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DHAVAL PACKAGING IPO

ALREADY DEPARTEDBSE SME · SME · PACKAGING
INDICATIVE FARE / PRICE BAND
₹97
BAND INDICATIVE · NOTHING FINAL UNTIL THE RHP
FIGURES ON THIS PAGE AS OF 13 AUG 2026, 22:01 IST · REFRESHED THROUGH THE DAY
THE FARE BOARD · KEY NUMBERS

BY THE NUMBERS.

PRICE BAND
₹97
LOT SIZE
1200 SHARES
ISSUE SIZE
₹36.36 CR
MIN INVESTMENT
₹1,16,400 · 1200 SHARES
P/E RATIO
12.05
THE TIMETABLE · FOUR STOPS
THE JOURNEY.
OPENS
30 JUL 26
✓ STOP CLEARED
CLOSES
03 AUG 26
✓ STOP CLEARED
ALLOTMENT
04 AUG 26
✓ STOP CLEARED
LISTING
06 AUG 26
✓ STOP CLEARED
ANCHOR BIDDING29 JUL 26REFUNDS INITIATED05 AUG 26SHARES IN DEMAT05 AUG 26ANCHOR LOCK-IN ENDS · 30 DAY03 SEPT 26ANCHOR LOCK-IN ENDS · 90 DAY02 NOV 26
TIMETABLE AS FILED · DATES CAN MOVE · CONFIRM AGAINST THE OFFICIAL RHP AND THE REGISTRAR
END OF THE LINE · LISTING DAY

WHERE IT LANDED.

LISTING PRICE
₹110
DAY-1 LISTING GAIN
+13.4%
THE BOOKING SHEET · SUBSCRIPTION

HOW FULL THE BUS GOT.

OVERALL SUBSCRIPTION49.99×
QIB56.38×
NII75.35×
SMALL HNI48.36×
BIG HNI88.89×
RETAIL40.36×
THE CENTRE TICK = 1× · BUS FULL · SUBSCRIPTION FIGURES AS REPORTED BY THE EXCHANGES · TIMES THE ISSUE · INFORMATION ONLY
THE FARE TABLE · WHAT AN APPLICATION COSTS

TICKET CLASSES.

APPLICATIONLOTSSHARESAMOUNT
MINIMUM APPLICATION · AS PUBLISHED22,400₹2,32,800
EACH ROW SAYS WHETHER ITS FIGURES ARE THE QUANTITIES PUBLISHED FOR THIS ISSUE OR OUR OWN ARITHMETIC · COMPUTED ROWS ARE LOT SIZE × UPPER BAND · AMOUNTS AT THE UPPER BAND OF ₹97 · CATEGORY LIMITS PER SEBI THRESHOLDS (₹2 LAKH RETAIL CEILING, ₹10 LAKH SHNI/BHNI BOUNDARY) · INFORMATION ONLY · WE DO NOT ACCEPT OR PROCESS IPO APPLICATIONS · ONE LOT ALREADY EXCEEDS THE RETAIL CEILING ON THIS ISSUE
THE MANIFEST · ISSUE STRUCTURE

HOW THE ISSUE IS BUILT.

FACE VALUE
₹10
ISSUE TYPE
BOOK BUILD ISSUE
FRESH ISSUE
₹34.54 CR
35,60,400 SHARES
TOTAL SHARES OFFERED
35,60,400

The two legs send the money to different places: a fresh issue raises new capital for the company, while an offer for sale is existing shares being sold by existing shareholders, whose proceeds go to those sellers and not to the company.

FIGURES AS PUBLISHED FOR THIS ISSUE · CONFIRM AGAINST THE OFFICIAL RHP
THE GAUGES · VALUATION AND RETURNS

ON THE DASHBOARD.

EPS · PRE-ISSUE
8.05
EPS · POST-ISSUE
5.85
P/E RATIO
12.05
P/E · POST-ISSUE
16.58
RONW
31.58%
ROCE
22.58%
ROE
31.58%
PAT MARGIN
12.33%
EBITDA MARGIN
21.41%
PRICE / BOOK
3.16
NAV PER SHARE
₹30.7
DEBT / EQUITY
0.78
MARKET CAP
₹133.25 CR
FIGURES STATED AS OF 31 MAR 2026 · AS PUBLISHED FOR THIS ISSUE AND REPRODUCED WITHOUT ADJUSTMENT · A REPORTED RATIO IS NOT A VIEW ON VALUE · CONFIRM AGAINST THE OFFICIAL RHP
THE LOGBOOK · REPORTED FINANCIALS

THE RUNNING RECORD.

INR CR31 MAR 2431 MAR 2531 MAR 26
ASSETS33.747.8966.42
TOTAL INCOME48.0852.4365.2
PROFIT AFTER TAX1.556.048.04
EBITDA4.9910.2213.93
NET WORTH4.120.1630.75
RESERVES AND SURPLUS2.117.7520.76
TOTAL BORROWING19.2816.5524.13
AMOUNTS IN INR CR · AS PUBLISHED FOR THIS ISSUE AND REPRODUCED WITHOUT ADJUSTMENT · CONFIRM AGAINST THE OFFICIAL RHP
OTHER SERVICES ON THIS ROUTE · PEER GROUP

WHO ELSE RUNS THIS LINE.

PEEREPS (BASIC)EPS (DILUTED)NAV (₹ PER SHARE)P/E (X)RONW (%)P/BV RATIOFINANCIAL STATEMENTS
Dhaval Packaging Ltd. · THIS ISSUER8.081030.7831.58Restated
Mold-Tek Packaging Limited21.935199.7931.3810.983.46
PEER GROUP STRUCK AS AT 31 MAR 2026 · AS PUBLISHED FOR THIS ISSUE · NOT LIVE MARKET QUOTES, AND NOT A COMPARISON DRAWN BY BUYUNLISTEDSHARES
THE NOTE PUBLISHED WITH THIS PEER GROUP

Notes: P/E ratio has been calculated after considering closing BSE/NSE price of the peer as on June 25, 2026 obtained from BSE and NSE website and the diluted EPS. All the financial information for listed industry peers mentioned above is on an audited basis and sourced from the audited financial statements of the relevant company for Financial Year 2026, as available on the websites of the Stock Exchanges. All the financial information for Dhaval Packaging Limited mentioned above is from the Restated Financial Statements for the year ended March 31, 2026.

WHERE THE FARE GOES · OBJECTS OF THE ISSUE

WHAT THE MONEY IS FOR.

OBJECT OF THE ISSUEINR CR
Part 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
Full or part repayment and/or prepayment of certain outstanding secured borrowings availed by our Company3.75
General corporate purposes1.51
Issue Expense3.85
INR CR 36.3 ALLOCATED IN TOTAL · OBJECTS AND AMOUNTS AS PUBLISHED FOR THIS ISSUE · AN OBJECT WITH NO AMOUNT AGAINST IT IS SHOWN AS PUBLISHED · CONFIRM AGAINST THE OFFICIAL RHP
THE SEATING PLAN · CATEGORY RESERVATION

WHO GETS WHICH SEATS.

ANCHOR INVESTOR
10,30,800
SHARES
QIB
6,87,600
Not more than 50% of the Net Issue
NII (HNI)
5,17,200
Not less than 15% of the Net Issue
SNII
1,72,800
SHARES
BNII
3,44,400
SHARES
RETAIL
12,04,800
Not less than 35% of the Net Issue
EMPLOYEE
1,20,000
SHARES
MARKET MAKER
1,88,400
SHARES
35,60,400 SHARES ACROSS ALL CATEGORIES · CATEGORY SPLIT AS PUBLISHED FOR THIS ISSUE · CONFIRM AGAINST THE OFFICIAL RHP
ABOUT THIS SERVICE

Dhaval Packaging Ltd. is engaged in the development, manufacturing, and supply of plastic packaging products for domestic and overseas markets. The company specializes in converting packaging concepts into scalable, functional, and high-quality solutions tailored to the requirements of various industries. Its primary customer base includes businesses operating in the food and FMCG segments, such as dairy products, confectionery, bakery items, dry fruits, and ready-to-eat foods. The company maintains a strong focus on quality, environmental responsibility, and workplace safety through adherence to internationally recognized standards. It is certified under ISO 9001:2015 for quality management, ISO 14001:2015 for environmental management, and ISO 45001:2018 for occupational health and safety management systems. In addition, its testing laboratory is accredited with ISO/IEC 17025:2017, demonstrating its capability to perform reliable testing and quality assurance processes. Product Portfolio: 1. In-Mold Labeling (IML) Containers: The company manufactures IML containers using a process where a pre-printed label is fused with the plastic container during molding. This technology provides superior aesthetics and durability, offering resistance to moisture, abrasion, and chemical exposure. Dhaval Packaging offers approximately 39 SKUs in this category and serves a range of established Indian brands while also exporting products to international markets. 2. Plastic End Caps for SAW Pipes: The company produces protective plastic end caps designed for SAW (Submerged Arc Welded) pipes and tubes. These caps help safeguard pipe ends from physical damage, dust, moisture, and corrosion during handling, transportation, and storage. The products are widely used in sectors such as construction, oil & gas, infrastructure development, and heavy engineering. Key Competitive Advantages: Advanced in-house IML production facilities supported by automated manufacturing processes. Backward-integrated operations that enhance efficiency and quality control. Diversified product portfolio catering to multiple industry segments. Leadership backed by experienced promoters with industry expertise. Strong product customization capabilities and in-house tooling expertise. Established relationships with customers and a proven track record of servicing key accounts.

THE CREW · WHO IS RUNNING THIS SERVICE

ON THE ROSTER.

PROMOTERS
NAMES
Manish Nanalal Dagla, Dhaval Nanalal Dagla, Shah Aalpa Dipak, Jigar Harivadan Contractor, Jigar Manubhai Shah
HOLDING PRE-ISSUE
90.86%
HOLDING POST-ISSUE
66.06%
BOOK-RUNNING LEAD MANAGERS
1 APPOINTED
Rarever Financial Advisors Pvt.Ltd.
REGISTRAR TO THE ISSUE
NAME
Kfin Technologies Ltd.
PHONE
040-79615565
THE COMPANY
PHONE
9898066258
REGISTERED OFFICE
Plot No. E 411, GIDC, Sanand, Ahmedabad, Gujarat, 382110
DETAILS AS PUBLISHED FOR THIS ISSUE · ALLOTMENT IS HANDLED BY THE REGISTRAR, NOT BY BUYUNLISTEDSHARES · WE NEVER ASK FOR PAN OR APPLICATION DETAILS
THE ENQUIRY DESK · QUESTIONS

COMMON QUESTIONS.

What is the Dhaval Packaging IPO price band?+

The indicative price band is ₹97 per share. The binding terms are the ones in the Red Herring Prospectus (RHP).

What is the lot size of the Dhaval Packaging IPO?+

One lot is 1200 shares. At the upper band of ₹97, one lot works out to ₹1,16,400.

When does the Dhaval Packaging IPO open and close?+

The issue opened on 30 Jul 2026 and closed on 03 Aug 2026. Dates can move — the registrar and the exchange notices are the record.

When is the Dhaval Packaging IPO allotment?+

Allotment is scheduled for 04 Aug 2026. The basis of allotment is published by the registrar to the issue. BuyUnlistedShares does not accept, process or track IPO applications.

When did Dhaval Packaging list?+

Listing took place on 06 Aug 2026 on BSE SME.

Where will Dhaval Packaging be listed?+

Dhaval Packaging is listed on BSE SME. It is an SME issue, so it trades on the SME platform.

How large is the Dhaval Packaging IPO?+

The issue size is ₹36.36 Cr — a fresh issue of ₹34.54 cr. Figures are indicative and subject to the RHP.

How was the Dhaval Packaging IPO subscribed?+

The issue was subscribed 49.99× overall. By category: qib 56.38×, nii 75.35×, small hni 48.36×, big hni 88.89×, retail 40.36×. Subscription figures are as reported by the exchanges.

At what price did Dhaval Packaging list?+

Dhaval Packaging listed at ₹110, +13.4% against the issue price.

Who is the registrar for the Dhaval Packaging IPO?+

The registrar to the issue is Kfin Technologies Ltd. (040-79615565), dhavalpack.ipo@kfintech.com.

Where can I check the Dhaval Packaging IPO allotment status?+

Allotment status is published by the registrar on its own official portal: https://ipostatus.kfintech.com/. Use the registrar's site directly — BuyUnlistedShares does not ask for PAN, application numbers or any other applicant detail.

What is the P/E ratio of the Dhaval Packaging IPO?+

The P/E ratio on file for this issue is 12.05, and the post-issue P/E is 16.58, stated as of 31 Mar 2026. A reported ratio is not a view on value.

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Dates, price band, lot size, issue size and subscription figures are indicative and subject to the official Red Herring Prospectus (RHP). Application amounts shown in the fare table are arithmetic on the lot size and the upper band against SEBI's category thresholds — they are not an application facility and we do not accept IPO applications. GMP is unofficial grey-market chatter that changes daily — not a target, not a quote and not a recommendation. This page is information only: it is not an offer to deal and not investment advice. BuyUnlistedShares provides information and research, not buy/sell recommendations. All IPOs carry market risk — read the RHP and assess suitability before applying.
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TODAY'S INDICATIVE PRICES — PARAG PARIKH FINANCIAL ADVISORY SERVICES LIMITED ₹20,200 · CAPGEMINI TECHNOLOGY SERVICES INDIA LIMITED ₹10,400 · HDFC SECURITIES LIMITED ₹7,950 · NATIONAL STOCK EXCHANGE (NSE) ₹1,785 · BOAT (IMAGINE MARKETING LIMITED) ₹895 · CHENNAI SUPER KINGS (CSK) ₹246 · BIRA 91 (B9 BEVERAGES LIMITED) ₹76 · ZEPTO ₹32 · ORAVEL STAYS (OYO ROOMS) ₹24 · HUTTI GOLD MINES COMPANY LIMITED ₹1,19,838 — INDICATIVE, NOT AN OFFER TO DEAL —TODAY'S INDICATIVE PRICES — PARAG PARIKH FINANCIAL ADVISORY SERVICES LIMITED ₹20,200 · CAPGEMINI TECHNOLOGY SERVICES INDIA LIMITED ₹10,400 · HDFC SECURITIES LIMITED ₹7,950 · NATIONAL STOCK EXCHANGE (NSE) ₹1,785 · BOAT (IMAGINE MARKETING LIMITED) ₹895 · CHENNAI SUPER KINGS (CSK) ₹246 · BIRA 91 (B9 BEVERAGES LIMITED) ₹76 · ZEPTO ₹32 · ORAVEL STAYS (OYO ROOMS) ₹24 · HUTTI GOLD MINES COMPANY LIMITED ₹1,19,838 — INDICATIVE, NOT AN OFFER TO DEAL —