IPO Details
RHP/DRHPIssue Date
13 Jun - 17 Jun'25
Investment/lot
₹ 115200
Price Range
91 - 96
Lot Size
1200
IPO Size
₹ 31.68 Cr
IPO Listing Details
Listing On
20 Jun'25
Issue Price
96
Listed Price
₹ 90
Retail Gain/Listing Gain
▼-6.25%
Schedule of Aten Papers & Foam IPO
Start date
13/06/2025
End date
17/06/2025
Allotment of bids
18/06/2025
Refund Initiation
19/06/2025
Listing on exchange
20/06/2025
About Aten Papers & Foam IPO
The IPO of Aten Papers and Foam Ltd comprises a fresh issue of up to 33,00,000 equity shares. There’s no offer for sale in this IPO, which is a 100% book-built issue. The price range is between ₹91 and ₹96.
The minimum lot size is 1200 shares. The tentative listing date is June 20, 2025. The initiation of refunds will take place on June 19, 2025. The credit of shares to the demat account will take place on June 19, 2025. The basis of allotment will take place on June 18, 2025.
Objectives of Aten Papers & Foam IPO
- Capital expenditure
- Meet working capital requirements
- General corporate purpose
Aten Papers & Foam IPO Valuation
Aten Papers & Foam IPO Share Offer and Subscription Details
| Investor | Shares Offered |
|---|---|
QIBs | Not more than 50% of the net issue |
Non-institutional Investors | Not less than 15% of the net issue |
Retail Individual Investors | Not less than 35% of the net issue |
Industry Outlook
The India Paper and paperboard packaging market size is estimated at USD 13.72 billion in 2025, and is expected to reach USD 18.92 billion by 2030, growing at a CAGR of 6.63% during the forecast period (2025-2030). The Indian paper and packaging industry have witnessed significant transformation driven by changing consumer preferences and technological advancements.
The paper sector in India is experiencing a shift toward value-added products and specialised solutions. Companies are increasingly investing in research and development to create innovative packaging solutions that address specific industry needs while maintaining environmental sustainability. The industry has seen the introduction of various specialised products, including cup stock, pharma print, and high BF virgin kraft, catering to diverse end-user requirements.
Company Information
Aten Papers & Foam Ltd operate as an important intermediary in the paper product supply chain. As a crucial middleman in the paper product supply chain, it procures paper from different paper mills and resells them to clients in the packaging products industry.
Examples of these products include Kraft Paper and Duplex Board. It also purchases wastepaper from stockists and sells them to paper mills which is crucial raw material for such mills. A wide range of grades, thicknesses, widths, and standards are available in its product portfolio for Kraft papers and Duplex boards and other according to customer specifications.
Aten Papers & Foam Strengths
Variety of Products
Aten Papers & Foam Ltd is a one stop shop to its clientele for their customised paper product supply needs. It procures various types of paper from paper mills, which are used for varied purposes including packaging and printing, which inter-alia includes retail mono packaging boxes and shipper carton manufacturing.
High end kraft paper is used for making paper sacks which are used for handling exports of various products. Paper waste is used for recycling and thereby for making new paper products. It further processes them according to the customer’s specifications.
High Credibility with its Banker and existing lines of Credit since 2019
The paper industry is a highly competitive and fragmented one. Small sized mills usually face cash crunch situations and are willing to give discounts to buyers who are willing to purchase products on a cash basis. Similarly, the end-users of this industry require a high amount of credit.
Hence, the company plays an important role here as a financial intermediary by assisting such mills by giving them a bailout and providing its products to the end users on credit. It has maintained an efficient liquidity and net worth position. Currently it has obtained a credit facility of ₹ 900 lakhs from its bankers. Acting as a financial intermediary gives it leverage and maintains its negotiation power at both ends, leading to increased margins for the company.
In-house logistics
The company has its own in-house commercial vehicles which facilitate door-to-door delivery service to its customers, in order to minimise transportation costs by providing an effective material handling system. It owns four commercial vehicles for this purpose. Transportation mainly includes carrying the products from the paper mills and delivering them to the customers. At times, when needed, it also outsources its transportation-to-transportation agencies.
Ready stock
Stock capacity plays an immensely important role in the paper market. It is stock capacity that one stores that can determine the level of growth. The company keeps ready stock of all the paper, and deals in all the sizes and GSMs with the required amount of quality at its respective warehouse which helps it stay at a stable position throughout the year and also helps it in serving its customers with timely delivery of orders.
Risks of Aten Papers & Foam IPO
- No Own Land or Other Facilities
Aten Papers & Foam Ltd doesn’t own any land or any other facilities including the current warehouses and registered offices. All of these properties are owned by its promoter and promoter group and are provided on the rental basis to the company.
Any dispute in relation to the rental of its premises or in event, it’s unable to renew the rental agreement, or if such agreements are terminated, it may suffer a disruption in its operations which would have a material adverse effect on its business and results of operation.
- Dependent on Few Suppliers
The company’s top ten suppliers contributed 72.40%, 84.46%, 84.12% and 89.92% of its total purchases for the year ended on March 31, 2025, March 31, 2024, March 31, 2023 and March 31, 2022 respectively. Moreover, 19.21%, 56.74%, 30.85% and 35.49% of its total purchase is from related parties / group companies /entities.
It cannot assure that it will be able to get the same quantum and quality of supplies, or any supplies at all, and the loss of supplies from one or more of them may adversely affect its purchases of stock and ultimately its revenue and results of operations.
- No Agreement for Supply of Products
The company has not entered into any agreements/contracts for the supply of products. Risks related toshortfall or non-availability of products may adversely affect its manufacturing processes and have an adverse impact on its operations and financial condition.
All Financial Information about Aten Papers & Foam
Peer Comparison
Aten Papers & Foam Ltd believes that there are no comparable listed peers of the company and therefore information related to peers is not provided.
Anchor Investor Bidding Date
The company in consultation with the book running lead manager has decided that no participation by anchor investors will be considered in the IPO. Accordingly, there will not be any anchor participation in the issue.
IPO Registrar and Book Running Lead Manager
- IPO Registrar: Skyline Financial Services Pvt Ltd
- Book Running Lead Manager: Swastika Investmart Ltd
Business Model
Aten Papers & Foam Ltd procures paper from different paper mills and resells them to clients in the packaging products industry. It deals in Kraft Paper, Waste Paper, Duplex Board and other papers. Embracing an asset-light and order-driven business model, the company is committed to optimising resource utilisation to maintain high supply levels.
Company Growth Trajectory
The revenue from operations of Aten Papers & Foam Ltd grew from ₹89.8153 crores in FY 22 to ₹138.6922 crores in FY 25. Its EBITDA margin grew from 2.12% in FY 22 to 7.68% in FY 25, while PAT margin grew from 0.85% in FY 22 to 5.06% in FY 25.
The company attributes its growth to the expertise and dedication of its management team. Their extensive experience of more than two decades has played a pivotal role in guiding its strategic decisions and daily operations.
Market Position
The paper products manufactured have a variety of end use applications and are used mainly in the packaging industry. The company sells papers in the domestic markets especially in the state of Gujarat.
Aten Papers & Foam IPO Profit and Loss
| Parameter | FY 25 | FY 24 | FY 23 | FY 22 |
|---|---|---|---|---|
Total Income (in ₹ crores) | 138.7023 | 96.7982 | 90.9972 | 89.8228 |
Profit /(Loss) Before Tax (in ₹ crores) | 9.4070 | 3.7173 | 0.6836 | 1.0512 |
Profit / (Loss) After Tax (in ₹ crores) | 7.0114 | 2.7810 | 0.5026 | 0.7631 |
EBITDA (in ₹ crores) | 10.6538 | 5.1526 | 1.8758 | 1.9007 |
EPS in ₹ | 10.02 | 3.97 | 0.72 | 1.09 |
Aten Papers & Foam IPO Cash Flow Statement
| Parameter | FY 25 | FY 24 | FY 23 | FY 22 |
|---|---|---|---|---|
Profit /(Loss) Before Tax (in ₹ crores) | 9.4070 | 3.7173 | 0.6836 | 1.0512 |
Net Cash from Operating Activities (in ₹ crores) | 5.2927 | 1.8901 | 0.4596 | 3.6651 |
Net Cash from Investing Activities (in ₹ crores) | (0.0017) | NA | (0.0198) | (0.6301) |
Net Cash Flow in Financing Activities (in ₹ crores) | (5.6373) | (1.6413) | (0.4458) | (3.1469) |
Closing Balance - Cash and Cash Equivalents (in ₹ crores) | 0.0229 | 0.3693 | 0.1206 | 0.1267 |
How to Apply for the Aten Papers and Foam IPO?
1. Visit the Registrar’s Website
- Visit the official website of Skyline Financial Services Pvt Ltd
- Click on ‘Public Issue’ from ‘Investors’ dropdown
- Choose ‘Company Name’
- Enter DPID/Client ID or Application Number or PAN Number
- Click on ‘Search’ to know the status
2. Check on the Bombay Stock Exchange Website
The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to www.bseindia.com and find the 'Investor Services' tab. Under 'Investors Services', click on 'Status of Issue Application'. This will take you to the IPO allotment status page. On the BSE IPO page, follow these steps:
- Choose the Issue Type
- Select the Issue Name from dropdown
- Put in either your application number or PAN number
- Check the box ‘I’m not a robot’
- Click on ‘Search’ to know allotment status
How to Apply for the Aten Papers & Foam IPO?
- Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
- Specify IPO details - Enter the number of lots and the price you wish to apply for.
- Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
- Mandate Notification - Your UPI app will receive a mandate notification to block funds.
- Approve Request - Your funds will be blocked once you approve the mandate request on your UPI
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
Aten Papers & Foam IPO FAQs
When is Aten Papers & Foam IPO listing date?
Aten Papers & Foam IPO will list on 2025-06-20.
What is the issue size of Aten Papers & Foam IPO?
31.68 is the issue size of Aten Papers & Foam IPO.
What is the minimum lot size required for Aten Papers & Foam IPO?
The minimum lot size is 1200 shares and the investment required is ₹115200.
What is the price band of the Aten Papers & Foam IPO?
The price band of Aten Papers & Foam IPO is ₹91 to ₹96.
Where can I read more about Aten Papers & Foam business?
You can read more about Aten Papers & Foam and its IPO from the company’s red herring prospectus (RHP) here.
What is the Aten Papers & Foam Ltd IPO?
The Aten Papers & Foam Ltd IPO comprises a fresh issue of up to 33,00,000 equity shares. There’s no offer for sale in this IPO.
When will the IPO of Aten Papers & Foam Ltd go live?
The IPO will open for subscription on June 13, 2025 and will close on June 17, 2025
From where can I get more information about the IPO of Aten Papers & Foam Ltd?
To get more information about the IPO of Aten Papers & Foam Ltd, click on the company’s red herring prospectus here
