper-evident packaging for customers in the food and FMCG sectors, including sweets, dairy, ice cream, and bakery products. This is the company’s primary revenue source. The second segment involves producing precision-engineered end caps that protect industrial pipes from damage, contamination, and corrosion during storage and transport, serving sectors like oil and gas, construction, and infrastructure. Dhaval Packaging positions itself as a solutions partner, focusing on creating scalable and manufacturable packaging that enhances product integrity and shelf presence for its clients.
Dhaval Packaging IPO issue size is 36.36 and the expected allotment date is 04 Aug 2026.