- Price band
- ₹119 – ₹125
- Issue size
- ₹29.06 Cr
- Lot size
- 1000 sh
- Bidding
- 23 – 25 Sep
- Grey market
- —
Face value ₹10.00
100% fresh capital
Lists 30 Sep 2026
No quote recorded
Market data to 27 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
S. K. Offset Limited is a Meerut-based commercial printing and packaging company, incorporated on 2 February 2007 and with 111 employees as of the RHP date, which raised Rs 29.06 Cr entirely through a fresh issue in a band of Rs 119-125 and listed on BSE SME on 30 September 2026. In FY26 it reported revenue from operations of Rs 66.67 Cr, of which the record's business-model note puts printing at 53.76%, packaging at 39.70% and labelling at 4.54%. Revenue was Rs 21.53 Cr in FY24, Rs 48.20 Cr in FY25 and Rs 66.67 Cr in FY26, with profit after tax of Rs 0.72 Cr, Rs 1.54 Cr and Rs 7.48 Cr over the same three years. The issue was subscribed 1.18 times overall on day three; it listed at Rs 126 against a band top of Rs 125 and last traded at Rs 106 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for S.K. Offset, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
Leveraged balance sheet
Debt-to-equity of 1.7× leaves limited headroom if demand softens or rates rise.
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2007 · Meerut, Uttar Pradesh, India · 111 employees
S. K. Offset Limited is a Meerut printing and packaging company that started in offset printing and later added labels and cartons. It prints textbooks, brochures, catalogues, stationery, pamphlets and other commercial material; makes mono cartons, master cartons and folding boxes; and produces adhesive labels, stickers and barcodes used for product identification, packaging information and branding. It also does design and pre-press work — artwork layout, colour formatting and print-ready file development — and trades in paper, paperboard, foils and ink. It sells to corporate customers on a purchase-order basis, with a significant share of revenue coming from Uttar Pradesh. The company operates four facilities in Meerut with roughly 38,313 square feet of covered area and had 111 employees as of the RHP date.
Revenue is per-order job work rather than contracted supply. In FY26 printing was 53.76% of revenue from operations (Rs 3,584.04 lakh), packaging 39.70% (Rs 2,646.87 lakh) and labelling 4.54% (Rs 302.41 lakh), on Rs 6,667.29 lakh total. The main input costs are paper, board and ink, bought from suppliers with no disclosed long-term contracts. The binding constraints are customer concentration and working capital: the top ten customers were 86.14% of FY26 revenue and the largest alone 30.41%, with no long-term supply agreements in place, while trade receivables stood at Rs 3,446.96 lakh and inventories at Rs 2,394.45 lakh against total borrowings of Rs 3,458.05 lakh at 31 March 2026.
The company on paper
- Legal name
- S. K. Offset Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 2 Feb 2007
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U18129UP2007PLC032792
- Sector
- Industrials · Commercial offset printing, mono cartons and labels
- Employees
- 111
- Registered office
- Meerut, Uttar Pradesh, India
- Promoters
- Pradeep Agarwal, Priyanshu Agarwal, Ayush Agarwal
- Promoter holding, pre-issue
- 100.0%
- Promoter holding, post-issue
- 70.0%
- Website
- skoffset.com
The numbers
Financial performance
Revenue has compounded at 76.0% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹29.06 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹0
- Total issue size
- ₹29.06 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
- Market maker portionSME issues require a market maker to provide two-way quotes
- 1,20,000
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 30.0% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹125.00
- Listed at
- ₹126.00
- Listing gain
- up 0.8%
- Since listing
- down 14.3%
- Against the issue price
- down 13.6%
Trading at ₹108.00 on 27 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 2,000
- At cut-off price
- ₹125.00
- Amount blocked
- ₹2,50,000
One lot is 1000 shares at ₹1,25,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,50,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~100%
chance of one lot, per application
- Retail subscription
- 0.78×
- Applicants per share available
- 0.8× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹126.00
listed at, 0.8% against the issue price
- Issue price
- ₹125.00
- Premium said
- —
- If allotted 1000 shares
- ₹1,000
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Revenue from operations was Rs 21.53 Cr in FY24, Rs 48.20 Cr in FY25 and Rs 66.67 Cr in FY26 — a rise of 123.87% from FY24 to FY25 and of 38.32% from FY25 to FY26.
- EBITDA was Rs 1.16 Cr on revenue of Rs 21.53 Cr in FY24, a margin of 5.39%; Rs 5.62 Cr on Rs 48.20 Cr in FY25, or 11.66%; and Rs 14.18 Cr on Rs 66.67 Cr in FY26, or 21.27%.
- Profit after tax was Rs 7.48 Cr in FY26 against Rs 1.54 Cr in FY25, a rise of 385.71%, on revenue 38.32% higher. The FY26 figure is 11.22% of revenue of Rs 66.67 Cr, against 3.19% of Rs 48.20 Cr in FY25.
- Net worth was Rs 4.58 Cr at 31 March 2024, Rs 7.20 Cr at 31 March 2025 and Rs 19.78 Cr at 31 March 2026. Set against total borrowings of Rs 14.70 Cr, Rs 32.35 Cr and Rs 34.58 Cr on the same three dates, borrowings were 3.21 times net worth in FY24, 4.49 times in FY25 and 1.75 times in FY26.
What to weigh against it
- The record's business-model note states that the top ten customers accounted for 86.14% of FY26 revenue and the largest customer alone for 30.41%, with no long-term supply agreements in place, and describes revenue as per-order job work rather than contracted supply.
- At 31 March 2026 trade receivables were Rs 3,446.96 lakh (Rs 34.47 Cr) and inventories Rs 2,394.45 lakh (Rs 23.94 Cr) — together Rs 58.41 Cr against net worth of Rs 19.78 Cr on the same date. Receivables alone equal 51.70% of FY26 revenue from operations of Rs 66.67 Cr.
- Total borrowings were Rs 14.70 Cr at 31 March 2024, Rs 32.35 Cr at 31 March 2025 and Rs 34.58 Cr at 31 March 2026, higher in each of the two years the record can compare.
- The share last traded at Rs 106 on 23 October 2026, 15.20% below the Rs 125 band top and 15.87% below its Rs 126 listing price; it had closed its first trading day at Rs 126.35.
Easy to miss in the prospectus
- The record carries no cash flow from operations for FY24, FY25 or FY26, so the Rs 7.48 Cr FY26 profit after tax, the Rs 34.47 Cr of receivables and the Rs 23.94 Cr of inventories cannot be set against cash generated here.
- The record carries no valuation block, no peer set and no stated use of the fresh-issue proceeds, so the Rs 29.06 Cr raised and the Rs 119-125 band are not placed against FY26 earnings of Rs 7.48 Cr, against comparable companies, or against a stated purpose here.
- Subscription is recorded only for day three, 25 September 2026 (QIB 2.61 times, NII 0.80 times, retail 0.78 times, 1.18 times overall), with no day-one or day-two figures, no anchor book and no grey-market data.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Comfort Securities Limited
- RegistrarAllotment status is checked on the registrar's own site
- Maashitla Securities Private Limited
How these figures were checked
Reconciled to S.K. Offset's own prospectus and to exchange disclosures, then cross-checked against 6 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- S. K. Offset Limited — Red Herring Prospectus dated 11 September 2026 (company website) · read 16 Oct 2026
- BSE equity bhavcopy, 30 September 2026 (listing day: ISIN, series MT, OHLC, board lot) · read 16 Oct 2026
- BSE equity bhavcopy, 1 October 2026 (second trading day) · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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