Ideal Technoplast Industries
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 21 Aug 2024 – 23 Aug 2024
- Listing date
- 28 Aug 2024
- Face value
- ₹10 per share
- Issue price
- ₹121 per share
- Lot size
- 1,000 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹16.03 Cr
- Market cap at offer price
- ₹60.50 Cr
- Promoter holding
- 100.00% → 73.50% pre-issue → post-issue
- ISIN
- INE0T9I01011
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Swastika Investmart Ltd.
- Registered office
- Plot No.1 to 4 and 78 to 81, Block No.572 & 572/B Madhav Industrial Estate, Vill: Olpad, Ta: Olpad, 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 | 67,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹121
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,21,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,42,000 |
| S-HNI (max) | 8 | 8,000 | ₹9,68,000 |
| B-HNI (min) | 9 | 9,000 | ₹10,89,000 |
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
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.70 | 7.13 |
| P/E (×) | 12.47 | 16.97 |
| Price to book (×) | 5.98 | — |
| Market cap | — | ₹60.50 Cr |
Key performance indicators
- Return on net worth
- 43.95%
- ROCE
- 32.95%
- PAT margin
- 13.47%
- NAV per share
- ₹20.22
- Price to book
- 5.98
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Ideal Technoplast Industries
Ideal Technoplast Industries Limited was originally formed as a Partnership Firm under the Partnership Act, 1932 (deed dated 24th August, 2012) and converted to a Limited Company on 23rd November, 2023. The Company is a prominent manufacturer and supplier of rigid plastic packaging with a Surat facility spanning 20,000 sq. ft. featuring advanced technology, a fully automated plant, and in-house design & printing technology. The Company specializes in manufacturing square packaging containers known for ruggedness, durability and ease of handling heavy items. It caters to various sectors such as paints, agro, chemicals, cosmetics, adhesives, lubricants, food, and edible oil. The Company also exports globally indirectly through export houses and third parties.
Company Analysis
from RHPIdeal Technoplast Industries Limited is a manufacturer and supplier of rigid plastic packaging containers serving industrial sectors including paints, agro, chemicals, cosmetics, adhesives, lubricants, food, and edible oil.
Ideal Technoplast Industries Limited was originally formed as a Partnership Firm under the Partnership Act, 1932 (deed dated 24th August, 2012) and converted to a Limited Company on 23rd November, 2023. The Company is a prominent manufacturer and supplier of rigid plastic packaging with a Surat facility spanning 20,000 sq. ft. featuring advanced technology, a fully automated plant, and in-house design & printing technology. The Company specializes in manufacturing square packaging containers known for ruggedness, durability and ease of handling heavy items. It caters to various sectors such as paints, agro, chemicals, cosmetics, adhesives, lubricants, food, and edible oil. The Company also exports globally indirectly through export houses and third parties.
Objects of the Issue
- To Meet Capital Expenditure ₹1,362.76 Lakhs p.14
- General Corporate Purpose ₹80.49 Lakhs p.14
- To Meet Capital Expenditure for establishing a new manufacturing facility including land, civil construction, electrification, machinery, moulds, accessories, and solar power system ₹1,362.76 lakhs (85.00% of gross issue proceeds) p.65
- General Corporate Purpose for strategic initiatives like brand building and strengthening of marketing activities, and ongoing general corporate exigencies ₹80.49 lakhs (5.02% of gross issue proceeds) p.65
Issue Structure
- Total Issue
- ₹1,603.25 Lakhs
- Fresh Issue
- 13,25,000 Equity Shares of face value of ₹10/- each aggregating to ₹1,603.25 Lakhs
- Face Value
- ₹10/- each
Business Model
Ideal Technoplast manufactures and sells rigid plastic packaging containers to industrial customers across multiple sectors including paints, agro, chemicals, cosmetics, adhesives, lubricants, food, and edible oil. The Company generates revenue from the sale of these containers in various sizes (ranging from 125 ml to 40 Ltr for round containers, 800 ml to 40 Ltr for square containers).
Business Segments
SWOT Analysis
- • Established manufacturer of rigid plastic packaging with advanced technology and in-house capabilities(p.14)
- • Specialization in manufacturing square packaging containers with distinctive product advantages(p.14)
- • Significant revenue growth trajectory demonstrating operational scalability(p.26)
- • Diversified customer base across multiple industrial sectors reducing concentration risk(p.14)
- • Experienced management team with 12 years combined expertise in plastic industry(p.90)
- • Advanced automated manufacturing with robotic technology reducing human intervention(p.100)
- • In-house design and printing technology for customization and brand control(p.100)
- • Specialization in square packaging containers with distinctive market advantages(p.100)
- • Diverse product range across multiple industries ensuring stable revenue(p.100)
- • High customer retention through quality and service commitment(p.100)
- • Experienced management with 12 years combined plastic industry expertise(p.178)
- • Advanced manufacturing technology including in-mould labelling and robotic automation(p.178)
- • Established geographic presence across 21 states in India(p.181)
- • Strong profitability improvement with PAT margin of 13.47% in FY24(p.181)
- • Specialized square container product with premium pricing capability(p.182)
- • Substantial revenue growth of 120.5% in FY24 period(p.179)
- • Heavy dependence on top 10 customers representing majority of revenues(p.20)
- • Concentration of raw material supplies among few top suppliers(p.20)
- • Geographic concentration of raw material sourcing in two states creating supply risk(p.20)
- • No long-term supply agreements with vendors exposing company to supply disruptions(p.21)
- • No long-term customer contracts increasing revenue volatility risk(p.21)
- • Significant unsecured director loans repayable on demand creating liquidity risk(p.22)
- • Promoters retain controlling stake with potential conflict of interest(p.20)
- • Dependence on key managerial personnel creating operational vulnerability(p.28)
- • Recently converted from partnership to limited company with ongoing regulatory name updates(p.21)
- • Dependency on raw material procurement from limited suppliers(p.101)
- • Market sensitivity affecting demand volatility(p.101)
- • Current capacity utilization at only 69% despite installed capacity(p.66)
- • Limited scale compared to multinational competitors(p.102)
- • Heavy dependence on limited customer base; top customer represents 19.9% of revenue(p.170)
- • Significant debt burden with debt-to-equity ratio of 0.61(p.186)
- • Reliance on secured borrowings backed by promoter-owned properties exposes to collateral risk(p.176)
- • Working capital management challenges with inventory turnover of 1.82x in FY24(p.171)
- • Recent incorporation as company (November 2023) with limited governance track record(p.178)
- • Robust growth in Indian packaging industry with significant expansion potential(p.14)
- • Government Make in India initiative creating favorable manufacturing ecosystem(p.14)
- • Expansion into new geographic markets and states for domestic sales growth(p.22)
- • Planned capital expenditure for manufacturing capacity expansion using IPO proceeds(p.14)
- • Strong underlying demand drivers including population growth and urbanization(p.14)
- • India's rigid plastic packaging market projected to grow at 10.10% CAGR (2024-2032)(p.88)
- • Expansion into new segments like dairy and ice cream containers(p.66)
- • Building international distributor network for export market expansion(p.101)
- • E-commerce driven demand for rigid plastic packaging growing significantly(p.83)
- • Rising disposable income in emerging markets driving packaged goods demand(p.84)
- • Quality certifications (ZED, SA 8000, EPR) enabling MNC client access(p.101)
- • Expansion into high-growth agro-chemicals and edible oils sectors(p.181)
- • Market penetration with proprietary square container design accepted by customers(p.181)
- • Further geographic expansion potential beyond current 21 states(p.182)
- • Diversification into paint, cosmetics, adhesives and lubricants sectors(p.178)
- • Volatile raw material prices particularly for plastic granules affecting cost structure(p.21)
- • Highly competitive market with low barriers to entry and numerous competitors(p.24)
- • Concentration of sales in few states creating regional economic dependency(p.20)
- • Dependence on continuous electricity and water supply for manufacturing operations(p.23)
- • Exposure to regulatory changes in safety, health and environmental laws(p.26)
- • Interest rate fluctuations affecting debt servicing costs(p.29)
- • Indian economy dependence with vulnerability to macroeconomic shocks(p.29)
- • Natural disasters and external events disrupting operations(p.29)
- • Plant and machinery price inflation and delivery delays from suppliers(p.24)
- • Fluctuating raw material prices constraining margins(p.101)
- • Intense competition from domestic and multinational packaging companies(p.101)
- • Economic downturn reducing consumer goods packaging demand(p.101)
- • Stringent government regulations on single-use plastic limiting market(p.83)
- • Growing demand for flexible packaging reducing rigid packaging market share(p.85)
- • Regulatory changes affecting packaging compliance requirements(p.101)
- • Dependence on raw material costs and price volatility in plastic resin market(p.180)
- • Exposure to economic cyclicality affecting agro, paints and chemicals sectors(p.180)
- • Intense competition in plastic packaging industry(p.180)
- • Exposure to weather and harvest risks through agro-chemical customer concentration(p.181)
- • Regulatory and compliance risks from conversion from partnership to company structure(p.172)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Prafulbhai Karshanbhai Vaghasia | Promoter | 18.00% | 13.23% |
| Mrs. Vaishnavi Prafulbhai Vaghasiya | Promoter | 11.34% | 8.33% |
| Mr. Vipulbhai Dulabhai Mendapara | Promoter | 15.00% | 11.03% |
| Mrs. Mitulaben Vipulbhai Mendapara | Promoter | 13.33% | 9.80% |
| Mr. Gauravbhai Chhaganbhai Gopani | Promoter | 15.00% | 11.03% |
| Mrs. Ashaben Gauravbhai Gopani | Promoter | 13.33% | 9.80% |
| Mr. Dhruv Prafulbhai Vaghasiya | Promoter Group | 3.99% | 2.94% |
| Mr. Pearl Vipulbhai Medapara | Promoter Group | 5.00% | 3.68% |
| Mr. Bhaveshbhai Chhaganbhai Gopani | Promoter Group | 5.00% | 3.68% |
| Mr. Gauravbhai Chhaganbhai Gopani | Promoter | 15.00% | 11.03% |
| Mr. Gauravbhai Chhaganbhai Gopani (variant entry) | Promoter | 15.00% | 11.03% |
| Mrs. Vaishnavi Prafulbhai Vaghasiya | Promoter | 11.34% | 8.34% |
| Mrs. Mitulaben Vipulbhai Mendapara | Promoter | 13.33% | 9.80% |
| Mrs. Ashaben Gauravbhai Gopani | Promoter | 13.33% | 9.80% |
| Mr. Praful Karsanbhai Vaghasiya | Promoter | 18.00% | — |
| Mrs. Vaishnavi Prafulbhai Vaghasiya | Promoter | 11.34% | — |
| Mr. Vipulbhai Dulabhai Mendapara | Promoter | 15.00% | — |
| Mrs. Mitulaben Vipulbhai Mendapara | Promoter | 13.33% | — |
| Mr. Gauravbhai Chhaganbhai Gopani | Promoter | 15.00% | — |
| Mrs. Ashaben Gauravbhai Gopani | Promoter | 13.33% | — |
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.