Swashthik Plascon
Book Building issueSME₹40.76 Cr issue
+39.65%
Listing gain over issue price
Issue size
₹40.76 Cr
1 lot at cut-off
₹1,37,600
Lot size
1,600shares
Open
24 Nov 2023
Close
29 Nov 2023
Allotment
04 Dec 2023
Listing
05 Dec 2023
Listing performance
Issue price
₹86
Listed at
₹120.10
Listing-day close
₹126.10
Latest price
₹17.40
Close on 23 Oct 2026
Listing gain
+39.65%
Return since issue
-79.77%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 24 Nov 2023 – 29 Nov 2023
- Listing date
- 05 Dec 2023
- Face value
- ₹10 per share
- Issue price
- ₹86 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Total issue size
- ₹40.76 Cr
- Market cap at offer price
- ₹151 Cr
- Promoter holding
- 60.00% → 43.81% pre-issue → post-issue
- ISIN
- INE0RDR01012
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Shreni Shares Ltd.
- Registered office
- No.A75-A76, PIPDIC Electronic Park, Thirubuvanai, Mannadipet Commune, Puducherry
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 | 13,48,800 | — | — |
| Market maker | 2,38,400 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹86
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,37,600 |
| S-HNI (min) | 2 | 3,200 | ₹2,75,200 |
| S-HNI (max) | 7 | 11,200 | ₹9,63,200 |
| B-HNI (min) | 8 | 12,800 | ₹11,00,800 |
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
13,48,800
Anchor portion
₹11.60 Cr
at ₹86 per share
Valuation and performance
Valuation at offer price
₹86 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.99 | — |
| P/E (×) | 17.23 | — |
| Market cap | — | ₹151 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 14.95%
- ROCE
- 17.30%
- Debt / equity
- 2.89
- PAT margin
- 6.62%
- NAV per share
- ₹15.76
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Swashthik Plascon
Swashthik Plascon Limited, originally formed as a Partnership Firm 'Swashthik Caps' on June 30, 2006, was converted into a Private Limited Company in May 2011 and subsequently converted to a public limited company in June 2023. The company is mainly engaged in the business of manufacturing PET Bottles and PET Preforms, including products for pharmaceutical applications, liquor packaging, FMCG packaging, household applications, dish wash liquid packaging, repellent dispensers, soft drinks bottles, packaged drinking water bottles, and juice bottles. The company generates revenue from the manufacture and sale of these plastic packaging products to various customer segments.
Company Analysis
from RHPSwashthik Plascon Limited manufactures a wide range of PET Bottles and PET Preforms for pharmaceutical, liquor, FMCG packaging, household applications, and beverage bottles.
Swashthik Plascon Limited, originally formed as a Partnership Firm 'Swashthik Caps' on June 30, 2006, was converted into a Private Limited Company in May 2011 and subsequently converted to a public limited company in June 2023. The company is mainly engaged in the business of manufacturing PET Bottles and PET Preforms, including products for pharmaceutical applications, liquor packaging, FMCG packaging, household applications, dish wash liquid packaging, repellent dispensers, soft drinks bottles, packaged drinking water bottles, and juice bottles. The company generates revenue from the manufacture and sale of these plastic packaging products to various customer segments.
PET Bottle ManufacturingPET Preform ManufacturingPlastic PackagingPharmaceutical PackagingFMCG Packaging
Objects of the Issue
- Funding capital expenditure for developing new manufacturing facilities and installation of Plant and Machinery ₹1448.45 Lakhs p.25
- Funding of capital expenditure requirements towards purchase of Solar Power Plant ₹1040.17 Lakhs p.25
- Purchase of Plant and Machinery at existing Manufacturing facility ₹104.43 Lakhs p.25
- Funding Working Capital Requirements of our Company ₹1044.01 Lakhs p.25
- General corporate purposes p.25
- Funding capital expenditure for developing new manufacturing facilities and installation of Plant and Machinery ₹1,448.45 Lakhs p.88
- Funding of capital expenditure requirements of our Company towards Set up of Solar Power Plant ₹1,040.17 Lakhs p.88
- Purchase of Plant and Machinery at our existing Manufacturing facility ₹104.43 Lakhs p.88
- Funding Working Capital Requirements of our Company ₹1,044.01 Lakhs p.88
- General corporate purposes p.88
- Working capital requirement p.286
- General corporate purposes p.286
- Issue expenses p.286
Issue Structure
- Total Issue
- Up to 47,39,200 Equity Shares aggregating up to ₹ [●] Lakhs
- Fresh Issue
- Up to 47,39,200 Equity Shares aggregating up to ₹ [●] Lakhs
- Offer for Sale
- Nil
- Price Band
- [●] to [●]
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10/- each
Business Model
The company manufactures PET Bottles and PET Preforms which it sells directly to customers. Revenue is generated from the sale of these products to pharmaceutical, liquor, FMCG, household, and beverage sectors.
Business Segments
Manufacturing PET Bottles for pharmaceutical application, liquor application, FMCG packaging, household applications, dish wash liquid packaging, and repellent dispensers
Manufacturing PET Preforms for soft drinks bottles, packaged drinking water bottles, and juice bottles
Manufacturing of PET bottles for pharmaceutical applications, liquor packaging, FMCG packaging, household applications, dish wash liquid packaging, and repellent dispensers
Manufacturing of PET preforms for soft drinks bottles, packaged drinking water bottles, and juice bottles
Manufacturing of PET bottles for pharmaceutical applications, liquor applications, FMCG packaging, household applications, dish wash liquid packaging, sanitizer packaging, mosquito repellent, and shampoo
Manufacturing of PET preforms for soft drinks bottles, packaged drinking water bottles, juice bottles, and hot fill beverages
Manufactures PET bottles for pharmaceutical applications, liquor applications, FMCG packaging, household applications, dish wash liquid packaging, and repellent dispensers
Manufactures PET preforms for soft drinks bottles, packaged drinking water bottles, juice bottles, and other beverage applications
SWOT Analysis
Strengths
- • Established operational presence and manufacturing capacity utilization(p.90)
- • Diversified product portfolio serving multiple market segments(p.97)
- • Improving profitability and margins(p.104)
- • Experienced management with significant industry tenure(p.133)
- • Strong focus on quality and safety standards with in-house testing(p.133)
- • Cost leadership through efficient manufacturing and vendor relationships(p.134)
- • Long-term relationships with established clients in B2B model(p.134)
- • ISO 9001 certification demonstrating quality commitment(p.133)
- • Established governance structures with independent directors and specialized committees(p.173)
- • Experienced management team with technical expertise in manufacturing(p.177)
- • Quality control oversight with qualified personnel(p.177)
- • Stable promoter ownership and control at 60% holding(p.180)
- • Promoters have relevant industry experience(p.184)
- • Advanced manufacturing technology and quality control systems(p.264)
- • ISO 9001 certified production facilities(p.264)
- • Experienced promoter and management with industry expertise(p.264)
- • Well-equipped in-house quality control laboratory(p.264)
- • Diversified product portfolio across multiple end-use segments(p.263)
- • Improved profitability and return metrics in recent periods(p.264)
Weaknesses
- • Multiple instances of statutory non-compliance and delays in regulatory filings(p.36)
- • Single geographic concentration of manufacturing facility in Puducherry(p.36)
- • Significant dependence on top 10 customers without long-term contracts(p.38)
- • Leased properties not owned by company; lease agreements not registered(p.38)
- • Substantial unsecured loans from directors and related parties subject to recall(p.41)
- • Inadequate insurance coverage for potential hazards(p.37)
- • High dependence on top 10 suppliers contributing majority of purchases(p.39)
- • Trademark logo not yet registered with Registrar of Trademark(p.41)
- • No long-term contracts with raw material suppliers; exposed to price volatility(p.41)
- • Outstanding income tax demands against company, directors and group companies(p.34)
- • High reliance on few customers for revenue concentration(p.105)
- • Significant working capital requirements for business operations(p.97)
- • Substantial dependence on electrical power supply from state authorities(p.94)
- • Geographic concentration of operations and assets in India(p.51)
- • Insufficient global market penetration(p.136)
- • Fluctuating revenues(p.136)
- • High customer concentration among top clients(p.141)
- • High supplier concentration risk(p.145)
- • High leverage with total debt of Rs. 6,231.66 lakh vs. equity of Rs. 2,564.07 lakh(p.223)
- • Significant unsecured borrowings from related parties at Rs. 2,884.61 lakh(p.222)
- • Limited cash generation with minimal cash on hand of Rs. 0.77 lakh as at 30.09.2023(p.206)
- • Dependence on related party financing creating governance risks(p.222)
- • High dependence on a limited customer base(p.274)
- • Significant unsecured borrowings from related parties(p.262)
- • High leverage with debt-to-equity ratio of 0.70(p.256)
- • Pending direct tax demands against the company and promoters(p.276)
- • Concentration of manufacturing operations at single location(p.263)
- • High inventory turnover days indicating slow inventory conversion(p.247)
Opportunities
- • Growing PET bottle market with projected CAGR of 4.20% through 2030(p.26)
- • Expansion of manufacturing facilities and installation of modern machinery(p.26)
- • Solar power investment to reduce operational costs(p.26)
- • Growth strategy focused on optimal resource utilization and operational efficiency(p.37)
- • Expansion of manufacturing capacity through new facility and machinery upgrades(p.90)
- • Establishment of solar power plant to reduce energy costs(p.94)
- • Enhanced production capacity to meet growing customer demand(p.95)
- • Expansion into new geographic markets(p.135)
- • Growing demand for PET packaging in India's e-commerce and food sectors(p.125)
- • Investment in infrastructure and technology modernization(p.135)
- • Expansion of customer base in plastic industries(p.135)
- • India positioned to become major global manufacturing hub with potential to reach $1 trillion in exports by 2030(p.120)
- • Expansion into manufacturing of plastic products through subsidiary acquisition(p.203)
- • Revenue growth demonstrated with revenues of Rs. 6,623.12 lakh for 6 months ended 30.09.2023(p.209)
- • Profit improvement with PAT of Rs. 528.48 lakh for period ended 30.09.2023(p.197)
- • Improved operating efficiency with 6-month net profit margin of 7.98%(p.214)
- • Elimination of distributor model to capture higher margins(p.271)
- • Benefits from declining raw material costs(p.271)
- • Expansion through group companies and subsidiaries(p.264)
- • Potential for migration from SME platform to main board(p.302)
Threats
- • Intense competition from organized and unorganized sector players(p.35)
- • Rising transportation costs and dependency on third-party providers(p.35)
- • Volatile raw material prices, particularly PET, affecting profitability(p.41)
- • Technological obsolescence risk requiring substantial capital investments(p.35)
- • Labour-intensive operations vulnerable to strikes and work stoppages(p.35)
- • Infrastructure constraints and poor road/electricity infrastructure affecting operations(p.36)
- • Natural disasters and man-made calamities affecting single facility location(p.36)
- • Regulatory changes affecting tax benefits and compliance requirements(p.44)
- • Economic slowdown in India affecting demand and business growth(p.50)
- • Potential regulatory action under Competition Act(p.50)
- • Regulatory changes and compliance requirements impacting operations and costs(p.53)
- • Broad economic slowdown in India affecting domestic demand(p.51)
- • Macroeconomic volatility including inflation and currency fluctuations(p.52)
- • Global financial instability affecting Indian economy and markets(p.52)
- • Changes in government policies affecting economic liberalization and deregulation(p.54)
- • Uncertainty around implementation of new labor codes affecting employee costs(p.53)
- • Intense competition in fragmented plastic packaging market(p.146)
- • Low entry barriers in manufacturing sector(p.136)
- • Risk of government policy modifications affecting business(p.136)
- • Plastic waste regulations and environmental compliance requirements(p.151)
- • Dependency on raw material (PET) supply with price volatility(p.145)
- • High working capital requirements with significant inventory levels of Rs. 4,593.03 lakh(p.196)
- • Dependence on credit facilities with cash credit of Rs. 2,651.52 lakh representing primary working capital source(p.204)
- • Reliance on secured bank loans with personal guarantees from multiple promoters(p.221)
- • Significant finance costs of Rs. 178.42 lakh for 6 months ended 30.09.2023 impacting profitability(p.210)
- • Volatility in raw material prices affecting production costs(p.271)
- • Competitive conditions in the PET packaging industry(p.274)
- • Dependence on economic conditions affecting demand for packaging products(p.265)
- • Exposure to rapid technological changes requiring continuous investment(p.265)
- • Regulatory and statutory compliance risks(p.265)
- • Natural disaster and operational disruption risks(p.265)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mrs. Mahendrakumar Nirmala | Promoter | 20.55% | 15.00% |
| Mrs. R Asha Jain | Promoter | 10.16% | 7.42% |
| Mr. Parasmal Ravindra Kumar | Promoter | 10.33% | 7.55% |
| Mrs. D Anita | Promoter | 8.81% | 6.43% |
| Mr. Parasmal Mahendra Kumar | Promoter | 6.56% | 4.79% |
| Mrs. P Umrao | Promoter | 2.81% | 2.05% |
| Mr. Misrimal Parasmal | Promoter | 0.39% | 0.28% |
| Mr. Parasmal Dharmendra Kumar | Promoter | 0.39% | 0.28% |
| Mrs. D Anita | Promoter | 8.81% | 6.43% |
| Mrs. Mahendrakumar Nirmala | Promoter | 20.55% | 15.00% |
| Mrs. R Asha Jain | Promoter | 10.16% | 7.42% |
| Mr. Parasmal Ravindra Kumar | Promoter | 10.33% | 7.55% |
| Mr. Parasmal Mahendra Kumar | Promoter | 6.56% | 4.79% |
| Mrs. P Umrao | Promoter | 2.81% | 2.05% |
| Mr. Misrimal Parasmal | Promoter | 0.39% | 0.28% |
| Mr. Parasmal Dharmendra Kumar | Promoter | 0.39% | 0.28% |
| Mr. Parasmal Mahendra Kumar | Promoter | 6.56% | — |
| Mr. Parasmal Ravindra Kumar | Promoter | 10.33% | — |
| Mrs. Mahendrakumar Nirmala | Promoter | 20.55% | — |
| Mrs. Sujatha Mehta | Promoter | 12.24% | — |
| Mr. Parasmal Mahendra Kumar | Promoter/Chairman cum Non-Executive Director | 6.56% | — |
| Mr. Parasmal Ravindra Kumar | Promoter/Non-Executive Director | 10.33% | — |
| Mr. Parasmal Dharmendra Kumar | Promoter | 0.39% | — |
| Mr. Misrimal Parasmal | Promoter | 0.39% | — |
| Mrs. P Umrao | Promoter | 2.81% | — |
| Mrs. Mahendrakumar Nirmala | Promoter/Non-Executive Director | 20.55% | — |
| Mrs. R Asha Jain | Promoter | 10.16% | — |
| Mrs. D Anita | Promoter | 8.81% | — |
| Parasmal Mahendra Kumar | Promoter | — | — |
| Parasmal Ravindra Kumar | Promoter | — | — |
| Mahendrakumar Nirmala | Promoter | — | — |
Leadership
Mr. Parasmal Mahendra Kumar · Chairman
Mr. Mahendrakumar Gautam · Managing Director
Mr. Pawan Kumar Chamaria · CFO
Mr. Madras Uthandavelu Ravi Kumar · 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.
Swashthik Plascon IPO FAQs
What is the lot size of Swashthik Plascon IPO?
The minimum lot size of Swashthik Plascon IPO is 1,600 shares. One lot costs ₹1,37,600 at the cut-off price.
When does Swashthik Plascon IPO open and close?
Swashthik Plascon IPO opened for subscription on 24 Nov 2023 and closed on 29 Nov 2023.
What is the listing date of Swashthik Plascon IPO?
Swashthik Plascon IPO listed on 05 Dec 2023.