DBLS Polymer Limited promoter group owns 98.53% pre-IPO

DBLS Polymer Limited’s promoter group owned 98.53% of equity and voting rights before the IPO, holding 4,43,70,683 of 4,50,31,834 equity shares. The five named promoters held 3,00,15,221 shares, or 66.65%, while 49 public shareholders held the remaining 1.47%.

How concentrated is DBLS Polymer’s ownership before the IPO?

DBLS Polymer’s ownership before the IPO was concentrated with 14 promoter and promoter-group shareholders, which together held 98.53% of the company’s equity shares and voting rights. The remaining 49 shareholders were classified as public shareholders and held 6,61,151 shares, or 1.47%, according to the shareholding pattern in the red herring prospectus.

The company had 63 shareholders and 4,50,31,834 equity shares outstanding as of the red herring prospectus date. Each equity share had a face value of Rs 10. The shareholding pattern reported no shares underlying depository receipts, no employee-trust holdings and no outstanding convertible securities or warrants.

The 98.53% promoter-group figure is broader than the five named promoters’ 66.65% stake because it includes family members and nine promoter-group entities. The 13 shareholders with holdings of at least 1% collectively owned 4,43,47,233 shares, or 98.48%; Hillman Properties Private Limited accounted for another 23,450 shares, or 0.05%, within the promoter-group total.

Who are DBLS Polymer’s five named promoters?

DBLS Polymer’s five named promoters held a combined 66.65% before the IPO, with no individual holding a majority stake. Vinod Aggarwal held the largest individual stake at 16.16%, followed by Divakar Aggarwal at 16.07%, Sushil Aggarwal at 14.19%, Madhukar Aggarwal at 10.28% and Karan Aggarwal at 9.95%.

Vinod Aggarwal held 72,78,880 equity shares and Divakar Aggarwal held 72,37,139 shares, giving the two shareholders 1,45,16,019 shares combined, or 32.23% of pre-issue capital. The remaining three promoters held 1,54,99,202 shares, or 34.42%, showing that the disclosed promoter stake was divided across five individuals rather than concentrated with one founder.

All equity shares held by the five promoters were in dematerialised form and fully paid up on their respective allotment or acquisition dates. DBLS Polymer also stated that none of the promoters’ shares were pledged and that no shareholder held special rights, including a right to nominate directors, as of the red herring prospectus date.

Which holders make up DBLS Polymer’s other 31.88% promoter-group stake?

DBLS Polymer’s promoter group beyond the five named promoters held 1,43,55,462 equity shares, or 31.88% of pre-issue capital. This block, added to the promoters’ 66.65%, produces the reported 98.53% promoter and promoter-group ownership, subject to rounding.

Wonder Rock Finance and Investment Private Limited was the largest disclosed promoter-group holder, with 23,83,299 shares or 5.29%. Intime Finance & Investment Private Limited held 5.24%, V. S. Estates Private Limited held 4.77%, and Fragrance Credit and Securities Private Limited held 4.58%, together accounting for 19.88% of pre-issue capital.

Kavita Aggarwal and Alka Aggarwal each held 3.65%, while Rachna Aggarwal held 2.59% and New Line Finance & Investment Private Limited held 2.06%. Hillman Properties Private Limited held 23,450 shares, or 0.05%, completing the disclosed promoter-group ownership listing of 14 shareholders when combined with the five promoters.

The company disclosed that, apart from transactions set out in the promoters’ shareholding build-up, promoters, promoter-group members, directors and their relatives had not bought or sold DBLS Polymer securities during the six months immediately before the red herring prospectus date. It also disclosed no arrangements in that six-month period under which those persons financed another person’s purchase of company securities.

How did DBLS Polymer’s current ownership structure develop?

DBLS Polymer’s ownership percentages were substantially unchanged across the one-year comparison presented in the prospectus, although the number of shares increased after a May 28, 2025 bonus issue. The company allotted 3,54,30,164 equity shares at a nil issue price in the ratio of 369 new shares for every 100 shares held on March 12, 2025.

A proportionate bonus issue increases the number of shares held without, by itself, changing the relative ownership percentages of shareholders that participate on the same basis. The company’s list of holders with at least 1% of capital showed the same 98.48% aggregate holding one year before the red herring prospectus date and as of that date, although the prospectus contains differences in some individual names and figures across tables.

Two January 2025 transfers added shares to named promoters before the bonus issue. Divakar Aggarwal acquired 5,76,100 shares from B. L. & Sons Limited on January 1, 2025 at Rs 70 per share, while Karan Aggarwal acquired 9,55,734 shares from the same transferor on January 10, 2025 at Rs 70 per share.

DBLS Polymer stated that Karan Aggarwal became a shareholder on January 10, 2025 and was not an original promoter. The company also said Vinod Aggarwal, Sushil Aggarwal, Madhukar Aggarwal and Divakar Aggarwal were not original subscribers to its memorandum of association, and noted that certain historical allotment filing forms were not traceable.

What must happen for the ownership figures to change after the IPO?

DBLS Polymer’s post-issue ownership percentages were not determined in the red herring prospectus and are to be updated in the prospectus. The change from the pre-issue figures will depend on the number of equity shares allotted in the IPO, because the disclosed pre-issue capital comprises 4,50,31,834 equity shares.

The company stated that, other than allotment in the IPO, it would not issue further equity shares or alter its capital structure through a split, consolidation, preferential issue, bonus issue, rights issue or further public offer until listing or the applicable refund or application-money unblock outcome. It further stated that there was no proposal, intention, negotiation or consideration for such a change within six months from the issue opening date.

The Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Regulations require an aggregate 20% of fully diluted post-issue equity capital held by promoters to be locked in for three years as minimum promoters’ contribution. Promoter holdings above that 20% are to be locked in for one year, while the remaining pre-issue capital is generally subject to a six-month lock-in from allotment, subject to stated regulatory exceptions.

Conclusion

DBLS Polymer entered the IPO process with 98.53% of equity and voting rights held by 14 promoter and promoter-group shareholders, leaving public shareholders with 1.47%. The five named promoters held 66.65%, while the other 31.88% was held through family members and promoter-group investment and property entities.

The next ownership figures to watch are the final prospectus disclosures on post-issue shareholding and the number of shares forming the three-year minimum promoters’ contribution lock-in. Those figures depend on the final IPO allotment, while DBLS Polymer has disclosed no separate plan to change its capital structure within six months from the issue opening date.