# Antala Industries IPO: SME Issue, Revised Band, Dates > Antala Industries SME IPO on BSE: band revised to INR 62-66, 2,000-share lot (2 lots minimum), bidding extended to 5 Nov 2026, ~INR 22.98 cr fresh issue, financials, risks. - **Published**: 2026-11-04 - **Modified**: 2026-11-04 - **Category**: ipo - **URL**: https://www.tldr.money/articles/ipo/antala-industries-ipo --- This is our guide to the **Antala Industries IPO**, an SME issue on BSE, built from BSE's issue page and the company's draft prospectus. Allotment checks are on the [Antala Industries IPO allotment status](/articles/ipo/antala-industries-ipo-allotment-status) page, step-by-step bidding is in [how to apply for the Antala Industries IPO](/articles/ipo/how-to-apply-antala-industries-ipo), and every other issue is in our [IPO guides](/ipo). **Last updated: 4 November 2026, 5:30 pm IST.** Bidding is open until Thursday 5 November 2026. Subscription figures are unofficial and intraday; post-close dates are indicative. > **Educational content, not investment advice.** This page explains the issue using BSE's issue page and the company's draft offer document. tldr.money is not a SEBI-registered investment adviser or research analyst, and nothing here is a recommendation to apply for, buy, sell or hold any security. SME IPOs can be illiquid and can lose money, including on listing day. Read the prospectus and corrigendum linked on the [BSE issue page](https://www.bseindia.com/markets/publicIssues/DisplayIPO.aspx?IPONo=8070&id=4916&idtype=1&startdt=29%2F10%2F2026&status=L&type=IPO), and speak to a SEBI-registered adviser if you need personal advice.
- **What:** Antala Industries Limited (**ANTALA**), Rajkot maker of BOPP bags and PP woven bags and rolls, listing on **BSE SME**. - **Price:** **INR 62 to INR 66** (revised down from INR 63-INR 67). Lot of 2,000 shares; individuals apply for **2 lots = INR 2,64,000** at the cap. - **When:** opened 29 Oct; **extended to Thu 5 Nov 2026**. UPI mandate by 5:00 pm on 5 Nov (standard cut-off; check your app). - **Size:** 34,82,000 fresh shares, about **INR 22.98 crore** at the cap. No OFS. - **Demand:** about **4.63x** at 4:30 pm on 4 Nov (unofficial), led by QIB 66.72x; individual portion **0.78x**. - **The catch:** a young company (converted from a partnership in 2024), a price cut and extension mid-issue, and SME liquidity limits.
## Antala Industries IPO key details | Item | Detail | |---|---| | Company | Antala Industries Limited | | Exchange and symbol | BSE SME, ANTALA | | Issue type | Book built; 100% fresh issue | | Price band | INR 62 to INR 66 per share (revised from INR 63-INR 67); face value INR 10; tick INR 1 | | Lot size | 2,000 shares | | Minimum for individuals | 2 lots = 4,000 shares = INR 2,64,000 at the cap (INR 2,48,000 at the floor) | | Issue size | 34,82,000 shares: ~INR 21.59 crore at the floor, ~INR 22.98 crore at the cap | | Market maker reservation | 1,76,000 shares (IFIN synopsis); market maker named by aggregators as Asnani Stock Broker | | Net issue | 33,06,000 shares (IFIN synopsis) | | Post-issue shares | 1,21,56,736 (IFIN synopsis) | | Book running lead manager | Vatsa Capital Venture Private Limited | | Registrar | Bigshare Services Private Limited | | Sponsor bank | Axis Bank | BSE confirms the share count, band, lot, dates, lead manager, registrar and sponsor bank. The market maker split, net issue and post-issue share count come from IFIN's issue synopsis because the final RHP was not available to us; check the RHP on the BSE page. ## What Antala Industries does Antala began as a partnership firm, **M/s Octagon Industries** (deed dated 30 April 2021), which converted into **Antala Industries Limited** with a certificate dated 5 August 2024. A business transfer agreement of 11 September 2024 brought in machinery from Diya Overseas and Shree Industries. The registered office and plant are at Shapar, Veraval, Rajkot, Gujarat. It makes **BOPP bags, BOPP printed and laminated rolls, and PP woven bags and rolls**, sold to packers of food grains, fertiliser, chemicals, cement and seeds. Top 10 customers made up 47.43% of FY26 revenue, down from 94.28% in FY24 (DRHP). ## Dates
Opened 29 Oct 2026; extended from 2 Nov to 5 Nov with the band revised to INR 62-66; allotment ~6 Nov, refunds and demat credit ~9 Nov, listing ~11 Nov (indicative).
| Date | Event | |---|---| | Thu 29 Oct 2026 | Bidding opens at INR 63-INR 67 | | Mon 2 Nov 2026 | Original closing date; issue extended and band revised to INR 62-INR 66 | | Thu 5 Nov 2026 | Bidding closes; UPI mandate cut-off 5:00 pm IST (standard; confirm in your app) | | Fri 6 Nov 2026 | Basis of allotment (T+1, indicative) | | Mon 9 Nov 2026 | Refunds / unblocking and demat credit (T+2, indicative) | | Wed 11 Nov 2026 | Listing on BSE SME (T+3, indicative; markets shut Tue 10 Nov) | The post-close dates are our T+3 count from the extended close; aggregators show the same. They are not from a primary document. ## Quotas: who the shares are for
Individual investors 27,60,000 shares; NII 5,10,000; market maker 1,76,000; QIB 36,000.
| Category | Shares | % of net issue | |---|---|---| | QIB | 36,000 | 1.09% | | NII (HNI) | 5,10,000 | 15.43% | | Individual investors (2 lots) | 27,60,000 | 83.48% | | Net issue | 33,06,000 | 100% | | Market maker (separate) | 1,76,000 | -- | The category split is from aggregator summaries of the RHP and is unusually tilted to individual investors; verify it in the RHP. At the INR 66 cap, NII applications start at 3 lots (INR 3,96,000); small NII is 3-7 lots (up to INR 9,24,000) and big NII 8 lots or more (INR 10,56,000+). ## Subscription so far (unofficial) | Category | Times subscribed | |---|---| | QIB | 66.72x | | Individual investors | 0.78x | | **Total** | **~=4.63x** | Source: [ScanX](https://scanx.trade/stock-market-news/ipo/antala-industries-ipo-day-5-subscribed-1-78x-qib-demand-hits-66-72x-check-allotment-status/55318353), 4 Nov 2026, 4:30 pm IST row (day 5 of 6). Trackers disagree on the NII sub-categories, and [Ipocracker](https://ipocracker.com/ipo-subscription/antala-industries) showed a higher 8.34x later on 4 Nov with an untimed snapshot, so treat every figure as provisional. The official number is on BSE's issue page; the issue is still open. ## Financials
FY24 (firm) revenue INR 12.51 cr, PAT INR 0.89 cr; FY25 combined revenue INR 31.85 cr, PAT INR 1.82 cr; FY26 revenue INR 47.40 cr, PAT INR 4.24 cr.
| INR lakh (restated) | FY24 (partnership) | 1 Apr-4 Aug 2024 (partnership) | 5 Aug 2024-31 Mar 2025 (company) | FY26 | |---|---|---|---|---| | Revenue from operations | 1,251.25 | 682.78 | 2,502.21 | 4,740.47 | | EBITDA | 136.17 | 48.21 | 233.79 | 614.89 | | Profit after tax | 88.57 | 31.60 | 150.05 | 423.63 | | EPS (INR ) | -- | -- | 2.91 | 7.40 | Source: DRHP (Aug 2026). FY26 EBITDA margin was 12.97% and ROE 24.88%. FY25 is split because the business changed form mid-year; aggregators that show "FY25 total income INR 31.98 crore, profit INR 1.82 crore" have added the two periods together. The six months to September 2026 are in the RHP, which we could not open. Chittorgarh, citing it, gives total income INR 30.20 crore, profit INR 4.19 crore, net worth INR 22.17 crore and borrowings INR 1.75 crore. We have not verified these against the RHP. **Valuation.** At INR 66, 1,21,56,736 post-issue shares are worth about INR 80.2 crore (our calculation). That is about **18.9x FY26 profit** of INR 4.24 crore, or about **9.6x** if you double the half-year profit of INR 4.19 crore reported by aggregators. Trackers quote P/E figures from 8.92x to 13.52x because they use different earnings and share counts; that range is not a reliable guide on its own. ## Use of the money | Object (fresh issue) | Amount | |---|---| | Working capital | INR 10.68 crore | | New plant and machinery | INR 7.32 crore in the DRHP; INR 5.89 crore per aggregator summaries of the RHP | | General corporate purposes | TBA (fixed at the issue price) | | Issue expenses | TBA | The DRHP says orders for the new machinery had not yet been placed. The capex figure differs between the DRHP and aggregator versions of the RHP; read the RHP's objects chapter. ## Promoters and holding The promoters are **Rajeshkumar Chandulal Antala, Lataben Rajeshbhai Antala, Pankajkumar Chandulal Antala, Hetalben Pankajkumar Antala, Nevil Pankajbhai Antala, Aaryan Rajesh Antala and Shaily Rajeshkumar Antala**. Aggregators put the promoter holding at 72.92% before the issue; diluted by the fresh shares that would be about 52% after it (our calculation). The issue is 28.64% of post-issue capital (IFIN). ## Risks in plain English From the DRHP risk factors, in our words: - **Commodity product, price-sensitive buyers.** Packaging bags compete on price, there are no long-term contracts, and the company relies on repeat customers. - **Raw material prices.** PP and LDPE granules, BOPP film and woven fabric are oil-linked; most are sourced from Gujarat and Madhya Pradesh. - **One plant.** All production is at a single Rajkot site; any shutdown, power issue or machinery breakdown hits everything. - **Cash flow and working capital.** Operating cash flow was negative in FY25, and growth needs inventory and receivables funding. - **Short track record as a company.** Limited history in company form, some past delays in Companies Act filings, and the logo is not trademarked. - **Plastics regulation.** Rules on plastic packaging could tighten. - **Mid-issue changes.** The price cut and the extension suggest demand was weak in the first days; demand since has come mainly from QIBs and big NIIs. ## SME IPO caveats - **High ticket.** The minimum is INR 2,64,000 for 4,000 shares. - **Thin trading.** Shares trade in 2,000-share lots on BSE SME; the market maker helps but does not guarantee a price or an exit. - **Fast listing (T+3).** Shares list three working days after the close. - **Lighter scrutiny.** SME offer documents are filed with the exchange rather than reviewed by SEBI the way mainboard ones are. ## How to apply for the Antala Industries IPO You can bid until **Thursday 5 November 2026**. Full walk-through: [how to apply for the Antala Industries IPO](/articles/ipo/how-to-apply-antala-industries-ipo). 1. **Check the band.** The revised band is **INR 62-INR 66**. If you bid before the revision, check in your app or bank that your bid shows the revised band. A cut-off bid is settled at the final price; the revised ASBA form is on the BSE page. 2. **UPI in a broker app.** Open the IPO section, pick Antala Industries, choose the individual category, enter **4,000 shares (2 lots)**, tick **cut-off** price, enter your UPI ID and submit. 3. **Approve the mandate** in your UPI app. The standard deadline is **5:00 pm IST on 5 Nov**; your app may close earlier. 4. **ASBA via net banking.** Use your bank's IPO / ASBA section. Bids above INR 5 lakh (NII) must use ASBA, not UPI. 5. **Keep funds in the account** until allotment (~6 Nov); the amount is blocked, not debited. ## Should you invest? Pros and cons We do not recommend for or against. These are the points the documents and data raise: | Points in favour | Points against | |---|---| | Revenue and profit grew strongly to FY26 (DRHP) | FY24 and part of FY25 are a partnership firm's numbers; short history as a company | | Customer concentration has fallen (top 10 from 94% to 47%) | Commodity product with price-sensitive buyers and no long-term contracts | | Fresh issue only; all money goes to the company | Price band cut and issue extended during bidding | | Strong QIB and big-NII demand on tracker data | Individual portion under 1x on tracker data; figures conflict | | Low borrowings at Sep 2026 (aggregator) | Single plant; machinery for the capex not yet ordered | ## Related guides - [How to apply for the Antala Industries IPO](/articles/ipo/how-to-apply-antala-industries-ipo) - [Antala Industries IPO allotment status](/articles/ipo/antala-industries-ipo-allotment-status) - [Vedant Poly Fabs IPO (NSE Emerge)](/articles/ipo/vedant-poly-fabs-ipo) - [IPO calendar India](/ipo/calendar) - [IPOs in India: all our guides](/ipo) ## Sources Primary sources first. Accessed 4 November 2026. - [BSE DisplayIPO -- Antala Industries (ANTALA, IPONo 8070)](https://www.bseindia.com/markets/publicIssues/DisplayIPO.aspx?IPONo=8070&id=4916&idtype=1&startdt=29%2F10%2F2026&status=L&type=IPO) - [Antala Industries DRHP, Aug 2026 (Vatsa Capital Venture)](https://vatsacapitalventure.com/wp-content/uploads/2026/08/ANTALA_INDUSTRIES_LIMITED_DRHP.pdf) - [IFIN -- Antala Industries IPO synopsis](https://www.ifinltd.in/IPO/IPO-Synopsis/Antala-Industries-Ltd/62/97526) - [Chittorgarh -- Antala Industries IPO (RHP figures, secondary)](https://www.chittorgarh.com/ipo/antala-industries-ipo/3221/) - [ScanX -- Antala Industries day 5 subscription](https://scanx.trade/stock-market-news/ipo/antala-industries-ipo-day-5-subscribed-1-78x-qib-demand-hits-66-72x-check-allotment-status/55318353) - [Ipocracker -- Antala Industries subscription](https://ipocracker.com/ipo-subscription/antala-industries) - [IPO Scouter -- Antala Industries IPO](https://iposcouter.com/antala-industries-ipo/) - [Upstox -- markets closed on 10 November 2026](https://upstox.com/announcements/trading-holidays/indian-markets-are-closed-on-10-november-2026/) --- - [More ipo articles](https://www.tldr.money/articles/category/ipo) - [All articles](https://www.tldr.money/articles)