IPO Key Dates
| Anchor Investor Subscription | Â |
| IPO opens on | 10 Octo 2025 |
| IPO Closes on | 14 Octo 2025 |
| Allotment on | 15 Octo. 2025 |
| Credit of shares on | 16 Octo. 2025 |
| Tentative Listing on | 17 Octo.2025 |
| Registered office in.. |
| Ludhiana, Punjab Email:Â companysecretary@skminerals.net |
| Lead Manager of the IPO |
| Khambatta Securities ltd |
| Registrar to the IPO |
| Maashitla Securities Pvt ltd |
Business:
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Incorporated in February 2022, SK Minerals & Additives Ltd. is engaged in the manufacturing, processing, and supply of industrial minerals and specialty chemicals. The company processes a diverse range of materials such as bentonite, barite, talc, dolomite, kaolin, and several other industrial minerals.
SK Minerals operates through a flexible business model that combines domestic trading, imports, and in-house production, ensuring efficiency and scale. It holds ISO 9001:2015 and ISO 22000:2018 certifications, reflecting its strong emphasis on quality and process control.
The company offers mineral-based solutions to a wide spectrum of industries including ceramics, paints, plastics, rubber, agriculture, construction, and oil drilling. Its manufacturing facility at Ludhiana, Punjab, spreads across 39,222.75 sq. ft., equipped with modern infrastructure.
As of April 20, 2025, the company employed 91 permanent staff, supporting its operations and growth plans.
IPO Details
| Â | |
| IPO opens on | 10 October 2025 |
| IPO closes on | 14 October 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 3240000 Shares / Rs 41.15 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | 162,000 Shares |
| Net offer to Public | 3078,000 Shares Rs. 39.09 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 120-127 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 1000 Shares |
| Listing will at | BSE SME |
How shares are being offered
| Investor Category | Shares Offered % |
| Market Maker | 5.00 |
| QIBÂ | 47.47 |
| NII (HNI)Â | 14.26 |
| Retail | 33.27 |
| Total Shares | 100 |
| Application | Lots | Shares | Amount Rs. |
| Retail (Min) | 2 | 2,000 | 2,54,000 |
| Retail (Max) | 2 | 2,000 | 2,54,000 |
| S-HNI (Min) | 3 | 3,000 | 3,81,000 |
| S-HNI (Max) | 7 | 7,000 | 8,89,000 |
| B-HNI (Min) | 8 | 8,000 | 10,16,000 |
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The Promoters’ Holding
The promoters hold 100% of the pre-IPO capital
The Objects of the IPO
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
| Objects of the Issue | Rs. in crores |
| Working Capital Requirement | 31 |
| To fund the expansion plan of the Company i.e. Capital expenditure towards purchase of Plant and Machinery | 5.05 |
| General Corporate Purpose | Â |
Financials Snapshot
| Period Ended | 31-Aug-25 | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 114.39 | 75.18 | 54.05 | 37.54 |
| Total Income | 85.38 | 212.15 | 108.94 | 132.59 |
| Profit After Tax | 5.02 | 10.94 | 3.1 | 1.89 |
| EBITDA | 8.79 | 19.1 | 6.8 | 3.91 |
| NET Worth | 28.69 | 23.66 | 12.72 | 6.23 |
| Reserves and Surplus | 19.69 | 14.66 | 7.72 | 4.63 |
| Total Borrowing | 75.12 | 39.13 | 32.36 | 23.11 |
| Amount in Rs. Crore | ||||
Peer Comparison:
There is no listed company in India having similar nature of business.
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Key Financial Indicators
| KPI | Values |
| ROE | 46.23% |
| ROCE | 22.88% |
| Debt/Equity | 1.89 |
| RoNW | 46.23% |
| PAT Margin | 5.17% |
| EBITDA Margin | 9.02% |
| Price to Book Value | 4.83 |
| EPS | 12.15 |
| PER | 10.45 |
IPO Recommendation/Concise Review-
Incorporated in February 2022, SK Minerals & Additives Ltd. is engaged in the manufacturing, processing, and supply of industrial minerals and specialty chemicals. The company follows a flexible business model that combines domestic trading and in-house production.
However, two key aspects demand careful scrutiny.
1) Financial Performance:
For the last three fiscals, the company has reported total income/net profit of Rs.132.59 cr./Rs.1.90 cr. (FY23), Rs.108.94 cr./Rs.3.10 cr. (FY24) and Rs.212.15 cr./Rs.10.94 cr. (FY25). For the first five months of FY26 (till August 31, 2025), it earned a net profit of Rs.5.03 cr. on total income of Rs.85.38 cr.
It is notable that the sharp surge in FY25 turnover — from Rs.108.94 cr. to Rs.212.15 cr. — was driven mainly by trading income as the purchase of stock-in-trade jumped from Rs.58.83 cr. to Rs.153.75 cr. This raises concern that the rise in sales may not stem from growth in manufacturing operations but from increased trading activity — possibly inflating figures to justify a higher IPO valuation.
2) Debt & Liquidity:
The company’s borrowings stood at Rs.22.55 cr. as of March 31, 2025, with a debt-equity ratio of 0.74, which appears reasonable. However, investors should be cautious of the liquidity risks typical of SME IPOs.
Merchant Banker’s Track Record:
This is the 15th mandate managed by Khambatta Securities over the last four fiscals. Out of the 12 past listings, 3 opened at a discount, while the rest delivered listing gains ranging between 3.33% and 181.46%.
Chanakya View:
Considering the sudden financial jump, heavy trading component, and moderate merchant banker record, this IPO does not appear worth the risk at the current valuation. Conservative investors may avoid the issue.
Quicklinks
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