Dhaval Packaging IPO Day 2: Retail Participation Improves, Overall Subscription Climbs To 0.60x 

Mumbai, July 31: The Dhaval Packaging IPO witnessed a gradual rise in investor participation on the second day of bidding, with retail investors showing stronger interest and the non-institutional investor (NII) segment remaining close to full subscription. However, the issue was yet to receive bids from Qualified Institutional Buyers (QIBs), keeping the overall subscription below the one-times mark. 

As of 10:53 AM, the ₹36.36 crore SME IPO had been subscribed 0.60 times. While bidding activity improved compared with the opening session, investors will be watching whether institutional participation gathers pace over the remaining two days of the issue. 

Retail And NII Segments Continue To Drive Demand 

Retail investors continued to account for a significant share of applications on Day 2, with the retail category nearing full subscription during the morning session. The NII portion also remained close to being fully subscribed, reflecting sustained interest from high-net-worth investors despite the absence of institutional demand. 

SME IPOs often witness a sharp jump in subscriptions during the final sessions, particularly from QIBs and larger investors. 

According to exchange data available at 10:53 AM on July 31, the subscription stood at: 

The IPO had received 496 applications at the time of the latest update. 

Subscription Trend 

The issue has recorded a steady improvement in demand after the opening day, with retail participation strengthening and overall subscription moving higher. 

With the IPO remaining open until August 3, subscription figures are expected to change further as additional bids are placed.

Issue Details

Dhaval Packaging is raising ₹36.36 crore through an entirely fresh issue of equity shares. 

The IPO comprises: 

• Fresh Issue: 37.48 lakh equity shares aggregating ₹36.36 crore

• Offer For Sale: Nil

The company has fixed the price band at ₹92 to ₹97 per share. Investors can bid for a minimum of 2,400 shares, requiring an investment of ₹2,32,800 at the upper end of the price band. 

Ahead of the public issue, the company raised ₹10 crore from anchor investors. 

What Investors Should Watch 

With two days of bidding still left, the focus will now be on whether institutional investors begin participating and whether retail and NII demand continues to strengthen. Final-day bidding often plays a decisive role in determining the overall subscription for SME IPOs. 

Key Dates 

• IPO Opens: July 30, 2026  

• IPO Closes: August 3, 2026  

• Expected Allotment: August 4, 2026  

• Refunds: August 5, 2026  

• Shares Credited To Demat Accounts: August 5, 2026  

• Expected Listing: August 6, 2026  

About Dhaval Packaging Ltd. 

Dhaval Packaging manufactures plastic packaging solutions catering to industries such as food, FMCG, pharmaceuticals, dairy, construction and engineering. The company specialises in injection-moulded packaging products and serves both domestic and international customers through an integrated manufacturing setup in Gujarat. 

Conclusion 

The Dhaval Packaging IPO has shown encouraging progress on Day 2, with retail investors and NIIs continuing to support the issue. Although QIB participation is yet to emerge, the overall subscription has improved from the opening day. Investors will now watch whether demand accelerates further over the remaining bidding period before the issue closes on August 3.

Source: 

• https://www.chittorgarh.net/reports/anchor-investor/dhaval-packaging-ipo-anchor-allocation-report.pdf