Ecoline Exim IPO Key Dates
| Anchor Investor Subscription | |
| IPO opens on | 26 Sept. 2025 |
| IPO Closes on | 30 Sept. 2025 |
| Allotment on | 1 Oct 2025 |
| Credit of shares on | 3 Oct 2025 |
| Tentative Listing on | 6 Oct 2025 |
Ecoline Exim IPO Concise Verdict
Ecoline Exim Limited is a manufacturer and exporter of eco-friendly cotton and jute packaging bags, catering to supermarkets, retailers, and promotional companies in over 25 countries. Financials show stable performance with PAT rising to Rs. 22.59 crore in FY24 from Rs. 18.86 crore in FY23, while Net Worth has improved to Rs. 71.70 crore. Margins are healthy with EBITDA of Rs. 33.94 crore in FY24, though revenues declined slightly to Rs. 280.59 crore (from Rs. 310.67 crore). The company carries moderate leverage (Debt Rs. 44.81 crore) and has a robust export order book worth Rs. 974.44 crore, indicating strong demand visibility. While the business model is niche and sustainability-focused, investors must watch for margin pressures in global trade and export dependency.
Final Subscription Tally
| Size Rs.72.59 Crore | ||||
| QIB | NII x | RII x | Total x | Applications |
| 9.51 | 5.41 | 4.37 | 6.06 | 4706 |
| Subscription Review: |
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About Ecoline Exim
Ecoline Exim Limited, incorporated in 2008, is engaged in the manufacturing of sustainable cotton, jute packaging, and promotional bags primarily for the export markets. The company has established a global footprint, supplying its eco-friendly products to over 25 countries, including the European Union, USA, Japan, Southeast Asia, and Mexico.
Ecoline Exim operates as an OEM packaging solutions provider, catering to supermarkets, retail chains, wholesalers, and promotional companies across the globe. By September 30, 2024, the company had served 48 customers in the functional packaging segment and 24 in the promotional products category.
The order book remains strong, with an outstanding order value of Rs. 9,744.37 lakh as of December 31, 2024, spread across around 60 customers. To meet this growing demand, the company operates three manufacturing facilities—one at Ahmedabad (Gujarat) and two units in West Bengal.
As of September 30, 2024, the company employed 267 people across its operations, supporting its production, distribution, and global client servicing requirements. With its focus on sustainability and exports, Ecoline Exim has positioned itself as a niche supplier in the international packaging space.
Ecoline Exim IPO Details
| IPO opens on | 26 September 2025 |
| IPO closes on | 30 September 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 56,06,400 Shares / Rs 59.65 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | 3,31,200 Shares |
| Net offer to Public | 55,75,200 Shares Rs. 56.31 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 96-101 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 1200 Shares |
| Listing will at | BSE SME |
How shares are being offered
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35.00% of the Net Offer |
| NII Shares Offered | Not more than 15% of the Net Offer |
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 2,000 | ₹2,82,000 |
| Retail (Max) | 2 | 2,000 | ₹2,82,000 |
| S-HNI (Min) | 3 | 3,000 | ₹4,23,000 |
| S-HNI (Max) | 7 | 7,000 | ₹9,87,000 |
| B-HNI (Min) | 8 | 8,000 | ₹11,28,000 |
Who are the Promoters of Ecoline Exim IPO?
The promoters hold 100% of the pre-IPO capital
What are the Objects of Ecoline Exim IPO?
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
+Capital Expenditure -Rs.10.28 Crore
+Marketing Expenditure-Rs.15.00 Crore
+Working Capital-Rs.25.00 Crore
+General Corporate purposes
| Registered Office of the Company |
| DSM Fresh Foods Ltd. 115-116, First Floor Vishal Tower, District Centre Janakpuri, Janakpuri B-1, West Delhi, New Delhi, 110058 |
| Email: compliance@zappfresh.com |
| Lead Manager of the IPO |
| Narnolia Financial Services ltd |
| Who is the Registrar to the IPO?
Maashitla Securite Pvt. ltd |
Ecoline Exim Financials Snapshot
| Period Ended | 31-Mar-24 | 31-Mar-23 |
| Assets | 128.72 | 104.46 |
| Total Income | 280.59 | 310.67 |
| Profit After Tax | 22.59 | 18.86 |
| EBITDA | 33.94 | 30.57 |
| Net Worth | 71.7 | 49.11 |
| Reserves and Surplus | 70.54 | 47.96 |
| Total Borrowing | 44.81 | 42.47 |
| Amount in Rs. Crore | ||
Key Financial Indicators
| KPI | Values |
| ROE | 23.51% |
| ROCE | 21.14% |
| Debt/Equity | 0.45 |
| RoNW | 21.28% |
| PAT Margin | 6.99% |
| EBITDA Margin | 11.14% |
| Price to Book Value | 2.58 |
| EPS | 13.97 |
| PER | 10.01 |
How Ecoline Exim IPO compares with the Peers?
There is no listed company having business similar to that of this company
Ecoline Exim IPO Review
by Paresh Gordhandas, Chartered Accountant & Research Analyst
Ecoline Exim, incorporated in 2008, has established itself as a global supplier of sustainable packaging solutions. Its cotton and jute bags are supplied to supermarkets, wholesalers, and promotional companies, with exports spanning over 25 countries, including the EU, USA, Japan, Southeast Asia, and Mexico.
The company serves both functional needs (48 customers) and promotional requirements (24 customers). As of December 2024, its outstanding order book stood at Rs. 974.44 crore, spread across around 60 customers, offering strong revenue visibility for the coming years. The company operates three manufacturing units—one in Ahmedabad, Gujarat, and two in West Bengal—and employs 267 personnel.
Financial performance has been steady. In FY24, Total Income stood at Rs. 280.59 crore, slightly lower than Rs. 310.67 crore in FY23 due to fluctuations in export demand. However, PAT improved to Rs. 22.59 crore (vs. Rs. 18.86 crore in FY23) on the back of efficiency gains. EBITDA rose to Rs. 33.94 crore (from Rs. 30.57 crore). The balance sheet has strengthened with Net Worth at Rs. 71.70 crore and Reserves at Rs. 70.54 crore, while borrowings remain moderate at Rs. 44.81 crore.
Key strengths include: (1) niche eco-friendly products, (2) global market presence, (3) robust order book, and (4) improving profitability.
Key risks are: (1) dependence on export markets, (2) raw material price volatility, (3) modest scale compared to global packaging giants, and (4) margin fluctuations.
Chanakya View: Backed by sustainability theme, strong overseas demand, and healthy profitability, Ecoline Exim offers an attractive growth story. Long-term investors may consider subscribing, while listing gains will depend on market sentiment and GMP trends.
Ecoline Exim IPO opens on September 23, 2025 and closes on September 25, 2025. Allotment is expected on September 26, 2025, and tentative listing on September 30, 2025 at NSE SME.
The price band is Rs. 134 – Rs. 141 per share. The minimum application size is 1,000 shares, requiring retail investors to apply for 2 lots (2,000 shares) with an investment of Rs. 2,82,000. HNIs must apply for at least 3 lots (3,000 shares) worth Rs. 4,23,000.
The company manufactures and exports cotton and jute packaging bags, catering to supermarkets, wholesalers, and promotional companies. It exports to 25+ countries and has a strong order book of Rs. 974.44 crore.
With its niche sustainability-driven business, strong order pipeline, and rising profitability, the IPO looks attractive for long-term investors. However, dependency on export markets and modest scale remain risks. Short-term listing gains will depend on GMP and overall market tone.
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