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13 May, 2025
Arunaya Organics Limited SME IPO
Arunaya Organics Limited, a Gujarat-based specialty dyes and intermediates manufacturer, is launching its SME IPO from April 29 to May 2, 2025, with a price band of ₹55–58 per share to raise up to ₹33.99 crore. The issue comprises a fresh issuance of 52.60 lakh shares and an offer-for-sale of 6.00 lakh shares, with a minimum lot size of 2,000 shares. The Proceeds will fund a greenfield manufacturing facility at Dahej, working-capital needs, and general corporate purposes. Led by promoters Vinod Agrawal and Shivali Agrawal, the company has delivered ₹62.23 crore revenue in FY 2024 and plans capacity expansion to capture growth in the ₹14 billion textile dyes market by 2027 (CAGR 4.6%).
Introduction
The dyes and pigments sector in India is on a steady growth trajectory, driven by booming textile, paper, and plastics industries that demand vibrant, durable colorants. As environmental and performance standards rise, specialty manufacturers like Arunaya Organics, offering reactive, acid, direct, basic and solvent dyes stand to benefit from premium pricing and long-term contracts. For small and mid-cap investors, SME IPOs on NSE Emerge provide early access to niche players with scalable models and focused management teams.
Company Overview
Arunaya Organics Limited engages in the trading, distribution and manufacturing of various dyes and their intermediates, supplying both domestic and international customers in textiles, paints, plastics, mining and food processing. Its existing facility in Naroda, Ahmedabad, has an annual capacity of ~30 MT, producing spray-dried powders, granules, crude forms and salt-free intermediates. In FY 2024, the company posted ₹62.23 crore revenue and ₹4.06 crore net profit, translating to a 10.39% EBITDA margin. Promoters collectively hold 91.72% pre-issue stake, aligning management incentives with minority shareholders.
Company History
Founded in 2010 by chemical industry veterans Vinod Agrawal and Shivali Agrawal, Arunaya Organics began as a trading outfit before backward integrating into manufacturing through its group affiliate, Chinmay Chemicals Pvt. Ltd. Over successive rights and bonus issues, the promoters infused equity to scale production and diversify into performance chemicals for the paper industry. In 2024, the board strengthened with the appointment of Bikash Tarafdar as CFO and Tanvi Patel as Company Secretary, underscoring its governance maturity ahead of public listing.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Arunaya Organics Limited SME IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Arunaya Organics Limited SME IPO Details
| Detail | Description |
|---|---|
| IPO Date | April 29, 2025 to May 2, 2025 |
| Listing Date | May 6, 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹55 to ₹58 per share |
| Lot Size | 2,000 Shares |
| Total Issue Size | 58,60,000 shares (aggregating up to ₹33.99 Cr) |
| Fresh Issue | 52,60,000 shares (aggregating up to ₹30.51 Cr) |
| Offer for Sale | 6,00,000 shares of ₹10 (aggregating up to ₹3.48 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 1,22,78,432 shares |
| Share Holding Post Issue | 1,75,38,432 shares |
Arunaya Organics Limited SME IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Tue, Apr 29, 2025 |
| IPO Close Date | Fri, May 2, 2025 |
| Tentative Allotment | Mon, May 5, 2025 |
| Initiation of Refunds | Tue, May 6, 2025 |
| Credit of Shares to Demat | Tue, May 6, 2025 |
| Tentative Listing Date | Wed, May 7, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on May 2, 2025 |
Arunaya Organics Limited SME IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 2000 | ₹1,16,000 |
| Retail (Max) | 1 | 2000 | ₹1,16,000 |
| HNI (Min) | 2 | 4000 | ₹2,32,000 |
Arunaya Organics Limited SME IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| 91.72% | - |
Competitive Strength:
- 1. Led by Vinod & Shivali Agrawal with 91.7% pre-issue stake, aligning incentives with shareholders .
- 2. Recent hires (CFO, CS) bolster governance.
- 3. Reactive, acid, direct, basic & solvent dyes plus intermediates for textiles, paper, plastics, mining, food processing .
- 4. ISO 9001 & 14001 certified, enabling premium contracts.
- 5. Backward integration via group affiliate (Chinmay Chemicals) secures feedstocks & R&D support .
Arunaya Organics Limited SME IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Dec 2024 | 60.74 | 58.21 | 3.6 | 16.78 | 13.81 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 45.04 | 62.79 | 4.06 | 11.18 | 13.3 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 38.62 | 76.37 | 1.73 | 7.19 | 13.3 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2022 | 34.36 | 62.26 | 1.33 | 4.72 | 9.9 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 44.15% |
| ROCE | 55.71% |
| Debt/Equity | 1.19 |
| RoNW | 36.27% |
| PAT Margin | 6.52 |
| Price to Book Value | 5.29 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 3.30 | 2.74 |
| P/E (x) | 17.55 | 21.21 |
Objectives of the IPO
- Greenfield Capacity Expansion: Establish a new manufacturing unit at Dahej III Industrial Estate, Bharuch, Gujarat to add ~50 MT annual capacity.
- Working Capital Requirements: Finance raw-material procurement and inventory build-up to support higher turnover.
- General Corporate Purposes: Strengthen the balance sheet and fund strategic initiatives, including R&D for eco-friendly dye intermediates.
Conclusion
Arunaya Organics’ SME IPO offers investors a play on India’s growing dyes and pigments market, projected to reach USD 14 billion by 2027, through a focused, promoter-driven company with proven margins and a clear capacity-expansion roadmap.
While SME listings carry liquidity risks, the 40% retail allocation and favorable price band make this issue accessible to small investors seeking sectoral exposure. With a seasoned management team, modernizing governance, and a defined use of proceeds, Arunaya Organics is positioned to harness rising demand for specialty dyes in both domestic and export markets.
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