Ecoline Exim IPO debuts today. GMP signals flat listing ahead

Ecoline Exim, a manufacturer of sustainable cotton and jute packaging bags, is all set to list on the NSE SME platform on September 30. Despite decent subscription numbers, the grey market premium (GMP) is currently at 0 percent, suggesting that investors should brace for a muted debut.

The company’s Rs 76.42 crore IPO, which closed on September 25, comprised a fresh issue of Rs 61.19 crore and an offer for sale of Rs 15.23 crore. The price band was fixed at Rs 134–141 per share.

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Strong demand during bidding

The issue received an overall subscription of 6.06 times, led by robust participation from institutional investors. The QIB portion was subscribed 9.5 times, while non-institutional investors came in at 5.4 times. Retail participation was relatively softer but still healthy at 4.4 times.

Ecoline also raised Rs 21.76 crore from anchor investors ahead of the issue, a sign of institutional confidence.

Business overview

Ecoline Exim produces cotton and jute packaging and promotional bags for global clients, with exports to over 27 countries including the US, EU, Japan, and Mexico. The company operates three units across Gujarat and West Bengal, catering largely to supermarkets, retail chains, and wholesalers.

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The company reported revenue of Rs 273 crore in FY25, marginally down from Rs 280 crore in FY24. Net profit also fell to Rs 18.8 crore in FY25 from Rs 22.6 crore a year earlier. Margins remain thin, with PAT margin at 6.9% and EBITDA margin at 11.1%.

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