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Dhaval Packaging IPO

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GMP is an informal figure from outside SEBI's framework. Not investment advice.

About this issue

Dhaval Packaging listed at +13.4% against its issue price of ₹97. The book is 49.99 times subscribed overall. The grey market premium is +₹12 (+12.4%), which is an informal figure and not a quoted price. Our call is Apply, on 88% of our checks.

Segment: SME
Price: ₹97
Lot size: 1,200 shares
One lot costs: ₹1,16,400
Issue size: ₹35 Cr
Grey market premium: +₹12 (+12.4%)
Subscribed: 49.99x
Listed at: +13.4%
Our call: Apply

What we checked

Profitable in the latest yearPAT ₹8.04 Cr
Profit grew year on yearPAT +33%
Revenue grew year on yearRevenue +24%
Margin not collapsingPAT margin 12.3% vs 11.3%
Borrowing under half of net worthDebt/net worth 0.78
Return on net worth above 15%RoNW 31.6%
Post-issue P/E under 40P/E 16.6
Price to book under 6P/B 3.2
Majority is fresh capital100% fresh issue
Promoters keep at least half66.1% held post-issue
Anchor investors participatedAnchor book placed
Overall book more than 10× covered50.0× overall

3 further checks could not be judged, because the issue did not disclose enough. They count neither for nor against.

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