Dhaval Packaging IPO
ListedSME
49.99×
Subscribed
Price band
₹97 – ₹97
Issue size
₹36.36 Cr
Open – close
30 Jul 2026
to 03 Aug 2026
Listing
06 Aug 2026
Listing gain
+13.40%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong4 of 7 dimensions read
The disclosed numbers are strong — 4 of 4 signals read positive
Strength91/100
- Undemanding valuation12.0× earnings at the upper band, with no peer set published to compare against
- High return on equityROE of 31.6%
- Fresh capital for the business100.0% of the issue is fresh capital raised by the company itself
- Institutions bid heavilyQIB portion subscribed 56.38×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed, and is pulled toward neutral to reflect how much the document leaves unsaid. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens30 Jul 2026
- Closes03 Aug 2026
- Listing06 Aug 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB56.38x
Non-institutionalNII / HNI75.35x
Big NIIabove ₹10L88.89x
Small NII₹2L – ₹10L48.36x
Retail individualRII40.36x
Employee0.78x
25,388 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 03 Aug 2026.
Chance of allotment
Retail40.36× subscribed
~1 in 40.4
Retail is 40.36× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 40.4 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII75.35× subscribed
~1 in 75.4
HNI is 75.35× subscribed. This category is allotted proportionately, so a bid receives roughly 1/75.4 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
The offering
Terms, structure and who is selling
Terms
Price band₹97 – ₹97
Total issue size₹36.36 Cr
Fresh issue₹36.3 Cr
Listing atSME platform
Company & valuation
P/E at upper band12.01×
EPS₹7.72pre-issue
NAV per share₹30.78
Return on equity31.58%
ROCE17.40%
Debt/Equity0.83
RoNW24.03%
PAT Margin11.32%
EBITDA Margin19.77%
NAV28.60
ISININE1HX301016
0.0% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 17,18,400 | 45.84% |
| Anchor Investor | 10,30,800 | 27.50% |
| QIB (Ex. Anchor) | 6,87,600 | 18.34% |
| NII (HNI) | 5,17,200 | 13.80% |
| bNII > ₹10L | 3,44,400 | 9.19% |
| sNII < ₹10L | 1,72,800 | 4.61% |
| Retail | 12,04,800 | 32.14% |
| Employee | 1,20,000 | 3.20% |
| Market Maker | 1,88,400 | 5.03% |
Total issue 37,48,800 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Individual investors (IND) (Min)₹2,32,8002 lots · 2,400 sh
Individual investors (IND) (Max)₹2,32,8002 lots · 2,400 sh
S-HNI (Min)₹3,49,2003 lots · 3,600 sh
S-HNI (Max)₹9,31,2008 lots · 9,600 sh
B-HNI (Min)₹10,47,6009 lots · 10,800 sh
Employee (Min)₹2,32,8002 lots · 2,400 sh
Employee (Max)₹4,65,6004 lots · 4,800 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted10,30,800
Anchor portion₹10 Cr
Bid date29 Jul 2026
Lock-in ends (50%)02 Sept 2026
Lock-in ends (rest)01 Nov 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Part 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 Cr
- 02Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by our Company₹3.75 Cr
- 03General corporate purposes₹1.51 Cr
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Mold-Tek Packaging Limited | 5.00 | 21.93 | 10.98 | 30.78% |
| Dhaval Packaging Limitedthis issue | 8.08 | 12.01 | 30.78 | 31.58% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumA majority of revenue from operations is derived from top 10 customers (51.27%, 46.37% and 49.76% for Fiscal Years ended March 31, 2026, 2025 and 2024 respectively). Loss of any such customers or reduction in business or demand from such customers will have a significant adverse impact on our busine
mediumWe depend on a limited number of suppliers for our raw material requirements. Our top 10 suppliers contributed around 88.31%, 89.98% and 94.86% of purchases for the years ended March 31, 2026, 2025 and 2024 respectively. We do not have definitive agreements or fixed terms of trade with most of our s
Positives the filing discloses (2)
Primarily fresh capital
100% of the offer is fresh issue, so most proceeds fund the company.
Healthy return on equity
ROE of 31.6%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
-2.2%
Listed up
1 of 8
Best
+0.4%
Papadmalji Agro Foods Limited
Worst
-17.5%
Himalayan Solar
Ravita Engineering Services Limitedsame segment
6.7× sub+0.0%
Vaibhav Vyapaar Limitedsame segment
3.1× sub-2.0%
R.K. Fashion Accessories Limitedsame segment
2.6× sub-2.4%
Eventions Limitedsame segment
2.3× sub-5.9%
Green Asia Impexsame segment
1.0× sub+0.0%
Papadmalji Agro Foods Limitedsame segment
2.5× sub+0.4%
Dudani Retailsame segment
1.4× sub-13.8%
Himalayan Solarsame segment
1.2× sub-17.5%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the Dhaval Packaging IPO subscribed?
Dhaval Packaging is subscribed 49.99× overall (QIB 56.38×, NII 75.35×, retail 40.36×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar.
What are the chances of allotment in the Dhaval Packaging IPO?
The retail portion is subscribed 40.36×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 40. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.