Ecoline Exim IPO Ties Up Today at ₹134-₹141 Price Band, Raises ₹21.75 Cr from Anchors

Mumbai, September 23, 2025: Kolkata-based jute and eco-friendly cotton packaging bag exporter and manufacturer Ecoline Exim Limited has launched its ₹76 crore Initial Public Offering (IPO) on the NSE Emerge platform. Issue subscription opens today and will continue up to 25 September 2025, with equity shares to get listed on 30 September 2025.

Founded in 2008 with its corporate office in Kolkata, Ecoline Exim manufactures reusable cotton and jute bags with a focus on sustainability. Sudarshan Saraogi, Saurabh Saraogi, Shradha Saraogi, Gunjal Saraogi, and SL Commercial Pvt. Ltd. are promoters of the company. The company’s equity shares will make their NSE Emerge platform listing on 30 September 2025.

Anchor Investors Commit ₹21.75 Cr Ahead of Subscription Window

On September 22, 2025, Ecoline Exim mobilized ₹21.75 crore via anchor placements, allotting 15.43 lakh shares at ₹141 per share to 12 institutional investors. Key participants included Carmelian AIF Category I Trust-Scheme 1, which subscribed to 5.02 lakh shares at ₹7.07 crore, and NAV Capital VCC – Emerging Star Fund, subscribing for 1.47 lakh shares at ₹2.07 crore. Other funds such as Green Portfolio Trust, Innovative Vision Fund, and Sunrise Investment Opportunities Fund also featured in the allotment.

The prompt anchor response brings focus to the issue and reflects institutional faith ahead of the retail bidding.

Financials Indicate Stable Topline but Pressure on FY25 Profitability

Ecoline Exim’s updated financials indicate a diversified trend. Overall revenue of the company declined from ₹31,066.90 lakh in FY23 to ₹27,306.76 lakh in FY25, showing a deceleration of export-driven revenues. Decreasing though, profitability showed consistency, with Profit After Tax (PAT) at ₹1,882.25 lakh in FY25, almost the same as ₹1,885.68 lakh in FY23 but less than ₹2,258.90 lakh in FY24.

Earnings per share (EPS) also followed suit to touch ₹11.64 in FY25 from ₹13.97 in FY24. On the balance sheet front, the company improved its capital structure, with the net worth rising to ₹8,844.51 lakh in FY25 from ₹4,480.61 lakh in FY24, while borrowings slowed down to ₹3,988.59 lakh from ₹4,480.61 lakh in FY24.

These figures indicate a company with margins under pressure and revenues fluctuating, but strengthening its financial base through higher net worth and lower debt.

27-Countries Export Base Underpins Growth Strategy

Ecoline Exim exports to over 27 countries, including the European Union, the USA, Japan, Southeast Asia, and Mexico. The company positions itself as an alternative to plastic packaging, selling to supermarkets, retail chains, wholesalers, and promotional products businesses.

Its sustainability model remains a major differentiator in overseas markets where environmental-friendly solutions by customers are increasing. Ecoline Exim IPO proceeds are anticipated to fund the proposed Ahmedabad Factory V, comprising a weaving unit, enabling capacity expansion and supply chain consolidation.

Customer Concentration and Raw Material Volatility Induce Risks

While the company has developed a worldwide presence, its top 10 customers accounted for nearly 58% of FY25 revenues and thus concentration risk. On the buying side, 72% of FY25 raw material costs were from its top 10 suppliers and exposing operations to price fluctuations in cotton and jute.

Also, exceptional tax and GST litigation of ₹155.57 lakh and high working capital cycle with trade receivables of ₹4,415 lakh in FY25 reflect operational concerns. Intensifying competition in the highly fragmented bag-manufacturing industry also adds to the pressure.

Ecoline Exim’s IPO is a combination of an anchor-backed offering and a model of sustainable exports. While its financials focus on areas of growth opportunity as well as operational risks, the listing is yet another addition to India’s SME exchange, opening wider access to public capital for niche export-oriented companies

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