Shreenath Paper Products
SMEBSE₹23.36 Cr issue
-20.00%
Listing gain over issue price
Issue size
₹23.36 Cr
1 lot at cut-off
₹1,32,000
Lot size
3,000shares
Open
25 Feb 2025
Close
28 Feb 2025
Allotment
03 Mar 2025
Listing
05 Mar 2025
Listing performance
Issue price
₹44
Listed at
₹35.20
Listing-day close
₹33.44
Latest price
₹12.90
Close on 23 Oct 2026
Listing gain
-20.00%
Return since issue
-70.68%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 25 Feb 2025 – 28 Feb 2025
- Listing date
- 05 Mar 2025
- Face value
- ₹10 per share
- Issue price
- ₹44 per share
- Lot size
- 3,000 shares
- Listing at
- BSE
- Total issue size
- ₹23.36 Cr
- Market cap at offer price
- ₹86.48 Cr
- Promoter holding
- 100.00% → 72.98% pre-issue → post-issue
- ISIN
- INE0RXS01018
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Galactico Corporate Services Ltd.
- Registered office
- Shop no.5, Plot no.136, N-1, Masco Corner API Road, Cidco, 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 | 0 | — | — |
| Market maker | 2,82,000 | — | — |
Application size
Minimum 3,000 shares per lot, in multiples, at ₹44
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 3,000 | ₹1,32,000 |
| S-HNI (min) | 2 | 6,000 | ₹2,64,000 |
| S-HNI (max) | 7 | 21,000 | ₹9,24,000 |
| B-HNI (min) | 8 | 24,000 | ₹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.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
0
Anchor portion
₹0 Cr
at ₹44 per share
Valuation and performance
Valuation at offer price
₹44 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.06 | 1.63 |
| P/E (×) | 14.38 | 26.99 |
| Price to book (×) | 3.33 | — |
| Market cap | — | ₹86.48 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 23.19%
- ROCE
- 19.32%
- PAT margin
- 2.36%
- NAV per share
- ₹13.20
- Price to book
- 3.33
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Shreenath Paper Products
Shreenath Paper Products Limited, incorporated in 2011 and converted to a public limited company in 2023, operates as a supply chain solutions provider. The company sources papers from third-party manufacturers across India based on specific customer requirements, handles sample testing, procures materials in desired quantities, and supplies to customers across industries where paper forms a major part of raw materials. The business serves sectors including FMCG, textiles, food and beverages, pharmaceuticals, e-commerce, and packaging. The company was originally incorporated as a private company on October 10, 2011, and took over the business of M/s. Shrinath Papers (a proprietorship concern) as per an MoU dated December 9, 2011.
Company Analysis
from RHPShreenath Paper Products Limited is a supply chain solution provider specializing in sourcing and distributing specialty papers including coating-based, food-grade, machine-glazed, and pressure-sensitive adhesive papers to various industries.
Shreenath Paper Products Limited, incorporated in 2011 and converted to a public limited company in 2023, operates as a supply chain solutions provider. The company sources papers from third-party manufacturers across India based on specific customer requirements, handles sample testing, procures materials in desired quantities, and supplies to customers across industries where paper forms a major part of raw materials. The business serves sectors including FMCG, textiles, food and beverages, pharmaceuticals, e-commerce, and packaging. The company was originally incorporated as a private company on October 10, 2011, and took over the business of M/s. Shrinath Papers (a proprietorship concern) as per an MoU dated December 9, 2011.
Paper and PackagingFMCGTextilesFood and BeveragesPharmaceuticalsE-commerceManufacturingHealthcare
Objects of the Issue
- Meeting incremental working capital requirements ₹1,800.00 Lakhs p.18
- General Corporate Purposes ₹287.16 Lakhs p.18
- Meeting incremental working capital requirements ₹1800.00 Lakhs p.72
- General corporate purposes ₹287.16 Lakhs p.72
Issue Structure
- Total Issue
- ₹2,336.40 Lakhs (53,10,000 Equity Shares)
- Fresh Issue
- ₹2,336.40 Lakhs (53,10,000 Equity Shares at ₹44 per share)
- Offer for Sale
- NA
- Price Band
- ₹44 per Equity Share (Fixed Price)
- Lot Size
- 3,000 Equity Shares and in multiples thereof
- Face Value
- ₹10 per Equity Share
Business Model
The company operates as a supply chain solution provider where it understands specific customer requirements, curates technical specifications, identifies manufacturers specializing in required products, places orders, tests samples, procures material in desired quantity, and supplies to customers. The business is working capital intensive, dependent on third-party manufacturers for supply, and operates on purchase order basis with customers without long-term contracts.
Business Segments
Sources and supplies specialty papers including coating-based paper, food-grade paper, machine-glazed paper, and pressure-sensitive adhesive paper to industries where paper forms a major part of raw materials
Supplies base papers used as substrate for coatings in production of coated papers. Includes sublimation base paper (for sublimation printing in textiles), thermal base paper (for thermal printing in POS systems and retail), and NCR base paper (for carbonless copy applications).
Supplies specialized papers serving specific purposes including parchment paper, ledger paper, rail bond paper, cup stock, MG poster, carry bag paper, and natural shade papers for various industrial and commercial applications.
Supplies coated papers and boards treated with surface coatings for enhanced print quality, brightness, and durability. Used for printing annual reports, calendars, publicity materials, brochures, posters, books, and magazines.
Supplies specialized industrial papers including Machine Glazed (MG) poster, acid-free poster, TD loaded MG poster, AR grade poster, and Clay Coated Kraft (CCK) papers for packaging, printing, labeling, outdoor signage, and food applications.
Supplies pressure-sensitive adhesive papers used for product labeling, packaging, and signage in food, beverage, pharmaceutical, cosmetics, and promotional applications.
Supplies premium papers with high brightness and smooth texture suitable for brochures, flyers, catalogues, posters, magazines, and high-end advertising materials where premium finishes and vivid colors are required.
Supplies lightweight copy/printer paper for office use in printing documents, photocopying, and general business applications.
Supplies specialized papers meeting stringent quality standards for use in medical settings including labeling, packaging, and documentation in healthcare applications.
Trading of various varieties of printing papers including coated paper, coating bond paper, food grade paper, machine glazed paper, duplex board paper, uncoated paper (hi-bright, one-bright, low-bright), and sublimation paper
SWOT Analysis
Strengths
- • Extensible business model with diverse paper portfolio across 10+ varieties(p.100)
- • Strong supplier network with strategic relationships across multiple regions(p.100)
- • Long-standing customer relationships with top 3 customers for 2+ years(p.101)
- • Experienced management team with 10+ years track record in industry(p.102)
- • Asset-light, order-driven business model optimizing resource utilization(p.100)
- • Strong 16.91% CAGR revenue growth FY2022-FY2024(p.100)
- • Supply chain management expertise in paper industry(p.184)
- • Positive profitability with growing PAT margins(p.181)
- • Diverse product portfolio across paper grades(p.184)
- • Strong cash position and improving working capital(p.199)
Weaknesses
- • Dependence on third-party manufacturers with no direct control(p.25)
- • High supplier concentration risk (Top 5 suppliers = 57.49% of purchases)(p.25)
- • High customer concentration risk (Top 5 customers = 43.26% of revenue)(p.25)
- • Substantial trade receivables creating liquidity risk(p.26)
- • Secured borrowings of ₹2,738.86 lakhs creating default risk(p.27)
- • Negative cash flow from operations in recent periods(p.27)
- • Conflict of interest with Promoter Group entity in similar business(p.28)
- • Multiple statutory and regulatory compliance violations(p.28)
- • Leave and license agreements not properly stamped or registered(p.30)
- • Related party transactions represent significant portion of business (20.93% of revenue)(p.31)
- • Significant purchases (7.35%) and sales (9.88%) with related party Sunrise International(p.32)
- • High working capital requirements (₹4,572.96 lakhs as of Dec 31, 2024)(p.33)
- • Trademark registration incomplete and under objection(p.39)
- • Promoters hold 100% pre-issue shareholding with significant control(p.33)
- • No long-term contracts with customers, reliance on purchase orders(p.30)
- • Inability to exercise pre-emptive rights may dilute ownership(p.44)
- • Financial statement discrepancies between Indian GAAP and IFRS/IND-AS(p.45)
- • High short-term borrowings relative to equity(p.49)
- • High concentration risk with top 3 customers representing 44.27%-57.72% of revenue(p.110)
- • Significant short-term borrowings of ₹2,818.86 lakhs as at December 31, 2024(p.150)
- • Limited geographic presence primarily in Maharashtra, Gujarat and Madhya Pradesh(p.100)
- • Declining revenue from ₹20,443.77 lakhs (FY2023) to ₹18,584.83 lakhs (FY2024)(p.100)
- • Small employee base of only 9 permanent employees plus 6 contract workers(p.110)
- • High purchase cost relative to revenue(p.185)
- • Significant dependence on top suppliers(p.200)
- • Negative operating cash flows(p.199)
- • High debt burden relative to equity(p.182)
- • Significant customer concentration(p.200)
Opportunities
- • Growth in paper and packaging sector driven by e-commerce and FMCG(p.18)
- • Government initiatives like 'Make in India' supporting packaging industry(p.18)
- • Listing on SME platform to enhance corporate visibility(p.72)
- • Growth in e-commerce driving packaging demand(p.97)
- • India's paper industry investments in sustainable processes(p.98)
- • Strong export potential for Indian paper products(p.98)
- • Growing pharmaceutical and food processing sectors driving packaging demand(p.96)
- • Expansion to new geographies and untapped local markets for diversification(p.102)
- • Opening of newer markets driven by climate change awareness and changing customer requirements(p.102)
- • Expansion into high value-added segments like industrial grade and sublimation papers(p.102)
- • Positioning as preferred SCM partner for businesses seeking reliable supply chain solutions(p.102)
- • Growth in end-user industries(p.185)
- • Revenue recovery potential post-decline(p.196)
- • Expansion through geographic diversification(p.207)
- • Integration of technology and supply chain optimization(p.184)
Threats
- • Cyclical nature of paper industry with demand-supply fluctuations(p.30)
- • Fluctuating paper prices subject to market forces beyond company control(p.31)
- • Intense competition from existing players and new market entrants(p.31)
- • Regulatory restrictions on paper products and availability of alternatives(p.31)
- • Dependence on third-party transportation subject to strikes and disruptions(p.31)
- • Natural calamities could negatively impact Indian economy and business(p.40)
- • Terrorist attacks, civil unrest and war affecting financial markets(p.40)
- • Changes in tax laws and regulations affecting financial position(p.40)
- • Global financial instability impacting Indian markets and economy(p.40)
- • Political instability and changes in economic liberalization policies(p.41)
- • Downgrading of India's sovereign rating affecting financing ability(p.41)
- • Foreign exchange fluctuations affecting Rupee conversions and returns(p.43)
- • Inflation increasing business costs without proportional price increases(p.41)
- • Competition laws and adverse interpretation affecting business practices(p.42)
- • Trading delays and listing uncertainty(p.44)
- • Share price volatility and market uncertainty(p.45)
- • Capital gains taxation on equity share sales(p.44)
- • Foreign investor restrictions under Indian law(p.46)
- • Fluctuating raw material prices in packaging industry(p.97)
- • Highly competitive paper supply industry competing on quality, price and delivery(p.110)
- • Dependence on external contract manufacturers for production(p.110)
- • Exposure to fluctuations in raw material costs and global commodity prices(p.99)
- • Customer attrition risk from changing environmental preferences and regulations(p.102)
- • Commodity price volatility and raw material dependence(p.185)
- • Intense competition from existing and new entrants(p.185)
- • Risk of customer direct relationship with suppliers(p.185)
- • Macroeconomic sensitivity(p.185)
- • Foreign exchange risk on imported raw materials(p.185)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Alok Parekh | Promoter | 12.10% | 8.83% |
| Ronak Parekh | Promoter | 14.68% | 10.71% |
| Navneetdas Parekh | Promoter | 9.95% | 7.26% |
| Hasumati Navneetdas Parekh | Promoter | 26.98% | 19.69% |
| Harish Parekh | Promoter | 15.17% | 11.07% |
| Hasumati Harish Parekh | Promoter | 15.13% | 11.04% |
| Neha Parekh | Promoter | 5.02% | 3.66% |
| Sayali Parekh | Promoter | 0.97% | 0.71% |
| Alok Parekh | Promoter | 12.10% | 8.83% |
| Ronak Parekh | Promoter | 14.68% | 10.71% |
| Navneetdas Parekh | Promoter | 9.95% | 7.26% |
| Hasumati Navneetdas Parekh | Promoter | 26.98% | 19.69% |
| Harish Parekh | Promoter | 15.17% | 11.07% |
| Hasumati Harish Parekh | Promoter | 15.13% | 11.04% |
| Neha Parekh | Promoter | 5.02% | 3.66% |
| Sayali Parekh | Promoter | 0.97% | 0.71% |
| Alok Parekh | Promoter | 12.10% | 8.83% |
| Ronak Parekh | Promoter | 14.68% | 10.71% |
| Navneetdas Parekh | Promoter | 9.95% | 7.26% |
| Harish Parekh | Promoter | 15.17% | 11.07% |
| Hasumati Navneetdas Parekh | Promoter | — | — |
| Hasumati Harish Parekh | Promoter | — | — |
| Sayali Parekh | Promoter | — | — |
| Neha Parekh | Promoter | — | — |
| Mrs. Hasumati Navineditas Parekh | Promoter | 26.98% | — |
| Mr. Harish Dwarkadas Parekh | Promoter | 15.17% | — |
| Mr. Asit Navneetdas Parekh | Promoter | 12.10% | — |
| Mr. Ronak Harish Parekh | Promoter | 14.68% | — |
| Mrs. Hasu Harish Parekh | Promoter | 0.84% | — |
| Mrs. Hasumati Harish Parekh | Promoter | 15.13% | — |
| Mrs. Neha Ronak Parekh | Promoter | 5.02% | — |
| Mr. Navneetdas Vallabhdas Parekh | Promoter | 9.95% | — |
| Mrs. Sayali A Parekh | Promoter | 0.97% | — |
| Hasumati Parekh | First Director (per Articles) | — | — |
| Navneetdas Parekh | First Director (per Articles) | — | — |
| Alok Parekh | First Director (per Articles) | — | — |
| Sayali Parekh | First Director (per Articles) | — | — |
Leadership
Alok Parekh · Chairman and Managing Director
Ronak Parekh · CEO
Navneetdas Parekh · CFO
Neetika Sakla · 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.
Offer documents
Shreenath Paper Products IPO FAQs
What is the lot size of Shreenath Paper Products IPO?
The minimum lot size of Shreenath Paper Products IPO is 3,000 shares. One lot costs ₹1,32,000 at the cut-off price.
When does Shreenath Paper Products IPO open and close?
Shreenath Paper Products IPO opened for subscription on 25 Feb 2025 and closed on 28 Feb 2025.
What is the listing date of Shreenath Paper Products IPO?
Shreenath Paper Products IPO listed on 05 Mar 2025.