SSF Plastics India IPO

SSF Plastics India IPO Details

SSF Plastics India IPO is a 100% book-built issue of ₹550 crore, comprising a fresh issue of ₹300 crore and an offer for sale (OFS) of ₹250 crore, with a face value of ₹5 per share. The company filed its DRHP with SEBI on March 20, 2025.

The price band and official dates of subscription and listing will be announced by the company later, but the shares are intended to be listed on the BSE and the NSE platforms. The book-running lead manager for this issue is IIFL Capital Services Ltd. and Nuvama Wealth Management Ltd., while the registrar to the issue is MUFG Intime India Private Ltd.

SSF Plastics India IPO Date & Timeline

SSF Plastics India Ltd. officially filed its Draft Red Herring Prospectus (DRHP) on March 20, 2025. However, the specific SSF Plastics India IPO date and subscription timeline remain unannounced. Following regulatory approval, the company will finalize the price band and bidding dates. Once cleared, the schedule for anchor allotment, public bidding and the final listing on the exchange will be formally disclosed.

SSF Plastics India Ltd. 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 SSF Plastics India 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

SSF Plastics India Ltd. was incorporated as "SSF Plastics India Private Limited" in Solan, Himachal Pradesh, back in June 2006. Over the years, it grew from a localized manufacturer into a full-scale packaging solutions provider, eventually converting into a public limited company in 2024, with its headquarters in Andheri East, Mumbai.

The company today stands as the fourth-largest manufacturer of rigid plastic packaging products among organized players in India, a B2B partner trusted by some of the biggest domestic and multinational brands. Their diversified expertise enables the company to cater to various industry needs, offering innovative and sustainable material solutions.

Operations & Product Range

SSF Plastics India Ltd. operates in the complex and strict plastic packaging and engineering plastics space. Its product lineup includes bottles, containers, caps, closures and tubs, as well as engineered plastic components for consumer electronics and automotive industries. It works with polymers like HDPE, PP, LDPE, PET and eco-friendly post-consumer recycled (PCR) materials — meeting the quality and sustainability expectations of clients in personal care, home care, food and beverage and pharmaceuticals.

Facilities & Capacity

SSF Plastics India Ltd. maintains several manufacturing units in various parts of India, with its primary facility located in Baddi, Himachal Pradesh. Some of their manufacturing strengths include injection moulding, extrusion blow moulding and even decorating. The firm also boasts of having a specialised design unit and an automated mould department. They intended to establish additional plant and machinery to increase their production capacity.

Brands & Market Presence

SSF Plastics India Ltd. functions as a business-to-business (B2B) manufacturing partner, with its image hinged upon reliability, innovation and a high rate of customer retention. As of September 2024, the company had reached out to a clientele of 347, with its most valuable customer relationship being an 18-year partnership with Hindustan Unilever Ltd., which says a lot about its reliability. Other huge client names include FMCG and pharmaceutical companies like Wipro, Dabur, Emami, Colgate, Himalaya and Alkem.

Revenue Streams & Business Model

The primary revenue source of SSF Plastics India Ltd. is generated through bulk sales of customized complex plastic packaging and engineering components, backed by long-term supply contracts with major consumer goods and industrial manufacturers. The model benefits from high production volumes, efficient supply chain management and value-added services like tamper-evident designs and lightweighting optimisation. In FY24, total revenue reached ₹633.85 crore with a PAT of ₹46.10 crore — reflecting a stable, scalable business.

Management & Shareholding

The promoters of SSF Plastics India Ltd. are Kapil Dhawan, Sunil Dhawan, Ramesh Madhavdas Chugh, Saurabh Dhawan, Daksh Sunil Dhawan and Pulkeet Sunil Dhawan. Before the IPO, the promoters collectively held around 77.54% stake, while the promoter group held 22.46% stake; collectively, they held the 100% of the company’s ownership. But after the IPO, the promoters' shareholding will be diluted, as promoters and other family entities offload a portion of their stakes to meet the minimum public shareholding norms required for listing.

Board & Key Management

The leadership of SSF Plastics India Ltd. is led by a team of experts with many years of experience. Kapil Dhawan serves as the Chairman & Whole-time Director and gives strategic direction to the firm. The daily operations are managed by Sunil Dhawan, the Managing Director. To ensure good governance, the board includes Independent Directors Nitika Agarwal, Radha Mohan Gupta, Sasikumar Gendham Mohan and Mihir Kumar Banerji for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.