Ecoline Exim Ltd IPOECOLINE

The IPO opens on 23 Sept 2025 & closes on 25 Sept 2025.

Ecoline Exim Limited was originally incorporated as a Private Limited Company under the name 'Ecoline Exim Private Limited' on July 12, 2008 under the provisions of the Companies Act, 1956 with the Deputy Registrar of Companies, West Bengal. Subsequently, Company was converted into a Public Limited Company and the name of the Company was changed from 'Ecoline Exim Private Limited' to 'Ecoline Exim Limited' vide a fresh certificate of incorporation dated July 26, 2024, issued by the Assistant Registrar of Companies, Central Processing Centre. Company is primarily engaged in manufacturing of wide range of sustainable packaging and promotional bags made out of cotton and jute. It is engaged in the export of these bags globally. Major export market is European Union, USA, Japan, and South East Asia and Mexico, etc. Company is an OEM's catering to packaging solutions of various customers like: Super Markets and Retail chains, Wholesalers and Promotional companies. It customize products as per the customer requirements with screen printing, embroidery, labelling, sizing etc. Apart from these, Company is currently operating from 3 factories following Factory I situated at Noapara, in West Bengal; Factory II in Badu and Factory III at Taluka Sanand in Ahmedabad district of Gujarat. The customer base is divided into two major segments i.e. (i) Functional - where major customers are Retailers/Wholesalers and Supermarkets and (ii) Promotional - where major Customers are Promotional companies and Corporate Gifting agencies. Company has filed a Draft Prospectus and is planning to raise money through IPO by issuing an aggregate of 57,21,000 Equity Shares of face value Rs 10/- comprising 46,41,000 Equity Shares through Fresh Issue and 10,80,000 Equity Shares through Offer for Sale.

Ecoline Exim Ltd IPO will close on 25 Sept 2025.

<ul><li>Sustainable and Eco-friendly business model focusing on three R's of the environment - Reduce, Reuse and Recycle.</li><li>Stringent quality control mechanism ensuring standardized product quality.</li><li>Strategically located in-house manufacturing capabilities with design expertise.</li><li>Long standing association with customers.</li><li>Widespread reach in International Market.</li><li>Healthy financial performance.</li><li>Experienced and Qualified Management.</li></ul>

<table class="table"> <thead> <tr> <th>S.No</th> <th>Promoters Name</th> <th>Pre Issue Shares</th> <th>Pre Issue Percentage</th> <th>Post Issue Shares</th> <th>Post Issue Percentage</th> </tr> </thead> <tbody> <tr> <td>1</td> <td>Sudarshan Saraogi</td> <td>3719758</td> <td>23</td> <td>3469758</td> <td>16.91</td> </tr> <tr> <td>2</td> <td>Saurabh Saraogi</td> <td>5213278</td> <td>32.23</td> <td>4963278</td> <td>24.19</td> </tr> <tr> <td>3</td> <td>Shradha Saraogi</td> <td>1761480</td> <td>10.89</td> <td>1596480</td> <td>7.78</td> </tr> <tr> <td>4</td> <td>Gunjal Saraogi</td> <td>1454460</td> <td>8.99</td> <td>1289460</td> <td>6.29</td> </tr> <tr> <td>5</td> <td>SL Commercial Pvt. Ltd.</td> <td>1792140</td> <td>11.08</td> <td>1542140</td> <td>7.52</td> </tr> <tr> <td>6</td> <td>Sudarshan Saraogi (HUF)</td> <td>1297100</td> <td>8.02</td> <td>1297100</td> <td>6.32</td> </tr> <tr> <td>7</td> <td>Saurabh Saraogi (HUF)</td> <td>523600</td> <td>3.24</td> <td>523600</td> <td>2.55</td> </tr> <tr> <td>8</td> <td>Aadya Saraogi Benefit Trust</td> <td>245140</td> <td>1.52</td> <td>245140</td> <td>1.19</td> </tr> <tr> <td>9</td> <td>Sriya Saraogi Benefit Trust</td> <td>168140</td> <td>1.04</td> <td>168140</td> <td>0.82</td> </tr> <tr> <td>10</td> <td>Aryashi Saraogi Benefit Trust</td> <td>140</td> <td>---</td> <td>140</td> <td>---</td> </tr> <tr> <td>11</td> <td>Shaurya Vardhan Saraogi Benefi</td> <td>140</td> <td>---</td> <td>140</td> <td>---</td> </tr> </tbody> </table>

<ul><li>The company is dependent on certain key customers for a substantial portion of its revenues. Loss of relationship with any of these customers may have a material adverse effect on its profitability and results of operations.</li><li>The company does not have long term agreements for supply of its raw materials. If the company is unable to procure raw materials of the required quality and quantity, at competitive prices, its business, results of operations and financial condition may be adversely affected. Majority of the company raw materials are sourced from few key suppliers. Discontinuation of operations of such suppliers may adversely affect its ability to source raw materials at a competitive price.</li><li>Its business is dependent on the company manufacturing facilities and its subject to certain related risks; Unplanned slowdowns, unscheduled shutdowns or prolonged disruptions in the company manufacturing operations could have an adverse effect on its business, results of operations, cash flows and financial condition.</li><li>Its business is labour intensive and any unavailability or shortage of labour or any strikes, work stoppages, increased wage demands by workmen or changes in regulations governing hiring of labour may have an adverse impact on its cash flows and results of operations.</li><li>The company plan to set up the proposed Factory V for manufacturing of bags along with additional weaving unit at Ahmedabad is subject to risks, including implementation delays, cost overruns, and substantial upfront capital expenditures before the company realize any benefits.</li><li>The company relies on outsourcing a certain proportion of its production processes and activities to third parties. Any inability to obtain sufficient quantities of processed material of the requisite quality in a timely manner and at acceptable prices, or a slowdown, shutdown or disruption in such third parties' operations and performance, could adversely affect its business, results of operations and financial condition.</li><li>The global scope of its operations exposes the company to risks of doing business in foreign countries, including the constantly changing economic, regulatory, social and political conditions in the jurisdictions in which the company operate and seek to operate, which could adversely affect its business, financial condition and results of operations.</li><li>If the company is unable to estimate the demand of its products accurately and are unable to maintain an optimal level of inventory, the company business, results of operations and financial condition may be adversely affected.</li><li>Its business is vulnerable to variations in demand of cotton or jute bags, timely identification of evolving fashion trends and creating new designs. Changes in consumer preferences, could have an adverse effect on its business, results of operations and financial condition.</li><li>The company insurance coverage may not be sufficient or adequate to protect it against all material hazards or business losses, which may adversely affect the company business, results of operations and financial condition.</li><li>The company has experienced negative cash flows from operations in the recent past, and its may have negative cash flows in the future.</li><li>Pricing pressure from its customers may adversely affect the company gross margin, profitability and ability to increase its prices, which may in turn have a material adverse effect on the company results of operations and financial condition.</li><li>The Company operates under several statutory and regulatory approvals in respect of its operations. Failures to obtain or maintain licenses, registrations, permits and approvals may affect its business and results of operations.</li><li>There are certain discrepancies/errors noticed in some of its corporate records relating to forms filed with the Registrar of Companies and other provisions of Companies Act, 2013. Any penalty or action taken by any regulatory authorities in future, for non-compliance with provisions of corporate and other law could impact the reputation and financial position of the Company to that extent.</li><li>The Company may not be successful in penetrating new export markets.</li><li>The company is exposed to foreign currency fluctuation risks, which may affect its results of operations.</li><li>The company is dependent on third party logistic providers for the delivery of raw materials and finished products and any disruptions in their services may adversely affect its business, financial condition and results of operations.</li><li>The Company and Directors are involved in certain legal proceedings and potential litigations. Any adverse decision in such proceedings may render it /them liable to liabilities/ penalties/ prosecutions and may adversely affect its business and results of operations.</li><li>Any failures in its quality control processes may have an adverse effect on the company business, results of operations and financial condition.</li><li>The company intend to utilise the Net Proceeds for funding its capital expenditure requirements for new manufacturing facility at proposed Factory V in Ahmedabad. The company is yet to enter into definitive sale agreements or place orders for such capital expenditure.</li><li>Any delays and/or defaults in customer payments could result in increase of working capital investment and/or reduction of the Company's profits, thereby affecting its operation and financial condition.</li><li>Its may not be able to adequately protect or continue to use the company intellectual property.</li><li>The company operate its business from rented premises.</li><li>Its contingent liabilities as stated in the company Restated Financial Statements could affect its financial condition.</li><li>The company operate in a competitive market, and the scale and resources of some of the company competitors may allow them to compete more effectively than its can, which could result in a loss of its market share and a decrease in the company net revenues and profitability.</li><li>Its current order book value is not necessarily indicative of future growth. These orders that constitute the company current order book could be cancelled, put in abeyance, delayed, or not paid for by its customers, which could adversely affect the company financial condition.</li><li>The activities carried out at its manufacturing facilities can cause injury to people or property in certain circumstances.</li><li>One of its Promoter Group entities have entered into a settlement with SEBI with respect to certain past non compliances with respect to disclosure of their holding in a listed company.</li><li>If the company is unable to manage its growth effectively and further expand into new markets its business, future financial performance and results of operations could be materially and adversely affected.</li><li>Industry information included in this Draft Red Herring Prospectus has been derived from an industry report issued by Marketysers Global Consulting LLP dated December 26, 2024 ("Marketysers Report"). There can be no assurance that such third-party statistical, financial and other industry information is complete, reliable or accurate.</li><li>Loans availed by the Company has been secured on guarantees of its promoters.</li><li>While the Company will receive proceeds from the Fresh Issue, it will not receive any proceeds from the Offer for Sale portion, and the Promoter Selling Shareholders, shall be entitled to the Offer Proceeds to the extent of the Equity Shares offered by them in the Offer for Sale.</li><li>The deployment of funds raised through this Offer shall not be subject to any Monitoring Agency and shall be purely dependent on the discretion of the management of the Company.</li><li>The company is dependent on its Promoters, its senior management and other key personnel, and the loss of, or its inability to attract or retain, such persons could affect the company business, results of operations, financial condition and cash flows.</li><li>Any Penalty or demand raised by statutory authorities in future will affect its financial position of the Company.</li><li>The company has in the past entered into related party transactions and may continue to do so in the future.</li><li>The company has not entered into any definitive arrangements to utilize certain portions of the Net Proceeds of the offer. Its funding requirements and deployment of the Net Proceeds of the Offer are based on management estimates and have not been independently appraised.</li><li>The average cost of acquisition of Equity Shares by its Promoters, could be lower than the Offer price.</li><li>The company could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect its financial condition, results of operations and reputation.</li><li>Fraud, theft, employee negligence or similar incidents may adversely affect its results of operations and financial condition.</li><li>Under-utilization of its manufacturing facilities may have an adverse effect on the company business and future financial performance. Moreover, information relating to capacity utilization of its production facilities included in this Draft Red Herring Prospectus is based on certain assumptions and has been subjected to rounding off, and future production and capacity utilization may vary.</li><li>Excessive dependence on State Bank of India in respect of Loan facilities obtained by the Company.</li><li>The company is subject to certain restrictive covenants in debt facilities provided to it by the company lenders.</li><li>Its ability to pay any dividends will depends upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.</li><li>Its Promoter and the Promoter Group will jointly continue to retain majority shareholding in the Company after the offer, which will allow them to determine the outcome of the matters requiring the approval of shareholders.</li><li>Any future issuance of its Equity Shares may dilute prospective investors' shareholding, and sales of the company Equity Shares by its major shareholders may adversely affect the trading price of the company Equity Shares.</li><li>The Offer price of its Equity Shares may not be indicative of the market price of the company Equity Shares after the Offer and the market price of its Equity Shares may decline below the Offer Price and you may not be able to sell your Equity Shares at or above the Offer Price.</li><li>The company cannot guarantee the accuracy or completeness of facts and other statistics with respect to India, the Indian economy and industry in which the company operates contained in the Draft Red Herring Prospectus.</li><li>There is no guarantee that the Equity Shares issued pursuant to the Offer will be listed on the SME Platform of NSE in a timely manner or at all.</li><li>Certain data mentioned in this Draft Red Herring Prospectus has not been independently verified.</li><li>QIBs and Non-Institutional Bidders are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid and Retail Individual Investors are not permitted to withdraw their Bids after Bid/Offer Closing Date.</li><li>The global scope of our operations exposes us to risks of doing business in foreign countries, including the constantly changing economic, regulatory, social and political conditions in the jurisdictions in which we operate and seek to operate, which could adversely affect our business, financial condition and results of operations.</li><li>Our business is vulnerable to variations in demand of cotton or jute bags, timely identification of evolving fashion trends and creating new designs. Changes in consumer preferences, could have an adverse effect on our business, results of operations and financial condition.</li><li>We do not have long term agreements for supply of our raw materials. If we are unable to procure raw materials of the required quality and quantity, at competitive prices, our business, results of operations and financial condition may be adversely affected. Majority of our raw materials are sourced from few key suppliers. Discontinuation of operations of such suppliers may adversely affect our ability to source raw materials at a competitive price.</li><li>Our business is dependent on our manufacturing facilities and we are subject to certain related risks; Unplanned slowdowns, unscheduled shutdowns or prolonged disruptions in our manufacturing operations could have an adverse effect on our business, results of operations, cash flows and financial condition.</li><li>Our business is labour intensive and any unavailability or shortage of labour or any strikes, work stoppages, increased wage demands by workmen or changes in regulations governing hiring of labour may have an adverse impact on our cash flows and results of operations.</li><li>Our plan to set up the proposed Factory V for manufacturing of bags along with additional weaving unit at Ahmedabad is subject to risks, including implementation delays, cost overruns, and substantial upfront capital expenditures before we realize any benefits.</li><li>We rely on outsourcing a certain proportion of our production processes and activities to third-parties. Any inability to obtain sufficient quantities of processed material of the requisite quality in a timely manner and at acceptable prices, or a slowdown, shutdown or disruption in such third parties' operations and performance, could adversely affect our business, results of operations and financial condition.</li><li>We are dependent on certain key customers for a substantial portion of our revenues. Loss of relationship with any of these customers may have a material adverse effect on our profitability and results of operations.</li><li>A SEBI order issued against one of our Promoter Group entity, which is currently untraceable, may, if adverse, have reputational or regulatory implications for our Company.</li><li>If we are unable to estimate the demand of our products accurately and are unable to maintain an optimal level of inventory, our business, results of operations and financial condition may be adversely affected.</li><li>Our insurance coverage may not be sufficient or adequate to protect us against all material hazards or business losses, which may adversely affect our business, results of operations and financial condition.</li><li>We have experienced negative cash flows from operations in the recent past, and we may have negative cash flows in the future.</li><li>Pricing pressure from our customers may adversely affect our gross margin, profitability and ability to increase our prices, which may in turn have a material adverse effect on our results of operations and financial condition.</li><li>Our Company operates under several statutory and regulatory approvals in respect of our operations. Failure to obtain or maintain licenses, registrations, permits and approvals may affect our business and results of operations.</li><li>There are certain discrepancies/errors noticed in some of our corporate records relating to forms filed with the Registrar of Companies and other provisions of Companies Act, 2013. Any penalty or action taken by any regulatory authorities in future, for non-compliance with provisions of corporate and other law could impact the reputation and financial position of the Company to that extent.</li><li>Our Company may not be successful in penetrating new export markets.</li><li>We are exposed to foreign currency fluctuation risks, which may affect our results of operations.</li><li>We are dependent on third party logistic providers for the delivery of raw materials and finished products and any disruptions in their services may adversely affect our business, financial condition and results of operations.</li><li>Our Company and Directors are involved in certain legal proceedings and potential litigations. Any adverse decision in such proceedings may render us/them liable to liabilities/penalties/prosecutions and may adversely affect our business and results of operations.</li><li>Any failure in our quality control processes may have an adverse effect on our business, results of operations and financial condition.</li><li>We intend to utilise the Net Proceeds for funding our capital expenditure requirements for new manufacturing facility at proposed Factory V in Ahmedabad. We are yet to enter into definitive sale agreements or place orders for such capital expenditure.</li><li>Any delays and/or defaults in customer payments could result in increase of working capital investment and/or reduction of our Company's profits, thereby affecting our operation and financial condition.</li><li>We may not be able to adequately protect or continue to use our intellectual property.</li><li>We operate our business from rented premises.</li><li>Our contingent liabilities as stated in our Restated Financial Statements could affect our financial condition.</li><li>We currently avail benefits under the EPCG licenses. In order to continuously avail the benefits, we are required to export goods of a defined amount. Any failure in meeting the obligations may make us liable to pay duty proportionate to unfulfilled obligations along with interest.</li><li>We operate in a competitive market, and the scale and resources of some of our competitors may allow them to compete more effectively than we can, which could result in a loss of our market share and a decrease in our net revenues and profitability.</li><li>Our current order book value is not necessarily indicative of future growth. These orders that constitute our current order book could be cancelled, put in abeyance, delayed, or not paid for by our customers, which could adversely affect our financial condition.</li><li>The activities carried out at our manufacturing facilities can cause injury to people or property in certain circumstances.</li><li>One of our Promoter Group entities have entered into a settlement with SEBI with respect to certain past non compliances with respect to disclosure of their holding in a listed company.</li><li>None of our Directors possess experience of being on the board of any listed company.</li><li>Our business depends on the strength of our brand name and reputation. Failure to maintain and enhance our brand value and reputation, including due to negative publicity about us, the "Ecoline" brand may adversely affect our business, reputation, financial condition, results of operations and prospects.</li><li>The Company does not have any similar and comparable listed peer which is involved in same line of business for comparison of performance and therefore, investors must rely on their own examination of accounting ratios of the Company for the purposes of investment in the Offer.</li><li>If we are unable to manage our growth effectively and further expand into new markets our business, future financial performance and results of operations could be materially and adversely affected.</li><li>Industry information included in this Red Herring Prospectus has been derived from an industry report issued by Marketysers Global Consulting LLP dated August 05, 2025 ("Marketysers Report"). There can be no assurance that such third-party statistical, financial and other industry information is complete, reliable or accurate.</li><li>We are subject to the risk of failure of, or a material weakness in, our internal control systems. If the company are unable to establish and maintain an effective information and reporting systems, our business and reputation could be adversely affected.</li><li>Loans availed by Our Company has been secured on guarantees of our promoters.</li><li>While our Company will receive proceeds from the Fresh Issue, it will not receive any proceeds from the Offer for Sale portion, and the Promoter Selling Shareholders, shall be entitled to the Offer Proceeds to the extent of the Equity Shares offered by them in the Offer for Sale.</li><li>We are dependent on our Promoters, our senior management and other key personnel, and the loss of, or our inability to attract or retain, such persons could affect our business, results of operations, financial condition and cash flows.</li><li>Any Penalty or demand raised by statutory authorities in future will affect our financial position of the Company.</li><li>We have in the past entered into related party transactions and may continue to do so in the future.</li><li>We have not entered into any definitive arrangements to utilize certain portions of the Net Proceeds of the offer. Our funding requirements and deployment of the Net Proceeds of the Offer are based on management estimates and have not been independently appraised.</li><li>The average cost of acquisition of Equity Shares by our Promoters, could be lower than the Offer price.</li><li>We could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect our financial condition, results of operations and reputation.</li><li>Fraud, theft, employee negligence or similar incidents may adversely affect our results of operations and financial condition.</li><li>Under-utilization of our manufacturing facilities may have an adverse effect on our business and future financial performance. Moreover, information relating to capacity utilization of our production facilities included in this Red Herring Prospectus is based on certain assumptions and has been subjected to rounding off, and future production and capacity utilization may vary.</li><li>An inability to comply with repayment and other covenants in the financing agreements or otherwise meet our debt servicing obligations could adversely affect our business, financial condition, cash flows.</li><li>Excessive dependence on State Bank of India in respect of Loan facilities obtained by our Company.</li><li>We are subject to certain restrictive covenants in debt facilities provided to us by our lenders.</li><li>Our ability to pay any dividends will depend upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.</li><li>Our Promoter and the Promoter Group will jointly continue to retain majority shareholding in our Company after the offer, which will allow them to determine the outcome of the matters requiring the approval of shareholders.</li><li>Any future issuance of our Equity Shares may dilute prospective investors' shareholding, and sales of our Equity Shares by our major shareholders may adversely affect the trading price of our Equity Shares.</li><li>The Offer price of our Equity Shares may not be indicative of the market price of our Equity Shares after the Offer and the market price of our Equity Shares may decline below the Offer Price and you may not be able to sell your Equity Shares at or above the Offer Price.</li><li>We cannot guarantee the accuracy or completeness of facts and other statistics with respect to India, the Indian economy and industry in which we operate contained in the Red Herring Prospectus.</li><li>There is no guarantee that the Equity Shares issued pursuant to the Offer will be listed on the SME Platform of NSE in a timely manner or at all.</li><li>Certain data mentioned in this Red Herring Prospectus has not been independently verified.</li><li>Any of the Bidders are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid.</li></ul>

The Issue type of Ecoline Exim Ltd is Book Building - SME.

The minimum application for shares of Ecoline Exim Ltd is 2000.

The total shares issue of Ecoline Exim Ltd is 5420000.

Initial public offer of 54,20,000 equity shares of face value of Rs. 10/- each (the "Equity Shares") of Ecoline Exim Limited ("the Company" or "the Issuer") at an offer price of Rs. 141 per equity share for cash, aggregating up to Rs.76.42 crores ("Public Offer") comprising of a fresh issue of 43,40,000 equity shares aggregating to Rs. 61.19 crores (the "Fresh Issue") and an offer for sale of 10,80,000 equity shares by the promoter selling shareholders ("Offer for Sale") aggregating to Rs. 15.23 crores comprising; 2,50,000 equity shares aggregating up to Rs.3.53 crores by Sudarshan Saraogi; 2,50,000 equity shares aggregating up to Rs.3.53 crores by Saurabh Saraogi; 1,65,000 equity shares aggregating Rs.2.33 crores by Shradha Saraogi, 1,65,000 equity shares aggregating Rs. 2.33 crores by Gunjal Saraogi and 2,50,000 equity shares aggregating up to Rs.3.53 crores by S.L. Commercial Private Limited (Collectively Refferd as "Promoter Selling Shareholders") out of which 2,72,000 equity shares of face value of Rs. 10/- each, at an offer price of Rs.141 per equity share for cash, aggregating Rs. 3.84 crores will be reserved for subscription by the market maker to the offer (the "Market Maker Reservation Portion"). The public offer less market maker reservation portion i.e. offer of 51,48,000 equity shares of face value of Rs. 10/- each, at an offer price of Rs. 141 per equity share for cash, aggregating upto Rs. 72.59 crores is herein after referred to as the "Net Offer". The public offer and net offer will constitute 26.42 % and 25.09 % respectively of the post- offer paid-up equity share capital of the company. Price Band: Rs. 141/- for equity share of face value of Rs. 10 each. The floor price is 14.10 times times the face value of the face value of the equity shares. Bids can made for a minimum of 1,000 equity shares and in multiples of 1,000 equity shares thereafter.