About Utkal Speciality Industries India IPO
Utkal Speciality Industries India IPO Details
Utkal Speciality Industries India IPO is a 100% book-built issue of ₹34.54 crore, entirely a fresh issue of 0.52 crore shares, with a face value of ₹10 per share. The company filed its DRHP with SEBI on September 25, 2025 and received approval from SEBI in early 2026.
The price band of the issue is set at ₹62 to ₹66 per share and the lot size for an application is 2,000 shares. The minimum amount of investment required by an individual investor is ₹2,64,000 (4,000 shares). The IPO will be open for subscription from June 10 to 12, 2026, on the NSE SME platform, with a tentative listing date fixed as June 17, 2026. The book-running lead manager of the issue is Affinity Global Capital Market Pvt. Ltd., while the registrar to the issue is Cameo Corporate Services Ltd.
Utkal Speciality Industries India IPO Date & Timeline
The Utkal Speciality Industries India IPO is officially set to open for subscription on Jun 10, 2026 and will close on Jun 12, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on September 25, 2025 and has now finalized its schedule following SEBI approval. Once the allotment window opens on Jun 15, 2026. Following this, the company will initiate refunds and credit shares to successful investors' demat accounts on Jun 16, 2026. Finally, the Utkal Speciality Industries India Ltd.'s shares are tentatively scheduled to list on the stock exchanges on Jun 17, 2026.
Utkal Speciality Industries India IPO Timeline
| IPO Open Date | Wed, Jun 10, 2026 |
| IPO Close Date | Fri, Jun 12, 2026 |
| Tentative Allotment | Mon, Jun 15, 2026 |
| Initiation of Refunds | Tue, Jun 16, 2026 |
| Credit of Shares to Demat | Tue, Jun 16, 2026 |
| Tentative Listing Date | Wed, Jun 17, 2026 |
| Cut-off time for UPI mandate confirmation | - |
Utkal Speciality Industries India IPO Details
| Detail | Description |
|---|---|
| IPO Date | 10 to 12 Jun, 2026 |
| Listing Date | 17 Jun, 2026 |
| Face Value | ₹ 10 per share |
| Issue Price Band | ₹ 62 to ₹ 66 |
| Lot Size | 2,000 Shares |
| Sale Type | Fresh capital |
| Total Issue Size | 52,34,000 shares (agg. up to ₹ 35 Cr) |
| Reserved for Market Maker | 2,64,000 shares (agg. up to ₹ 2 Cr) Giriraj Stock Broking Pvt.Ltd. |
| Fresh Issue(Ex Market Maker) | 49,70,000 shares (agg. up to ₹ 33 Cr) |
| Offer for Sale | - |
| Net Offered to Public | 49,70,000 shares (agg. up to ₹ 33 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 1,43,00,000 shares |
| Share Holding Post Issue | 1,95,34,000 shares |
Utkal Speciality Industries India 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 Utkal Speciality Industries India IPO GMP is currently trading at ₹1, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹67, which is 1.52% 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.
IPO Estimated Listing Return
Based on the IPO Price of ₹66 (highest price band), the latest uploaded Grey Market Premium (GMP) of ₹0 and a lot size of 2000 shares.
Utkal Speciality Industries India GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 15 Jun 2026 | ₹66 | ₹0.5 | 15 Jun, 202610:09 AM |
| 14 Jun 2026 | ₹66 | ₹0.5 | 14 Jun, 202610:09 AM |
| 13 Jun 2026 | ₹66 | ₹0.5 | 13 Jun, 202609:55 AM |
| 12 Jun 2026 | ₹66 | ₹0.5 | 12 Jun, 202611:30 AM |
| 11 Jun 2026 | ₹66 | ₹10 | 11 Jun, 202609:53 AM |
| 10 Jun 2026 | ₹66 | ₹13 | 10 Jun, 202610:02 AM |
| 9 Jun 2026 | ₹66 | ₹0 | 9 Jun, 202609:50 AM |
| 08 Jun, 2026 | ₹66 | ₹0 | 08 Jun, 202610:04 AM |
Company Background
Utkal Speciality Industries India Ltd. was incorporated on September 1, 2015, in Cuttack, Odisha, as a private limited company and then on January 22, 2025, the company converted into a public limited company to proceed with its public procedure.
Over the subsequent years, the organisation evolved to align with broader market demands and enhanced corporate governance structures. Today, the company maintains its registered corporate headquarters at the Food Processing Park in Khurda, Odisha and has successfully established its presence in 15 states and international footprints.
Operations & Product Range
The core operations of Utkal Speciality Industries India Ltd. are actively managed from its primary facility in Khurda. The company has in the IDCO Food Processing Park, the company benefits from an industrial zone explicitly designed for manufacturing and processing efficiencies. The business operates within the established regulatory frameworks governing industrial entities in India.
Facilities & Capacity
The manufacturing facility of Utkal Speciality Industries India Ltd. is located at the IDCO Food Processing Park in Khurda, Odisha. This unit features extrusion coating, printing and cutting machinery tailored for eco-friendly packaging, giving the firm a high-volume capacity to deliver customizable paper options to domestic and international business clients. The company has established its presence in multiple regions of India and serves a wider range of clients, including retailers and small manufacturers.
Brands & Market Presence
Utkal Speciality Industries India Ltd. operates under the brand name of "Utkal", with its closely tied to its regional roots in Odisha. By operating within the Khurda industrial belt, the company has cultivated a localised market presence that serves as a foundation for broader commercial activities. The company has established its presence in 15 states in India and operates in multiple regions and works with a diverse set of clients.
Revenue Streams & Business Model
Utkal Speciality Industries India Ltd. operates a fully integrated, B2B manufacturing business model focused on eco-friendly paper-based packaging solutions. The firm produces custom poly-coated paper rolls, cup blanks and finished disposable items like cups, plates and boxes.
The primary revenue of Utkal Speciality is through the manufacturing, domestic distribution and export of sustainable paper-based products and packaging materials. The firm's income streams are divided between raw material supply (like PE-coated paper, cup blanks and reels for industrial/MSME clients) and finished consumer goods (such as paper plates, cups, boxes and tissues) sold directly to retail markets.
Management & Shareholding
The promoters of Utkal Speciality Industries India Ltd. are Mr. Akash Agarwal, Mrs. Meena Agarwal and Mr. Manoj Kumar Agarwal. Before the IPO, the promoters held an 86.72% stake and the promoter group held a 13.3% stake in the company, but after the IPO, the promoters' and promoter group's shareholding will be slightly diluted as the offering includes all fresh shares with no OFS.
Board & Key Management
The leadership of Utkal Speciality Industries India Ltd. is led by a team of experts with many years of experience. Mr. Akash Agrawal serves as the Chairman & Managing Director and gives strategic direction to the firm and the daily operations, along with Whole-Time Directors Manoj Kumar Agarwal. To ensure good governance, the board includes Independent Directors Ruchika Shaymsukha and Anjali Lakhotia for honest oversight. Together, this team uses its knowledge to help the company grow and stay successful.
Utkal Speciality Industries India IPO Financial Information
Latest Revenue
39.78
₹ Crore
Profit After Tax
5.48
₹ Crore
Net Worth
27.12
₹ Crore
Total Borrowing
17.16
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 31 Dec 2025 | 48.63 | 39.78 | 5.48 | 27.12 | 12.82 | 17.16 | |||
| 31 Mar 2025 | 44.04 | 50.28 | 6.68 | 21.64 | 7.34 | 17.37 | |||
| 31 Mar 2024 | 37.60 | 44.15 | 3.24 | 9.95 | 5.30 | 25.43 | |||
| 31 Mar 202 | 35.27 | 46.23 | 2.21 | 6.07 | 2.07 | 25.41 | |||
| Amount in ₹ Crore | |||||||||
Utkal Speciality Industries India Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 22.5 % |
| ROCE | 16.78 % |
| Debt/Equity | 0.63 |
| RoNW | 25.26 % |
| PAT Margin | 13.79 % |
| EBITDA Margin | 19.51 % |
| Price to Book Value | 3.48 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 4.67 | 3.74 |
| P/E (x) | 14.12 | 17.63 |
Utkal Speciality Industries India IPO Objectives
The company has intended to utilise the Utkal Speciality Industries IPO proceeds for strategic purposes:
- Funding the working capital requirements
- Repayment or prepayment of debt (in part or in full)
- Funding the capital expenditure for the purchase of machinery for the establishment of a new manufacturing facility in Odisha.
- General corporate purposes
- Fund the offer expenses
Utkal Speciality Industries India IPO Review
Utkal Speciality Industries India Ltd is a manufacturer of paper-based items designed for various food service applications. With a decade of operation in the market, the company has managed to operate in its stores in 15 states in India and has enough cable to establish its footprint internationally.
Financially, the company has shown a growing and steady profit increase, as the manufacturing revenue generation has been increasing consistently and in FY25, the paper product revenue B2B has contributed 96.01% to the total and B2C contributed 3.99% to the total. Although the total income was reported at ₹50.27 crore and the EBITDA was ₹9.21 crore, which is a 48.93% EBITDA margin.
However, investors must be aware of the potential risk, including regional concentration, SME market volatility and the dependence on repeat customers, as till the Q3 of FY26, the top 10 customers contributed 40.94% to the revenue and 96.28% in the supply of raw materials. Overall, investors must weigh these factors once comprehensive financial metrics are published.
Conclusion
Utkal Speciality Industries India IPO is an opportunity for investors to invest in a growing company that is operating in 15 states of India and continuously focusing on the growth and expansion of its market presence domestically; internationally, the company exports to Iraq and Algeria. A strategic location in a dedicated food processing park, combined with an experienced promoter group, provides a solid operational foundation. With the listing, the company aims to strengthen its market presence and image and to fund the purchase of machinery for the new manufacturing facility in Odisha.
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Competitive Strengths
Centralised operations in the IDCO Food Processing Park in Khurda provide inherent infrastructural and logistical advantages.
Experienced Promoters who bring localised business continuity and years of experience to the company.
Customer satisfaction-oriented work to provide high-quality services and product manufacturing.
Focus on reducing the freight cost, as the main suppliers are from the South.
Download regulatory filings
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 4000 | 264000 |
| Individual investors (Retail) (Max) | 2 | 4000 | 264000 |
| S-HNI (Min) | 3 | 6000 | 396000 |
| S-HNI (Max) | 7 | 14000 | 924000 |
| B-HNI (Min) | 8 | 16000 | 1056000 |