Aten Papers & Foam Limited, established in 2019, is set to launch its Aten Papers & Foam Limited IPO to raise capital for its business operations. Below are the comprehensive details of the IPO:
IPO Details:
- Open Date: March 28, 2025
- Close Date: April 2, 2025
- Issue Type: Book Built Issue
- Issue Size: ₹31.68 crores
- Fresh Issue: 33,00,000 equity shares
- Price Band: ₹91 to ₹96 per share
- Face Value: ₹10 per share
- Market Lot: 1,200 shares
- Basis of Allotment Date: April 3, 2025
- Refunds Initiation: April 4, 2025
- Demat Credit Date: April 5, 2025
- Listing Date (BSE SME): April 7, 2025
- Lead Manager: Swastika Investmart Ltd
- Registrar: Skyline Financial Services Private Ltd
- Market Maker: Sunflower Broking Private Limited
- Promoters: Mr. Mohamedarif Mohamedibrahim Lakhani and Mrs. Amrin Lakhani
- Retail Investors: ₹1,09,200 (at the lower price band) to ₹1,15,200 (at the upper price band)
Financial Performance:
Fiscal Year 2023:
- Revenue: ₹91.00 crores
Fiscal Year 2024:
- Revenue: ₹96.80 crores
The company has demonstrated growth in both revenue and profitability over the past two fiscal years, indicating a positive financial trajectory.
Utilization of IPO Proceeds:
The net proceeds from the IPO are proposed to be utilized for the following purposes:
- Funding capital expenditure requirements.
- Meeting working capital needs.
- General corporate purposes.
Aten Papers & Foam Limited IPO Lot Size
Here is the lot size details for Aten Papers & Foam Limited IPO:
| Investor Category | Lot Size | Shares | Investment Amount |
| Retail (Minimum) | 1 | 1,200 | ₹1,15,200 |
| Retail (Maximum) | 1 | 1,200 | ₹2,30,400 |
| HNI (Minimum) | 2 | 2,400 | ₹2,30,400 |
| HNI (Maximum) | 1 | 3,600 | ₹3,45,600 |
- Minimum Investment for Retail Investors: 1 Lot (1,200 shares)
- Minimum Investment for HNI: 2 Lots (2,400 shares)
About Aten Papers & Foam Limited
- Incorporation Year: 2019
- Headquarters: Ahmedabad, Gujarat, India
- Industry: Paper Trading & Wastepaper Processing
Business Model & Operations
Aten Papers & Foam Limited primarily operates as an intermediary in the paper industry. The company engages in:
- Paper Trading: Sourcing paper from mills and reselling it to packaging companies.
- Wastepaper Processing: Procuring wastepaper from stockists and supplying it to mills for recycling.
Product Portfolio:
- Kraft Paper Grades: Absorbent Kraft, Tube Kraft, Kraft Paper for bags.
- Wastepaper: Used for paper mill recycling processes.
The company is planning to establish three wastepaper processing units in Changodar, Sanand, and Narol (Gujarat) to enhance its supply chain efficiency.
Management & Promoters
- Mr. Mohamedarif Mohamedibrahim Lakhani (Managing Director)
- Mrs. Amrin Lakhani
Aten Papers & Foam Limited – Product Portfolio
Aten Papers & Foam Limited specializes in paper trading and wastepaper processing. Their product offerings include:
Kraft Paper Grades:
- Absorbent Kraft Paper – Used in laminates and industrial applications.
- Tube Kraft Paper – Suitable for manufacturing paper tubes and cores.
- Bag Kraft Paper – Used in making paper bags and packaging materials.
. Wastepaper Processing & Supply:
- Recycled Kraft Wastepaper – Collected from stockists and supplied to mills for reprocessing.
- Industrial Scrap Paper – Used for producing recycled paper products.
Packaging Paper:
- Corrugated Board Paper – Used in the production of cardboard boxes.
- Liner and Fluting Paper – Essential for manufacturing corrugated packaging.
Aten Papers & Foam Limited Financial Information
Here is the financial information for Aten Papers & Foam Limited:
| Financial Year | FY 2022 | 2023 | FY 2024 |
| Total Revenue | ₹55.80 Crores | ₹91.00 Crores | ₹96.80 Crores |
| Profit After Tax (PAT) | ₹0.20 Crores | ₹0.50 Crores | ₹2.78 Crores |
| Net Worth | ₹3.50 Crores | ₹6.80 Crores | ₹9.60 Crores |
| EBITDA | ₹1.10 Crores | ₹2.30 Crores | ₹4.50 Crores |
| Earnings Per Share (EPS) (₹) | ₹0.50 Crores | ₹1.10 Crores | ₹3.80 Crores |
Key Observations:
- Revenue Growth: The company has shown consistent growth, increasing from ₹55.80 crore in FY22 to ₹96.80 crore in FY24.
- Profitability Increase: PAT jumped from ₹0.20 crore (FY22) to ₹2.78 crore (FY24), reflecting strong financial performance.
- EPS Growth: Earnings per share (EPS) have increased significantly, making the IPO more attractive to investors.
Key Performance Indicator
Here are the Key Performance Indicators (KPIs) of Aten Papers & Foam Limited:
| KPI | Values |
| ROE | 49.31% |
| ROCE | 23.23% |
| Debt/Equity | 2.23 |
| RoNW | 39.55% |
| PAT Margin | 2.87 |
| Price to Book Value | 9.55 |
Key Observations:
- Revenue Growth: 73% growth from FY22 to FY23, with continued expansion in FY24.
- Profitability: PAT and EBITDA have significantly improved, boosting margins.
- EPS & RoNW: Strong rise in EPS and return on net worth indicates increased shareholder value.
- Debt Management: The debt-to-equity ratio is declining, showing better financial stability.
Objects of the Issue
- Funding Capital Expenditure Requirements – The company plans to invest in infrastructure and equipment to expand its wastepaper processing facilities.
- Meeting Working Capital Needs – A portion of the funds will be used to support day-to-day operations, ensuring smooth business growth.
- General Corporate Purposes – The remaining funds will be utilized for strategic initiatives, administrative expenses, and strengthening overall financial health.
Strengths of Aten Papers & Foam Limited IPO
- Strong Revenue Growth – The company has shown steady growth in revenue and profitability over the past three years.
- Expanding Wastepaper Processing Units – New processing facilities in Gujarat (Changodar, Sanand, and Narol) will enhance operations and efficiency.
- Rising Demand for Recycled Paper – The increasing focus on sustainability and eco-friendly packaging boosts the demand for kraft and recycled paper.
- Diverse Product Portfolio – The company supplies multiple grades of kraft paper and wastepaper, catering to various industries.
- Debt Reduction & Financial Stability – The company’s debt-to-equity ratio has improved, showing better financial management.
Risks of Aten Papers & Foam Limited IPO
- Dependence on Paper Mills & Suppliers – The company does not manufacture paper but relies on sourcing from mills, which may impact margins.
- Raw Material Price Fluctuations – Changes in the cost of wastepaper and kraft paper can affect profitability.
- Competitive Market – The paper trading and wastepaper processing industry is highly competitive, with established players.
- SME IPO Volatility – Being listed on the BSE SME platform means lower liquidity compared to mainboard listings, which could result in price fluctuations.
- Regulatory & Environmental Risks – Paper recycling and processing businesses are subject to environmental regulations, which may impact operations.
Company Contact Information:
- Company Name: Aten Papers & Foam Limited
- Registered Address: Block-A, 102/A, F.F, Tirmizi Heights, Opp. Bombay Housing Colony, Near Kirtikunj Society, Ahmedabad – 380028, Gujarat, India
- Phone: +91-9537861212
- Email: cs@atenpapers.com
- Website: www.atenpapers.com
Registrar Contact (For IPO Queries):
- Registrar: Skyline Financial Services Private Ltd
- Address: D-153A, 1st Floor, Okhla Industrial Area, Phase-1, New Delhi – 110020, India
- Phone: 022-28511022
- Email: ipo@skylinerta.com
- Website: www.skylinerta.com/ipo.php
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