Thakkar family holds 85.23% before IPO, father and son 73.18%

Thakkar family holds 68,75,750 equity shares, representing 85.23% of the company’s pre-issue paid-up equity capital before its initial public offering (IPO). Ghanshyambhai Ranchhodbhai Thakkar and Kunal Ghanshyambhai Thakkar, who are father and son, together hold 59,04,500 shares, or 73.18%, under the promoter disclosures.

How concentrated is Thakkar family ownership before the IPO?

Thakkar family ownership is concentrated because four named promoters collectively hold 85.23% of the pre-issue paid-up equity share capital. The four promoters are Ghanshyambhai Ranchhodbhai Thakkar, Kunal Ghanshyambhai Thakkar, Bhartiben Ghanshyambhai Thakkar and Preksha Kunal Thakkar, whose aggregate holding is 68,75,750 equity shares as of the Red Herring Prospectus date.

The balance outside the four promoters is 14.77% of pre-issue capital, calculated by subtracting the disclosed 85.23% promoter stake from 100%. This means the four-member family holds most of the equity before the IPO; the stated 85.23% concentration would persist only if those holdings remain unchanged until the issue.

The prospectus separately identifies a promoter group under Regulation 2(1)(pp) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018. That group includes specified relatives, corporate entities, partnership firms and Hindu Undivided Families (HUFs), but the 85.23% figure is specifically disclosed as the holding of the four named promoters.

Which Thakkar family members hold the equity?

Kunal Ghanshyambhai Thakkar is the largest individual holder in the promoter profile, with 30,87,000 equity shares, or 38.26% of pre-issue capital. Ghanshyambhai Ranchhodbhai Thakkar holds 28,17,500 shares, or 34.92%, leaving the father-son pair with the two largest individual promoter stakes.

Bhartiben Ghanshyambhai Thakkar, a non-executive director, owns 4,37,937 shares, equal to 5.43% of pre-issue capital. Preksha Kunal Thakkar, an executive director, owns 5,33,313 shares, or 6.61%; their combined 9,71,250 shares represent 12.04%, calculated from the two stated percentages.

The four promoter-profile holdings total 68,75,750 shares, matching the stated promoter aggregate. The key managerial personnel table lists Kunal Ghanshyambhai Thakkar with 30,07,000 shares, while the promoter profile lists 30,87,000; the latter figure reconciles with both the 59,04,500 father-son total and the 68,75,750 promoter total.

How do father and son combine ownership and executive roles?

Thakkar family control includes a 73.18% stake held by the chairman and managing director and the whole-time director and chief financial officer (CFO). Ghanshyambhai Ranchhodbhai Thakkar, aged 75, received remuneration of Rs 24 lakh in financial year 2025-26, while Kunal Ghanshyambhai Thakkar, aged 44, received Rs 30 lakh.

The prospectus identifies Ghanshyambhai Ranchhodbhai Thakkar as Kunal Ghanshyambhai Thakkar’s father, and Kunal Ghanshyambhai Thakkar as his son, for the Companies Act, 2013 relationship disclosure. Both joined the company in 2013, and their current roles took effect on August 11, 2025: Ghanshyambhai Ranchhodbhai Thakkar became chairman and managing director, while Kunal Ghanshyambhai Thakkar became whole-time director and CFO.

Their 59,04,500 shares are the only holdings listed for key managerial personnel (KMP) in the prospectus. The company states that no other KMP or senior management personnel held shares at the Red Herring Prospectus filing date, and that it had no employee stock option plan or employee stock purchase scheme for employees.

What governance disclosures frame Thakkar family control?

Thakkar family control is accompanied by board committees that include independent directors, although the prospectus does not disclose their shareholdings. The stakeholders relationship committee was formed on August 11, 2025 and reconstituted on September 9, 2026; it is chaired by additional independent director Ankitkumar Ramkishan Agarawal and includes independent director Uttam Rewutchand Bhandari and Kunal Ghanshyambhai Thakkar.

The nomination and remuneration committee is chaired by Bhandari and includes Agarawal and Bhartiben Ghanshyambhai Thakkar. Its remit includes recommending executive-director and senior-management remuneration, evaluating director performance and recommending director candidates; its quorum is two members or one-third of its members, whichever is greater, including at least one independent director.

The prospectus says there was no change in control during the five years before the Red Herring Prospectus date. It also states that the promoters and promoter-group members had not been identified as wilful defaulters or fraudulent borrowers by the Reserve Bank of India or another government authority, and had not been debarred from capital markets by the Securities and Exchange Board of India or another authority.

What does the prospectus say about continuity and distributions?

The prospectus says the promoters had not disassociated from any company, firm or other entity in the three years before its filing. It also says that, except for ventures disclosed in the promoter section, the promoters had no other ventures in which they had business or other interests; disclosed ventures include Roopa Engineers and HUFs linked to Ghanshyambhai Ranchhodbhai Thakkar and Kunal Ghanshyambhai Thakkar.

The company had not declared a dividend on equity shares in the three financial years before the Red Herring Prospectus filing. It has no formal dividend policy, and any dividend would require a board recommendation and shareholder approval, with future payments depending on factors including operations, earnings, expansion plans, capital requirements, surplus, financial condition and legal or contractual restrictions.

Conclusion

Thakkar family ownership before the IPO rests on an 85.23% aggregate promoter stake, of which 73.18% is held by the father-son pair occupying the chairman and managing director and whole-time director and CFO roles. Kunal Ghanshyambhai Thakkar’s 38.26% promoter-profile stake exceeds Ghanshyambhai Ranchhodbhai Thakkar’s 34.92%, while Bhartiben Ghanshyambhai Thakkar and Preksha Kunal Thakkar together hold 12.04%.

The next disclosed matters to watch are the post-issue capital structure and whether it changes the stated pre-issue percentages, as well as any future board recommendation on dividends. The prospectus also contains two different Kunal Ghanshyambhai Thakkar share figures, 30,07,000 in the KMP table and 30,87,000 in the promoter profile, with the promoter-profile number reconciling to the disclosed promoter aggregate.