Packaging products manufacturer Dhaval Packaging has secured strong backing from institutional investors ahead of its initial public offering (IPO), with Vikas Khemani-led Carnelian Asset Management emerging as the largest participant in the anchor round.
The company raised Rs 9.99 crore from anchor investors on July 29 by allotting 10.3 lakh equity shares at Rs 97 per share, the upper end of its IPO price band. Carnelian alone accounted for nearly half of the total anchor allocation, signalling investor confidence ahead of the public issue.
Carnelian AIF Category I Trust – Scheme 1 invested Rs. 5 crore, purchasing 5.16 lakh shares. The remaining anchor allocation was subscribed by Saint Capital Fund, VVD Equity Fund, Jalan Chemical Industries, and Blue Aster Capital Fund, which collectively invested around Rs 5 crore.
The Ahmedabad-based company will launch its Rs 36.36 crore IPO for public subscription on July 30, with the issue closing on August 3. The shares are being offered in a price band of Rs. 92-97 each, implying a market valuation of around Rs 133 crore at the upper end.
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Founded in 2015, Dhaval Packaging manufactures rigid plastic packaging products used across food and FMCG industries. Its products cater to segments such as dairy, confectionery, bakery, dry fruits and ready-to-eat food, while the company also serves export markets.
The fresh capital raised through the IPO will largely support the company's expansion plans. Around Rs 27.19 crore has been earmarked for setting up a new manufacturing facility at Sanand in Gujarat, which is expected to enhance production capacity and support future business growth.
The company will also utilise Rs 3.75 crore to reduce debt, with the remaining funds allocated for general corporate purposes.
Dhaval Packaging currently operates three manufacturing units in Sanand and has been expanding its customer base across domestic and international markets as demand for organised packaging solutions continues to rise.
The company has delivered steady financial growth over the past year.
For FY26, it reported revenue of Rs 65.03 crore, up 24.4% from the previous year, while net profit increased 33% to Rs 8.04 crore, reflecting improved operating performance. The company's shares are scheduled to debut on the BSE SME platform on August 6.
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