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Kshitij Polyline is in designing and innovation in office stationery, calendar, dairy and student study materials of different variety colours, design and application. Kshitij Polyline IPO consists of 25,00,000 Equity shares of Rs.10 each at a price of Rs.35 per Equity Share aggregating to Rs 875 lakhs.

They have also developed the In house technical & Design team to provide stationery solution and implementation for calendar, diary, books as replacement of traditional material with new and innovative PP material.  Let’s have a detailed review of the company and analytics of the Kshitij Polyline IPO release date, IPO offer price, subscription, Kshitij Polyline IPO allotment, grey market price and other details like the company’s background, its financial positions, its promoters and other related things.


Kshitij Polyline IPO Review & Ratings

Kshitij Polyline IPO Ratings & Review
Criteria Ratings
Industry Sentiments  6.3/10
Industry Ranking  6.3/10
Company Background 6.1/10
Company Reputation 6.4/10
Competitive Edge 6.4/10
Financial Statements 6.5/10
Popularity Index 6.2/10
Promoters Reputation 6.3/10
Retail Appetite  6.2/10
Top Brokers Review 6.3/10
Overall Ratings  6.3/10
Star Ratings ★★★☆☆

Summary of Kshitij Polyline IPO

Kshitij Polyline IPOEstablished in the year 1998, Kshitij Polyline Pvt. Ltd. has been successfully running the manufacture, import, distribute, export and supply of Smart I.D. Card Products, Binding & Lamination Pouches & Films Materials & Accessories and Stationery Products. Furthermore they also offer plastic sheets like PP, PVC, HIPS, Rigid Sheets & OHP Sheets, Card Holders & Neck Lanyards, Files & Folders, Lamination Pouches/Films & Rolls, Binding Combs, Binding Spirals / Coils, Double Loop Metal Wiro and many more.

From FY 2015-16 to FY 2016-2017, as per the Restated Financial Statements:

  • During the year 2016-17, the total revenue of the company has increased to Rs. 1682.2 lakhs as against Rs. 1546.8 lakhs in year 2015-16. It represents increase of 8.95% of the total revenue.
  • Company’s Net Profit after tax for the year 2016-17 is Rs. 27.78 Lakhs from the year 2015-16 of Rs. 19.94 Lakhs.

The Promoter of this company are Bharat Hemraj Gala ,Mr. Hemraj Bhimshi Gala and Rita Bharat Gala. The lead manager to the issue is MONARCH NETWORTH CAPITAL LIMITED and the Registrar to this issue is KARVY COMPUTERSHARE PRIVATE LIMITED

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    Kshitij Polyline IPO Date

    The opening and the closing date of IPO of Kshitij Polyline is not known yet.

    Kshitij Polyline IPO Subscription

    Day / Date NII RII Total Subscription
    Day 1: 21 Sept 2018 0.22x 0.18x 0.20x
    Day 2: 24 Sept 2018 0.49x 0.30x 0.39x
    Day 3: 25 Sept 2018 0.53x 0.43x 0.48x
    Day 4: 26 Sept 2018 0.66x 0.65x 0.65x
    Day 5: 27 Sept 2018 1.88x 1.02x 1.45x
    Shares Offered or Net Issue 1,184,000 1,184,000 2,368,000


    Kshitij Polyline IPO Allotment Status

    Here, you can find the Allotment Status of this IPO. The Issue is being made through the Fixed Price Process wherein up to 1,32,000 Equity Shares shall be reserved for Market Maker and balance of 23,68,000 Equity Shares will be the Net Issue.

    Basis of Allotment Finalization 3-Oct-18
    Refunds Initiation 4-Oct-18
    Credit of Shares to Demat Account 5-Oct-18
    Listing Date 8-Oct-18

    Kshitij Polyline IPO Price Band

    The face value of each share is Rs 10 and the issue price is Rs.35.

    Kshitij Polyline IPO Equity Share Offering

    25,00,000 Equity Shares of Rs 10/- each at an Issue Price of Rs.35 so it will be aggregated to Rs. 875 lakhs.

    Kshitij Polyline Limited – Company Overview

    Kshitij Polyline was originally incorporated as ―Kshitij Polyline Private Limited‖ on March 26, 2008 under the Companies Act, 1956 vide certificate of incorporation issued by the Registrar of Companies, Mumbai. The Company was subsequently converted in to a public company and consequently name was changed to ―Kshitij Polyline Limited‖ (KPL) vide fresh certificate of incorporation dated January 19, 2018 issued by Registrar of Companies, Mumbai. The CIN of the Company is U25209MH2008PLC180484.

    Owing to its better quality and tensile nature, these products are highly appreciated by their esteemed client base.The  products are basically used in schools, companies, colleges and corporate houses as it is developed with attractive colours and designs. Less maintenance is required for  products, which is another reason why it is liked by all. Keeping mind the various needs ad specifications of the respected clients they also have a custom-build range available. They make sure that the products are thoroughly checked as per the global standards of quality before it it finally delivered to the clients. The range of products are available at affordable prices as per the industry trends.

    Competitive Strengths of Kshitij Polyline Limited:

    • Experienced Promoters and Management Expertise.
    • Timely Delivery of Products.
    • Unique Brand Positioning.
    • Lead in Office Stationery.
    • Well developed distribution and marketing network.
    • Team of professional and skilled staff.
    • Large & Diverse Product Portfolio.
    • Established relationship with institutional & corporate customers.
    • Quality Assurance and Control.
    • Integrated manufacturing facility.

    Business strategies of Kshitij Polyline Limited:

    • Leveraging Market Skills
    • Long Term Relationship with Clients
    • Achieving Operational Efficiencies
    • Expand Distribution Network & Customer Base
    • Brand Building
    • Expand the Business in new location

    Kshitij Polyline Limited – Financial Statements

    A quick look into the past financial performance of the company to understand its performance of business and evaluate the growth prospectus:

    Financial Summary:

    Amount (in INR & Lakhs)
    31-Mar-18 31-Mar-17 31-Mar-16 31-Mar-15 31-Mar-14 31-Mar-13
    Total Assets 2370.44 1719.42 1483.16 1422.30 1309.95 1000.15
    Total Revenue 1700.62 1701.03 1557.20 1239.13 1267.64 1334.09
    Total Expense 1587.03 1661.66  1527.14 1214.74 1248.11 1323.00
    Profit After Tax 84.90 27.78 19.94 16.27 11.45 7.91

    Earnings per Equity Share (in Lakhs)

    31-Mar-17 31-Mar-16 31-Mar-15
    Basic  and Diluted 1.18 1.14 0.93

    From the above statements, one could find that the Kshitij Polyline Limited may perform well.

    Kshitij Polyline IPO – Promoters

    The Promoter of this company are:

    1. Bharat Hemraj Gala
    2. Mr. Hemraj Bhimshi Gala
    3. Rita Bharat Gala.

    List of Related Parties (Key Managerial Personnel)

    • Mr. Rahul Devshi Shah
    • Ms. Hetal Kiran Karani
    • Ms. Nikita Kanhiyalal Pediwal

    Interest in promotion of the Company

    Company is currently promoted by the Promoters in order to carry on its present business. Promoters are interested in the Company to the extent of their shareholding and directorship of the Individual Promoter in the Company and the dividend declared, if any, by the Company. The Promoters are interested in the transactions entered into the Company and the Promoter Group.

    Property Interest

    The promoters along with the promoter group will continue to hold collectively some percentage of the equity share capital of the company. As a result of the same, they will be able to exercise significant influence over the control of the outcome of the matter that requires approval of the majority shareholders vote.

    Interest in Intellectual Rights of the Company

    Promoters has not shown any interest in acquiring the intellectual rights of the company.

    Kshitij Polyline IPO Offer Details or Issue Details

     Particulars  No. Of Equity Shares
     Equity Shares Offered 2500000 Equity Shares of Rs 10/- each at an Issue Price of Rs.35
     Of which:
     Reserved for Market Makers 1,32,000 Equity Shares of face value of Rs. 10/- each fully paid of the Company for cash at price of Rs. 35/- per Equity Share aggregating Rs. 46,20,000/-
     Net Issue to the Public 23,68,000 Equity Shares of face value of Rs. 10/- each fully paid of the Company for cash at price of Rs. 35/- per Equity Share aggregating Rs. 8,28,80,000/-
     Of which:
     Retail Investors Portion 11,84,000 Equity Shares of face value of Rs. 10/- each fully paid of the Company for cash at price of Rs. 35/- per Equity Share aggregating Rs. 4,14,40,000/-
     Non-Retail Investors Portion 11,84,000 Equity Shares of face value of Rs. 10/- each fully paid of the Company for cash at price of Rs. 35/- per Equity Share aggregating Rs. 4,14,40,000/-
     Equity Shares outstanding prior to the Issue 6183336 Equity Shares
     Equity Shares outstanding after the Issue  8683336 Equity Shares

    Kshitij Polyline IPO Issue Object

    These are the IPO Issue Objects of the company-

    • To purchase of Machinery and Equipment to manufacture the Laminated sheet, Wiro and PP Sheet suitable for stationery and office products
    • Funding of working capital requirements of the Company
    • General Corporate Purpose
    • Issue Expenses


    Kshitij Polyline IPO – Basis of the Offer Price

    The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.

    Qualitative factors are:

    • Experienced promoters and Management Expertise
    • Quality projects and committed operations
    • Independent Execution capabilities
    • Networking strength

    The relevant quantitative factors are:

    Basic & Diluted EPS RONW (%) NAV (Rs.)
    31-Mar-15 0.93 8.6
    31-Mar-16 1.14 9.6 11.91
    31-Mar-17 1.18 6.8 13.7
    • Industry P/E Ratio:
    Particulars P/E ratio
    Average 12
    Highest 19.82
    Lowest 4.17

    Kshitij Polyline IPO Lead Managers

    Lead Managers
    Address – Monarch House, Opp., Ishwar Bhuvan, Commerce Six Road,
    Navrangpura, Ahmedabad – 380009. Tel. No. – 079 – 6600 0754/ 2666 6754
    Website: https://www.mnclgroup.com/ Email: shivam.patel@mnclgroup.com
    Investor Grievance Email: mbd@mnclgroup.com
    Contact Person: Mr. Shivam Patel SEBI Regn. No. MB/ INM000011013

    Kshitij Polyline IPO Registrar to offer

    Registrar to the Offer
    Address – Karvy Selenium Tower B, Plot 31-32, Gachibowli, Financial District,
    Nanakramguda, Hyderabad 500 032 India Tel. No. – 040-67162222
    Website: www.karisma.karvy.com Email: einward.ris@karvy.com
    Investor Grievance Email: kshitijpolyline.ipo@karvy.com
    Contact Person: Mr. M Murali Krishna SEBI Regn. No. INR000000221

    Other Details:

    • Statutory Auditor – R.M. Ajgaonkar & Associates
    • Peer Review Auditor – R.M. Ajgaonkar & Associates
    • Bankers to the Company –  ICICI Bank , VASAI JANATA SAHAKARI BANK LIMITED
    • Legal Advisor to the Issue– Miss Pooja Sharma Advocate

    Kshitij Polyline IPO Review by Top 10 Stock Brokers

    Top Stock Brokers Review Company Reputation Competitive Edge Financial Statement Popularity Index Promoters Reputation
    Angel Broking 6.5/10 6.6/10 6.6/10 6.4/10 6.4/10
    Sharekhan 6.7/10 6.4/10 6.6/10 6.1/10 6.2/10
    Kotak Securities 6.7/10 6.7/10 6.7/10 6.4/10 6.3/10
    ICICI Direct 6.6/10 6.3/10 6.7/10 6.5/10 6.5/10
    IIFL 6.4/10 6.7/10 6.8/10 6.4/10 6.7/10
    Edelweiss 6.7/10 6.4/10 6.4/10 6.3/10 6.7/10
    Zerodha 6.5/10 6.4/10 6.7/10 6.4/10 6.5/10
    5Paisa 6.7/10 6.4/10 6.3/10 6.7/10 6.5/10
    Karvy 6.8/10 6.3/10 6.7/10 6.4/10 6.0/10
    Motilal Oswal 6.6/10 6.4/10 6.6/10 6.6/10 6.4/10

    The ratings would be updated once the financials and the other details of the IPO are released.

    Kshitij Polyline IPO Grey Market Premium

    The Kshitij Polyline IPO Grey Market Premium is yet to be announced. It will be updated as soon as the premium rates are announced.

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