Antala Industries IPO: ₹62–66 Price Band, Dates, GMP & Review
Antala Industries Limited's SME IPO is the only issue still open for subscription in the first week of November 2026 — and it is running on an extended timetable. The Rajkot-based flexible packaging manufacturer opened on 29 October 2026 and now closes on 5 November 2026, with listing planned on BSE SME on 11 November 2026. Here is everything investors need to know: price band, lot size, subscription status, financials, grey market premium (GMP) and an honest review.
Antala Industries IPO Details
| Issue type | Book-built SME IPO, 100% fresh issue (no offer for sale) |
| Issue size | 34,82,000 equity shares, aggregating up to ₹22.98 crore |
| Price band | ₹62–₹66 per equity share |
| Face value | ₹10 per share |
| Lot size | 2,000 shares |
| Minimum investment (retail) | 4,000 shares (2 lots) = ₹2,64,000 at the upper band |
| Listing platform | BSE SME |
| Lead manager | Vatsa Capital Venture Pvt. Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
| Market maker | Asnani Stock Broker Pvt. Ltd. (1,76,000 shares reserved) |
Because the entire issue is a fresh issue, all of the money raised goes to the company — no promoter is selling shares in this IPO.
Antala Industries IPO Dates
| Event | Date |
|---|---|
| IPO opens | 29 October 2026 |
| IPO closes | 5 November 2026 (extended from the original 2 November close) |
| Allotment finalisation | 6 November 2026 (expected) |
| Listing on BSE SME | 11 November 2026 (expected) |
Note on the revised terms: some older trackers still show the original schedule (₹63–₹67 band, 2 November close). The current, extended schedule — ₹62–₹66 band closing 5 November — is what exchange-linked trackers updated on 3 November 2026 show, and it is the schedule used in this article. Investors should confirm the final terms in the red herring prospectus before applying.
What Does Antala Industries Do?
Antala Industries, incorporated in August 2024 after converting the partnership firm M/s Octagon Industries (started April 2021), manufactures, processes, prints, laminates and supplies industrial and commercial packaging products from an integrated plant at Shapar, Kotda Sanghani, Rajkot, Gujarat. Its product range includes:
- BOPP bags — premium packaging bags for food, fertilisers, chemicals, seeds and consumer products
- BOPP printing rolls — film printed with customer-specific designs, logos and product information
- BOPP lamination rolls — printed BOPP film laminated with PP woven fabric
- PP woven bags and PP woven lamination rolls — industrial packaging for cement, chemicals, fertilisers and other sectors
The plant covers extrusion, coating and lamination, rotogravure and multicolour printing, cutting, stitching and finishing under one roof. Customers span food processing, fertilisers, chemicals, cement, construction, textiles and seeds. The company holds ISO 9001, 14001, 22000 and 45001 certifications, and promoters led by chairman and managing director Rajeshkumar Chandulal Antala bring over 29 years of packaging-sector experience.
Antala Industries IPO: Objects of the Issue
The company plans to use the net proceeds mainly for:
- Working capital requirements — approximately ₹10.68 crore
- Capital expenditure on machinery purchases — approximately ₹5.89 crore
- General corporate purposes — the balance
Antala Industries Financials
| Particulars (₹ crore) | FY24 | FY25 | FY26 | H1 FY27 (to 30 Sep 2026) |
|---|---|---|---|---|
| Revenue / total income | 12.59 | 31.98 | 47.53 | 30.20 |
| Profit after tax (PAT) | 0.89 | 1.82 | 4.24 | 4.19 |
| Total assets | 5.97 | 25.47 | 28.41 | 34.88 |
| Net worth | 3.54 | 12.19 | 17.03 | 22.17 |
| Total borrowings | 0.36 | 3.85 | 4.19 | 1.75 |
Growth has been sharp: revenue rose from ₹12.51 crore in FY24 to ₹47.40 crore in FY26 on a revenue-from-operations basis, while PAT jumped from ₹0.89 crore to ₹4.24 crore. Strikingly, H1 FY27 PAT of ₹4.19 crore already nearly equals the whole of FY26. Valuation trackers put post-IPO EPS at ₹6.89, which implies a price-to-earnings ratio of roughly 9.6x at the ₹66 upper band, with return on net worth of 24.88%, debt-to-equity of 0.25x and a post-issue market capitalisation of about ₹80.23 crore. Note that FY24 figures predate the company's incorporation and come from the predecessor business, restated — investors should read the prospectus for how those accounts were combined.
Antala Industries IPO Subscription Status
As of 5:00 PM on 3 November 2026, the issue was subscribed 1.38x overall:
| Category | Shares offered | Subscription |
|---|---|---|
| QIB | 36,000 | 66.72x |
| NII (HNI) | 5,10,000 | 1.70x (bHNI 2.32x, sHNI 0.44x) |
| Individual (retail) | 27,60,000 | 0.47x |
| Total | 33,06,000 (excluding market maker) | 1.38x |
The headline QIB number needs context: only 36,000 shares (1.03% of the issue) are reserved for QIBs, so the 66.72x figure reflects a tiny base. Retail — the largest reservation at 79.26% — was still under-subscribed at 0.47x on 3 November, which is the main reason the issue was extended to 5 November. Day-wise, total subscription moved from 0.82x on day 1 to 1.38x by 3 November.
Antala Industries IPO GMP Today
As of 4 November 2026, trackers report no grey market premium (GMP) quoted for Antala Industries — ₹0, or unquoted, implying an estimated listing price around the ₹66 upper band with no expected listing gain. GMP is unofficial, unregulated market-reported data and can change quickly; it is not a forecast of the listing price and should not be the sole basis for an application.
Strengths and Risks
Strengths: fast revenue and profit growth; H1 FY27 profit already matching FY26; low debt (₹1.75 crore borrowings at 30 September 2026); integrated single-plant manufacturing; diversified end-user industries; modest valuation of roughly 9.6x post-IPO earnings.
Risks to watch: retail demand is weak (0.47x) and the issue had to be extended; customer concentration — the top 10 customers contributed about 56% of revenue in the stub period to September 2026; revenue remains geographically concentrated in Gujarat (about 71% in FY26); negative operating cash flow of ₹4.88 crore in FY26 despite rising profits, consistent with a working-capital-heavy business; a very small team (11 employees as of 30 September 2026, excluding contract labour); and flat grey market interest, which points to a muted listing.
Antala Industries IPO Review: Should You Apply?
On fundamentals, Antala Industries is a fast-growing, low-debt packaging play at a reasonable valuation — but the market's verdict so far is cautious, with retail undersubscription forcing an extension and no grey market premium. Investors comfortable with SME risk and a longer holding view may find the growth story interesting; those chasing listing gains have little to work with here, given the flat GMP. This article is for information only and is not investment advice — read the RHP and consult a financial adviser before applying.
FAQs
What is the Antala Industries IPO price band?
₹62–₹66 per equity share, with a face value of ₹10.
When does the Antala Industries IPO close?
5 November 2026, after an extension from the original 2 November close. Allotment is expected on 6 November and listing on BSE SME on 11 November 2026.
What is the lot size and minimum investment?
Lot size is 2,000 shares; retail investors must apply for at least 4,000 shares (2 lots), or ₹2,64,000 at the upper band.
What is the Antala Industries IPO GMP?
₹0 / unquoted as of 4 November 2026, per grey market trackers. GMP is unofficial and subject to change.
Who is the registrar and lead manager?
Bigshare Services Pvt. Ltd. is the registrar and Vatsa Capital Venture Pvt. Ltd. is the book-running lead manager.
How do I check Antala Industries IPO allotment status?
After 6 November 2026, check on the Bigshare Services website or the BSE website using your PAN or application number.
Conclusion
Antala Industries IPO offers a small, fully fresh ₹22.98 crore BSE SME issue from a fast-growing Rajkot packaging maker, priced at ₹62–₹66 with a 5 November 2026 close. The growth and valuation look reasonable, but weak retail demand, an extended timetable and a flat grey market argue for caution. Watch the final-day subscription on 5 November — a retail recovery would change the picture ahead of the 11 November listing.
Also read: Vedant Poly Fabs IPO: ₹88–94 Price Band, Dates & Review (the other issue open this week, closing 4 November) and HGS India IPO 2026: Price Band, Dates, GMP & Review. For today's market picture, see IPO GMP Today 4 Nov: Maxwell 51%, 3 IPOs List, 4 Allotments.