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Utkal Speciality Industries India Ltd IPO
Status: Closed
Overview
IPO date
10 Jun 2026 to 12 Jun 2026
Face value
₹ 10 per share
Price
₹ 62 to ₹66 per share
Issue Size
5,234,000 shares
(aggregating up to ₹ 34.54 Cr)
(aggregating up to ₹ 34.54 Cr)
Allotment Date
15 Jun 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
Paper
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T&C*
Strengths vs Risks of Utkal Speciality Industries India Ltd
Know the pros & cons
Strengths
- Variety of Products.
- Customer-Centric Approach.
- Quality assurance.
- In house Manufacturing Infrastructure.
- Efficient Inventory Management.
- Experienced Management.
- Strong Supplier Network and quality Raw Material Sourcing Capabilities.
- Long standing relationships with customers.
Risks
- Significant Dependence on Loyal Customers could lead to concentration risk and adversely impact the company operations.
- A significant portion of the company revenue relies on the paper products and any disruptions in this industry could negatively impact its reputation, financial performance, and overall business operations.
- Significant portion of the company's revenue has been generated from Eastern part of India, any loss of business from these states may adversely affect the revenues and profitability.
- The company has incurred significant capital expenditure during the last three Fiscals and its may requires substantial financing for the company business operations and planned capital expenditure and failures to obtain additional financing may has an adverse effect on its business, results of operations, financial condition and cash flows.
- The Company operations requires significant amount of working capital for a continuing growth. Its inability to meet the company working capital requirements may adversely affect its results of operations.
- Trade Receivables forms a significant part of the company current assets. Failures to manage its trade receivables could has an adverse effect on the company sales, profitability, cash flow and liquidity.
- Trade Receivables forms a significant part of the company current assets. Failures to manage its trade receivables could has an adverse effect on its sales, profitability, cash flow and liquidity.
- The company existing manufacturing facilities is concentrated in a single region, i.e., Odisha. Any slowdown or disruption in its manufacturing operations in the company manufacturing facilities could has a material and adverse impact on its business and operations.
- Extensive government regulation and the impact of plastics on the environment could has a severe impact on the company ability to continue its business operations, which could adversely affect the company business, results of operations and financial conditions.
- The company business is substantially dependent on certain key customers, from whom its derives a significant portion of the company revenues. The loss of any significant customer may has a material and adverse effect on its business and results of operations.
- The Objects of the Offer for which funds is being raised has not been appraised by any bank or financial institution.
- The company is highly dependent on its suppliers for uninterrupted supply of Raw-Materials. Any shortfall in the supply of the company raw materials, or an increase in its raw material costs and other input costs, may adversely affect the pricing and supply of the company products with subsequently having an adverse effect on the business, results of operations and financial conditions of its company.
- The company cost of production is exposed to fluctuations in the prices of its major raw material, especially of paper.
- The company cost of production is exposed to fluctuations in the prices of its major raw material, especially of paper.
- The company business requires its to obtain and renew certain licenses and permits from government, regulatory authorities and the failures to obtain or renew them in a timely manner may adversely affect the company business operations.
- There has been several instances of delay in filing of GST and EPF returns by the Company in the past.
- The average cost of acquisition of Equity Shares by the company Promoters could also be lower than the Offer Price.
- The company contingent liabilities as stated in its Restated Financial Statements could adversely affect the company financial condition.
- A considerable share of the company sales is generated through short-term orders, resulting in limited visibility into future demand and potential fluctuations in order volumes.
- The company Promoters, Directors, Key Managerial Personnel and members of Senior Management are interested in its Company other than reimbursement of expenses or normal remuneration or benefits which may result in a conflict of interest with the company.
- The company has incurred indebtedness and an inability to obtain further financing or consent from respective lenders could adversely affect its business, results of operations, financial condition and cash flows.
- The company ability to pay dividends in the future will depends on its earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of the company financing arrangements.
- The company Promoter and Executive Directors hold Equity Shares in its Company and is therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
- Non-availability of complete data back-ups for the historical experience of certain Directors may affect the accuracy of disclosures in this Red Herring Prospectus.
- The company has in the past entered into related party transactions and may continue to does so in the future.
- The company Business is labour intensive, and its business operations may be materially adversely affected by strikes, work stoppages or increased wages demands by its employees or those of the company suppliers.
- Reliance on third-party logistics services may lead to operational disruptions dues to factors beyond the company's control, potentially affecting the timely delivery of products and overall supply chain efficiency.
- Incidents such as fraud, theft, or employee negligence could impact the company's operational efficiency and has an adverse effect on the financial performance.
- The company is reliant on leased premises for core operations, which may impact stability and long-term planning.
- The company has power requirements and any disruption to power sources could increase its production costs and adversely affect the company business and results of operations.
- Significant failures or disruption of the information technology systems could adversely impact the company business, results of operations and financial condition.
- The company insurance coverage may not adequately protect its against all material hazards, which may adversely affect the business, results of operations and financial condition.
- The company has issued Equity Shares during the last one year from the date of this Red Herring Prospectus at a price which may not be indicative of the Offer Price.
- Adverse publicity or negative perceptions related to the company's products may affect its brand reputation and could potentially impact customer trust and business performance.
- The company is subject to strict quality requirements, and its customers expect the products to consistently meet defined specifications. Any failures to comply with these quality standards may result in cancellation of existing or future orders, which could adversely affect the company reputation, financial condition, cash flows, and results of operations.
- The company has taken guarantees from Promoters in relation to debt facilities provided to its.
- The company business depends on its Promoters and Key Managerial Personnel. Any change in the company Promoter and Key Managerial Personnel may affect its business growth.
- There is outstanding legal proceedings involving the Company, its Directors, and the company Promoters. Any adverse decisions could impact the company cash flows and profit or loss to the extent of demand amount, interest and penalty, divert management time and attention and has an adverse effect on the company business, prospects, results of operations and financial condition.
- Industry information included in this Red Herring Prospectus has been derived from various websites. The Reliability on the forecasts of the reports could be incorrect and would significantly impact the company operation.
- The company has not made any alternate arrangements for meeting its regular working capital requirements. If the company is unable to manage/arrange funds (including at short notice) to meet its working capital requirements, there may be an adverse effect on the company results of operations and financial performance.
- Imposing liquidated damages dues to delayed or defective shipments could result in loss of business opportunities and long-term contracts, especially with key clients who relies on timely, high-quality packaging solutions.
- An ineffective internal control system can increase the risk of financial mismanagement, such as unauthorized transactions or fraudulent activities, damaging the company's financial stability and reputation.
- Timely Execution of Planned Works and Adherence to Deadlines in order to avoid cost and time overruns.
- The Company's dependence on essential utilities like electricity, water, and fuel makes it vulnerable to local infrastructure issues, natural disasters, or regulatory changes that could halt or slow production processes.
- Risk pertaining to effective installation and functioning of new manufacturing facilities, which may impact timely commissioning and operational efficiency.
- Underutilization of capacity of the manufacturing capacities and an ability to effectively utilize its expanded manufacturing capacities may adversely affect the company business, future prospects and future financial performance.
- The company business operates in a highly competitive environment with the presence of numerous unorganized players, which may exert pricing pressure.
- The company business operations is reliant on machinery, making its susceptible to risks associated with equipment failures, maintenance issues, and technological obsolescence, which could disrupt production and impact profitability.
- The company maintain a large inventory in its warehouse, which requires effective inventory management, storage practices, and regular monitoring to ensure optimal utilization and smooth operations.
- Engagement of contract labor may lead to a lack of loyalty or commitment to the company, making the workforce more susceptible to turnover, which can disrupt production schedules and increase recruitment and training costs.
- The company estimates and forward-looking statements may prove to be inaccurate, which could adversely affect investors' perception and decision-making.
- Investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they purchase in the Issue.
- If the company is unable to source business opportunities effectively, its may not achieve the company financial objectives.
- Any future issuance of Equity Shares, or convertible securities or other equity linked instruments by the company may dilute the shareholding of the Investor, or any sale of Equity Shares by its Promoters or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
- Staying aligned with technological advancements and evolving industry trends is essential for sustaining the company competitiveness and meeting the changing needs of its customers.
Utkal Speciality Industries India Ltd Peer Comparison
Understand the company’s industry standing
Utkal Speciality Industries India Ltd
Spinaroo Commercial Ltd
Aaradhya Disposal Industries Limited
Face Value
10
10
10
Standalone / Consolidated
Standalone
Standalone
Standalone
Total Income Rs. Cr.
---
---
---
EPS-Basis
5.11
1.75
8.78
EPS-Diluted
5.11
1.75
8.78
NAV Per Share
18.97
33.5
76.05
P/E-Basic EPS
---
33.66
12.81
P/E-Diluted EPS
---
---
---
RONW(%)
25.26
5.28
15.93
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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Enter details- PAN, Application number or DP client ID
Get your allotment status
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The IPO opens on 10 Jun 2026 & closes on 12 Jun 2026.
Utkal Speciality Industries India Limited was originally incorporated on September 01, 2015 at Cuttack, Odisha as a Private Limited Company. Further, Company was converted into a Public Limited Company and the name of Company was changed to 'Utkal Speciality Industries India Limited' dated January 22, 2025 pursuant to fresh Certificate of Incorporation issued by the Registrar of Companies.
Company is a manufacturer of paper products. It cater to a range of customers ranging from smaller manufacturers to the end retailers. The key strength lies in the depth and reach of market having the sales distributed among customers to better the profitability visà-vis others in industry.
The Company began sales within India and Outside India in 2021. It installed Paper Plate and Packaging Machine in 2022. The product includes all kinds, forms, shapes, sizes and varieties of Paper, Kraft Paper, Paper Products, Kraft Paper Products, Corrugated Products, Paper Cups, Paper Plates, Paper Boxes, Paper Straws, Packaging Items of any material, Disposable Kitchen-ware, Paper Kitchen-ware, Plastic Kitchen Ware, Aluminium Kitchen-ware Plastics, Polymers, Laminating and Printing on Paper and Plastics, Plastic Products, Plastic Injection Moulded Products, Plastic Extruded Products, Plastic Thermoformed Products, Products made out of Aluminium, Aluminium Foil Containers Aluminium Foil Rolls, Products made out of wood and bamboo, Wooden Cutleries, Bamboo Stocks, Skewers and Cutleries and Machineries relating to Paper and Plastics, Aluminium and Wooden Products.
Company is planning the fresh issue of 54,24,000 equity shares of face value Rs 10 each, by way of initial public offering.
Utkal Speciality Industries India Ltd IPO will close on 12 Jun 2026.
- Variety of Products.
- Customer-Centric Approach.
- Quality assurance.
- In house Manufacturing Infrastructure.
- Efficient Inventory Management.
- Experienced Management.
- Strong Supplier Network and quality Raw Material Sourcing Capabilities.
- Long standing relationships with customers.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Akash Agrawal | 500000 | 3.5 | 500000 | 2.56 |
| 2 | Meena Agarwal | 7343000 | 51.35 | 7343000 | 37.59 |
| 3 | Manoj Agarwal | 4557000 | 31.87 | 4557000 | 23.33 |
| 4 | Sweety Agrawal | 250000 | 1.75 | 250000 | 1.28 |
| 5 | Meera Devi Agrawal | 250000 | 1.75 | 250000 | 1.28 |
| 6 | Kailash Prasad Agrawal | 450000 | 3.15 | 450000 | 2.3 |
| 7 | Manoj Kumar Agrawal (HUF) | 200000 | 1.4 | 200000 | 1.02 |
| 8 | Kailash Prasad Agarwala (HU | 500000 | 3.5 | 500000 | 2.56 |
| 9 | Akash Agrawal (HUF) | 250000 | 1.75 | 250000 | 1.28 |
- Significant Dependence on Loyal Customers could lead to concentration risk and adversely impact the company operations.
- A significant portion of the company revenue relies on the paper products and any disruptions in this industry could negatively impact its reputation, financial performance, and overall business operations.
- Significant portion of the company's revenue has been generated from Eastern part of India, any loss of business from these states may adversely affect the revenues and profitability.
- The company has incurred significant capital expenditure during the last three Fiscals and its may requires substantial financing for the company business operations and planned capital expenditure and failures to obtain additional financing may has an adverse effect on its business, results of operations, financial condition and cash flows.
- The Company operations requires significant amount of working capital for a continuing growth. Its inability to meet the company working capital requirements may adversely affect its results of operations.
- Trade Receivables forms a significant part of the company current assets. Failures to manage its trade receivables could has an adverse effect on the company sales, profitability, cash flow and liquidity.
- Trade Receivables forms a significant part of the company current assets. Failures to manage its trade receivables could has an adverse effect on its sales, profitability, cash flow and liquidity.
- The company existing manufacturing facilities is concentrated in a single region, i.e., Odisha. Any slowdown or disruption in its manufacturing operations in the company manufacturing facilities could has a material and adverse impact on its business and operations.
- Extensive government regulation and the impact of plastics on the environment could has a severe impact on the company ability to continue its business operations, which could adversely affect the company business, results of operations and financial conditions.
- The company business is substantially dependent on certain key customers, from whom its derives a significant portion of the company revenues. The loss of any significant customer may has a material and adverse effect on its business and results of operations.
- The Objects of the Offer for which funds is being raised has not been appraised by any bank or financial institution.
- The company is highly dependent on its suppliers for uninterrupted supply of Raw-Materials. Any shortfall in the supply of the company raw materials, or an increase in its raw material costs and other input costs, may adversely affect the pricing and supply of the company products with subsequently having an adverse effect on the business, results of operations and financial conditions of its company.
- The company cost of production is exposed to fluctuations in the prices of its major raw material, especially of paper.
- The company cost of production is exposed to fluctuations in the prices of its major raw material, especially of paper.
- The company business requires its to obtain and renew certain licenses and permits from government, regulatory authorities and the failures to obtain or renew them in a timely manner may adversely affect the company business operations.
- There has been several instances of delay in filing of GST and EPF returns by the Company in the past.
- The average cost of acquisition of Equity Shares by the company Promoters could also be lower than the Offer Price.
- The company contingent liabilities as stated in its Restated Financial Statements could adversely affect the company financial condition.
- A considerable share of the company sales is generated through short-term orders, resulting in limited visibility into future demand and potential fluctuations in order volumes.
- The company Promoters, Directors, Key Managerial Personnel and members of Senior Management are interested in its Company other than reimbursement of expenses or normal remuneration or benefits which may result in a conflict of interest with the company.
- The company has incurred indebtedness and an inability to obtain further financing or consent from respective lenders could adversely affect its business, results of operations, financial condition and cash flows.
- The company ability to pay dividends in the future will depends on its earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of the company financing arrangements.
- The company Promoter and Executive Directors hold Equity Shares in its Company and is therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
- Non-availability of complete data back-ups for the historical experience of certain Directors may affect the accuracy of disclosures in this Red Herring Prospectus.
- The company has in the past entered into related party transactions and may continue to does so in the future.
- The company Business is labour intensive, and its business operations may be materially adversely affected by strikes, work stoppages or increased wages demands by its employees or those of the company suppliers.
- Reliance on third-party logistics services may lead to operational disruptions dues to factors beyond the company's control, potentially affecting the timely delivery of products and overall supply chain efficiency.
- Incidents such as fraud, theft, or employee negligence could impact the company's operational efficiency and has an adverse effect on the financial performance.
- The company is reliant on leased premises for core operations, which may impact stability and long-term planning.
- The company has power requirements and any disruption to power sources could increase its production costs and adversely affect the company business and results of operations.
- Significant failures or disruption of the information technology systems could adversely impact the company business, results of operations and financial condition.
- The company insurance coverage may not adequately protect its against all material hazards, which may adversely affect the business, results of operations and financial condition.
- The company has issued Equity Shares during the last one year from the date of this Red Herring Prospectus at a price which may not be indicative of the Offer Price.
- Adverse publicity or negative perceptions related to the company's products may affect its brand reputation and could potentially impact customer trust and business performance.
- The company is subject to strict quality requirements, and its customers expect the products to consistently meet defined specifications. Any failures to comply with these quality standards may result in cancellation of existing or future orders, which could adversely affect the company reputation, financial condition, cash flows, and results of operations.
- The company has taken guarantees from Promoters in relation to debt facilities provided to its.
- The company business depends on its Promoters and Key Managerial Personnel. Any change in the company Promoter and Key Managerial Personnel may affect its business growth.
- There is outstanding legal proceedings involving the Company, its Directors, and the company Promoters. Any adverse decisions could impact the company cash flows and profit or loss to the extent of demand amount, interest and penalty, divert management time and attention and has an adverse effect on the company business, prospects, results of operations and financial condition.
- Industry information included in this Red Herring Prospectus has been derived from various websites. The Reliability on the forecasts of the reports could be incorrect and would significantly impact the company operation.
- The company has not made any alternate arrangements for meeting its regular working capital requirements. If the company is unable to manage/arrange funds (including at short notice) to meet its working capital requirements, there may be an adverse effect on the company results of operations and financial performance.
- Imposing liquidated damages dues to delayed or defective shipments could result in loss of business opportunities and long-term contracts, especially with key clients who relies on timely, high-quality packaging solutions.
- An ineffective internal control system can increase the risk of financial mismanagement, such as unauthorized transactions or fraudulent activities, damaging the company's financial stability and reputation.
- Timely Execution of Planned Works and Adherence to Deadlines in order to avoid cost and time overruns.
- The Company's dependence on essential utilities like electricity, water, and fuel makes it vulnerable to local infrastructure issues, natural disasters, or regulatory changes that could halt or slow production processes.
- Risk pertaining to effective installation and functioning of new manufacturing facilities, which may impact timely commissioning and operational efficiency.
- Underutilization of capacity of the manufacturing capacities and an ability to effectively utilize its expanded manufacturing capacities may adversely affect the company business, future prospects and future financial performance.
- The company business operates in a highly competitive environment with the presence of numerous unorganized players, which may exert pricing pressure.
- The company business operations is reliant on machinery, making its susceptible to risks associated with equipment failures, maintenance issues, and technological obsolescence, which could disrupt production and impact profitability.
- The company maintain a large inventory in its warehouse, which requires effective inventory management, storage practices, and regular monitoring to ensure optimal utilization and smooth operations.
- Engagement of contract labor may lead to a lack of loyalty or commitment to the company, making the workforce more susceptible to turnover, which can disrupt production schedules and increase recruitment and training costs.
- The company estimates and forward-looking statements may prove to be inaccurate, which could adversely affect investors' perception and decision-making.
- Investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they purchase in the Issue.
- If the company is unable to source business opportunities effectively, its may not achieve the company financial objectives.
- Any future issuance of Equity Shares, or convertible securities or other equity linked instruments by the company may dilute the shareholding of the Investor, or any sale of Equity Shares by its Promoters or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
- Staying aligned with technological advancements and evolving industry trends is essential for sustaining the company competitiveness and meeting the changing needs of its customers.
The Issue type of Utkal Speciality Industries India Ltd is Book Building - SME.
The minimum application for shares of Utkal Speciality Industries India Ltd is 4000.
The total shares issue of Utkal Speciality Industries India Ltd is 5234000.
Initial public offer of 52,34,000 equity shares of face value of Rs. 10/- each ("Equity Shares") of Utkal Speciality Industries India Limited ("The Company" or "The Issuer") of which fresh issue of 52,34,000 equity shares for cash at a price of Rs. 66 per equity share, Including Share Premium of Rs. 56 Per Equity Share) ("Offer Price"), aggregating to Rs. 34.54 Crore ("The Offer"), of which 2,64,000 equity shares of face value of Rs. 10/- each for cash at an offer price of Rs. 66 per equity share, aggregating to Rs. 1.74 Crore will be reserved for subscription by market maker to the offer (the "Market Maker Reservation Portion"). The offer less market maker reservation portion i.e., Offer of 49,70,000 equity shares of face value of Rs. 10/- each for cash at an offer price of Rs. 66 per equity, aggregating to Rs. 32.80 Crore is hereinafter referred to as the "Net Offer". The offer and the net offer will constitute 26.79% and 25.44%, respectively of the post issue paid up equity share capital of the company.
Price Band: Rs. 66 per equity share of face value of Rs. 10/- each.
The floor price is 6.6 times the face value of the equity shares.
Bids can be made for a minimum of 4,000 equity shares and in multiples of 2,000 equity shares thereafter.