Odisha packaging maker Utkal launches IPO to fund new Khurda plant, cut debt

INDIA – Utkal Speciality Industries has launched its SME IPO on June 10, 2026, seeking ₹34.54 crore (approximately US$4.14 million) at ₹62-66 (approximately US$0.74-US$0.79) per share to fund machinery for a new Khurda packaging facility, debt repayment, and working capital.

The Odisha-based manufacturer produces over 200 SKUs including paper plates, bowls, pizza boxes, cartons, paper bags, and wrapping materials. 

The IPO closes on June 12, with a lot size of 2,000 shares requiring a minimum retail investment of ₹2.64 lakh (approximately US$3,160) at the upper price band of ₹66 (approximately US$0.79) per share. 

The stock is scheduled to list on the NSE SME platform on June 17.

Financial Snapshot

For fiscal year 2025, Utkal reported revenue of ₹50.28 crore (approximately US$6.02 million), up 14% from ₹44.13 crore (approximately US$5.29 million). 

Net profit jumped 106% to ₹6.68 crore (approximately US$800,000) from ₹3.24 crore (approximately US$388,000). EBITDA rose to ₹10.93 crore (approximately US$1.31 million) from ₹6.49 crore (approximately US$777,000). 

For the nine months ended December 2025, revenue reached ₹40.9 crore (approximately US$4.90 million) with PAT of ₹5.48 crore (approximately US$656,000).

Where the IPO Proceeds Go

The company will use approximately ₹11 crore (approximately US$1.32 million) for debt repayment, ₹9.6 crore (approximately US$1.15 million) for machinery at a new manufacturing facility in Khurda, and ₹5.3 crore (approximately US$635,000) for working capital. 

The new facility is expected to expand production capacity for sustainable paper-based packaging materials.

What Utkal Makes

Incorporated in 2015, Utkal manufactures paper-based packaging for retail and industrial customers across India. 

Its product line includes disposable paperware, premium paper containers, raw materials for paper-based packaging, and specialized wrapping paper. 

The company serves B2B manufacturers and B2C retailers through national distribution networks. 

Its strategic highway location between Kolkata and Chennai reduces freight costs, and its focus on sustainable paper-based alternatives positions it for growth as demand for renewable packaging materials rises.

IPO Allotment and Timeline

The issue allocates 59.4% to retail investors, 39.6% to non-institutional investors, and 1% to qualified institutional buyers. 

Affinity Global Capital Market is the book-running lead manager, and Cameo Corporate Services is the registrar. 

Allotment is expected on June 15, with share crediting on June 16 and listing on June 17. Grey market premium is currently zero, indicating cautious listing expectations.

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