Utkal Speciality SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 7 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 17 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹66 | ₹0 |
| 16 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹66 | ₹0 |
| 15 Jun 2026 | ₹0.5 | +0.76% | ₹800 | ₹66.5 | ₹1,000 |
| 14 Jun 2026 | ₹0.5 | +0.76% | ₹800 | ₹66.5 | ₹1,000 |
| 13 Jun 2026 | ₹0.5 | +0.76% | ₹800 | ₹66.5 | ₹1,000 |
| 12 Jun 2026 | ₹0.5 | +0.76% | ₹800 | ₹66.5 | ₹1,000 |
| 11 Jun 2026 | ₹10 | +15.15% | ₹15,200 | ₹76 | ₹20,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 10 Jun 2026 – 12 Jun 2026
- Listing date
- 17 Jun 2026
- Face value
- ₹10 per share
- Price band
- ₹62 – ₹66
- Issue price
- ₹66 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹34.54 Cr
- Market cap at offer price
- ₹129 Cr
- Promoter holding
- 100.00% → 73.20% pre-issue → post-issue
- ISIN
- INE1V1R01014
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Affinity Global Capital Market Pvt.Ltd.
- Registered office
- IDC0 Plot No.I/5/B, Food Processing Park, Khurda, Odisha
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 0 | — | — |
| Market maker | 2,64,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹66
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,32,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,64,000 |
| S-HNI (max) | 7 | 14,000 | ₹9,24,000 |
| B-HNI (min) | 8 | 16,000 | ₹10,56,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹66 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.67 | 3.74 |
| P/E (×) | 14.13 | 17.65 |
| Price to book (×) | 4.36 | — |
| Market cap | — | ₹129 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 30.88%
- ROCE
- 23.03%
- Debt / equity
- 0.80
- PAT margin
- 13.74%
- EBITDA margin
- 18.96%
- NAV per share
- ₹15.13
- Price to book
- 4.36
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Utkal Speciality SME
Utkal Speciality Industries India Limited (USIIL) was originally incorporated on September 01, 2015 at Cuttack, Odisha as a private limited company and was converted into a public limited company pursuant to a special resolution passed on December 24, 2024, with a fresh certificate of incorporation dated January 22, 2025; its registered and corporate office is at IDCO Plot No. I/5/B, Food Processing Park, Khurda, Odisha. The company is engaged in the manufacturing of paper-based products and packaging materials — paper plates, ice-cream paper cups, single-use paper glasses, plastic-film-coated paper dosa plates, paper bowls, single/multi-ply tissue paper, pizza and sweets boxes, sandwich/burger wrap paper, aluminium foils and foil lids — offered in multiple sizes, thicknesses and designs for everyday and seasonal/festive use. It serves a wide customer base spanning smaller manufacturers, traders and end retailers, with roughly three-fourths of sales concentrated in Eastern India (75.81% of revenue in the April–December 2025 stub period). Revenue comes mainly from the paper products segment (97.47% of stub-period revenue), complemented by a small trading and contract manufacturing 'other segment'. For fiscal 2025 the company reported revenue from operations of ₹4,861.96 lakhs and profit after tax of ₹668.23 lakhs (stub period ended December 31, 2025: ₹3,978.04 lakhs and ₹548.41 lakhs respectively). Through the IPO it is raising fresh capital to fund incremental working capital, prepay/repay borrowings, and build a new aluminium foil container manufacturing facility at Khurda, Odisha, with commercial production planned in the second half of FY2026-27.
Company Analysis
from DRHPUtkal Speciality Industries India Limited manufactures paper-based disposable products and food packaging materials — including paper plates, cups, glasses, bowls, napkins, sweet/pizza boxes, food wraps and aluminium foils — serving the paper products and paper packaging industries.
Utkal Speciality Industries India Limited (USIIL) was originally incorporated on September 01, 2015 at Cuttack, Odisha as a private limited company and was converted into a public limited company pursuant to a special resolution passed on December 24, 2024, with a fresh certificate of incorporation dated January 22, 2025; its registered and corporate office is at IDCO Plot No. I/5/B, Food Processing Park, Khurda, Odisha. The company is engaged in the manufacturing of paper-based products and packaging materials — paper plates, ice-cream paper cups, single-use paper glasses, plastic-film-coated paper dosa plates, paper bowls, single/multi-ply tissue paper, pizza and sweets boxes, sandwich/burger wrap paper, aluminium foils and foil lids — offered in multiple sizes, thicknesses and designs for everyday and seasonal/festive use. It serves a wide customer base spanning smaller manufacturers, traders and end retailers, with roughly three-fourths of sales concentrated in Eastern India (75.81% of revenue in the April–December 2025 stub period). Revenue comes mainly from the paper products segment (97.47% of stub-period revenue), complemented by a small trading and contract manufacturing 'other segment'. For fiscal 2025 the company reported revenue from operations of ₹4,861.96 lakhs and profit after tax of ₹668.23 lakhs (stub period ended December 31, 2025: ₹3,978.04 lakhs and ₹548.41 lakhs respectively). Through the IPO it is raising fresh capital to fund incremental working capital, prepay/repay borrowings, and build a new aluminium foil container manufacturing facility at Khurda, Odisha, with commercial production planned in the second half of FY2026-27.
Objects of the Issue
- Funding incremental working capital requirements of our Company ₹ 530.75 Lakhs p.131
- Prepayment or Repayment of all or a portion of certain outstanding borrowings availed by the company ₹ 1,100.00 Lakhs p.131
- Funding Capital Expenditure requirement towards purchase of machinery for our new manufacturing facility at Khurda, Odisha ₹ 959.88 Lakhs p.132
- General Corporate Purposes ₹ 489.35 Lakhs p.132
- To meet the offer related expenses ₹ 374.46 Lakhs p.132
Issue Structure
- Total Issue
- Up to 52,34,000 Equity Shares of face value of ₹ 10/- each at an Offer Price of ₹ 66 per Equity Share (including a share premium of ₹ 56 per Equity Share) aggregating up to ₹ 3,454.44 Lakhs
- Fresh Issue
- Up to 52,34,000 Equity Shares of face value of ₹ 10/- each at an Offer Price of ₹ 66 per Equity Share aggregating up to ₹ 3,454.44 Lakhs (of which up to 2,64,000 Equity Shares aggregating ₹ 174.24 Lakhs is reserved for the Market Maker, and the Net Offer is up to 49,70,000 Equity Shares aggregating ₹ 3,280.20 Lakhs)
- Offer for Sale
- NIL — no Offer for Sale; no Selling Shareholders participating in the Offer
- Price Band
- ₹ 62 per Equity Share (Floor Price) to ₹ 66 per Equity Share (Cap Price); Offer Price ₹ 66 per Equity Share (including share premium of ₹ 56 per Equity Share)
- Lot Size
- 2,000 Equity Shares (defined 'Lot Size'); minimum Bid/Application lot of 4,000 Equity Shares and in multiples of 2,000 Equity Shares thereafter
- Face Value
- ₹ 10/- each
Business Model
The company earns revenue primarily from manufacturing and selling paper-based disposable tableware and food-packaging products (paper plates, cups, glasses, bowls, napkins/tissues, sweet and pizza boxes, food wraps, aluminium foils and foil lids) to smaller manufacturers, traders and end retailers, predominantly in Eastern India; a minor 'Other Segment' of trading and contract manufacturing contributes the remaining ~2.5% of revenue. Sales carry short credit cycles (average debtor holding period of 16–21 days), and the company holds large raw-material and finished-goods inventories to serve seasonal, pre-occasional and customised orders.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Meena Agarwal | Promoter | 51.35% | 37.59% |
| Manoj Kumar Agrawal | Promoter | 31.87% | 23.33% |
| Akash Agrawal | Promoter | 3.5% | 2.56% |
| Sweety Agrawal | Promoter Group | 1.75% | 1.28% |
| Meera Devi Agrawal | Promoter Group | 1.75% | 1.28% |
| Kailash Prasad Agrawal | Promoter Group | 3.15% | 2.30% |
| Manoj Kumar Agrawal (HUF) | Promoter Group | 1.4% | 1.02% |
| Kailash Prasad Agarwala (HUF) | Promoter Group | 3.5% | 2.56% |
| Akash Agrawal (HUF) | Promoter Group | 1.75% | 1.28% |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.