IPO Overview
Incorporated in February 2007, S.K. Offset Limited provides integrated printing, packaging, and labelling solutions from its base in Meerut, Uttar Pradesh. The company operates an integrated setup with in-house pre-press, printing, and post-press/finishing capabilities and supplies products such as books and educational printing, brochures and leaflets, packaging cartons/mono cartons and master cartons, and labels/stickers including roll-form and in-mold labels. It also trades in printing and packaging materials such as paper, paperboard, inks and foils.
S.K. Offset Limited IPO is a bookbuilding issue of ₹29.06 crore, comprising an entirely fresh issue of 23,25,000 shares. The IPO opens for subscription on 23 September 2026 and closes on 25 September 2026, with the tentative listing date of 30 September 2026 on BSE SME. The price band is fixed at ₹119 to ₹125 per share, with a lot size of 1,000 shares.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 23 September 2026 |
| IPO Close Date | 25 September 2026 |
| Allotment Date | 28 September 2026 (Expected) |
| Refund Initiation | 29 September 2026 |
| Credit to Demat | 29 September 2026 |
| Listing Date | 30 September 2026 (Tentative) |
| Price Band | ₹119 – ₹125 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,000 shares |
| Minimum Investment (Retail) | ₹2,50,000 (2 lots = 2,000 shares) |
| Minimum Investment (S-HNI) | ₹3,75,000 (3 lots = 3,000 shares) |
| Issue Size | ₹29.06 crore |
| Fresh Issue | 23,25,000 shares (₹29.06 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds go directly to the company.
Issue Break-up
| Category | Allocation |
| Anchor Investors | Up to 5,40,000 shares |
| Qualified Institutional Buyers (QIB) | ~50% (of net issue) |
| Non-Institutional Investors (NII) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | 1,20,000 shares (Reserved) |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue — all IPO proceeds will flow directly to the company. This is the company’s maiden public issue.
Objects of the Issue (Fund Utilization)
The company plans to use the net IPO proceeds as follows: ₹2.11 crore for capital expenditure towards the purchase of an Automatic Foil Stamper & Die Cutting Machine (TECHNOFOIL 1050 FC) at its Meerut facility; ₹18.66 crore to fund incremental working capital requirements for FY2027 and FY2028; and the balance proceeds, subject to a 15% cap of gross proceeds, for general corporate purposes including operating expenses, brand development, technology upgrades, and marketing.
- Capital expenditure — purchase of Plant & Machinery at Meerut — ₹2.11 crore
- Incremental working capital requirements — ₹18.66 crore
- General corporate purposes (brand development, technology upgrades) — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Comfort Securities Limited
- Registrar to the Issue: Maashitla Securities Pvt. Ltd.
- Market Maker: SMC Global Securities Ltd.
Promoters & Management
The promoters are Pradeep Agarwal, Priyanshu Agarwal, and Ayush Agarwal. Promoter holding will decline from 100% before the IPO to 69.97% after the issue. Public shareholders will hold the remaining 30.03%.
Company Details
S.K. Offset Limited is a Meerut-based integrated printing and packaging solutions provider. The company has evolved from conventional offset printing into a broader portfolio spanning printing, packaging, and labelling. Its printing business primarily covers books, pamphlets, and other commercial publications, including textbooks, technical books, children’s books, magazines, journals, and marketing materials.
Sectors Served:
- Publishing & Education
- FMCG & Pharmaceuticals
- Commercial Printing
- Packaging & Labelling
Key Products:
- Books, textbooks, magazines, journals, brochures, leaflets
- Packaging cartons (mono cartons & master cartons)
- Labels & stickers (roll-form and in-mold labels)
- Trading in paper, paperboard, inks, and foils
Key Capabilities:
Integrated model with end-to-end capabilities that reduce third-party dependency and improve quality control and turnaround times. The company has diversified clientele across publishing, FMCG, pharmaceuticals, and commercial sectors, reducing concentration risk.
Manufacturing Facilities:
- Operations spread across four facilities covering approximately 38,313 sq. ft. in Meerut, Uttar Pradesh
Certifications:
- ISO-certified quality systems ensuring compliance with stringent regulatory requirements for pharmaceutical and food-grade packaging
Financial Snapshot
| Period | Total Income (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹23.31 | ~₹0.71 |
| FY26 | ₹67.00 | ₹7.48 |
Key Financial Metrics
- Total income nearly tripled between FY2024 and FY2026, while profit after tax increased more than ten times. EBITDA growth was also impressive, reflecting improved operating scale and margins.
- The post-issue P/E of 12.94 times appears reasonable if recent profitability can be sustained.
- IPO valuation P/E: 9.06x
- Total borrowings remain high at ₹34.58 crore against a net worth of ₹19.78 crore. The debt-to-equity ratio of 1.75 indicates a leveraged balance sheet.
Company Strengths
- Fully integrated printing and packaging operations — in-house pre-press, printing, post-press/finishing — under one roof, reducing third-party dependency
- Integrated presence across printing, packaging, labelling, and digital design
- Sharp revenue and profit growth — total income grew nearly 3x and PAT grew more than 10x between FY24 and FY26
- Packaging is now a big revenue contributor, so the business is not tied only to books — this reduces dependence on one demand cycle. High capacity utilisation in printing and packaging suggests the assets are not sitting idle, which helps spread fixed costs.
- Experienced promoter team with hands-on expertise in offset printing and packaging operations
- ISO-certified operations enabling access to regulated sectors such as pharma and food-grade packaging
Key Risks & Challenges
- The top 10 customers contribute 86.14% of revenue, and the company reportedly does not have long-term contracts with them. On the input side, the top 10 suppliers account for 65.59% of purchases, again with no long-term agreements in place.
- Total borrowings remain high at ₹34.58 crore against a net worth of ₹19.78 crore — a debt-to-equity ratio of 1.75 that could restrict financial flexibility.
- The sharp one-year rise in profit requires investors to examine whether margins are sustainable.
- Raw material price fluctuations — paper, paperboard, foil, and ink prices directly impact operating margins
- SME IPO liquidity risk — BSE SME shares may witness high volatility and limited post-listing liquidity
- Small company size with limited geographical presence — operations concentrated in Meerut, Uttar Pradesh
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
