latest IPO in India: Aten Papers & Foam Ltd – A Promising Debut in Paper Packaging
Aten Papers & Foam Ltd, incorporated in 2019 in Ahmedabad, Gujarat, operates as a vital link in the paper supply chain. It sources and supplies Kraft paper, duplex boards, and wastepaper. The company plans to expand into wastepaper processing to improve vertical integration.
IPO Timeline
| Event | Date |
|---|---|
| IPO Open | 13 Jun 2025 |
| IPO Close | 17 Jun 2025 |
| Allotment Finalisation | 18 Jun 2025 |
| Shares Credited | 19 Jun 2025 |
| Listing on BSE SME | 20 Jun 2025 (tentative) |
Price Band & Lot Size
- Price Band: ₹91–96 per share
- Lot Size: 1,200 shares
- Minimum Investment: ₹1.15 lakh (Retail)
- HNI Minimum Investment: ₹2.30 lakh
Key Dates
- Bid Period: 13–17 June 2025
- Allotment Date: 18 June 2025
- Listing Date: 20 June 2025 (tentative)
Financials
- Revenue (FY25): ₹138.70 Cr (up 43% YoY)
- Profit After Tax: ₹7.01 Cr (up 152%)
- EBIT: ₹10.49 Cr
- Debt: ₹11.13 Cr | Net Worth: ₹14.04 Cr
- RoE: 49.9% | EBIT Margin: ~7.6%
Strengths
- Strategic role in the paper supply chain
- Experienced leadership with 20+ years in the industry
- Strong revenue and PAT growth
- Plans for margin-enhancing expansion into processing
Risks
- High valuation for current profitability levels
- Day 1 subscription at just 0.29x – low initial demand
- SME IPO may face liquidity issues post-listing
- Zero GMP suggests weak listing sentiment
IPO Anchor Investors & Promoter Holding
| Category | Shares/₹ | % |
|---|---|---|
| Anchor Investors | 9.39 lakh | 16.75% |
| QIB | 6.26 lakh | 11.17% |
| NII | 4.70 lakh | 8.39% |
| Retail | 1.09 lakh | 1.94% |
Promoter Holding (pre-IPO): ~99.99%
IPO Grey Market Premium (GMP)
| Date | GMP | Indicative Listing Price |
|---|---|---|
| Day 0–1 | ₹0 | ₹96 |
No premium in GMP; flat interest shown by the market.
Final Thoughts
Aten Papers & Foam Ltd’s IPO offers a growth-oriented opportunity in the packaging and recycling sector. With strong financials and experienced promoters, it looks promising for long-term gains. But conservative listing expectations and SME risk warrant cautious optimism.
Suggested for: Long-term investors seeking exposure to the packaging supply chain.
Not ideal for: Those chasing short-term listing gains.