Aten Papers SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- Listing date
- 20 Jun 2025
- Face value
- ₹10 per share
- Issue price
- ₹96 per share
- Lot size
- 1,200 shares
- Total issue size
- ₹31.68 Cr
- Market cap at offer price
- ₹98.88 Cr
- Promoter holding
- 99.99% → 67.96% pre-issue → post-issue
- ISIN
- INE0XCV01014
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Swastika Investmart Ltd.
- Registered office
- Block-A, 102/A, F.F, Tirmizi Heights, Opp Bombay Housing Colony, Near Kirtikunj Society, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 1,65,600 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹96
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,15,200 |
| S-HNI (min) | 2 | 2,400 | ₹2,30,400 |
| S-HNI (max) | 8 | 9,600 | ₹9,21,600 |
| B-HNI (min) | 9 | 10,800 | ₹10,36,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.02 | 6.81 |
| P/E (×) | 9.58 | 14.10 |
| Price to book (×) | 4.79 | — |
| Market cap | — | ₹98.88 Cr |
Key performance indicators
- Return on net worth
- 49.93%
- ROCE
- 43.84%
- Debt / equity
- 0.79
- PAT margin
- 5.06%
- EBITDA margin
- 7.68%
- NAV per share
- ₹20.06
- Price to book
- 4.79
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Aten Papers SME
Aten Papers & Foam Limited was incorporated as a Private Limited Company on January 07, 2019, and converted to a Public Limited Company on July 18, 2024. The company operates as an intermediary in the paper product supply chain, procuring Kraft Paper, Duplex Board, and other paper grades from various mills and reselling them to clients in the packaging products industry. It also purchases wastepaper from stockists and sells to paper mills. The company is based in Ahmedabad, Gujarat, with operations including a registered office and a godown in Changodar. With over two decades of industry expertise from its promoters, the company is planning to expand by establishing three wastepaper processing units in Ahmedabad, utilizing part of the IPO proceeds for capital expenditure and working capital requirements.
Company Analysis
from RHPAten Papers & Foam Limited is a paper product trading intermediary in India's paper supply chain, sourcing papers from mills and reselling to packaging industry clients, with plans to expand into wastepaper processing.
Aten Papers & Foam Limited was incorporated as a Private Limited Company on January 07, 2019, and converted to a Public Limited Company on July 18, 2024. The company operates as an intermediary in the paper product supply chain, procuring Kraft Paper, Duplex Board, and other paper grades from various mills and reselling them to clients in the packaging products industry. It also purchases wastepaper from stockists and sells to paper mills. The company is based in Ahmedabad, Gujarat, with operations including a registered office and a godown in Changodar. With over two decades of industry expertise from its promoters, the company is planning to expand by establishing three wastepaper processing units in Ahmedabad, utilizing part of the IPO proceeds for capital expenditure and working capital requirements.
Objects of the Issue
- Capital Expenditure ₹427.74 Lakhs p.24
- To Meet Working Capital Requirements ₹1,550.00 Lakhs p.24
- General Corporate Purpose p.24
- Capital Expenditure ₹427.74 Lakhs p.81
- To Meet Working Capital Requirements ₹1,550.00 Lakhs p.84
- General Corporate Purposes p.85
- Setting up wastepaper processing units at three locations in Ahmedabad p.121
- Setup of wastepaper processing units at three locations in Ahmedabad City p.178
Issue Structure
- Total Issue
- 33,00,000 Equity Shares aggregating to ₹ [●] Lakhs
- Fresh Issue
- 33,00,000 Equity Shares of face value of ₹ 10/- each
- Offer for Sale
- Nil
- Price Band
- [●] per Equity Share (to be determined)
- Lot Size
- [●]
- Face Value
- ₹ 10/- per Equity Share
Business Model
The company operates as a paper product trader, procuring papers from different paper mills and reselling them to packaging industry clients. It also purchases wastepaper from stockists for sale to paper mills. Revenue is generated through trading margins on these paper products. The business is geographically concentrated in Gujarat, with 98.16% of FY2025 revenue from the state.
Business Segments
SWOT Analysis
- • Experienced promoter leadership with extensive industry knowledge(p.23)
- • Established position as intermediary in paper product supply chain(p.23)
- • Diversified product portfolio with flexible specifications(p.23)
- • Experienced senior management team with industry expertise(p.108)
- • Diversified product portfolio serving multiple customer segments(p.108)
- • Strong banking relationships and access to credit facilities(p.108)
- • In-house transportation infrastructure reducing delivery costs(p.108)
- • Ready inventory enabling timely customer delivery(p.108)
- • Experienced management with 22+ years in paper industry(p.121)
- • Strategic position as intermediary in paper supply chain(p.121)
- • Rapid revenue growth trajectory(p.122)
- • Strong profitability improvement(p.151)
- • Established intermediary position in paper product supply chain(p.178)
- • Experienced promoter management with over two decades of industry expertise(p.178)
- • Strong revenue growth trajectory with 43.28% increase in FY 2024-25(p.180)
- • Significant improvement in profitability with PAT increasing to ₹701.14 Lakhs in FY 2024-25(p.180)
- • Strong EBITDA margin improvement from 5.32% to 7.68% demonstrating operational efficiency(p.179)
- • Improving debt-to-equity ratio, down from 2.23 to 0.79 indicating reduced financial leverage(p.179)
- • High return on equity of 66.53% in FY 2024-25 reflecting efficient capital deployment(p.179)
- • Diversified product offerings with multiple grades, thicknesses, widths and standards available(p.178)
- • Complete dependence on leased premises with short-term rental agreements(p.33)
- • Heavy concentration of suppliers with high related-party purchases(p.34)
- • Lack of long-term supply contracts creating operational uncertainty(p.34)
- • Excessive geographic concentration with 98%+ sales in Gujarat(p.35)
- • High customer concentration with top 10 customers at 30%+ of revenue(p.36)
- • Significant outstanding receivables with delayed collection risks(p.37)
- • Limited operational experience in new wastepaper processing business(p.35)
- • History of delayed regulatory filings and compliance lapses(p.36)
- • Significant dependence on related party group company Majethia Papers with legal exposure(p.35)
- • High debt-to-equity ratio indicating leverage constraints(p.110)
- • Dependency on external paper mills for product supply(p.110)
- • No pricing control over paper products(p.110)
- • Intense competition from unorganized market players(p.110)
- • High leverage and debt dependence(p.150)
- • Concentration of customer base(p.163)
- • Reliance on group company transactions(p.175)
- • Limited diversification and single business focus(p.121)
- • Promoter litigation exposure(p.139)
- • High dependence on limited suppliers with top 3 suppliers accounting for 42.44% of purchases(p.185)
- • Concentration of customer base with top 3 customers representing 14.50% of revenue(p.185)
- • Outstanding GSIT liabilities pending with multiple show cause notices and orders(p.189)
- • Significant pending income tax litigation against promoter Mohamedarif Mohamedibrahim Lakhani for A.Y. 2019-20 with demand of ₹1,58,25,899(p.191)
- • Promoter facing substantial pending tax dispute with pending interest liabilities of ₹12,83,504 for A.Y. 2018-19(p.192)
- • Pending commercial debt recovery against promoter for ₹95,64,634 with court decree(p.192)
- • Material environmental liability case against group company Majethia Papers involving hazardous waste disposal(p.193)
- • Rapid growth in Indian paper and packaging market projected at 6.63% CAGR(p.23)
- • Substantial untapped domestic market with low per capita paper consumption(p.24)
- • Strong e-commerce driven demand for sustainable packaging solutions(p.24)
- • Planned expansion into wastepaper processing as value-added service(p.23)
- • Expansion into wastepaper processing with government support for sustainability(p.106)
- • Growing domestic paper market and e-commerce packaging demand(p.102)
- • Government push towards eco-friendly alternatives to single-use plastics(p.102)
- • Scale-up of business operations through increased working capital access(p.108)
- • Market expansion potential in India with low per capita paper consumption(p.100)
- • Expansion into wastepaper processing(p.121)
- • Growth in packaging industry demand(p.121)
- • Vertical integration into manufacturing(p.121)
- • Access to capital through IPO for growth initiatives(p.121)
- • Planned expansion through setup of three wastepaper processing units as part of business diversification(p.178)
- • Growing recycling waste paper market as critical raw material for paper mills(p.178)
- • Geographic expansion potential within Gujarat and national markets(p.179)
- • Potential market growth in packaging industry driven by industrial development(p.178)
- • Postponement of IPO in past and uncertainty in BSE listing approval(p.48)
- • Intense competition from existing players in concentrated market(p.24)
- • Dependence on third-party transportation with supply chain risks(p.41)
- • Volatility in raw material prices and input cost pressures(p.21)
- • Regulatory changes and compliance requirements for new operations(p.40)
- • Economic sensitivity of packaging industry to business cycles(p.21)
- • Low entry barriers enabling new competitor entry(p.110)
- • Exposure to raw material price volatility and supply chain risks(p.101)
- • Regulatory and economic uncertainties affecting operations(p.110)
- • Digital transformation reducing demand for print media and paper(p.110)
- • Environmental and climate risks impacting paper production and supply(p.110)
- • Regulatory compliance burden related to forest conservation(p.115)
- • Restrictions on wood exports limiting raw material sourcing(p.115)
- • Input price volatility from paper mill margins and commodity fluctuations(p.121)
- • GST and customs duty framework affecting margins(p.114)
- • Dependence on MSME supplier relationships(p.159)
- • Exposure to commodity price volatility affecting input and raw material costs(p.179)
- • Competition from existing players in the paper trading industry(p.179)
- • Dependence on limited number of customers and suppliers creating concentration risk(p.179)
- • Regulatory and compliance risks with changing laws and regulations affecting operations(p.179)
- • Macroeconomic exposure to global GDP growth and seaborne trade dynamics(p.179)
- • Risk from natural calamities impacting business continuity(p.179)
- • COVID-19 pandemic uncertainty and potential recurrence impacts(p.179)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Mohamedarif Mohamedibrahim Lakhani | Promoter | 50.00% | — |
| Mrs. Amrin Lakhani | Promoter | 49.99% | — |
| Mr. Mohamedarif Mohamedibrahim Lakhani | Promoter | 50.00% | 33.98% |
| Mrs. Amrin Lakhani | Promoter | 49.99% | 33.98% |
| Mr. Mohamedarif Mohamedibrahim Lakhani | Promoter | 50.00% | — |
| Mrs. Amrin Lakhani | Promoter | 49.99% | — |
| Mohamedarif Mohamedibrahim Lakhani | Promoter cum Managing Director | — | — |
| Amrin Lakhani (Mrs. Amrin Mohamedarif Lakhani) | Promoter cum Director | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.