Utkal Speciality Industries India Ltd IPO
Paper
Price Band
₹62 – ₹66
Lot Size
2000
Minimum Bid Quantity
4000
Minimum Investment
₹264000
Issue Size
₹34.54Cr
Opens
2026-06-10
Closes
2026-06-12
Listing
17-06-2026
Subscription Status
Qualified Institutional Buyers
1.12 x
Non-Institutional Investor
0.94 x
Retail Individual Investor
2.05 x
Total
1.57 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE1V1R01014
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Utkal Speciality Industries India Limited is engaged in the manufacturing of paper-based products and packaging materials. Its product portfolio includes paper plates, paper cups, paper glasses, paper bowls, tissue papers, pizza and sweets boxes, and wrap papers used across food service and packaging applications. The company also generates a small portion of its revenue from trading activities, including polyethylene and corrugated boxes, and undertakes contract manufacturing services for select customers involving extrusion coating of paper supplied by clients. The company serves both business-to-business (B2B) and business-to-consumer (B2C) customers, including manufacturers, retailers, cloud kitchens, and other businesses. It operates across 15 states in India, with a significant presence in Odisha and West Bengal. While the company previously exported products to countries such as Iraq and Algeria, it currently focuses on the domestic market. Its operations are primarily centered on supplying paper-based products and packaging solutions to a diverse customer base. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Funding incremental working capital requirements of the company — Rs 5.31 crore Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company — Rs 11 crore Funding capital expenditure requirements towards purchase of machinery for the new manufacturing facility at Khurda, Odisha — Rs 9.60 crore General corporate purposes To meet the offer-related expenses
Pros
- • The company offers more than 200 stock-keeping units (SKUs) across various paper-based products and packaging materials. Its product range spans coated rolls, coated sheets, paper cups, bowls, plates, tissue papers, food wraps, pizza boxes, sweet boxes, and aluminium foil products, enabling it to cater to customers at different stages of the manufacturing value chain.
- • The company claims to operate a fully integrated manufacturing facility that handles multiple production stages, including coating, printing, slitting, die punching, forming, quality control, and packaging. Its manufacturing infrastructure includes an RCC-built facility spread across approximately 84,000 sq. ft., which allows it to manage production internally with limited dependence on third-party processors.
- • The manufacturing facility is located in Khurda, Odisha, on the highway corridor connecting Kolkata and Chennai. According to the company, this location provides logistical advantages for sourcing raw materials and distributing finished products, while also benefiting from lower outbound freight costs as Odisha is a net importer of goods from other states.
Cons
- • The company derives a significant portion of its revenue from recurring customers. Revenue from key customers stood at Rs 35.24 crore (88.59%) in the stub period April–December 2025, Rs 38.04 crore (78.24%) in FY25, Rs 34.08 crore (77.92%) in FY24, and Rs 30.06 crore (67.32%) in FY23. Any loss of these key customers, reduction in order volumes, changes in their procurement strategies, or failure to diversify the customer base could adversely affect the company’s business, financial condition, and future growth prospects.
- • The company derives nearly all of its revenue from its paper products segment. Revenue from paper products contributed Rs 38.77 crore (97.47%) in the stub period April–December 2025, Rs 48.34 crore (99.42%) in FY25, Rs 43.13 crore (98.23%) in FY24, and Rs 45.38 crore (98.87%) in FY23. Any decline in demand for paper products, disruptions in raw material supply, changes in industry dynamics, or failure to diversify revenue streams could adversely affect the company’s business, financial performance, and growth prospects.
- • The company derives a substantial portion of its revenue from Eastern India. Sales from the region contributed Rs 30.16 crore (75.81%) in the stub period April–December 2025, Rs 36.24 crore (74.54%) in FY25, Rs 34.27 crore (78.38%) in FY24, and Rs 29.80 crore (66.74%) in FY23. Any adverse economic, political, regulatory, environmental, or competitive developments in these states could hurt the company’s operations, customer relationships, and revenue generation, thereby affecting its business and financial condition.
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