Twinkle Papers IPO
ClosedSME
0.24×
Subscribed
Price band
₹64 – ₹69
Issue size
₹27.52 Cr
Open – close
29 Jun 2026
to 01 Jul 2026
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Mixed4 of 7 dimensions read
A mixed but reasonable offering — 2 positive against 1 negative signals
Strength58/100
- Earns less than its peersReturn on net worth of 19.9% against a peer median of 71.0%
- Strong revenue growthRevenue compounding at 46.4% across the reported years
- Adequate return on equityROE of 17.1%
- Conservative balance sheetDebt/equity of 0.34×
- Institutional book coveredQIB portion subscribed 2.09×
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
- Opens29 Jun 2026
- Closes01 Jul 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB2.09x
Non-institutionalNII / HNI0.02x
Big NIIabove ₹10L0.01x
Small NII₹2L – ₹10L0.03x
Retail individualRII0.26x
127 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 30 Jun 2026.
Chance of allotment
Retail0.26× subscribed
Full allotment
The retail portion is under-subscribed at 0.26×, so every valid application should receive a full allotment.
HNI / NII0.02× subscribed
Full allotment
The HNI portion is under-subscribed at 0.02×, so applications should be allotted in full.
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.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹9+13.0%
over the upper band · last seen 22 Oct 2026 · flat since 07 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹64 – ₹69
Total issue size₹27.52 Cr
Listing atSME platform
Company & valuation
Return on equity17.14%
Debt / equity0.34×
ROCE18.82%
RoNW21.66%
PAT Margin7.49%
EBITDA Margin14.92%
NAV22.34
RegistrarALANKIT ASSIGNMENTS LIMITED
Lead managersNOVUS CAPITAL ADVISORS PRIVATE LIMITED
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB Shares Offered | 1,90,000 | 4.76% |
| NII (HNI) Shares Offered | 17,98,000 | 45.09% |
| bNII > ₹10L | 11,98,667 | 30.06% |
| sNII < ₹10L | 5,99,333 | 15.03% |
| Retail Shares Offered | 18,00,000 | 45.14% |
| Market Maker Shares Offered | 2,00,000 | 5.02% |
Total issue 39,88,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Individual investors (IND) (Min)₹2,76,0002 lots · 4,000 sh
Individual investors (IND) (Max)₹2,76,0002 lots · 4,000 sh
S-HNI (Min)₹4,14,0003 lots · 6,000 sh
S-HNI (Max)₹9,66,0007 lots · 14,000 sh
B-HNI (Min)₹11,04,0008 lots · 16,000 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2023 | 2.1 | 0.3 | 0.2 | 2.5 | 0.5 |
| 2024 | 3.2 | 0.5 | 0.4 | 2.9 | 0.9 |
| 2025 | 4.5 | 0.8 | 0.6 | 3.5 | 1.2 |
Revenue CAGR 46.4%PAT CAGR 73.2%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Twinkle Papers Ltdthis issue | 2.36 | — | 11.89 | 19.86% |
| TPL Plastech Ltd. | 1.58 | 39.54 | 8.10 | 19.50% |
| Prima Plastic Ltd | 4.54 | 22.07 | 6.40 | 71.05% |
| Pyramid Technoplast Ltd | 3.83 | 40.61 | 5.38 | 71.11% |
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.
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
What is the Twinkle Papers IPO GMP today?
The most recent grey-market premium recorded for Twinkle Papers is ₹9 per share — about 13.0% over the ₹69 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Twinkle Papers IPO subscribed?
Twinkle Papers is subscribed 0.24× overall (QIB 2.09×, NII 0.02×, retail 0.26×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, ALANKIT ASSIGNMENTS LIMITED.
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.