Utkal Speciality Industries IPO
Paper • ₹34.54 Cr
High risk because:
- 5 material risk factors disclosed in DRHP
- High customer concentration flagged in the DRHP
- Working capital or debt pressure highlighted in DRHP
IPOFins risk score from DRHP risk factors, subscription demand & issue structure
Price Band
₹66
Lot Size
2000 shares
Issue Size
₹34.54 Cr
Open
10 Jun 2026
Close
12 Jun 2026
Subscription
1.57×
IPO Schedule
| Issue Open Date | 10 Jun 2026 |
| Issue Close Date | 12 Jun 2026 |
| Listing Date | 16 Jun 2026 |
About Utkal Speciality Industries
Utkal Speciality Industries India Limited is engaged in the manufacturing of paper-based products and packaging materials. Its product portfolio includes paper plates, paper cups, paper glasses, paper bowls, tissue papers, pizza and sweets boxes, and wrap papers used across food service and packaging applications. The company also generates a small portion of its revenue from trading activities, including polyethylene and corrugated boxes, and undertakes contract manufacturing services for select customers involving extrusion coating of paper supplied by clients. The company serves both business-to-business (B2B) and business-to-consumer (B2C) customers, including manufacturers, retailers, cloud kitchens, and other businesses. It operates across 15 states in India, with a significant presence in Odisha and West Bengal. While the company previously exported products to countries such as Iraq and Algeria, it currently focuses on the domestic market. Its operations are primarily centered on supplying paper-based products and packaging solutions to a diverse customer base. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Funding incremental working capital requirements of the company — Rs 5.31 crore Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company — Rs 11 crore Funding capital expenditure requirements towards purchase of machinery for the new manufacturing facility at Khurda, Odisha — Rs 9.60 crore General corporate purposes To meet the offer-related expenses
Company Details
Founders / Promoters
Mr Akash Agrawal
Founded
2015
Registrar
CAMEO
Documents
DRHP / RHP Document (PDF)
View official prospectus →
Investment Analysis
Utkal Speciality Industries — IPOFins Verdict
QuantitativeDriven by QIB demand at 1.1x and elevated disclosed risk (8/10), Utkal Speciality Industries listed at a premium of 0.0% to its issue price. SME listings are also thinner and more volatile after listing. The signals look weak — weigh the risks carefully. This is a quantitative flag, not a recommendation.
- The company offers more than 200 stock-keeping units (SKUs) across various paper-based products and packaging materials. Its product range spans coated rolls, coated sheets, paper cups, bowls, plates,
- The company claims to operate a fully integrated manufacturing facility that handles multiple production stages, including coating, printing, slitting, die punching, forming, quality control, and pack
- The manufacturing facility is located in Khurda, Odisha, on the highway corridor connecting Kolkata and Chennai. According to the company, this location provides logistical advantages for sourcing raw
- The company has maintained a significant proportion of revenue from repeat customers over the years. During the nine months ended December 2025, repeat customers contributed approximately 88.6% of tot
- The company has established operations across 15 states in India and serves a mix of B2B and B2C customers. This includes large manufacturers, traders, wholesalers, retailers, cloud kitchens, and smal
Score breakdown — what drove this verdict
High risk from DRHP → score -1.2
Institutional subscription → score 0
Actual listing outcome → score −0.5
SME IPOs have lower liquidity after listing → score −0.5
Base score: 5.0 · Final score = base + all factor adjustments, capped 1–10. Full methodology →
IPOFins Score is a quantitative signal from subscription demand, disclosed risk, and listing data — not investment advice. Not SEBI-registered.
Listing Performance
Issue Price
₹66
Listing Price
₹66
Listing Gain/Loss
+0.00%
Listing Date
16 Jun 2026
Price Since Listing
Returns are measured against the ₹66 issue price.
Listing
₹66
+0.0%
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FAQ
What is the price band of Utkal Speciality Industries IPO?
The price band is ₹66 per share with a lot size of 2000 shares. Minimum investment: ₹1,32,000.
What does Utkal Speciality Industries do?
Utkal Speciality Industries India Limited is engaged in the manufacturing of paper-based products and packaging materials. Its product portfolio includes paper plates, paper cups, paper glasses, paper bowls, tissue papers, pizza and sweets boxes, and wrap papers used across food service and packaging applications. The company also generates a small portion of its revenue from trading activities, including polyethylene and corrugated boxes, and undertakes contract manufacturing services for select customers involving extrusion coating of paper supplied by clients. The company serves both business-to-business (B2B) and business-to-consumer (B2C) customers, including manufacturers, retailers, cloud kitchens, and other businesses. It operates across 15 states in India, with a significant presence in Odisha and West Bengal. While the company previously exported products to countries such as Iraq and Algeria, it currently focuses on the domestic market. Its operations are primarily centered on supplying paper-based products and packaging solutions to a diverse customer base. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Funding incremental working capital requirements of the company — Rs 5.31 crore Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company — Rs 11 crore Funding capital expenditure requirements towards purchase of machinery for the new manufacturing facility at Khurda, Odisha — Rs 9.60 crore General corporate purposes To meet the offer-related expenses
Should I apply for Utkal Speciality Industries IPO?
Utkal Speciality Industries listed at ₹66 (+0.0% premium to the ₹66 issue price) after 1.6x subscription. IPOFins Score 3/10: Driven by QIB demand at 1.1x and elevated disclosed risk (8/10), Utkal Speciality Industries listed at a premium of 0.0% to its issue price. SME listings are also thinner and more volatile after listing. The signals look weak — weigh the risks carefully. This is a quantitative flag, not a recommendation.
Who founded Utkal Speciality Industries?
Utkal Speciality Industries was founded by Mr Akash Agrawal in 2015.