In 2025, India’s SME IPO market continues to witness strong investor interest, with several companies leveraging capital markets to fund expansion and growth. Among them, Shlokka Dyes Limited, a manufacturer of reactive dyes and pigments, is opening its IPO on September 30, 2025. This IPO presents an opportunity to participate in a growing chemical manufacturing business serving the textile, leather, and paper sectors.
About Shlokka Dyes Ltd.
Incorporated in 2021, Shlokka Dyes Limited specialises in manufacturing reactive, direct, basic, and digital printing dyes. These dyes are used extensively in the textiles, leather, and paper industries. The company emphasises quality control with an in-house lab performing HPLC tests, shade matching, fastness, stability, and compatibility checks, ensuring compliance with international standards.
The manufacturing facility, located in Gujarat, spans over 5,731 sq. meters, with an annual production capacity of 9,000 MT. The company holds ISO certifications and offers an integrated production process, ensuring high-quality and versatile products.
Product Portfolio:
- M-X Dyes
- H&P Dyes
- HE Dyes
- VE Dyes
- RR Dyes
Competitive Strengths:
- Strong quality assurance and international certifications
- Experienced promoters with market knowledge
- Integrated production processes
- Strategic locational advantage
- Cordial customer relationships
- Versatile product offerings
Shlokka Dyes IPO Details
The Shlokka Dyes IPO is a book-building issue of ₹63.50 crore, entirely a fresh issue of 0.64 crore shares. The IPO will be listed on the BSE SME.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Sep 30, 2025 |
| IPO Close Date | Oct 6, 2025 |
| Tentative Allotment | Oct 7, 2025 |
| Initiation of Refunds | Oct 8, 2025 |
| Credit of Shares to Demat | Oct 8, 2025 |
| Tentative Listing Date | Oct 9, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Oct 6, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹10 per share |
| Issue Price Band | ₹95 – ₹100 per share |
| Lot Size | 1,200 shares |
| Total Issue Size | 63,50,400 shares (₹63.50 Cr) |
| Sale Type | Fresh Capital |
| Reserved for Market Maker | 3,24,000 shares (₹3.24 Cr) |
| Net Offered to Public | 60,26,400 shares (₹60.26 Cr) |
| Issue Type | Bookbuilding IPO |
| Shareholding Pre-Issue | 1,50,58,148 shares |
| Shareholding Post-Issue | 2,14,08,548 shares |
Investor Category Reservation:
| Investor Category | Shares Offered | Percentage |
| Market Maker | 3,24,000 | 5.10% |
| QIB | 6,03,600 | 9.50% |
| NII (HNI) | 16,26,000 | 25.60% |
| Retail | 37,96,800 | 59.79% |
| Total | 63,50,400 | 100% |
Lot Size & Investment
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 2,400 | ₹2,40,000 |
| Retail (Max) | 2 | 2,400 | ₹2,40,000 |
| S-HNI (Min) | 3 | 3,600 | ₹3,60,000 |
| S-HNI (Max) | 8 | 9,600 | ₹9,60,000 |
| B-HNI (Min) | 9 | 10,800 | ₹10,80,000 |
Promoter Holding:
The promoters of Shlokka Dyes Limited are Vaibhav Shah and Shivani Rajpurohit.
- Pre-IPO: 100%
- Post-IPO: 71.33%
Book Running Lead Manager: Interactive Financial Services Ltd.
Registrar: Bigshare Services Pvt. Ltd.
Market Maker: Aftertrade Broking Pvt. Ltd.
Shlokka Dyes Ltd.: Financials
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 91.58 | 67.19 | 38.77 |
| Total Income | 103.45 | 61.69 | 8.80 |
| Profit After Tax | 10.01 | 4.92 | 0.60 |
| EBITDA | 18.68 | 12.81 | 1.61 |
| Net Worth | 27.19 | 17.57 | 8.59 |
| Reserves & Surplus | 12.20 | 17.63 | 8.69 |
| Total Borrowing | 27.92 | 28.79 | 19.79 |
Amount in ₹ Crore
| KPI | Value |
| Market Capitalisation | ₹214.09 Cr |
| ROE | 36.82% |
| ROCE | 36.14% |
| Debt/Equity | 1.02 |
| RoNW | 36.73% |
| PAT Margin | 9.68% |
| EBITDA Margin | 18.05% |
| Price to Book Value | 5.54 |
EPS & P/E
| KPI | Pre-IPO | Post-IPO |
| EPS (₹) | 6.65 | 4.68 |
| P/E (x) | 15.04 | 21.38 |
Objects of the Issue
| S.No. | Object | Expected Amount (₹ Cr) |
| 1 | Capital Expenditure for plant and machinery | 6.13 |
| 2 | Repayment of Debt | 11.50 |
| 3 | Working Capital | 28.00 |
| 4 | General Corporate Purposes | Balance |
Shlokka Dyes IPO: Peer Comparison
Shlokka Dyes IPO can be compared with peers like Deepak Chemtex Ltd, Vipul Organics Ltd, and Ishan Dyes and Chemicals Ltd. Reviewing these companies helps investors gauge Shlokka Dyes’ position in the dyes and chemicals sector and make informed investment decisions.
Conclusion
Shlokka Dyes Ltd. offers a strong opportunity to invest in a growing reactive dyes and pigments manufacturer with established clients, integrated production, and consistent financial growth. Its focus on quality, international certifications, and robust promoter experience make it a noteworthy SME IPO. However, investors should consider sectoral risks, such as raw material price volatility and competitive pressures.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
