Utkal Speciality IPO GMP Rises to Rs 10 on Day 2 of Subscription — Expected Listing Price Rs 76, Estimated Gain 15.15%
- June 11, 2026
- Posted by: Ankit Jaiswal
- Category: IPO
Utkal Speciality IPO GMP: Rs 10 (up from Rs 0 pre-open). Issue price Rs 66. Expected listing price: Rs 76 (+15.15%). NSE SME IPO. Issue size Rs 34.54 crore (100% fresh issue). Price band Rs 62-66. Lot size 2,000 shares. Min retail: Rs 2,64,000 (2 lots). P/E 17.63x (FY25).
The Utkal Speciality IPO GMP has risen to Rs 10 on the second day of the subscription window, up from Rs 0 before the IPO opened for bidding. At this grey market premium of Rs 10 over the upper price band of Rs 66, the unofficial expected listing price stands at Rs 76, indicating a potential listing gain of approximately 15.15% for allottees. The Utkal Speciality IPO GMP trajectory from Rs 0 to Rs 10 within the first day of subscription reflects initial interest from grey market participants, though the premium remains modest relative to the highly subscribed mainboard and popular SME issues. This is a Rs 34.54 crore pure fresh issue on the NSE SME Emerge platform, with the proceeds earmarked for working capital, debt repayment, and machinery purchase for the Khurda manufacturing facility expansion.
Click Here – Get Free IPO Research From Univest
Utkal Speciality IPO GMP: Grey Market Snapshot
| GMP Metric | Value |
|---|---|
| Current GMP (Day 2) | Rs 10 |
| GMP on Day 0 (pre-open) | Rs 0 |
| GMP on Day 1 (subscription day 1) | Rs 10 (intraday high) |
| Issue Price (upper band) | Rs 66 |
| Expected Listing Price | Rs 76 (Rs 66 + Rs 10 GMP) |
| Estimated Listing Gain | 15.15% over issue price Rs 66 |
| Gain Per Lot (2,000 shares) | Rs 20,000 (Rs 10 per share x 2,000) |
| Note | GMP is unofficial and not regulated by SEBI. It can change rapidly. |
Track Utkal Speciality IPO and All SME IPOs on Univest
Univest tracks live GMP, subscription status, and post-listing performance for all SME and mainboard IPOs.
- Live Utkal Speciality IPO GMP and subscription tracking
- All active IPOs with GMP, allotment date, and listing analysis
- Expert IPO research from Univest analysts
Explore the latest Top Stock Picks on Univest
Utkal Speciality IPO: Complete Details
| Parameter | Details |
|---|---|
| Company | Utkal Speciality Industries India Limited |
| IPO Type | SME IPO (NSE SME Emerge platform) |
| Issue Structure | 100% Fresh Issue (No OFS) |
| Issue Size | Rs 34.54 crore |
| Total Shares on Offer | 52.34 lakh equity shares |
| Face Value | Rs 10 per share |
| Price Band | Rs 62 to Rs 66 per share |
| Lot Size | 2,000 shares |
| Minimum Investment (Retail) | Rs 2,64,000 (2 lots = 4,000 shares) |
| Quota Split | QIB: 50% | NII: 15% | Retail: 35% |
| Lead Manager | Affinity Global Capital Market Pvt. Ltd. |
| Registrar | Cameo Corporate Services Ltd. |
| Industry | Paper and Packaging Products |
| Promoters | Akash Agrawal, Meena Agarwal, Manoj Kumar Agrawal |
| Subscription Window | 3 days (currently Day 2 of 3) |
Utkal Speciality: Business Overview
Utkal Speciality Industries India Limited is a paper-based products and packaging manufacturer based in Khurda, Odisha. The company produces a wide range of sustainable paper alternatives including paper plates, cups, dosa plates, bowls, tissues, pizza and sweets boxes, and wrapping paper. Products serve both everyday functional use and special occasions, aligning with the growing consumer preference for eco-friendly packaging over plastic. The company operates a manufacturing facility at IDCO Food Processing Park, Khurda, and serves customers across 15 Indian states. Revenue is 100% domestic, with Odisha (38.95%), West Bengal (24.79%), and Andhra Pradesh (8.89%) as the top contributing geographies. The company plans to expand its Khurda facility using a portion of IPO proceeds.
Utkal Speciality Financials: FY23-FY25
| Financial Metric | FY25 | FY24 | FY23 |
|---|---|---|---|
| Total Revenue | Rs 50.28 crore | Rs 44.15 crore | Rs 46.23 crore |
| PAT (Net Profit) | Rs 6.68 crore | Rs 3.24 crore | Rs 2.21 crore |
| EBITDA Margin | 18.96% | 14.10% | NA |
| Net Worth | Rs 21.64 crore | Rs 9.95 crore | NA |
| Outstanding Borrowings | Rs 17.16 crore (Dec 2025) | NA | NA |
| P/E at Rs 66 (FY25 EPS) | 17.63x | NA | NA |
Utkal Speciality IPO GMP Analysis: Should You Apply?
Positives
The Utkal Speciality IPO GMP reflects the green shoot of interest in this niche paper packaging play. On the fundamental side, PAT has grown consistently from Rs 2.21 crore (FY23) to Rs 6.68 crore (FY25), a 3x improvement over two years. EBITDA margin improved from 14.10% (FY24) to 18.96% (FY25), reflecting operating leverage as revenues scale. The 100% fresh issue structure means all Rs 34.54 crore goes to the company, supporting genuine business expansion rather than promoter exits. The paper and eco-packaging segment has structural tailwinds from plastic bans and government sustainability mandates.
Risks to Consider
Despite the positive Utkal Speciality IPO GMP signal, investors should note that revenue is small at Rs 50.28 crore in FY25 and highly concentrated among a few customers (top customers = 78.24% of FY25 revenue). The company has no listed peers for valuation comparison. At P/E of 17.63x on FY25 EPS, the issue is considered fully priced. Outstanding borrowings of Rs 17.16 crore and high dependence on top suppliers (92.63% of raw material purchases) are additional risk factors. SME IPOs are also less liquid post-listing and carry higher volatility than mainboard issues.
Track All SME IPOs and GMP Data Live on the Univest Screener
Conclusion
The Utkal Speciality IPO GMP of Rs 10 on Day 2 implies a modest listing gain of 15.15% over the issue price of Rs 66. The company operates in the growing eco-friendly paper packaging space with improving profitability, but its small scale, customer concentration, and fully priced valuation make it a selective opportunity. Well-informed investors comfortable with SME IPO risks may consider moderate participation. Track live Utkal Speciality IPO GMP and subscription updates on Univest.
Download the Univest iOS App or Univest Android App to track Utkal Speciality IPO GMP and all SME IPO subscriptions on Univest.
Disclaimer: Grey market premium (GMP) data is sourced from unofficial secondary market sources and is not a SEBI-regulated indicator. GMP is not indicative of actual listing price. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776). SME IPOs carry higher risk than mainboard issues. Consult a SEBI-registered advisor before investing.
Frequently Asked Questions
What is the Utkal Speciality IPO GMP today?
Ans. The Utkal Speciality IPO GMP is Rs 10 on the second day of subscription, up from Rs 0 before the IPO opened. At a GMP of Rs 10 over the issue price of Rs 66, the expected listing price in the unofficial grey market is Rs 76, implying a potential listing gain of 15.15% over the issue price. Utkal Speciality IPO GMP data is sourced from informal grey market channels and is not regulated by SEBI. GMP can change rapidly based on subscription data and market sentiment.
Should you apply for the Utkal Speciality IPO?
Ans. Utkal Speciality Industries is a paper and packaging company based in Khurda, Odisha with revenue of Rs 50.28 crore in FY25 and PAT of Rs 6.68 crore. The company has shown consistent PAT growth from Rs 2.21 crore (FY23) to Rs 6.68 crore (FY25). The issue is priced at P/E of 17.63x at the upper band of Rs 66. The Utkal Speciality IPO GMP of Rs 10 suggests modest grey market interest. However, the issue is considered fully priced given the small scale of operations and limited revenue diversification. Well-informed investors who understand SME IPO risks may consider moderate allocation for the long term.
What does Utkal Speciality Industries do?
Ans. Utkal Speciality Industries India Limited, incorporated in September 2015 and headquartered in Khurda, Odisha, manufactures paper-based products and packaging materials including paper plates, cups, glasses, dosa plates, bowls, tissues, pizza boxes, sweets boxes, and wrapping paper. The company serves both functional and aesthetic needs, catering to evolving consumer preferences for sustainable packaging alternatives. Revenue is 100% domestic, spanning 15 Indian states, with Odisha contributing 38.95%, West Bengal 24.79%, and Andhra Pradesh 8.89%.
What are the IPO proceeds being used for?
Ans. Utkal Speciality Industries plans to use the net proceeds from the IPO for three purposes: repayment of outstanding borrowings, funding working capital requirements, and purchasing machinery for the expansion of its manufacturing facility at Khurda, Odisha. The fresh issue of Rs 34.54 crore will fully fund these objectives. There is no offer-for-sale (OFS) component, meaning all proceeds go to the company rather than promoters cashing out.
What are the key risks of the Utkal Speciality IPO?
Ans. Key risks include: high customer concentration (top key customers = 78.24% of revenue in FY25), dependence on a limited geographic market (Odisha, West Bengal, Andhra Pradesh = 72%+ of revenue), raw material price fluctuation risk (paper and paper-based input costs can be volatile), high supplier concentration (top 10 suppliers = 92.63% of raw material purchases in FY25), outstanding borrowings of Rs 17.16 crore as of December 2025, and absence of listed peers making valuation benchmarking difficult. The company has modest scale with Rs 50.28 crore revenue, which limits pricing power.
