Mumbai, 21 March 2025 — SSF Plastics India, a leading manufacturer of rigid plastic packaging products, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The company plans to raise INR 550 crore through a combination of fresh issue and offer for sale.
SSF Plastics India IPO – Details & Structure
SSF Plastics IPO comprises a fresh issue of INR 300 cr and an offer for sale of INR 250 cr by selling shareholders—Kapil Dhawan, Sunil Dhawan, Ramesh Madhavdas Chugh, Saurabh Dhawan, Daksh Sunil Dhawan and Pulkeet Sunil Dhawan.
IIFL Capital Services, Nuvama Wealth Management and MUFG Intime India are the book-running lead managers and registrar to the offer.
SSF Plastics India IPO – Use of Proceeds
The net proceeds from the fresh issue will be utilized for:
- Repayment or pre-payment of certain outstanding borrowings – INR 160 cr.
- Capital expenditure for the purchase of plant and machinery – INR 80 cr.
- General corporate purposes.
The company might also consider a pre-IPO placement of up to INR 60 cr before filing the Red Herring Prospectus with the Registrar of Companies (RoC).
SSF Plastics India IPO – Company Overview
SSF Plastics India is 4th largest manufacturer of rigid plastic packaging products among organized players in India, based on revenue for FY2024. The company offers end to end packaging solutions, from design to delivery, across various segments – bottles, containers, caps, closures, tubs and engineering plastic components.
The company serves major clients in personal care, home care, food and beverages, pharmaceuticals, engine oils, lubricants and consumer electronics. Its clients include Hindustan Unilever Limited, Wipro, Dabur, Emami, Himalaya Wellness, Colgate and Alkem Laboratories.
SSF Plastics India IPO – Operational Strengths
SSF Plastics has 15 manufacturing facilities across India located in Daman, Baddi, Dehradun, Hosur, Pardi and Hyderabad. The company has a total capacity of over 50,000 tons of polymer per annum. SSF Plastics can process various polymers like HDPE, PP, LDPE, PET and recycled polymers.
The company is known for its innovation and has patents for tamper-evident closures and child-resistant packaging designs. SSF Plastics is also a leader in sustainability, uses post-consumer recycled polymers and has partnered with Recraft Processing Private Limited to source recycled materials.
SSF Plastics India IPO – Financials
SSF Plastics has shown steady growth. As per Pro Forma Combined Condensed Financial Information:
- Revenue from operations was INR 739.72 cr in FY 2024 from INR 641.65 cr in FY 2022.
- EBITDA was INR 132.33 cr in FY 2024 with an EBITDA margin of 17.89%.
- PAT was INR 59.52 cr in FY 2024 with a PAT margin of 8.00%.
- RoE was 17.88% and net debt to equity was 0.99x as of March 2024
SSF Plastics India IPO – Conclusion
With a strong operational setup, robust client relationships, and a history of profitability, SSF Plastics India’s IPO is sure to grab investors’ attention. As the company prepares to go public, it plans to leverage the growing demand for innovative and sustainable plastic packaging solutions in India and global markets.
In the first two months of 2025, a total of 10 Mainboard IPOs were listed in the Indian markets. These IPOs cumulatively raised INR 15,983.05 crore. Out of these, 3 IPOs delivered negative returns. The average listing returns for the last two months stand at 17.53%. It is quite low compared to 29.15% for the IPOs listed in November and December 2024.
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