S. K. Offset Limited IPO: price band ₹119–₹125, SME issue of ₹29.06 crore opens on 23 September 2026

S. K. Offset Limited, a Meerut (Uttar Pradesh)-based printing and packaging solutions provider, is set to launch an SME initial public offering (IPO) of ₹29.06 crore. The IPO is priced in a ₹119–₹125 band and will open for subscription on 23 September 2026 and close on 25 September 2026, with the listing scheduled for 30 September 2026. The issue is entirely a fresh issue (no offer for sale), which means the net proceeds are proposed to accrue to the company (after issue expenses) rather than to selling shareholders.

What S. K. Offset does: integrated printing, packaging cartons, and labels

S. K. Offset Limited operates in printing and packaging with an integrated set-up that includes in-house pre-press, printing, and post-press/finishing. This vertical integration supports delivery across multiple print and packaging formats that typically require coordination across design preparation, plate-making/pre-press, printing, finishing, and dispatch.

As described in the red herring prospectus (RHP) context, the company’s offerings span books and educational printing, brochures and leaflets, packaging cartons/mono cartons and master cartons, and labels/stickers including roll-form and in-mold labels. Alongside its core manufacturing and conversion activity, it also trades in printing and packaging materials such as paper, paperboard, inks, and foils.

The stated positioning in the RHP is that the company has evolved from conventional offset printing towards higher-value packaging and labelling, supported by technology upgrades and a compliance/certification focus, and serves a business-to-business (B2B) customer base across end markets including FMCG (fast-moving consumer goods), pharmaceuticals, education/publishing, and other institutional and corporate segments.

Milestones and compliance credentials highlighted in the RHP

The company was incorporated as “S. K. Offset Private Limited” on 2 February 2007. In 2007, it acquired and took over the businesses of “S.K. Offset Printers” (partnership firm) and “S.K. Printer & Publisher” (proprietorship) as going concerns, with equity shares issued as consideration.

A later milestone listed is the 2024 takeover of “Pixel, Print and Pack” (partnership firm) via a business transfer agreement, again with equity shares issued as consideration. In 2025, the company converted from a private limited company into a public limited company and was renamed “S. K. Offset Limited”, with the fresh certificate issued on 18 August 2025.

On certifications and compliance, the context notes that in 2025 the company obtained ISO certifications including ISO 14001:2015, ISO 45001:2018, ISO 50001:2018, and ISO 9001:2015, along with compliance certifications including FSC-related responsible sourcing and SEDEX standards (via USCERT). In printing and packaging procurement—particularly for regulated, audit-driven, or institutional buyers—such certifications can be relevant for vendor qualification and ongoing compliance reviews.

Operating profile: end-market mix, capacity utilisation references, and procurement links

The RHP positioning describes S. K. Offset as an organised, mid-sized integrated printing-and-packaging player, and the supplied SWOT context references high capacity utilisation in printing and packaging. It also refers to a plan to increase hot-foiling capacity, which is typically associated with premium finishing formats used in packaging and labels.

At the same time, the business model described in the supplied risk context indicates concentration on both the revenue and procurement sides. The top 10 customers contribute 86.14% of revenue, and the company reportedly does not have long-term contracts with them in the provided context. On the input side, the top 10 suppliers account for 65.59% of purchases, again with no long-term agreements mentioned in the supplied details.

The context also states that raw material consumed is 61.10% of revenue, pointing to sensitivity to movements in key inputs such as paper and other packaging materials. In B2B printing and packaging, customer receivables, inventory, and vendor payment cycles can also influence working-capital requirements and funding needs.

Financial trajectory across FY2024–FY2026

The company has reported higher scale over the disclosed years, alongside changes in profitability and asset base. The table below summarises the financials provided in the context.

In narrative terms (rounded to two decimals), total revenue moved from ₹233.09 crore in FY2024 to ₹486.52 crore in FY2025 and ₹669.95 crore in FY2026, while profit after tax (PAT) moved from ₹7.20 crore to ₹15.44 crore and ₹74.80 crore over the same period. Total assets increased from ₹28.85 crore (FY2024) to ₹55.77 crore (FY2025) and ₹81.76 crore (FY2026).

For FY2026, the disclosed key performance indicators include EBITDA margin (earnings before interest, taxes, depreciation and amortisation margin) of 21.27% and PAT margin of 11.22%. The provided KPI set also includes return on equity (ROE) of 37.82%, return on capital employed (ROCE) of 22.91%, and a debt-to-equity ratio of 1.75.

Issue structure, allocation framework, and proposed use of proceeds

The S. K. Offset IPO is an SME IPO with a lot size of 1,000 shares. At the upper end of the price band (₹125), the minimum application amount works out to ₹1,25,000.

The issue is 100% fresh issue with no offer for sale (OFS) component. As a result, the proceeds are proposed to be used by the company in line with the stated objects of the issue, subject to issue expenses and actual deployment decisions.

As per the RHP context on reservations, the allocation is disclosed across Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Retail Individual Investors (RIIs). The snapshot also provides for an anchor allocation as part of the QIB portion, with a specified reservation for domestic mutual funds within the anchor book.

On the proposed use of funds, the stated objects include: (1) capital expenditure towards the purchase of plant and machinery at the Meerut facility, (2) funding incremental working capital requirements, and (3) general corporate purposes (including brand development and technology upgrades, as described). In the supplied allocation context, specific proposed amounts are disclosed for plant and machinery and for incremental working capital, while the amount for general corporate purposes is not specified in the provided details.

The issue had not opened for subscription at the snapshot time (15 September 2026). Category-wise bid data would update during the subscription window from 23 September 2026.

Valuation and market indicators in the RHP context, plus key risks and monitoring points

At the price band referenced in the snapshot, the disclosed valuation and KPI context includes EPS of ₹13.80, pre-IPO P/E of 9.06 times, and price-to-book of 3.42 times.

The supplied grey market premium (GMP) observations (an unofficial indicator, not part of exchange price discovery) show GMP of ₹0 in the available entries dated 14–15 September 2026, referenced against an issue price of ₹125. GMP can change and is not a listing forecast.

Key risks and sensitivities explicitly highlighted in the supplied context include customer concentration (top 10 customers contributing 86.14% of revenue without long-term contracts in the provided details), supplier concentration (top 10 suppliers contributing 65.59% of purchases without long-term agreements in the provided details), input-cost exposure given raw material consumption at 61.10% of revenue, competitive intensity in organised and unorganised markets, technology and environmental/regulatory compliance demands, and balance-sheet sensitivity linked to leverage and working capital.

Monitoring points to track as disclosures update and post-listing reporting becomes available:

• Customer concentration levels and whether revenue dependence on a limited set of accounts changes over time.
• Supplier concentration and procurement continuity, given the absence of long-term agreements in the supplied context.
• Working-capital requirements and leverage indicators, given the stated use of proceeds towards incremental working capital and the disclosed debt-to-equity ratio.
• Progress on proposed machinery purchases at Meerut and whether planned finishing capability additions (such as hot-foiling capacity referenced in the SWOT context) align with order flows.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds

Subscription status (15 Sep 2026)

The issue has not opened for subscription yet. Category-wise bidding data will update once the issue opens on 23 Sep 2026.

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.