AHMEDABAD, GUJARAT | 03rd AUGUST 2026| The initial public offering (IPO) of Ahmedabad-based plastic packaging manufacturer Dhaval Packaging Limited (DPL) received a robust response from investors, with the Rs. 36.36 crore issue being subscribed approximately 50 times on the final day of bidding.
According to the subscription data, the IPO received bids for more than 12.63 crore equity shares against the 25.29 lakh shares on offer across all categories.
The Qualified Institutional Buyers (QIB) portion was subscribed 56.38 times, attracting bids for over 3.87 crore shares against the 6.87 lakh shares reserved for the category. The High Net-worth Individual (HNI) segment was oversubscribed 75.35 times, receiving bids for 3.89 crore shares against 5.17 lakh shares on offer.
The individual category was subscribed 40.28 times, with bids for 4.85 crore shares against the 12.04 lakh shares reserved for retail investors.
Dhaval Packaging had launched its IPO on July 30 to raise Rs. 36.36 crore through a fresh issue of 37,48,800 equity shares at a price band of Rs. 92 to Rs. 97 per share. Earlier, the company raised Rs. 10 crore by allotting 10 lakh shares at Rs. 97 per share to anchor investors.
The proceeds from the issue will primarily be utilised for capacity expansion at the company’s manufacturing facility at Sanand-II Industrial Estate in Gujarat. A portion of the proceeds will also be used towards repayment or prepayment of certain borrowings, while the balance will be utilised for general corporate purposes.
The basis of allotment is expected to be finalised on August 4, while the shares are scheduled to be listed on the BSE SME platform on August 6.
Established in 2015, Dhaval Packaging manufactures plastic packaging products for domestic and international markets. Led by Chairman and Managing Director Manish Dagla, the company operates across two core business verticals: In-Mould Labelled (IML) food-grade packaging containers and SAW pipe protection plastic caps for industrial applications. It serves customers across food, dairy, confectionery, FMCG, pharma, construction, infrastructure, oil & gas, automotive, paint & coatings, and chemical & petrochemical sectors.
Rarever Financial Advisors Private Limited is the book running lead manager to the issue, KFin Technologies Limited is the registrar, and New Berry Capitals Private Limited is the market maker.
== ENDS ==
