Cool Caps SME
SME₹11.63 Cr issue
-5.53%
Listing gain over issue price
Issue size
₹11.63 Cr
1 lot at cut-off
₹1,14,000
Lot size
3,000shares
Allotment
21 Mar 2022
Listing
24 Mar 2022
Listing performance
Issue price
₹38
Listed at
₹35.90
Listing-day close
₹37.65
Latest price
₹19.25
Close on 23 Oct 2026
Listing gain
-5.53%
Return since issue
+406.58%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- Listing date
- 24 Mar 2022
- Face value
- ₹10 per share
- Issue price
- ₹38 per share
- Lot size
- 3,000 shares
- Total issue size
- ₹11.63 Cr
- Market cap at offer price
- ₹43.93 Cr
- Promoter holding
- 100.00% → 73.53% pre-issue → post-issue
- ISIN
- INE0HS001028
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Holani Consultants Pvt.Ltd.
- Registered office
- 23 Sarat Bose Road, Flat No.1C, 1st Floor, West Bengal
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 | 1,56,000 | — | — |
Application size
Minimum 3,000 shares per lot, in multiples, at ₹38
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 3,000 | ₹1,14,000 |
| S-HNI (min) | 2 | 6,000 | ₹2,28,000 |
| S-HNI (max) | 8 | 24,000 | ₹9,12,000 |
| B-HNI (min) | 9 | 27,000 | ₹10,26,000 |
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
₹38 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.43 | — |
| P/E (×) | 11.08 | — |
| Market cap | — | ₹43.93 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 17.90%
- NAV per share
- ₹19.18
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Cool Caps SME
Cool Caps Industries Limited, incorporated in November 2015 and converted to a public company in April 2021, is engaged in manufacturing a wide range of plastic caps and closures including soda bottle caps and mineral water bottle caps with embossed, debossed, and printed designs per customer specifications. The company operates manufacturing facilities in Kolkata, West Bengal and Kotdwar, Uttarakhand, and also manufactures face masks from a unit in Howrah, West Bengal. Additionally, the company trades in shrink film as a service to existing customers and plastic granules. The company has established itself in the packaging industry with financial year 2020-21 revenue from operations of Rs. 3,113.11 Lakhs and profit after tax of Rs. 291.72 Lakhs.
Company Analysis
from RHPCool Caps Industries Limited manufactures plastic caps, closures, and face masks for beverage and packaging applications, operating across India with manufacturing units in West Bengal and Uttarakhand.
Cool Caps Industries Limited, incorporated in November 2015 and converted to a public company in April 2021, is engaged in manufacturing a wide range of plastic caps and closures including soda bottle caps and mineral water bottle caps with embossed, debossed, and printed designs per customer specifications. The company operates manufacturing facilities in Kolkata, West Bengal and Kotdwar, Uttarakhand, and also manufactures face masks from a unit in Howrah, West Bengal. Additionally, the company trades in shrink film as a service to existing customers and plastic granules. The company has established itself in the packaging industry with financial year 2020-21 revenue from operations of Rs. 3,113.11 Lakhs and profit after tax of Rs. 291.72 Lakhs.
plastic packagingclosures and caps manufacturingbeverage packagingpersonal protective equipment (face masks)
Objects of the Issue
- Working Capital Requirements ₹794.38 Lakhs p.26
- General corporate purposes ₹229.87 Lakhs p.26
- Funding the Working capital requirement of our Company ₹794.38 lakhs p.106
- General corporate purposes ₹229.87 lakhs p.106
- Not specified in this document section
- Funding capital expenditure for setting up Unit III manufacturing facility in Uttarakhand p.337
- General corporate purposes p.391
Issue Structure
- Total Issue
- ₹1,162.80 Lakhs
- Fresh Issue
- ₹1,162.80 Lakhs
- Offer for Sale
- NIL
- Price Band
- ₹36 to ₹38 per share
- Lot Size
- 3,000 equity shares and in multiples of 3,000 equity shares thereafter
- Face Value
- ₹10 per share
Business Model
The company earns revenue primarily from manufacturing and selling plastic caps and closures to packaged mineral water suppliers and soft drinks providers, with supplementary revenues from face mask manufacturing and trading in shrink film and plastic granules.
Business Segments
Manufacturing of plastic bottle caps and closures including plastic soda bottle caps, plastic soft drink bottle caps, plastic mineral water bottle caps, plastic juice bottle caps, embossed, debossed and printed closures using Continuous Compression Molding Machines imported from Sacmi Inc, Italy with 100% virgin food grade material
Trading in Shrink film manufactured by associate concern M/s Airborne Technologies Private Limited, made of LDPE (Low Density Polyethylene) material used for secondary and tertiary packaging, particularly for bundle-packaging of beverages
Manufacturing and selling N95 face masks including Mask on Plus N95 FFP2 Mask, Mask on N95 FFP2 Mask and N95 FFP2 Mask from unit situated in Howrah, West Bengal
Trading in plastic granules including Polypropylene Granule, High Density Polyethylene (HDPE) Granules, Low Density Polyethylene (LDPE), Linear Low-Density Polyethylene (LLDPE) Granules, procured domestically and imported from foreign countries
Manufacturing of plastic caps and closures for soda bottles, mineral water bottles, edible oil bottles, juice bottles, and other applications using continuous compression molding machines
Manufacturing of 5-layer reusable N95 FFP2 face masks with BFE 99.9% and PFE 95% using fully automatic machines
Trading of shrink films made of LDPE material manufactured by associate concern M/s Airborne Technologies Private Limited for secondary and tertiary packaging
Trading of plastic granules (polypropylene, HDPE, LDPE, LLDPE) sourced domestically and internationally for use as raw material in manufacturing or resale
Manufacturing and sale of various types of plastic bottle caps including soda bottle caps, soft drink bottle caps, mineral water bottle caps, embossed and printed bottle caps, and juice bottle caps from units in Kolkata and Kotdwar
Manufacturing N95 FFP2 masks including mask on plus N95 FFP2 mask, mask on N95 FFP2 mask, and N95 FFP2 mask from unit in Kolkata
Sale of trading goods
Production of plastic soda bottle caps, soft drink bottle caps, mineral water bottle caps, embossed and printed closures using Continuous Compression Molding Machines with virgin food-grade material in enclosed dust-proof environments with quality testing
Production of N95 FFP2 face masks including Mask On Plus N95 FFP2 Mask and N95 FFP2 Mask from Howrah unit
Trading and resale of shrink films manufactured by associate concern Airborne Technologies Private Limited; shrink wrap made of LDPE material used for secondary and tertiary packaging of beverages
Procurement and trading of plastic granules including Polypropylene, HDPE, LDPE, and LLDPE sourced domestically and internationally; granules used for production of plastic products
SWOT Analysis
Strengths
- • Fresh IPO with clean capitalization structure(p.2)
- • Established manufacturing operations across multiple locations(p.25)
- • In-house quality testing capability(p.45)
- • Revenue growth and profitability(p.27)
- • Established manufacturing capability with imported machinery(p.144)
- • Quality certifications and compliance standards(p.144)
- • Diversified product portfolio beyond core caps(p.144)
- • In-house quality testing infrastructure(p.144)
- • Experienced management with business continuity(p.144)
- • Modern Continuous Compression Molding technology for efficient, quality manufacturing(p.150)
- • Established manufacturing facilities with vertical integration across multiple locations(p.159)
- • Experienced management team with deep industry knowledge(p.158)
- • Harmonious labor relations with no unionization or strikes(p.160)
- • Strong existing customer relationships providing competitive advantage(p.159)
- • Capability for cost leadership through efficient procurement and manufacturing(p.159)
- • Recent capacity expansion with new production facilities(p.145)
- • In-house quality testing and certification compliance(p.145)
- • Established manufacturing operations in plastic bottle caps with diversified product range(p.236)
- • Expansion into N95 FFP2 mask manufacturing during pandemic demand(p.236)
- • Significant tangible asset base and capital investment in manufacturing infrastructure(p.230)
Weaknesses
- • High concentration of raw material supply with top suppliers(p.47)
- • Significant contingent liabilities from corporate guarantees(p.42)
- • High working capital intensity with significant inventory and receivables(p.43)
- • Reliance on leased manufacturing facilities without ownership(p.49)
- • Outstanding litigation involving promoters and directors(p.40)
- • Unsecured loans repayable on demand(p.52)
- • Non-compliance with statutory provisions regarding director appointments(p.47)
- • High dependence on few customers(p.108)
- • Limited geographic presence with only two manufacturing units(p.143)
- • Significant reliance on short-term bank borrowings(p.108)
- • Limited international market reach and export presence(p.161)
- • New face mask manufacturing still ramping up with low utilization(p.156)
- • Significant export obligation liabilities from EPCG scheme(p.163)
- • High customer concentration risk with top 5 customers representing 31.30% of revenue(p.163)
- • High supplier concentration with top 5 suppliers representing 62.04% of inputs(p.163)
- • High debt burden relative to equity with significant short and long-term borrowings(p.230)
- • Heavy dependence on bank financing with multiple secured loans carrying high interest rates(p.248)
- • Unfunded gratuity liability indicating absence of dedicated employee benefit fund(p.259)
- • Concentrated shareholding with promoter holding 83.41% creating governance risk(p.246)
- • Declining profitability with profit before tax declining from Rs 405.63 Lakhs (FY 2020-21) to Rs 184.79 Lakhs (6M 2021)(p.279)
- • No formal dividend policy and no dividends paid in past three financial years(p.223)
Opportunities
- • Expansion of caps and closures market with growing packaged beverages industry(p.25)
- • Growing demand for pet bottle caps in packaged water and soft drinks(p.46)
- • Leveraging IPO proceeds for working capital and business expansion(p.26)
- • Growth through acquisitions and subsidiary expansion(p.25)
- • Growing global plastic caps and closures market(p.128)
- • Rapidly expanding Indian packaging market(p.139)
- • Rising demand in beverage and pharmaceutical sectors(p.131)
- • Growing e-commerce and organized retail expansion(p.139)
- • Increasing shift toward sustainable and eco-friendly packaging(p.130)
- • Growth potential from increasing per capita income in India(p.139)
- • Growing demand for plastic caps and closures market expansion(p.161)
- • Market development by exploring new geographic regions(p.161)
- • New geographic expansion strategy with regional approvals obtained(p.162)
- • New manufacturing capacity for increased production at Kotdwar unit(p.145)
- • Raw material availability at competitive local pricing(p.161)
- • Acquisition of three subsidiaries for product line diversification(p.145)
- • Expansion capacity for plastic bottle caps manufacturing through capital work in progress(p.230)
- • Potential to leverage IPO proceeds for debt reduction and operational expansion(p.269)
Threats
- • Unfulfilled export obligations under EPCG scheme(p.39)
- • Seasonal volatility in packaged mineral water and soft drinks sales(p.46)
- • COVID-19 pandemic impact on business operations and demand(p.46)
- • Power supply disruptions at manufacturing facilities(p.45)
- • Intense competition in fragmented caps and closures market(p.51)
- • Technological obsolescence risk(p.45)
- • Regulatory and policy changes affecting business operations(p.57)
- • GST implementation uncertainties and compliance burden(p.58)
- • Global and Indian financial market volatility(p.59)
- • Natural disasters and supply chain disruptions(p.44)
- • Volatile raw material costs(p.130)
- • Intense global competition from established players(p.128)
- • Environmental regulations and plastic restrictions(p.126)
- • Consumer health concerns regarding plastic packaging(p.131)
- • Dependence on crude oil-derived raw materials(p.137)
- • Intense competition from organized and unorganized market players(p.161)
- • Low entry barriers enabling new competitors to enter the market(p.161)
- • Vulnerability to government policy changes affecting operations(p.161)
- • Fragmented and unorganized industry competitive dynamics(p.162)
- • Price competition as primary deciding factor in customer selection(p.162)
- • Dependence on limited customer base with concentrated sales concentration risk(p.264)
- • Foreign exchange exposure on import purchases without hedging(p.242)
- • Material input cost volatility exposed through import purchases of raw materials(p.266)
- • Contingent liabilities including custom duty obligations and corporate guarantees(p.242)
- • Significant inventory holding with increased working capital requirements(p.265)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Rajeev Goenka | Individual Promoter | 0.65% | — |
| Vanshay Goenka | Individual Promoter | 6.76% | — |
| M/s. Purv Flexipack Private Limited | Corporate Promoter | 83.41% | — |
| Rajeev Goenka | Promoter | 0.65% | 0.48% |
| Vanshay Goenka | Promoter | 6.76% | 4.97% |
| Purv Flexipack Private Limited | Promoter | 83.41% | 61.33% |
| Poonam Goenka | Promoter Group | 0.30% | 0.22% |
| Arun Gourisaria | Promoter Group | 5.29% | 3.89% |
| Rishi Gourisaria | Promoter Group | 3.53% | 2.60% |
| Unnat Goenka | Promoter Group | 0.06% | 0.04% |
| Rajeev Goenka | Promoter | 0.65% | 0.48% |
| Vanshay Goenka | Promoter | 6.76% | 4.97% |
| Purv Flexipack Private Limited | Promoter Group | 83.41% | — |
| Purv Flexipack Pvt. Ltd | Holding Company/Promoter Group | 83.41% | — |
| Vanshay Goenka | Promoter | 6.76% | — |
| Arun Gourisaria | Promoter | 5.29% | — |
| Rajeev Goenka | Promoter/Managing Director | — | — |
| Purv Flexipack Private Limited | Holding Company/Corporate Promoter | — | — |
Leadership
Rajeev Goenka · Chairman and Managing Director
Vanshay Goenka · Whole Time Director
Arun Gourisaria · Director
Poonam Goenka · Director
Jai Prakash Shaw · Chief Financial Officer
Arijit Ghosh · 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.
Cool Caps SME IPO FAQs
What is the lot size of Cool Caps SME IPO?
The minimum lot size of Cool Caps SME IPO is 3,000 shares. One lot costs ₹1,14,000 at the cut-off price.
What is the listing date of Cool Caps SME IPO?
Cool Caps SME IPO listed on 24 Mar 2022.