Antala Industries IPO
Antala Industries LtdSME
This IPO closed on 2 Nov 2026.
- Open date
- 29 Oct 2026
- Close date
- 2 Nov 2026
- Min. Investment
- ₹2,68,000
- Lot Size
- -
- Fresh Issue
- ₹23.33 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers66.72x
- Non-Institutional Investors0.48x
- Retail-Individual Investors0.42x
- Total1.12x
Schedule
- Completed: IPO open date29 Oct 2026
- Completed: IPO close date2 Nov 2026
- Current step: Allotment date3 Nov 2026
- Upcoming: Funds unblock or debit4 Nov 2026
- Upcoming: Tentative listing date5 Nov 2026
About
Promoter shareholding in Antala Industries Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Rajeshkumar Chandulal Antala | 45,37,770 | 52.31% | 45,37,770 | 37.33% |
| Pankajkumar Chandulal Antala | 3,15,506 | 3.64% | 3,15,506 | 2.60% |
| Lataben Rajeshbhai Antala | 3,44,117 | 3.97% | 3,44,117 | 2.83% |
| Hetalben Pankajkumar Antala | 4,46,447 | 5.15% | 4,46,447 | 3.66% |
| Nevil Pankajbhai Antala | 3,75,572 | 4.33% | 3,75,572 | 3.09% |
| Aaryan Rajesh Antala | 2,65,643 | 3.06% | 2,65,643 | 2.19% |
| Shaily Rajeshkumar Antala | 40,723 | 0.47% | 40,723 | 0.33% |
Antala Industries IPO Strengths & Risks
- Niche Market Focus with Quality and Timely Delivery.
- Quality Assurance Standards.
- Experienced Promoters.
- Continuous Product and Process Improvement.
- Skilled and Experienced Workforce.
- Risks Relating to the Business: A substantial portion of our revenue is generated from our Top 10 customers. Our reliance on a concentrated customer base, coupled with the nature of the commoditised and highly price-sensitive market in which we operate, subjects us to risks associated with customer concentration, demand cyclicality, pricing volatility, and fluctuations in purchasing patterns. The loss of any significant customer, a reduction in order volumes, inability to maintain existing customer relationships, or adverse changes in market conditions could have a material adverse effect on our business, financial condition, results of operations, and cash flows.
- Risks Relating to the Business: We operate in a business where raw material constitutes a pivot role while manufacturing our products, and any adverse movement in the prices or availability of our raw materials i.e. Polypropylene (PP) granules, LDPE granules, Granules Fillers, BOPP films and PP woven fabrics may materially affect our financial performance.
- Risks Relating to the Business: Our revenues are geographically concentrated in certain regions, and any adverse developments in such regions could materially and adversely affect our business, financial condition, and results of operations.
- Risks Relating to the Business: Our manufacturing operations are energy-intensive and depend on the uninterrupted availability of electricity and fuel. Any disruption in power supply, fuel shortages, or significant increases in energy costs may adversely affect our production processes, profitability, and financial condition.
- Risks Relating to the Business: Our Company may be subject to regulatory risks arising from delays in updating records of the erstwhile partnership firm.
- Risks Relating to the Business: Our manufacturing operations are highly dependent on the efficient functioning of our production machinery and equipment. Any breakdown, malfunction, or prolonged shutdown of such machinery may disrupt our operations and adversely affect our business, financial condition, and results of operations.
- Risks Relating to the Business: Our company has negative cashflow in its operating activities for the financial year ended on March 31, 2025 and 2023, from Investing activities for the financial year ended on March 31, 2025 and 2024, from Financing activities for the period ended on September 30, 2026 and financial year ended on March 31, 2024, details of which are given below. Sustained negative cashflow could impact our growth and business.
- Risks Relating to the Business: Our raw material procurement is substantially concentrated in the states of Gujarat, Madhya Pradesh and Maharashtra and any adverse developments in these regions may adversely affect our business, financial condition and results of operations.
- Risks Relating to the Business: The geographical concentration of our manufacturing facility in a single region increases our exposure to local economic, regulatory, infrastructural, environmental, and operational risks, any of which could adversely affect our business and financial performance.
- Risks Relating to the Business: Our Company primarily operates without long-term customer agreements, and the absence of binding purchase commitments, coupled with intense competition and price sensitivity, may result in customer attrition, reduced order volumes, increased pricing pressure, and revenue volatility, which could materially and adversely affect our profitability and financial performance.
- Risks Relating to the Business: We are dependent on our repeat customers for a significant portion of our revenue. The loss of any repeat customer could have a material adverse impact on our financial performance.
- Risks Relating to the Business: We rely significantly on the experience, industry knowledge and business relationships of our Promoters and Directors. Any inability to retain such individuals or successfully manage succession may adversely affect our business and financial performance.
- Risks Relating to the Business: Our business requires the maintenance of significant inventory levels, resulting in substantial working capital requirements. Any inability to effectively manage our inventory and working capital may adversely affect our liquidity, cash flows, and financial performance.
- Risks Relating to the Business: Our Company has not complied or delayed in compliances with some statutory provisions of the Companies Act 2013. Such non-compliance and delayed compliance may attract penalties against our company which could impact the financial position of us to that extent.
- Risks Relating to the Business: Our business is dependent on the continued demand and regulatory acceptability of BOPP products and PP woven products, and any adverse changes in environmental regulations, consumer preferences or market perception regarding plastic products could adversely affect our business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: Our insurance coverage may be inadequate to protect us against all potential losses, and any uninsured or underinsured loss, or any inability to obtain or maintain adequate insurance coverage on commercially acceptable terms, could materially and adversely affect our business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: We have not yet placed orders for purchase of machinery in relation to the capital expenditure to be incurred from the net proceeds of the offer. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the plant and machineries in a timely manner, or at all, the same may result in time and cost over-runs.
- Risks Relating to the Business: Changes in packaging preferences, the growing adoption of alternative packaging products and substitute materials, and advancements in manufacturing technologies may diminish the demand for our products and adversely impact our business, profitability, financial condition, and future growth prospects.
- Risks Relating to the Business: Our business requires significant capital investment in manufacturing facilities, machinery, equipment, and technology. Any inability to fund such capital expenditure requirements on a timely basis may adversely affect our growth plans, operational efficiency, and financial performance.
- Risks Relating to the Business: Our lenders have created charges over our equipment & machinery and inventories, and any default in meeting our obligations under our financing arrangements could adversely affect our business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: Our Company's logo is not registered as a trademark, which may limit our ability to protect our brand and expose us to risks of unauthorised use, infringement, and reputational damage that could adversely affect our business and growth prospects.
- Risks Relating to the Business: Our registered office premise is taken on rent. Any non-renewal, termination or revision of these arrangements may result in higher rental or relocation costs and could impact our operations.
- Risks Relating to the Business: The Company has filed applications for adjudication in respect of certain filings made with the Registrar of Companies ("RoC"). Any adverse order passed by the adjudicating authority, including the imposition of penalties or other directions, may adversely affect our financial condition, reputation and regulatory compliance status.
- Risks Relating to the Business: We depend significantly on third-party logistics provider to provide transport facilities. A loss of, or a significant decrease in services provided by logistics provider could adversely affect our business and profitability.
- Risks Relating to the Business: Our inability to effectively manage our growth or to successfully implement our business plan and growth strategy could have an adverse effect on our business, results of operations and financial condition.
- Risks Relating to the Business: Our continued growth depends on our ability to maintain and enhance the reputation and recognition of our brand, and any deterioration thereof could adversely affect our business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: Our manufacturing operations are dependent on the availability of skilled, semi-skilled, and contract labour. Any labour shortages, industrial unrest, work stoppages, or increases in labour costs may adversely affect our business, operations, and profitability.
- Risks Relating to the Business: The average cost of acquisition of Equity Shares by our Promoters may be lower than the issue price.
- Risks Relating to the Business: Our Company has issued Equity Shares during the last one year at a price lower than the Offer Price.
- Risks Relating to the Business: Certain of our Key Managerial Personnel have been associated with our Company for less than one year, and their limited tenure may affect the continuity and effective execution of our business operations.
- Risks Relating to the Business: The directors of our Company do not have any experience in the Listed Company.
- Risks Relating to the Business: Our transactions with related parties expose us to concentration risks and any adverse change in such relationships may adversely affect our business, financial condition and results of operations
- Risks Relating to the Business: There can be no assurance that we will declare or pay dividends in the future, as any such decision will depend on our future financial performance, cash flows, capital requirements and financing arrangements.
- Risks Relating to the Business: Our manufacturing operations are exposed to operational hazards that may result in accidents, production disruptions and damage to property, which could adversely affect our business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: Ineffective marketing campaigns may fail to drive product adoption or revenue growth.
- Risks Relating to the Business: Our Promoters and members of the Promoter Group will continue jointly to retain majority control over our Company even after the Issue which will allow them to determine the outcome of matters submitted to shareholders for approval.
- Risks Relating to the Business: There are no material outstanding legal proceedings and litigations against and by our Company, our Promoters, our Directors, our KMP and our SMP. Any future material proceedings, if arises may affect our profitability, reputation and our results of operations & financial condition.
- Risks Relating to the Business: We are awaiting the grant of the "Consent to Operate" from the relevant authority and any delay or failure in obtaining such approval may adversely affect our business and operations
- Risks Relating to the Business: Certain information in this Red Herring Prospectus has been sourced from third parties, and we have taken steps to address any concerns regarding its use or publication
- Risks Relating to the Business: We are dependent on third-party for the provision and management of labour, and any disruption in such arrangements may affect our operations.
- Risks Relating to the Business: We do not have any power backup mechanism installed at our premises and any interruption in the supply of electricity may adversely affect our business and operations
- Risks Relating to the Business: We may not be able to accurately ascertain the MSME status of our trade creditors, which may expose us to risks associated with applicable provisions of the MSMED Act, 2006.
- Risks Relating to the Business: Customers may terminate, renegotiate, or reduce its order volumes, or delay renewals, adversely affecting revenue and profitability.
- Risks Relating to the Business: Our Company has in the past experienced delays, lapses and/or errors in certain income tax compliances, which may expose it to penalties, interest, fees or other liabilities and adversely affect its financial condition and results of operations.
- Risks Relating to the Business: The objects of the issue, for which we are raising funds, are based on our management's estimates and have not been appraised by any bank, financial institution, or independent agency. The deployment of funds in the project is entirely at our discretion, following the parameters outlined in the chapter titled "Objects of the Issue."
- Risks Relating to the Business: Our directors have a financial interest in our Company through their shareholding, which may create interests aligned with the performance of our Company.
- Risks Relating to the Business: The suspension, cancellation, non-renewal, or loss of our quality certifications, accreditations, approvals, or registrations may adversely affect our business, financial condition, results of operations, and future prospects.
- Risks Relating to the Business: There is no monitoring agency appointed by Our Company to monitor the utilization of the Issue proceeds.
- Risks Relating to the Business: Our profitability depends on maintaining optimal capacity utilization, operational efficiency, and productivity levels. Any inability to do so could adversely affect our business, results of operations, cash flows, and financial condition.
- Risks Relating to the Business: QIBs and Non-Institutional Investors are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid.
- Risks Relating to the Business: Our Equity Shares have never been publicly traded and may experience price and volume fluctuations following the completion of the Issue. Further, our Equity Shares may not result in an active or liquid market, and the price of our Equity Shares may be volatile, and you may be unable to resell your Equity Shares at or above the Issue Price or at all.
- Risks Relating to the Business: Future issuances of Equity Shares may dilute investors' shareholding, and existing shareholders may have limited ability to exercise pre-emptive rights under Indian law.
- Risks Relating to the Business: Shareholders may have fewer or different rights under Indian law than shareholders of companies incorporated in certain other jurisdictions.
- Risks Relating to the Business: There can be no assurance that our Equity Shares will be listed on the Stock Exchange within the expected timeline or at all.
- Risks Relating to the Business: The requirements of being a listed company may strain our resources.
- Risks Relating to the Business: Future issuances of Equity Shares or other equity-linked securities may dilute investors' shareholding, and sales of Equity Shares by significant shareholders may adversely affect the market price of our Equity Shares.
- Risks Relating to the Business: Investors will not be able to trade the Equity Shares allotted in the Issue until the requisite listing and trading approvals are obtained from the Stock Exchange.
- Risks Relating to the Business: Any changes in the regulatory framework could adversely affect our operations and growth prospects.
- Risks Relating to the Business: Sales of Equity Shares by our Promoters or other significant shareholders, or the perception that such sales may occur, may adversely affect the market price of our Equity Shares.
- Risks Relating to the Business: Changes in applicable laws, regulations or government policies, or the manner in which they are interpreted or enforced, could adversely affect our business, financial condition and results of operations.
- Risks Relating to the Business: Changing regulations in India could lead to new compliance requirements that are uncertain. The regulatory environment in which we operate is evolving and is subject to change.
- Risks Relating to the Business: After this Issue, the price of the Equity Shares may be highly volatile, or an active trading market for the Equity Shares may not develop.
- Risks Relating to the Business: The Issue price of the company's Equity Shares may not be indicative of the market price of its Equity Shares after the Issue and the market price of the company's Equity Shares may decline below the issue price and you may not be able to sell your Equity Shares at or above the Issue Price.
- Risks Relating to the Business: Our manufacturing operations are highly dependent on the efficient functioning of our production machinery and equipment. Any breakdown, malfunction, or prolonged shutdown of such machinery may disrupt our operations and adversely affect our business, financial condition, and results of operations.
- Risks Relating to the Business: Our company has negative cashflow in its operating activities for the financial year ended on March 31, 2025 and 2023, from Investing activities for the financial year ended on March 31, 2025 and 2024, from Financing activities for the period ended on September 30, 2026 and financial year ended on March 31, 2024, details of which are given below. Sustained negative cashflow could impact our growth and business.
- Risks Relating to the Business: Our raw material procurement is substantially concentrated in the states of Gujarat, Madhya Pradesh and Maharashtra and any adverse developments in these regions may adversely affect our business, financial condition and results of operations.
- Risks Relating to the Business: The geographical concentration of our manufacturing facility in a single region increases our exposure to local economic, regulatory, infrastructural, environmental, and operational risks, any of which could adversely affect our business and financial performance.
- Risks Relating to the Business: Our Company primarily operates without long-term customer agreements, and the absence of binding purchase commitments, coupled with intense competition and price sensitivity, may result in customer attrition, reduced order volumes, increased pricing pressure, and revenue volatility, which could materially and adversely affect our profitability and financial performance.
- Risks Relating to the Business: We are dependent on our repeat customers for a significant portion of our revenue. The loss of any repeat customer could have a material adverse impact on our financial performance.
- Risks Relating to the Business: We rely significantly on the experience, industry knowledge and business relationships of our Promoters and Directors. Any inability to retain such individuals or successfully manage succession may adversely affect our business and financial performance.
- Risks Relating to the Business: Our business requires the maintenance of significant inventory levels, resulting in substantial working capital requirements. Any inability to effectively manage our inventory and working capital may adversely affect our liquidity, cash flows, and financial performance.
- Risks Relating to the Business: Our Company has not complied or delayed in compliances with some statutory provisions of the Companies Act 2013. Such non-compliance and delayed compliance may attract penalties against our company which could impact the financial position of us to that extent.
- Risks Relating to the Business: Our business is dependent on the continued demand and regulatory acceptability of BOPP products and PP woven products, and any adverse changes in environmental regulations, consumer preferences or market perception regarding plastic products could adversely affect our business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: Our insurance coverage may be inadequate to protect us against all potential losses, and any uninsured or underinsured loss, or any inability to obtain or maintain adequate insurance coverage on commercially acceptable terms, could materially and adversely affect our business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: We have not yet placed orders for purchase of machinery in relation to the capital expenditure to be incurred from the net proceeds of the offer. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the plant and machineries in a timely manner, or at all, the same may result in time and cost over-runs.
- Risks Relating to the Business: Changes in packaging preferences, the growing adoption of alternative packaging products and substitute materials, and advancements in manufacturing technologies may diminish the demand for our products and adversely impact our business, profitability, financial condition, and future growth prospects.
- Risks Relating to the Business: Our business requires significant capital investment in manufacturing facilities, machinery, equipment, and technology. Any inability to fund such capital expenditure requirements on a timely basis may adversely affect our growth plans, operational efficiency, and financial performance.
- Risks Relating to the Business: Our lenders have created charges over our equipment & machinery and inventories, and any default in meeting our obligations under our financing arrangements could adversely affect our business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: Our Company's logo is not registered as a trademark, which may limit our ability to protect our brand and expose us to risks of unauthorised use, infringement, and reputational damage that could adversely affect our business and growth prospects.
- Risks Relating to the Business: Our registered office premise is taken on rent. Any non-renewal, termination or revision of these arrangements may result in higher rental or relocation costs and could impact our operations.
- Risks Relating to the Business: The Company has filed applications for adjudication in respect of certain filings made with the Registrar of Companies ("RoC"). Any adverse order passed by the adjudicating authority, including the imposition of penalties or other directions, may adversely affect our financial condition, reputation and regulatory compliance status.
- Risks Relating to the Business: We depend significantly on third-party logistics provider to provide transport facilities. A loss of, or a significant decrease in services provided by logistics provider could adversely affect our business and profitability.
- Risks Relating to the Business: Our inability to effectively manage our growth or to successfully implement our business plan and growth strategy could have an adverse effect on our business, results of operations and financial condition.
- Risks Relating to the Business: Our continued growth depends on our ability to maintain and enhance the reputation and recognition of our brand, and any deterioration thereof could adversely affect our business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: Our manufacturing operations are dependent on the availability of skilled, semi-skilled, and contract labour. Any labour shortages, industrial unrest, work stoppages, or increases in labour costs may adversely affect our business, operations, and profitability.
- Risks Relating to the Business: The average cost of acquisition of Equity Shares by our Promoters may be lower than the issue price.
- Risks Relating to the Business: Our Company has issued Equity Shares during the last one year at a price lower than the Offer Price.
- Risks Relating to the Business: Certain of our Key Managerial Personnel have been associated with our Company for less than one year, and their limited tenure may affect the continuity and effective execution of our business operations.
- Risks Relating to the Business: The directors of our Company do not have any experience in the Listed Company.
- Risks Relating to the Business: Our transactions with related parties expose us to concentration risks and any adverse change in such relationships may adversely affect our business, financial condition and results of operations.
- Risks Relating to the Business: There can be no assurance that we will declare or pay dividends in the future, as any such decision will depend on our future financial performance, cash flows, capital requirements and financing arrangements.
- Risks Relating to the Business: Our manufacturing operations are exposed to operational hazards that may result in accidents, production disruptions and damage to property, which could adversely affect our business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: Ineffective marketing campaigns may fail to drive product adoption or revenue growth.
- Risks Relating to the Business: Our Promoters and members of the Promoter Group will continue jointly to retain majority control over our Company even after the Issue which will allow them to determine the outcome of matters submitted to shareholders for approval.
- Risks Relating to the Business: There are no material outstanding legal proceedings and litigations against and by our Company, our Promoters, our Directors, our KMP and our SMP. Any future material proceedings, if arises may affect our profitability, reputation and our results of operations & financial condition.
- Risks Relating to the Business: We are awaiting the grant of the "Consent to Operate" from the relevant authority and any delay or failure in obtaining such approval may adversely affect our business and operations.
- Risks Relating to the Business: Certain information in this Red Herring Prospectus has been sourced from third parties, and we have taken steps to address any concerns regarding its use or publication
- Risks Relating to the Business: We are dependent on third-party for the provision and management of labour, and any disruption in such arrangements may affect our operations.
- Risks Relating to the Business: We do not have any power backup mechanism installed at our premises and any interruption in the supply of electricity may adversely affect our business and operations
- Risks Relating to the Business: We may not be able to accurately ascertain the MSME status of our trade creditors, which may expose us to risks associated with applicable provisions of the MSMED Act, 2006.
- Risks Relating to the Business: Customers may terminate, renegotiate, or reduce its order volumes, or delay renewals, adversely affecting revenue and profitability.
- Risks Relating to the Business: Our Company has in the past experienced delays, lapses and/or errors in certain income tax compliances, which may expose it to penalties, interest, fees or other liabilities and adversely affect its financial condition and results of operations.
- Risks Relating to the Business: The objects of the issue, for which we are raising funds, are based on our management's estimates and have not been appraised by any bank, financial institution, or independent agency. The deployment of funds in the project is entirely at our discretion, following the parameters outlined in the chapter titled "Objects of the Issue."
- Risks Relating to the Business: Our directors have a financial interest in our Company through their shareholding, which may create interests aligned with the performance of our Company.
- Risks Relating to the Business: The suspension, cancellation, non-renewal, or loss of our quality certifications, accreditations, approvals, or registrations may adversely affect our business, financial condition, results of operations, and future prospects.
- Risks Relating to the Business: There is no monitoring agency appointed by Our Company to monitor the utilization of the Issue proceeds.
- Risks Relating to the Business: Our profitability depends on maintaining optimal capacity utilization, operational efficiency, and productivity levels. Any inability to do so could adversely affect our business, results of operations, cash flows, and financial condition.
- Risks Relating to the Business: QIBs and Non-Institutional Investors are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid.
- Risks Relating to the Business: Our Equity Shares have never been publicly traded and may experience price and volume fluctuations following the completion of the Issue. Further, our Equity Shares may not result in an active or liquid market, and the price of our Equity Shares may be volatile, and you may be unable to resell your Equity Shares at or above the Issue Price or at all.
- Risks Relating to the Business: Future issuances of Equity Shares may dilute investors' shareholding, and existing shareholders may have limited ability to exercise pre-emptive rights under Indian law.
- Risks Relating to the Business: Shareholders may have fewer or different rights under Indian law than shareholders of companies incorporated in certain other jurisdictions.
- Risks Relating to the Business: There can be no assurance that our Equity Shares will be listed on the Stock Exchange within the expected timeline or at all.
- Risks Relating to the Business: The requirements of being a listed company may strain our resources.
- Risks Relating to the Business: Future issuances of Equity Shares or other equity-linked securities may dilute investors' shareholding, and sales of Equity Shares by significant shareholders may adversely affect the market price of our Equity Shares.
- Risks Relating to the Business: Investors will not be able to trade the Equity Shares allotted in the Issue until the requisite listing and trading approvals are obtained from the Stock Exchange.
- Risks Relating to the Business: Any changes in the regulatory framework could adversely affect our operations and growth prospects.
- Risks Relating to the Business: Sales of Equity Shares by our Promoters or other significant shareholders, or the perception that such sales may occur, may adversely affect the market price of our Equity Shares.
- Risks Relating to the Business: Changes in applicable laws, regulations or government policies, or the manner in which they are interpreted or enforced, could adversely affect our business, financial condition and results of operations.
- Risks Relating to the Business: Changing regulations in India could lead to new compliance requirements that are uncertain. The regulatory environment in which we operate is evolving and is subject to change.
- Risks Relating to the Business: After this Issue, the price of the Equity Shares may be highly volatile, or an active trading market for the Equity Shares may not develop.
- Risks Relating to the Business: The Issue price of our Equity Shares may not be indicative of the market price of our Equity Shares after the Issue and the market price of our Equity Shares may decline below the issue price and you may not be able to sell your Equity Shares at or above the Issue Price.
