Boss Packaging Solutions
Fixed Price issueSME₹8.41 Cr issue
+25.00%
Listing gain over issue price
Issue size
₹8.41 Cr
1 lot at cut-off
₹1,32,000
Lot size
2,000shares
Open
30 Aug 2024
Close
03 Sep 2024
Allotment
04 Sep 2024
Listing
06 Sep 2024
Listing performance
Issue price
₹66
Listed at
₹82.50
Listing-day close
₹86.60
Latest price
₹54.75
Close on 22 Oct 2026
Listing gain
+25.00%
Return since issue
-17.05%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 30 Aug 2024 – 03 Sep 2024
- Listing date
- 06 Sep 2024
- Face value
- ₹10 per share
- Issue price
- ₹66 per share
- Lot size
- 2,000 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹8.41 Cr
- Market cap at offer price
- ₹29.35 Cr
- Promoter holding
- 100.00% → 71.35% pre-issue → post-issue
- ISIN
- INE0QNI01012
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Fedex Securities Pvt.Ltd.
- Registered office
- 11-C, Survey No.56/1/2/3, Ramdev Estate, Near Siddipura Estate, Opposite Ramol Mehmdabad, Highway, Vin Zol Road, 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 | 66,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹66
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,32,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,64,000 |
| S-HNI (max) | 7 | 14,000 | ₹9,24,000 |
| B-HNI (min) | 8 | 16,000 | ₹10,56,000 |
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
₹66 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.19 | 2.27 |
| P/E (×) | 20.69 | 29.07 |
| Price to book (×) | 4.62 | — |
| Market cap | — | ₹29.35 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 22.31%
- ROCE
- 28.99%
- Debt / equity
- 0.14
- PAT margin
- 8.30%
- NAV per share
- ₹14.28
- Price to book
- 4.62
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Boss Packaging Solutions
Boss Packaging Solutions Limited was incorporated on January 10, 2012, and converted from private to public on August 10, 2023. The company is a manufacturer, supplier and exporter of diversified packaging machines, self-adhesive sticker labeling machines, conveyors, turn tables, web sealers, electric tunnels, and related equipment. Products find application in edible oil, lubricants, chemicals, cosmetics, homecare, pharmaceuticals, viscous liquids, juices and dairy, agriculture and pesticides, food and ancillaries, cosmetics and toiletries, and distilleries and breweries. The company has sold its machines in over 18 states of India, 3 Union territories, and 4 countries. Revenue from operations for FY 2024, FY 2023, and FY 2022 was ₹1,217.44 lakhs, ₹1,033.89 lakhs, and ₹547.40 lakhs respectively.
Company Analysis
from RHPBoss Packaging Solutions Limited manufactures diversified packaging, capping, filling, and labeling machines for industries including edible oil, lubricants, chemicals, cosmetics, pharmaceuticals, and food.
Boss Packaging Solutions Limited was incorporated on January 10, 2012, and converted from private to public on August 10, 2023. The company is a manufacturer, supplier and exporter of diversified packaging machines, self-adhesive sticker labeling machines, conveyors, turn tables, web sealers, electric tunnels, and related equipment. Products find application in edible oil, lubricants, chemicals, cosmetics, homecare, pharmaceuticals, viscous liquids, juices and dairy, agriculture and pesticides, food and ancillaries, cosmetics and toiletries, and distilleries and breweries. The company has sold its machines in over 18 states of India, 3 Union territories, and 4 countries. Revenue from operations for FY 2024, FY 2023, and FY 2022 was ₹1,217.44 lakhs, ₹1,033.89 lakhs, and ₹547.40 lakhs respectively.
packaging machinery manufacturingedible oillubricantschemicalscosmeticshomecare productspharmaceuticalsviscous liquidsjuices and dairyagriculture and pesticidesfood and ancillariescosmetics and toiletriesdistilleries and breweries
Objects of the Issue
- Purchase of machineries ₹333.70 lakhs p.20
- Funding our working capital requirements ₹300.00 lakhs p.20
- General Corporate Expenses ₹142.14 lakhs p.20
- Purchase of machineries ₹333.70 lakhs (excluding GST) p.70
- Funding our Working Capital Requirements ₹300.00 lakhs p.70
- General Corporate Purpose ₹142.14 lakhs p.70
Issue Structure
- Total Issue
- ₹840.84 Lakhs
- Fresh Issue
- 12,74,000 Equity Shares aggregating up to ₹840.84 Lakhs
- Offer for Sale
- N.A.
- Price Band
- ₹66 per Equity Share
- Lot Size
- 2000 Equity Shares and in multiples of 2000 thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The company manufactures diversified packaging machinery and related equipment and sells them to customers across multiple end-use industries. The company does not enter into long-term supply agreements with customers and operates on a purchase order basis. Cost of materials consumed accounted for 68.06%, 65.18%, and 61.95% of revenue from operations for FY 2024, FY 2023, and FY 2022 respectively.
Business Segments
Used for full/partial labeling on different sizes of flat or rectangular containers; includes sticker labeling machines, automatic BOPP labeling machines, and shrink sleeve applicators for application of shrink sleeve labels
Automatic machine used for application of shrink sleeve label onto containers; finds application in foods, beverages, personal care, cosmetic and pharmaceutical; can be connected with filling, tablet counting and shrink wrapping lines
Includes servo gear pump filling machines, servo syringe and volumetric filling machines for liquid, powder and piston filling applications
Includes semi-automatic and automatic screw capping, ROPP capping, crown capping and lug capping machines; includes single head, double head and multi-head pick and place options; used post-filling in pharmaceuticals and FMCG
Fully automatic shrink-packaging machines including web sealer and shrink tunnel; can feed products, collate, seal and cut film and shrink film bags automatically; used in food, pharmaceutical, cosmetics, printing and hardware industries
Includes conveyors, turn tables, air jet cleaning machines, electric tunnels, winder rewinders and customized solutions; machinery and machinery spare parts
Manufacturing of labelling, packing, filling, sealing machines, accessories and full packaging lines
Manufacturing and sales of packaging machinery including filling machines, capping machines, labeling machines, and related equipment
SWOT Analysis
Strengths
- • Diversified product portfolio across packaging machinery(p.29)
- • Diversified customer base across multiple end-use industries(p.26)
- • Long-term customer relationships(p.26)
- • Integrated in-house manufacturing with backward integration capabilities(p.71)
- • Diversified product portfolio serving multiple end-use industries(p.103)
- • Growing customer base with strong relationships(p.103)
- • Pan-India sales and distribution network with after-sales support(p.103)
- • Experienced promoter management with deep industry knowledge(p.104)
- • Revenue growth momentum with strong profitability(p.104)
- • Strong marketing and distribution network across India and export markets(p.109)
- • Diversified customer base across multiple industries reducing dependency on single customers(p.109)
- • Long-standing relationships with customers with high retention rates(p.110)
- • Diversified product portfolio enabling cross-selling to existing customers(p.110)
- • Experienced promoter directors with over 10 years of industry expertise(p.110)
- • Flat hierarchy structure enabling fast decision-making and quick implementation(p.110)
- • Strong financial performance with 22.31% return on net worth in FY2024(p.109)
- • Low financial leverage and improved capitalization post-IPO(p.186)
- • Diversified packaging machinery product portfolio(p.189)
- • Strong revenue growth trajectory(p.189)
- • Consistent profitability and expanding profit margins(p.189)
Weaknesses
- • Concentration of manufacturing in single location(p.25)
- • High customer concentration risk(p.26)
- • Suboptimal capacity utilization(p.25)
- • No long-term supply contracts with customers(p.26)
- • High material cost dependency(p.30)
- • Negative operating cash flows in recent period(p.38)
- • History of delayed statutory payments(p.36)
- • Past regulatory non-compliance issues(p.30)
- • Dependence on unsecured loans with personal guarantees(p.38)
- • Rented premises on leave and license basis(p.40)
- • High working capital requirements relative to business size(p.73)
- • Increased debt levels compared to prior years(p.81)
- • Decline in EBITDA margin despite revenue growth(p.81)
- • Rising inventory holding levels(p.73)
- • Concentration of revenue in West region and machinery spare parts(p.108)
- • High concentration of revenue from top 10 customers at 60% in FY2024(p.110)
- • Limited geographic presence with operations in only 18 states and 3 Union Territories(p.110)
- • No ISO certification despite manufacturing operations(p.116)
- • Minimal export revenue representing near-zero percentage of operations(p.116)
- • High inventory levels with inventory at 445.56 lakhs versus 173.05 lakhs in prior year(p.152)
- • Trademark application only recently accepted, not yet registered(p.117)
- • High concentration of revenue among top customers(p.198)
- • Significant dependence on small number of suppliers(p.198)
- • Negative operating cash flow in recent fiscal year(p.196)
- • Increased finance costs reflecting higher debt burden(p.193)
- • Outstanding indirect tax demands(p.200)
Opportunities
- • Expansion into new export markets(p.35)
- • Growing manufacturing sector in India(p.20)
- • Widening product offerings and geographic presence(p.33)
- • Capital expenditure for equipment purchase and capacity expansion(p.27)
- • Working capital expansion to support growth(p.20)
- • Expansion of manufacturing capacity through machinery upgradation(p.71)
- • Growth in FMCG sector and manufacturing exports(p.92)
- • Increasing automation and digital transformation in Indian manufacturing(p.93)
- • Strong government support and policy initiatives for manufacturing(p.95)
- • Expansion of rural and e-commerce driven FMCG demand(p.100)
- • Growing demand across new end-use industries(p.108)
- • Expansion of geographical presence to increase market reach and customer base(p.110)
- • Development of new advanced machinery products including aseptic and high-speed filling machines(p.111)
- • Augmenting manufacturing capabilities to meet growing demand for packaging lines(p.111)
- • Improving operational efficiencies through automation and modern technology investments(p.111)
- • Leveraging technological expertise and design capability for competitive advantage in cost-efficient manufacturing(p.111)
- • Geographic expansion, particularly in southern and eastern regions(p.195)
- • Growing domestic market demand for packaging machinery(p.192)
- • Expansion to non-West zones with lower current penetration(p.192)
Threats
- • Sensitivity to economic downturn in application industries(p.26)
- • Intense competition from organized and unorganized players(p.29)
- • Low entry barriers enabling new competition(p.29)
- • Risk of industry consolidation disadvantaging the company(p.30)
- • Volatility in raw material prices and supply(p.30)
- • Dependence on third-party logistics providers(p.30)
- • Risk of natural disasters and epidemics affecting operations(p.41)
- • Exposure to foreign exchange fluctuations(p.30)
- • Risk of adverse regulatory changes(p.32)
- • Inflation impact on costs and pricing power(p.42)
- • Slowdown in Indian economic growth(p.43)
- • Shortage or non-availability of power facilities(p.35)
- • Dependence on few major customers for significant revenue(p.30)
- • Foreign exchange risk and regulations on foreign investor participation(p.46)
- • Volatility in input material costs and supply chain disruptions(p.104)
- • Intense competition in packaging machinery industry(p.31)
- • Regulatory and compliance requirements for manufacturing operations(p.32)
- • Market price volatility and trading restrictions post-listing(p.47)
- • Fragmented industry with large established players and foreign manufacturers competing(p.114)
- • Competition on price being the primary deciding factor for most customers(p.114)
- • No entry barriers in the industry leading to intensified competition from capacity expansion(p.114)
- • Competition from pipe manufacturers entering packaging equipment sector(p.114)
- • Dependence on raw material suppliers with no long-term contracts(p.115)
- • Reliance on third-party IT systems for critical operations without redundancy(p.115)
- • Dependence on capital-intensive business model with high working capital requirements(p.189)
- • Pricing pressures from competitive business environment(p.189)
- • Volatility in supply and input pricing(p.189)
- • Economic uncertainty and customer payment default risk(p.189)
- • Regulatory changes and legal uncertainties(p.189)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ketan Suryakant Thakkar | Promoter | 29.99% | 21.40% |
| Manishbhai Natvarbhai Brahmbhatt | Promoter | 29.99% | 21.40% |
| Kamleshbhai Hasmukhbhai Patel | Promoter | 29.99% | 21.40% |
| Jagrutiben Manishbhai Brahmbhatt | Promoter | 10.01% | 7.14% |
| Bhavikaben Ketankumar Thakkar | Promoter | Negligible | Negligible |
| Premkumar Manishbhai Brahmbhatt | Promoter | Negligible | Negligible |
| Ketan Suryakant Thakkar | Promoter | 29.99% | 21.40% |
| Manishbhai Natvarbhai Brahmbhatt | Promoter | 29.99% | 21.40% |
| Kamleshbhai Hasmukhbhai Patel | Promoter | 29.99% | 21.40% |
| Jagrutiben Manishbhai Brahmbhatt | Promoter | 10.01% | 7.14% |
| Premkumar Manishbhai Brahmbhatt | Promoter | negligible | negligible |
| Bhavikaben Ketankumar Thakkar | Promoter | negligible | negligible |
| Viralben Kamleshbhai Patel | Promoter Group | negligible | negligible |
| Manishbhai Natvarbhai Brahmbhatt | Promoter | 60.00% | 29.99% |
| Ketan Suryakant Thakkar | Promoter | 20.00% | 29.99% |
| Jagrutiben Manishbhai Brahmbhatt | Promoter | 20.00% | 10.01% |
| Kamleshbhai Hasmukhbhai Patel | Promoter | — | 29.99% |
| Bhavikaben Ketankumar Thakkar | Promoter | — | 0.003% |
| Premkumar Manishbhai Brahmbhatt | Promoter | — | 0.003% |
| Manish Natvarbhai Brahmbhatt | Managing Director/Promoter | — | — |
| Kamlesh Hasmukhbhai Patel | Director/Promoter | — | — |
Leadership
Manishbhai Natvarbhai Brahmbhatt · Managing Director and Chairman
Kamlesh Hasmukhbhai Patel · Executive Director
Ketan Suryakant Thakkar · Executive Director
Bhavikaben Ketankumar Thakkar · Chief Financial Officer
Sweta Sandip Prajapati · Company Secretary and Compliance Officer
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.
Boss Packaging Solutions IPO FAQs
What is the lot size of Boss Packaging Solutions IPO?
The minimum lot size of Boss Packaging Solutions IPO is 2,000 shares. One lot costs ₹1,32,000 at the cut-off price.
When does Boss Packaging Solutions IPO open and close?
Boss Packaging Solutions IPO opened for subscription on 30 Aug 2024 and closed on 03 Sep 2024.
What is the listing date of Boss Packaging Solutions IPO?
Boss Packaging Solutions IPO listed on 06 Sep 2024.