The Indian IPO market in 2025 continues to witness strong participation from investors in niche sectors. Among these is Ecoline Exim Limited, a leading manufacturer of sustainable cotton and jute packaging products. The company’s IPO opens on September 23, 2025, presenting an opportunity for investors to tap into the growing eco-friendly packaging industry.
About Ecoline Exim Ltd.
Incorporated in 2008, Ecoline Exim Limited specialises in manufacturing sustainable packaging and promotional bags made of cotton and jute. The company exports to over 27 countries, including the European Union, the USA, Japan, Southeast Asia, and Mexico.
Ecoline Exim serves as an OEM for supermarkets, retail chains, wholesalers, and promotional companies. As of September 18, 2025, it operates three manufacturing units: one in Ahmedabad, Gujarat, and two in West Bengal.
Products Offered:
- Cotton Bags: Conventional, organic, and Fairtrade cotton bags
- Jute Bags: Jute shopping bags made from standard jute fabric
As of March 31, 2025, the company employed 201 permanent staff and 339 contractual employees.
Competitive Strengths:
- Sustainable, eco-friendly business model based on Reduce, Reuse, Recycle principles
- Strict quality control mechanisms ensuring standardisation
- Strategically located in-house manufacturing with design expertise
- Strong and long-standing customer relationships
- Wide reach in domestic and international markets
Ecoline Exim IPO Details
The Ecoline Exim IPO is a book-building issue of ₹76.42 crore, combining a fresh issue of 0.43 crore shares (₹61.19 Cr) and offer for sale of 0.11 crore shares (₹15.23 Cr). The IPO will list on NSE SME.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Sep 23, 2025 |
| IPO Close Date | Sep 25, 2025 |
| Tentative Allotment | Sep 26, 2025 |
| Initiation of Refunds | Sep 29, 2025 |
| Credit of Shares to Demat | Sep 29, 2025 |
| Tentative Listing Date | Sep 30, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Sep 25, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹10 per share |
| Issue Price Band | ₹134 – ₹141 per share |
| Lot Size | 1,000 shares |
| Total Issue Size | 54,20,000 shares (₹76.42 Cr) |
| Fresh Issue | 40,68,000 shares (₹57.36 Cr) |
| Offer for Sale | 10,80,000 shares (₹15.23 Cr) |
| Reserved for Market Maker | 2,72,000 shares (₹3.84 Cr) |
| Net Offered to Public | 51,48,000 shares (₹72.59 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Shareholding Pre-Issue | 1,61,75,376 shares |
| Shareholding Post-Issue | 2,05,15,376 shares |
Investor Category Reservation:
| Investor Category | Shares Offered |
| Market Maker | 2,72,000 (5.02%) |
| QIB | 25,73,000 |
| NII (HNI) | 7,73,000 (14.26%) |
| Retail | 18,02,000 (33.25%) |
| Total | 54,20,000 (100%) |
Ecoline Exim IPO Lot Size
Investors can bid for a minimum of 2,000 shares and in multiples of 1,000 shares:
| 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 |
Promoter Holding
The promoters of the company are Sudarshan Saraogi, Saurabh Saraogi, Shradha Saraogi, Gunjal Saraogi, and SL Commercial Private Limited.
| Holding | Percentage |
| Pre-IPO | 100.00% |
| Post-IPO | 73.58% |
Book Running Lead Manager: Hem Securities Ltd.
Registrar: MUFG Intime India Pvt. Ltd.
Market Maker: Hem Finlease Pvt. Ltd.
Company Financials
Restated Consolidated Financials (₹ Crore):
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 146.31 | 128.72 | 104.46 |
| Total Income | 273.07 | 280.59 | 310.67 |
| Profit After Tax | 18.82 | 22.59 | 18.86 |
| EBITDA | 29.99 | 33.94 | 30.57 |
| Net Worth | 88.45 | 71.70 | 49.11 |
| Reserves & Surplus | 72.27 | 70.54 | 47.96 |
| Total Borrowing | 39.89 | 44.81 | 42.47 |
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Key Performance Indicators (FY2025)
| KPI | Value |
| Market Cap | ₹289.27 Cr |
| 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 & P/E
| Pre IPO | Post IPO | |
| EPS (₹) | 11.64 | 9.17 |
| P/E (x) | 12.12 | 15.37 |
Objects of the Issue
| Object | Amount (₹ Cr) |
| Capital expenditure for new manufacturing facility at Ahmedabad (“Proposed Factory V”) | 50.00 |
| General Corporate Purposes | Balance |
Industry Outlook
The global demand for sustainable and eco-friendly packaging solutions is growing, driven by:
- Increasing awareness of environmental sustainability
- Growth in retail and FMCG sectors using eco-friendly packaging
- Demand from international markets for compliant, high-quality packaging solutions
Ecoline Exim’s focus on cotton and jute bags positions it favourably to capitalise on the rising preference for sustainable products.
Conclusion
Ecoline Exim IPO offers a unique opportunity to invest in a growing, sustainable packaging business with strong domestic and international reach. Its established manufacturing base, diversified product portfolio, and commitment to eco-friendly solutions make it attractive for long-term investors. However, investors should be mindful of risks like fluctuating raw material costs, competitive pressures, and dependence on export markets.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
