Sellowrap Industries
Book Building issueSME₹30.28 Cr issue
+8.43%
Listing gain over issue price
Issue size
₹30.28 Cr
1 lot at cut-off
₹1,32,800
Lot size
1,600shares
Open
25 Jul 2025
Close
29 Jul 2025
Allotment
30 Jul 2025
Listing
01 Aug 2025
Listing performance
Issue price
₹83
Listed at
₹90
Listing-day close
₹94.50
Latest price
₹59.05
Close on 23 Oct 2026
Listing gain
+8.43%
Return since issue
-28.86%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 25 Jul 2025 – 29 Jul 2025
- Listing date
- 01 Aug 2025
- Face value
- ₹10 per share
- Issue price
- ₹83 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Total issue size
- ₹30.28 Cr
- Market cap at offer price
- ₹114 Cr
- Promoter holding
- 92.18% → 67.71% pre-issue → post-issue
- ISIN
- INE0IJF01013
- Registrar
- Purva Sharegistry (India) Pvt.Ltd.
- Lead managers
- Gretex Corporate Services Ltd.
- Registered office
- 208, Plot No C 5, Abhishek Building, Dalia Estate, New Link Road, Andheri (West), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 10,35,200 | — | — |
| Market maker | 1,82,400 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹83
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,32,800 |
| S-HNI (min) | 2 | 3,200 | ₹2,65,600 |
| S-HNI (max) | 7 | 11,200 | ₹9,29,600 |
| B-HNI (min) | 8 | 12,800 | ₹10,62,400 |
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.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
10,35,200
Anchor portion
₹8.59 Cr
at ₹83 per share
Valuation and performance
Valuation at offer price
₹83 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.88 | 7.26 |
| P/E (×) | 8.40 | 11.43 |
| Price to book (×) | 1.70 | — |
| Market cap | — | ₹114 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 21.44%
- ROCE
- 18.86%
- Debt / equity
- 0.81
- PAT margin
- 6.14%
- EBITDA margin
- 13.74%
- NAV per share
- ₹48.75
- Price to book
- 1.70
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Sellowrap Industries
Sellowrap Industries Limited, incorporated in 2004 and converted to a Public Limited Company in 2024, is a B2B manufacturing company headquartered in Mumbai. The company traces its roots to a proprietorship established in 1983 by Mr. Sushil Kumar Poddar, which evolved into M/s. Sellowrap Manufacturing Company (formed in 1992) before being transferred to the current corporate entity in 2004. The company specializes in the production of customized components for the automotive, non-automotive, and white goods industries, offering both adhesive and non-adhesive processed components with an emphasis on quality, cost-efficiency, and customer value. The company operates multiple manufacturing facilities in Gurugram, Pune, Kancheepuram, and Ranipet.
Company Analysis
from RHPSellowrap Industries Limited manufactures customized automotive components, non-automotive parts, and white goods industry components through adhesive and non-adhesive processing.
Sellowrap Industries Limited, incorporated in 2004 and converted to a Public Limited Company in 2024, is a B2B manufacturing company headquartered in Mumbai. The company traces its roots to a proprietorship established in 1983 by Mr. Sushil Kumar Poddar, which evolved into M/s. Sellowrap Manufacturing Company (formed in 1992) before being transferred to the current corporate entity in 2004. The company specializes in the production of customized components for the automotive, non-automotive, and white goods industries, offering both adhesive and non-adhesive processed components with an emphasis on quality, cost-efficiency, and customer value. The company operates multiple manufacturing facilities in Gurugram, Pune, Kancheepuram, and Ranipet.
Automotive componentsNon-automotive componentsWhite goods manufacturing
Objects of the Issue
- Capital Expenditure towards purchase of Plant & Machinery, Infrastructure Development and Other Auxiliary Equipments ₹1,239.85 lakhs p.29
- Funding the Working Capital Requirements of the Company ₹1,000.00 lakhs p.30
- General Corporate Purposes p.30
- Capital Expenditure towards purchase of Plant & Machinery, Infrastructure Development and Other Auxiliary Equipments ₹1,239.85 lakhs p.57
- Funding the Working Capital Requirements of the Company ₹1,000.00 lakhs p.57
- General Corporate Purposes p.57
- Capital Expenditure towards Purchase of Plant & Machinery, Infrastructure Development and Other Auxiliary Equipments ₹1,239.85 Lakhs p.108
- Funding Working Capital requirement of the company ₹1,000.00 Lakhs p.114
- General Corporate Purposes p.115
- Not stated in this document section
- Not specified in this part of the document
Issue Structure
- Total Issue
- Upto 36,48,000 Equity Shares of face value of ₹10.00 each
- Fresh Issue
- Upto 36,48,000 Equity Shares of face value of ₹10.00 each at ₹[●] per Equity Share (including premium of ₹[●] per Equity Share) aggregating to ₹[●] Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹79.00 to ₹83.00
- Lot Size
- 1,600 shares and in multiples of 1,600 shares thereafter
- Face Value
- ₹10.00 each
Business Model
The company operates on a B2B model, manufacturing and supplying customized components directly to original equipment manufacturers (OEMs) and Tier 1 suppliers in the automotive, non-automotive, and white goods sectors. Revenue is generated through the sale of five main products: Plastic Injection Moulded Parts (Interior & Exterior), PU-Foam-Moulding, Foam/Label & Stickers Products, Screen Sealing Parts, and EPP Moulding. The company conducts business on a purchase-order basis, with no long-term formal contracts with most customers.
Business Segments
Precision-engineered parts manufactured through injection moulding, catering to both interior and exterior automotive needs, including powertrain systems and cooling products
High-performance moulded foam products used in automotive interiors and assemblies, offering superior flexibility, resilience, and noise reduction
Durable and customizable self-adhesive solutions for branding, identification, and compliance, made with high-quality materials to withstand varied environments
Designed for automotive applications, these parts provide effective sealing to prevent water, dust, and noise infiltration, ensuring durability and enhanced vehicle performance
EPT Sealer type components
Manufactures screen sealing parts, foam components, plastic injection molded parts, stickers and labels, polyurethane foam moulding, EPP parts, and other customized solutions for automotive applications
Interior and exterior automotive parts including handles, cooling air ducts, door window guide channels, and exterior components such as mudguards and fenders
Lightweight, durable, and flexible components including fender foam, engine cover, and cushioning/insulation products for automotive and industrial uses
Foam components for sealing, insulation, cushioning, and NVH management; labels and stickers for branding, product information, and safety instructions; includes battery tray foam covers and heat insulation parts
Components providing sealing and protection for windows, doors, and assemblies to prevent water, dust, and contaminant ingress while ensuring noise reduction
Expanded polypropylene components including toolboxes and parts for automotive interiors, energy management, and structural reinforcements offering lightweight yet sturdy solutions
Manufacturing of plastic injection moulded interior and exterior automotive components
Manufacturing of polyurethane foam moulded components
Manufacturing of foam components, labels and stickers for automotive applications
Manufacturing of screen sealing parts including film products with adhesive application and welding
Manufacturing of expanded polypropylene moulded components
Manufacturing of cellular foam products, blow films, and moulded plastic components for automotive OEMs
Manufacturing of plastic injection moulded components for interior and exterior automotive applications
Manufacturing of polyurethane foam moulded components
Manufacturing of foam products, labels and sticker applications
Manufacturing of screen sealing components
Manufacturing of expanded polypropylene moulded components
SWOT Analysis
Strengths
- • Four decades of established automotive component manufacturing business with heritage dating back to 1983(p.2)
- • Diversified product portfolio across 5 main product categories serving automotive, non-automotive and white goods sectors(p.32)
- • Strong revenue growth with EBITDA margin improvement from 6.69% (FY23) to 13.74% (FY25)(p.32)
- • Improved profitability with PAT margin rising from 2.17% (FY23) to 6.14% (FY25)(p.32)
- • Strong return on equity of 21.25% in FY25 and improving capital efficiency(p.32)
- • 68.57% customer retention rate with majority of clients continuing purchases year-over-year(p.32)
- • Established market presence in automotive components with four decades of business history(p.74)
- • ISO 27001:2013 ISMS certification and TISAX strengthens cybersecurity posture(p.59)
- • Revenue growth demonstrated with increasing sales over three fiscal years(p.71)
- • Diversified product portfolio across five main product categories(p.154)
- • Four decades of established automotive industry experience(p.153)
- • Multiple manufacturing facilities with significant geographic spread(p.153)
- • Strong financial growth trajectory with increasing profitability(p.154)
- • Multiple international quality certifications demonstrating compliance standards(p.155)
- • Strong capacity utilization at Gurugram units at 76%(p.106)
- • Planned capacity increase of 17.87% through new machinery acquisition(p.106)
- • Zero defects track record and quality excellence(p.176)
- • Long-term OEM customer relationships (up to 32 years)(p.176)
- • Integrated multi-location manufacturing footprint(p.177)
- • Consistent financial performance with improving margins(p.178)
- • High repetitive customer base (68.57% retention)(p.178)
- • In-house R&D capability with modern testing infrastructure(p.178)
- • ISO and international certifications demonstrating quality commitment(p.184)
- • Established corporate governance framework with multiple board committees(p.244)
- • Compliance with statutory requirements and regulations(p.244)
- • Experienced promoters with long-standing industry presence(p.267)
- • Substantial equity shareholding by promoters providing alignment of interests(p.262)
- • Documented sexual harassment redressal mechanism with multiple location-based committees(p.250)
- • 41-year-old established business with proven operational track record(p.308)
- • Diversified revenue base across 5 major products and 140 clients(p.310)
- • Strong revenue growth trajectory with 17.70% YoY increase in FY 2024-25(p.315)
- • High proportion of repeat customers indicating strong customer loyalty(p.310)
- • Significantly improving profitability margins - PAT margin increased from 2.17% to 6.14%(p.309)
- • Multi-location manufacturing footprint across key industrial hubs(p.308)
- • Improved debt-equity ratio indicating strengthened financial position(p.307)
Weaknesses
- • Severe customer concentration with top 10 customers representing 74.54% of FY25 revenues(p.39)
- • Elevated debt-equity ratio of 0.81 requiring significant cash flows for debt servicing(p.42)
- • High trade receivables of ₹3,006.24 lakhs with counterparty credit risk exposure(p.48)
- • Multiple instances of regulatory non-compliance including delayed EPF/ESIC deposits and GST filing delays(p.41)
- • Significant contingent liabilities of ₹56.61 lakhs against the company and GST demand of ₹55.74 lakhs(p.34)
- • Unable to trace bank statements for historical equity allotments affecting financial transparency(p.40)
- • Multiple discrepancies in corporate records and delayed statutory filings with Registrar of Companies(p.43)
- • Key Management Personnel with less than one year tenure creating potential knowledge gaps(p.46)
- • Operates without formal order book or binding long-term agreements exposing to revenue unpredictability(p.52)
- • Registered office not owned; depends on revocable authorization from Managing Director(p.52)
- • All manufacturing units operate on lease with risk of termination or unfavorable terms(p.53)
- • KYC discrepancy for Executive Director; address on Aadhar Card does not match other KYC documents(p.52)
- • High geographical concentration of sales in four states (87.76% of domestic revenue)(p.54)
- • Negative cash flow from investing activities in all three prior fiscal years(p.55)
- • Trademark registrations still pending; formalities checks have passed but registration not received(p.51)
- • Reliance on third-party logistics provider with no owned vehicles; vulnerable to supply disruptions(p.58)
- • No long-term binding agreements with raw material suppliers; vulnerable to supply disruptions and pricing(p.55)
- • Secured debt obligations with lender charge over immovable and movable properties(p.62)
- • Heavy dependence on automotive sector for revenue(p.119)
- • Top 10 customers constitute majority of revenue(p.119)
- • Concentration of manufacturing in two Gurugram units(p.106)
- • Vulnerability to machinery breakdowns affecting operations(p.119)
- • Ongoing related party transactions with Group companies(p.119)
- • Heavy concentration in top 10 customers (74.54% of revenue)(p.199)
- • Geographic expansion challenges requiring significant resources(p.182)
- • Environmental impact from production processes(p.182)
- • Dependency on raw material quality variability(p.182)
- • Capacity utilization fluctuations across product lines(p.197)
- • High debt-to-equity ratio indicating significant leverage(p.302)
- • Negative working capital position(p.306)
- • Low cash and cash equivalents balance relative to operations(p.281)
- • Current ratio below 1.0 indicating potential liquidity pressure(p.306)
- • Dependence on related party for loans and advances(p.291)
- • Deteriorating current ratio indicating liquidity concerns(p.307)
- • Significant finance costs adding burden to profitability(p.313)
- • Dependence on few large customers - average revenue per client concentration(p.310)
- • Deteriorating inventory turnover ratio indicating slower inventory movement(p.307)
- • High employee cost burden growing faster than revenue(p.316)
- • Pending tax demands and GST show-cause notices creating contingent liabilities(p.335)
Opportunities
- • Expansion of installed manufacturing capacity and infrastructure through capital expenditure from IPO proceeds(p.30)
- • Working capital funding to support increased production and scaling of operations(p.30)
- • Increasing customer base expansion from 140 clients in FY25 demonstrating market penetration potential(p.32)
- • Growth in automotive components sector with emphasis on customized solutions meeting diverse customer requirements(p.29)
- • Expansion into new geographical markets beyond current concentration in four states(p.55)
- • Increasing export opportunities with exports growing from 0.49% to 3.11% of revenue(p.56)
- • Diversification into non-automotive applications for existing manufacturing capabilities(p.55)
- • Strengthened capital base through listing to support future expansion and financing(p.104)
- • Enhanced brand visibility and investor base through public listing on stock exchange(p.104)
- • Growing Indian automotive industry with projected 8.2% CAGR through 2030(p.107)
- • Rising demand for EV components with specialized plastic requirements(p.107)
- • Planned expansion at GP-54 Gurugram unit with 235 sq. meters of new capacity(p.106)
- • Strategic infrastructure investment targeting manufacturing facility modernization(p.108)
- • Government support through Make in India and PLI schemes(p.151)
- • Plastic moulding market projected to grow at 3.12% CAGR through 2030(p.151)
- • Polyurethane foam market expanding at 8.0% CAGR through 2031(p.151)
- • Growth in electric and hybrid vehicle components market(p.181)
- • Expansion into underserved geographic regions(p.181)
- • Strategic acquisitions and joint ventures for inorganic growth(p.181)
- • Shift toward higher-margin value-added products(p.181)
- • Export market penetration with rising global demand(p.182)
- • Increased industry participation and brand visibility enhancement(p.182)
- • Strategy to expand CSR activities across identified areas(p.253)
- • Potential to leverage multiple manufacturing plant locations for market expansion(p.282)
- • Opportunity to enhance profitability through improved operational efficiency(p.254)
- • Investment in research and development and technology infrastructure(p.253)
- • Expanding export market with 127% growth in international revenue(p.315)
- • Growth in automotive industry aligned with company expansion(p.317)
- • New product offerings showing exceptional growth potential(p.315)
- • Expansion of domestic market with 15.91% growth(p.315)
- • Enhancement of product portfolio through brought-out parts strategy(p.315)
- • Capacity utilization improvements through latest technology at existing facilities(p.308)
Threats
- • Heavy dependence on automotive sector performance with exposure to economic cyclicality and demand fluctuations(p.37)
- • Manufacturing operations face disruption risks from equipment breakdown, labor strikes, and regulatory changes(p.37)
- • Risk of product delivery delays due to machinery breakdowns affecting customer relationships and market reputation(p.38)
- • Intense competitive pressure from larger players with greater resources and pricing power in automotive components(p.47)
- • Pricing pressure from customers in highly competitive automotive industry compressing gross margins(p.49)
- • Vulnerability to technological obsolescence and inability to adapt to rapidly changing customer preferences(p.50)
- • Subject to multiple labor and employment laws with risk of non-compliance and wage pressures(p.50)
- • Environmental and health-safety regulatory compliance requirements impose capital and operational costs(p.51)
- • IT systems and data security breaches could expose sensitive client and employee information(p.51)
- • Regulatory changes or failure to obtain statutory approvals could disrupt operations(p.51)
- • Foreign exchange volatility impacts exports; no assurance hedging will prevent losses(p.56)
- • Power supply disruptions could adversely affect production schedules and profitability(p.58)
- • Unexpected electricity cost escalations could reduce profitability if not passed to customers(p.59)
- • Competition from both national and local players in markets of expansion(p.54)
- • Industry malpractices by competitors could negatively impact emerging companies like ours(p.64)
- • Changes in government regulation and implementation could disrupt operations and increase costs(p.64)
- • Global and domestic economic volatility affects consumer spending and market stability(p.65)
- • Natural calamities could negatively impact Indian economy and company business(p.66)
- • Raw material price fluctuations negatively impacting margins(p.119)
- • Reduced product demand harming business performance(p.119)
- • Manufacturing disruptions affecting operations(p.119)
- • Dependency on limited number of suppliers creating supply risk(p.119)
- • Payment delays or defaults from customers(p.119)
- • Ongoing litigation potentially affecting operations(p.119)
- • Intense competition from domestic and international players(p.201)
- • Global supply chain disruptions impacting raw material availability(p.182)
- • Economic cyclicality and demand fluctuations(p.182)
- • Stringent environmental regulations increasing compliance costs(p.182)
- • Rapid technological changes and shifting consumer preferences(p.182)
- • Regulatory and policy uncertainties affecting operations(p.182)
- • Income tax demands and GST demands pending resolution(p.305)
- • Exposure to foreign currency fluctuations in raw material purchases(p.286)
- • Dependence on external financing with multiple creditors(p.288)
- • Inventory concentration and working capital management risks(p.306)
- • Exposure to contingent liabilities from tax demands(p.305)
- • Intense competition from domestic and international manufacturers(p.324)
- • Potential intensification of competition from new entrants(p.324)
- • Raw material price volatility affecting operations(p.309)
- • Exposure to foreign exchange fluctuations impacting costs and revenues(p.309)
- • Potential demand reduction impacting financial performance(p.309)
- • Risk of operational disruptions affecting financial stability(p.309)
- • Ongoing litigation involving independent director creating reputational risk(p.331)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Saurabh Poddar | Promoter | 16.15% | — |
| Mr. Sushil Kumar Poddar | Promoter | 36.20% | — |
| Ms. Pooja Poddar | Promoter | 9.86% | — |
| Saurabh Marketing Private Limited | Promoter | 24.53% | — |
| M/s. Sushil Kumar Poddar (HUF) | Promoter | 1.89% | — |
| Mr. Sushil Kumar Poddar | Promoter/Chairman | 36.20% | — |
| Mr. Saurabh Poddar | Promoter/Managing Director | 16.15% | — |
| Ms. Pooja Poddar | Promoter | 9.86% | — |
| M/s. Saurabh Marketing Private Limited | Promoter Group | 24.53% | — |
| M/s. Sushil Kumar Poddar (HUF) | Promoter Group | 1.89% | — |
| Sushil Kumar Poddar | Promoter | — | — |
| Saurabh Poddar | Promoter | — | — |
| Mr. Saurabh Poddar | Promoter | 16.15% | — |
| Mr. Sushil Kumar Poddar | Promoter | 36.20% | — |
| Ms. Pooja Poddar | Promoter | — | — |
| Saurabh Marketing Private Limited | Promoter Group | — | — |
| M/s. Sushil Kumar Poddar (HUF) | Promoter Group | — | — |
| Sushil Kumar Poddar | Promoter | 36.20% | — |
| Saurabh Poddar | Promoter | 16.15% | — |
| Pooja Poddar | Promoter | 9.86% | — |
| Saurabh Marketing Private Limited | Promoter Group | 24.53% | — |
| M/s. Sushil Kumar Poddar (HUF) | Promoter Group | 1.89% | — |
| Saurabh Poddar | Promoter | — | — |
| Sushil Kumar Poddar | Promoter | — | — |
| Sushil Kumar Poddar | Promoter | — | — |
Leadership
Mr. Saurabh Poddar · Managing Director
Mr. Sushil Kumar Poddar · Director
Ms. Shrushti Jignyanshu Gandhi · Company Secretary & 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.
Sellowrap Industries IPO FAQs
What is the lot size of Sellowrap Industries IPO?
The minimum lot size of Sellowrap Industries IPO is 1,600 shares. One lot costs ₹1,32,800 at the cut-off price.
When does Sellowrap Industries IPO open and close?
Sellowrap Industries IPO opened for subscription on 25 Jul 2025 and closed on 29 Jul 2025.
What is the listing date of Sellowrap Industries IPO?
Sellowrap Industries IPO listed on 01 Aug 2025.