Ecoline Exim Limited to raise US$8.66M via IPO on NSE Emerge

INDIA – Ecoline Exim Limited, a Kolkata-headquartered manufacturer of sustainable, biodegradable packaging and promotional bags, has announced the launch of its Initial Public Offering (IPO) on the NSE Emerge platform.

The IPO will open for subscription on September 23, 2025, and close on September 25, 2025, with a price band of ₹134–₹141 per equity share of face value ₹10.

At the upper price band, the issue will raise ₹76.42 crore (US$8.66 million).

The public issue comprises a Fresh Issue of 43,40,000 equity shares and an Offer for Sale of 10,80,000 equity shares by the promoter selling shareholders.

Allocation has been structured across investor categories, with Qualified Institutional Buyers (QIBs) offered 25,73,000 shares, Non-Institutional Investors (NIIs) allotted 7,73,000 shares, and Retail Individual Investors (RIIs) offered 18,02,000 shares.

A further 2,72,000 shares have been reserved for Market Makers. Investors can apply with a minimum lot size of 1,000 shares, with at least two lots (2,000 shares) required per application.

The issue is being managed by Hem Securities Limited as the Book Running Lead Manager, while MUFG Intime India Private Limited will act as the Registrar. Post-listing, the equity shares will trade on NSE Emerge.

The company intends to utilize net proceeds from the fresh issue primarily for the establishment of a new manufacturing unit in Ahmedabad, with backward integration of its supply chain, for which ₹50 crore (US$5.66m) has been earmarked.

The remaining funds will be deployed toward general corporate purposes.

Founded in 2008, Ecoline Exim specializes in eco-friendly packaging and cotton bags, providing sustainable alternatives to single-use plastics.

Its product range includes recycled, organic, Fairtrade, and conventional cotton bags, as well as jute bags and other articles such as aprons.

The company operates four manufacturing units in Kolkata and Ahmedabad, spanning 2,17,000 square feet, with an annual stitching capacity of 45.5 million bags.

With a 100% export-oriented business model, Ecoline Exim supplies to more than 85 clients across 27 countries, including major markets in the European Union, the United States, Japan, Mexico, and Southeast Asia.

The company is BSCI audited and holds certifications under the Global Recycled Standard and the Organic Content Standard.

It also operates as a 3-star export house, commanding a 4.5% share of the global cotton bag market in 2024, making it one of the key exporters of cotton bags worldwide.

Financially, Ecoline Exim has demonstrated steady growth. For FY25, the company reported revenues of ₹269.29 crore (US$30.50m), an EBITDA of ₹29.99 crore (US$3.40m), and a profit after tax (PAT) of ₹18.82 crore (US$2.13m).

Its net worth stood at ₹88.45 crore, with a healthy order book of ₹88.10 crore (US$9.17m) as of June 30, 2025.

Ecoline Exim is promoted by Sudarshan Saraogi, Saurabh Saraogi, and Shradha Saraogi, who collectively bring more than six decades of experience in product development, exports, finance, supply chain management, and design.

With the IPO, the company aims to strengthen its capacity and consolidate its position as a leading exporter of eco-friendly packaging solutions at a time when global demand for sustainable alternatives continues to rise.

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