August 11, 2025
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Listing Review:
The scrip is listed at Rs. 111, 4.31% discount to the issue price. Though it is very disappointing, it was expected looking to the subscription tally.
Final Subscription Tally
| Size Rs. 42.85 Crore LM: | ||||
| QIB | NII x | RII x | Total x | Applications |
| 2.51 | 1.25 | 1.46 | 1.41 | 1174 |
| Subscription Review: Very weak subscription |
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About Aaradhya Disposal Industries Limited
Incorporated in January 2014, Aaradhya Disposal Industries Limited is engaged in the manufacturing and export of paper products, including paper cup blanks, ripple paper, and coated paper rolls.
The company’s portfolio focuses on performance, sustainability, and versatility, offering:
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Paper Cup Blanks: PE coated, PLA coated, and barrier coated
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Food Grade Papers: Greaseproof Paper (including 4K, Slip Easy, and Wet Strength varieties), OGR (Oil & Grease Resistant) Paper, Vegetable Parchment Paper, and TDL (Titanium Dioxide) Poster Paper
The company specializes in providing customized paper-based solutions for retail packaging, foodservice, and commercial printing, with products recognized for quality and eco-friendliness.
Aaradhya Disposal operates two manufacturing plants in Dewas, Madhya Pradesh, with a combined installed capacity of 12,000 MT per annum, spread across 55,151 sq. ft.
Its clientele spans both domestic and international markets, with exports to Asia and the Middle East, supported by a strong distribution network and strategic central India location.
As of November 25, 2024, the company employed 33 permanent staff members.
Aaradhya Disposal IPO Details
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Sector: Paper products manufacturing |
|
| IPO opens on | 4 August 2025 |
| IPO closes on | 6 August 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 38,88,000 Shares / Rs 45.10 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | 194,400Shares |
| Net offer to Public | 36,93,600 Shares Rs.42.85 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 110-116 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 1200 Shares |
| Listing will at | NSE SME |
How shares are being offered
| Investor Category | Shares Offered |
| Market Maker | 1,94,400 (5.00%) |
| QIB | 1,84,800 (4.75%) |
| NII (HNI) | 17,54,400 (45.12%) |
| Retail | 17,54,400 (45.12%) |
| Total | 38,88,000 (100.00%) |
How shares can be applied?
| Application | Lots | Shares | Amount Rs. |
| Individual investors (Retail) (Min) | 2 | 2,400 | 2,78,400 |
| Individual investors (Retail) (Max) | 2 | 2,400 | 2,78,400 |
| S-HNI (Min) | 3 | 3,600 | 4,17,600 |
| S-HNI (Max) | 7 | 8,400 | 9,74,400 |
| B-HNI (Min) | 8 | 9,600 | 11,13,600 |
Who are the Promoters of Aaradhya Disposal IPO?
The promoters of the company are Mr. Sunil Maheshwari, Mr. Anil Maheshwari and Mrs. Shashi Maheshwari. The promoters hold 97.36% of the pre-IPO capital
What are the Objects of Aaradhya Disposal IPO?
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
+Part finance the cost of establishing new manufacturing facility to expand the production capabilities at Plot No. D-61/2, MIDC, Mahad, District Raigad-402309, Maharashtra, India (“Proposed new facility”) Rs. 11.17
+Funding capital expenditure requirements of the Company towards set up of Solar Power Plant Rs. 9 Cr.
+Repayment and/or pre-payment, in part or full, of certain borrowings availed by the Company Rs. 1.20 Cr.
+General corporate purposes
Aaradhya Disposal IPO Timetable
Tentative timetable |
|
| IPO opens on | 4 August 2025 |
| IPO Closes on | 6 August 2025 |
| IPO Allotment on | 7 August 2025 |
| Refund Initiation | 8 August 2025 |
| Credit of Shares | 8 August 2025 |
| Listing on | 11 August 2025 |
| Registered Office of the CompanyAaradhya Disposal Industries Ltd.
Plot E-1, |
| Lead Managers of this IPO Khambatta Securities ltd |
| Who is the Registrar to the IPO? Bisshare Services Pvt ltd |
Aaradhya Disposal IPO Financials
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 83.08 | 71.21 | 62.54 |
| Revenue | 115.96 | 75.91 | 86.51 |
| Profit After Tax | 10.27 | 3.99 | 2.14 |
| EBITDA | 17.84 | 7.28 | 3.41 |
| Net Worth | 29.47 | 16.68 | 12.7 |
| Reserves and Surplus | 19.22 | 11.69 | 7.71 |
| Total Borrowing | 39.75 | 45.2 | 39.66 |
| Amount in Rs. Crore | |||
Performance Indicators
| KPI | Values |
| ROE | 44.53% |
| ROCE | 25.15% |
| Debt/Equity | 1.35 |
| RoNW | 34.87 |
| PAT Margin | 9.04% |
| EBITDA Margin | 15.69% |
| Price to Book Value | 3.99 |
| EPS | 7.27 |
| PER | 15.96 |
How Aaradhya Disposal IPO compares with the Peers?
There is no listed company in India having similar nature of business to that of this company.
# This is only coverage of News related to Grey Market Premium & subject to rates. We do not deal in grey market premium. We do not recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
Chanakya’s IPO Review – Aaradhya Disposal by Paresh Gordhandas, CA & Research Analyst
Chanakya’s Opinion: Will update soon
Quicklinks
Aaradhya Disposal IPO GMP
Aaradhya Disposal IPO review
Aaradhya Disposal Industries Limited IPO is a book-built issue of Rs.45.10 crore, consisting entirely of a fresh issue of 38.88 lakh shares.
The IPO opens on August 4, 2025, and closes on August 6, 2025. The allotment is expected on August 7, 2025, with a tentative listing date of August 11, 2025 on the NSE SME platform.
The price band has been fixed at ₹110 to ₹116 per share.
The minimum application size is 1,200 shares, requiring an investment of Rs. 2,64,000. For HNIs, the minimum is 3 lots (3,600 shares) amounting to Rs.4,17,600.
Lead Manager: Khambatta Securities Limited
Registrar: Bigshare Services Pvt. Ltd.
Market Maker: Prabhat Financial Services Ltd.
he company operates two manufacturing units in Dewas, Madhya Pradesh, with a combined installed capacity of 12,000 MT per annum, covering an area of 55,151 sq. ft.
