About Matangi Rubber IPO
Matangi Rubber IPO Details
Matangi Rubber IPO is a 100% book-built issue of up to 72.76 lakh equity shares, comprising a fresh issue of up to 57.61 lakh equity shares and an offer for sale (OFS) of up to 15.15 lakh equity shares, with a face value of ₹10 per share. The company filed its DRHP with SEBI on May 25, 2026.
The price band and the date of subscription and listing will be announced by the company later, but the shares are supposed to be listed on the BSE SME platform. The book-running lead manager of the issue is Sarthi Capital Advisors Private Limited, while the registrar to the offer is Bigshare Services Private Limited.
Matangi Rubber IPO Date & Timeline
The Matangi Rubber Ltd. DRHP was filed on May 25, 2026 and is currently under initial regulatory review. As a result, key IPO dates such as the anchor bidding, public issue opening and closing dates have not yet been announced. Once regulatory approvals are completed, the company will finalize its prospectus with the Registrar of Companies, which will establish the official IPO and listing timeline. Further updates, including allotment details, fund unblocking and credit of shares to demat accounts, will be communicated through national newspapers after approval.
Matangi Rubber IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Basis of Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
Matangi Rubber IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 10 Per Equity Share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Fresh capital only |
| Total Issue Size | 37,09,600 shares (agg. up to ₹[.] Cr) |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | 37,09,600 shares (agg. up to ₹[.] Cr) |
| Offer for Sale | - |
| Net Offered to Public | - |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,02,88,827 shares |
| Share Holding Post Issue | 1,39,98,427 shares |
Matangi Rubber IPO GMP (Grey Market Premium)
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The Matangi Rubber IPO GMP is currently trading at ₹[.], reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹[.], which is [.]% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
Company Background
Matangi Rubber Ltd. was incorporated on June 23, 2004, in Delhi as a private limited company under the name Matangi Rubber Private Limited. Over time, it expanded its operations in rubber processing and manufacturing and later transitioned into a public limited company on November 4, 2024, to proceed with its public listing procedures. It received a fresh certificate of incorporation on November 26, 2024.
The company is currently headquartered in New Delhi and operates as an established player in the Indian rubber and manufacturing industry with a multi-state presence. Their tyre portfolio includes the 2- or 3-wheeler segment, which is mainly used in commercial vehicles such as truck, buses, with an end-to-end manufacturing business model.
Operations & Product Range
Matangi Rubber Ltd. focuses on processing specialized rubber formulations and manufacturing automotive components, including tyre flaps, customized rubber compounds and automotive tubes used in trucks, buses and heavy transport vehicles. On December 27, 2025, it expanded its operations by launching its own production line for 2/3-wheeler automotive tyres. Its operating model is based on integrated processing workflows, supplying high-grade materials directly to major tyre manufacturers as well as through an independent distribution network.
Facilities & Capacity
Matangi Rubber Ltd. operates five manufacturing facilities across India, located in Uttarakhand, Tamil Nadu and Madhya Pradesh. Plants in Dehradun focus on tyre flaps, rubber compounding and tyre tubes, while the Tamil Nadu facility supports southern supply operations. The Madhya Pradesh plants at Malanpur handle 2/3-wheeler tyre production and future expansion activities. As of December 31, 2025, the Dehradun plant had an installed capacity of 24.30 lakh units with 77.57% utilisation, the Tamil Nadu plant operated at 71.21% utilisation out of 8.10 lakh units and the Madhya Pradesh tyre tube plant recorded 84.60% utilisation. The company is also developing two greenfield facilities at Malanpur, targeting 3,910 MTPA for rubber recycling and 603 MTPA for industrial solid tyres.
Brands & Market Presence
Matangi Rubber Ltd. has built its corporate presence through key certifications, including ISO 9001:2015 for quality management and operational standards. The company primarily operates in domestic markets, supplying both institutional tyre manufacturers and retail distributors across multiple states. For the nine-month period ended December 31, 2025, Uttarakhand was its largest market, contributing 41.30% of operating revenue, followed by Rajasthan at 28.07% and Madhya Pradesh at 18.47%. The company also has a wider presence across Delhi, Tamil Nadu, Maharashtra and other northern states, supporting a geographically diverse distribution network.
Revenue Streams & Business Model
Matangi Rubber Ltd. generates revenue primarily through the sale of manufactured rubber products such as tyre flaps, tubes and raw rubber compounds, supported mainly by institutional B2B supply contracts along with channel sales. For Q3 FY26, it recorded ₹86.64 crore in revenue from operations, with Uttarakhand contributing ₹35.78 crore and Rajasthan ₹24.32 crore. The business is highly dependent on key customers, with the top customer accounting for 42.34% of revenue, while the top ten customers together contributed 87.33% of total revenue.
Management & Shareholding
The promoters of Matangi Rubber Ltd. are Mohit Gupta, Manju Gupta, Radhika Gupta and Vandana Rubber and Chemicals Private Limited. Before the IPO, the promoters held an 81.11% stake in the company, but after the IPO, the promoters' shareholding will be slightly diluted as the offering includes up to 15.15 lakh equity shares by the existing shareholders.
Board & Key Management
The leadership of Matangi Rubber Ltd. is led by a team of experts with many years of experience. Mohit Gupta serves as the Chairman & Managing Director and gives strategic direction to the firm, as well as the daily operations, along with Whole-Time Directors. To ensure good governance, the board includes Independent Directors Sunil Kumar Singh, Ajit Kumar Upadhyay and Sanjeev Bhatia for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.
Matangi Rubber IPO Financial Information
Latest Revenue
101.37
₹ Crore
Profit After Tax
18.98
₹ Crore
Net Worth
92.53
₹ Crore
Total Borrowing
91.86
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing |
|---|---|---|---|---|---|---|
| 31 Mar 2025 | 211.07 | 101.37 | 18.98 | 92.53 | 89.10 | 91.86 |
| 31 Mar 2024 | 127.43 | 90.12 | 4.76 | 46.18 | 43.46 | 62.94 |
| 31 Mar 2023 | 77.04 | 85.36 | 3.20 | 33.03 | 30.83 | 30.46 |
| Amount in ₹ Crore | ||||||
Matangi Rubber Key Performance Indicator
| KPI | Values(31 Mar 2025) |
|---|---|
| ROE | 20.51 % |
| ROCE | 15.63 % |
| Debt/Equity | - |
| RoNW | 20.17 % |
| PAT Margin | 18.12 % |
| EBITDA Margin | 28.15 % |
| NAV | 269.80 |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 61.42 | - |
| P/E (x) | - | - |
Matangi Rubber IPO Objectives
The company intended to utilise the Matangi Rubber IPO proceeds for strategic purposes:
- Repayment or prepayment of debt (in part or in full)
- Funding the capital expenditure of the set-up of a greenfield manufacturing facility for the production of solid tyres and rubber recycling products.
- General corporate purposes
Matangi Rubber IPO Review
Matangi Rubber Ltd. is positioned as a specialised automotive component manufacturer, closely integrated into the supply chain. Its core focus on flaps and rubber compounding provides a stable base, while recent expansion into 2/3-wheeler tyres and planned entry into industrial solid tyres shows a move toward higher-value products.
Financially, the company has demonstrated steady growth, with revenue rising from ₹86.25 crore in Fiscal 2023 to ₹101.32 crore in Fiscal 2025, reflecting a CAGR of 8.38%. Profit After Tax also increased significantly from ₹2.74 crore to ₹20.03 crore over the same period, supported by improved efficiency and a better product mix.
However, investors must be aware of the potential risk of the company, including high customer concentration, with the top 10 buyers contributing over 87% of revenue and exposure to volatile natural and synthetic rubber prices. Overall, the IPO shows a chance for investors to invest in a growing company that shows positive returns and operates in a growing niche.
Conclusion
Matangi Rubber IPO is an opportunity for investors to invest in a growing manufacturing firm of flaps, tubes, and rubber compounds. The company operates 5 manufacturing plants, with a track record of consistent financial performance. With this listing, the company intends to utilise the proceeds to reduce the outstanding borrowings, set up the new manufacturing facilities and to meet general corporate purposes.
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IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 0 | 0 | 0 |
| Individual investors (Retail) (Max) | 0 | 0 | 0 |
| S-HNI (Min) | 0 | 0 | 0 |
| S-HNI (Max) | 0 | 0 | 0 |
| B-HNI (Min) | 0 | 0 | 0 |