Ahmedabad (Gujarat) [India], April 25: Dhaval Packaging Limited ('DPL' or 'the Company'), engaged in the manufacture of in-mould labelled (IML) plastic packaging and SAW (Submerged Arc Welded) pipe-protection end caps, has received in-principle approval from BSE Limited to list its equity shares on the BSE SME Platform. The in-principle approval is the first of multiple regulatory steps; the proposed issue remains subject to final listing and trading approvals, and market conditions.

Principle Approval from BSE for Listing on the SME Platform

VMPL

Ahmedabad (Gujarat) [India], April 25: Dhaval Packaging Limited ("DPL" or "the Company"), engaged in the manufacture of in-mould labelled (IML) plastic packaging and SAW (Submerged Arc Welded) pipe-protection end caps, has received in-principle approval from BSE Limited to list its equity shares on the BSE SME Platform. The in-principle approval is the first of multiple regulatory steps; the proposed issue remains subject to final listing and trading approvals, and market conditions.

The issue is being lead-managed by RarEver Financial Advisors Private Limited, a SEBI-registered Category I Merchant Banker.

Proposed Issue

- Proposed issue of up to 37,48,800 equity shares of face value ₹10 each

- Listing proposed on the BSE SME Platform

- Price band to be announced in due course, subject to SEBI observations and market conditions

About the Business

Incorporated in 2015 and based in Ahmedabad, Dhaval Packaging Limited manufactures in-mold labelled (IML) containers, lids, and industrial packaging products, catering to FMCG, food & dairy, and industrial sectors.

The Company operates across two key segments: IML-based food-grade packaging and SAW (Submerged Arc Welded) pipe protection plastic end caps, enabling a diversified presence across both consumer and industrial applications.

The Company's operations include:

- Advanced injection moulding and IML technology for high-quality, tamper-evident, and shelf-ready packaging

- Manufacturing of SAW (Submerged Arc Welded) pipe protection plastic caps (end caps), designed to safeguard pipe ends from damage, contamination, corrosion, and dust during storage, transportation, and handling

- Use of durable materials such as polyethylene (PE), polypropylene (PP), and HDPE for industrial end cap solutions

- A diversified client base across FMCG, food & dairy, oil & gas, infrastructure, and related industrial sectors

- A focus on quality-driven, food-grade packaging solutions with integrated design, labeling, and tooling capabilities

The Company is setting up a new manufacturing facility at Sanand-II Industrial Estate. Further details of the proposed issue and use of proceeds are set out in the Draft Red Herring Prospectus.

Lead Manager to the Issue

The IPO is being managed by RarEver Financial Advisors Private Limited, a SEBI-registered Category I Merchant Banker headquartered in Ahmedabad.

RarEver's service offering covers:

- IPO and capital market transactions

- AIF Advisory

- Fundraising and strategic advisory

- Mergers & acquisitions and buybacks

Management Commentary

Commenting on the milestone, Mr. Manish Nanalal Dagla, Chairman & Managing Director of Dhaval Packaging Limited said: "The in-principle approval from BSE is an important procedural milestone in our proposed listing. We will continue to work with our advisors and the regulators through the remaining steps of the process."

A spokesperson from RarEver Financial Advisors Private Limited added: "We are pleased to be acting as the Lead Manager to the proposed issue and will work with Dhaval Packaging Limited through the remaining regulatory steps."

About Dhaval Packaging Limited

Dhaval Packaging Limited is engaged in the manufacturing of plastic packaging solutions, including IML containers, lids, and industrial components. The Company operates from Sanand, Ahmedabad, and is focused on expanding its manufacturing capacity to meet rising demand.

About RarEver Financial Advisors Private Limited

RarEver Financial Advisors Private Limited is a SEBI-registered Category I Merchant Banker based in Ahmedabad, providing services across IPO management, fundraising advisory, mergers & acquisitions, and capital market transactions.

Disclaimer

This document is for information purposes only and does not constitute an offer, invitation, solicitation or advertisement to purchase or subscribe to any securities of Dhaval Packaging Limited (the "Company") in India or in any other jurisdiction, and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.

Certain statements in this document are forward-looking statements. Such statements are subject to risks and uncertainties including economic conditions, regulatory changes, and market dynamics, and actual results may differ materially. Investors should not rely on these statements and are advised to refer to the Draft Red Herring Prospectus and Red Herring Prospectus (when filed), including the section on "Risk Factors", before making any investment decision.

This document is not for release, publication or distribution, directly or indirectly, in or into the United States, Canada, Australia, Japan or any other jurisdiction in which such release, publication or distribution would be unlawful.

Investments in securities are subject to market risks. Read all related documents carefully before investing.

Merchant Banker: RarEver Financial Advisors Private Limited

SEBI Registration No.: INM000013063

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