S.K. Offset Ltd is set to bring its initial public offer, or IPO, to the market on September 23, 2026. The issue will close on September 25, 2026. The company plans to raise up to ₹29.06 crore through a fresh issue of 23.25 lakh equity shares. The shares are set for a BSE SME listing, with the tentative listing date set for September 30, 2026.
The price band is fixed at ₹119 to ₹125 per share. The face value of each share is ₹10. The issue has no offer-for-sale part, so the full issue proceeds will go to the company, subject to issue costs and the stated use of funds. This gives the IPO a direct role in the company’s future expansion and working capital needs.
What Does S.K. Offset Do?
S.K. Offset is based in Meerut, Uttar Pradesh. The company works in printing and packaging solutions. Its business covers offset printing, labels, promotional material and packaging products such as mono cartons and master cartons.
The company has built an integrated business model, with several activities under one setup. It serves customers across different parts of India, while Uttar Pradesh remains a major market for the company.
The business has seen a sharp rise in sales over the last few financial years. Revenue rose from ₹21.53 crore in FY24 to ₹48.20 crore in FY25. It then rose further to ₹66.67 crore in FY26.
Revenue Rises Sharply
The financial numbers are one of the key points of the S.K. Offset IPO story.
The company had revenue of ₹21.53 crore in FY24. This rose to ₹48.20 crore in FY25 and reached ₹66.67 crore in FY26. In simple terms, revenue more than tripled in two years.
Profit also saw a strong rise. Profit after tax stood at ₹0.72 crore in FY24. It rose to ₹1.54 crore in FY25 and then reached ₹7.48 crore in FY26.
This means the company did not just post higher sales. Its profit also rose at a much faster pace. The PAT margin rose from 3.09% in FY24 to 3.17% in FY25 and then to 11.16% in FY26.
Other financial data also shows a sharp rise in EBITDA. EBITDA stood at ₹1.16 crore in FY24, ₹5.61 crore in FY25 and ₹14.18 crore in FY26. The FY26 EBITDA margin stood at 21.27%.
IPO Price and Minimum Application
The S.K. Offset IPO price band is ₹119 to ₹125 per share. The lot size is 1,000 shares. However, retail investors need to apply for at least two lots. This means the minimum retail application is for 2,000 shares.
At the upper price of ₹125, a two-lot application requires ₹2.50 lakh. At the lower price of ₹119, the same two lots would cost ₹2.38 lakh.
For small HNI investors, the minimum application is three lots, or 3,000 shares. At ₹125 per share, this comes to ₹3.75 lakh. The issue also has a separate category for larger HNI applications.
The minimum amount is therefore higher than that of a normal mainboard IPO. This is an important point for retail investors who look at SME issues.
Where Will the IPO Money Go?
A large part of the IPO proceeds will go toward working capital. The company plans to use ₹18.66 crore for its incremental working capital needs.
Another ₹2.11 crore is meant for capital expenditure for the purchase of plant and machinery at Meerut. The balance will support general corporate purposes and issue-related needs.
The planned use of funds shows that the company wants to support its existing business as well as add new capacity. Working capital is especially important for a business where raw material purchases, production and customer payments can create a gap in cash flow.
Customer Concentration Is a Key Risk
One area that needs close attention is customer concentration.
As per the company details cited in the IPO coverage, its top 10 customers accounted for 86.14% of FY26 revenue. This is a high share. It means a small group of customers has a major role in total sales.
The company also relies on purchase orders rather than long-term contracts for its business. A loss of a large customer, a lower order volume or a delay in new orders could affect revenue and cash flow.
This does not mean such an event will happen. It simply shows why customer concentration matters when investors assess the company’s future sales.
Uttar Pradesh Has a Major Share
The company also has a high level of geographic concentration. Around 69.43% of FY26 revenue came from Uttar Pradesh.
A strong presence in one state can help a company build local relationships and reduce certain operating challenges. At the same time, it can also create a risk if demand from that region slows.
The company may need to expand its customer base across more regions as it grows. A wider market base could reduce its dependence on one state and a small set of customers.
Debt and Balance Sheet Need Attention
The balance sheet also deserves close review.
The earlier financial data shows liabilities of ₹61.98 crore against equity of ₹19.78 crore in FY26. This points to a debt-heavy balance sheet and makes cash flow an important factor for the business.
Some IPO data sources show FY26 debt-to-equity at 1.75x, while the figures cited in the DRHP-based coverage point to a higher overall liability-to-equity level. These figures use different definitions, so investors should refer to the RHP for the exact debt and liability classification before making a decision.
The rise in profit is positive from a financial perspective, but the company still needs enough cash to support its daily operations and planned growth.
Compliance History Also Matters
The IPO documents also disclose certain delays related to statutory payments and filings. These include matters related to GST, TDS, EPF, ESIC and ROC filings.
Such disclosures do not by themselves decide the future of a company. However, they are part of the risk profile that investors should read before an IPO application.
For an SME company, corporate governance, statutory compliance and financial discipline can have a strong effect on investor confidence after listing.
Valuation at the Upper Price
At the upper price of ₹125, S.K. Offset has a reported price-to-earnings ratio of about 12.94 times based on its FY26 annualised profit. The reported market capitalisation at this price is about ₹96.79 crore.
The company reported FY26 revenue of ₹66.67 crore and PAT of ₹7.48 crore. Its reported ROE is 37.82%, while ROCE stands at 22.91%. The reported P/BV ratio is 1.98 times.
These numbers show why the IPO has drawn attention. At the same time, investors should not look at valuation alone. The customer base, debt, cash flow, leased facilities and future order flow also matter.
Final View on the IPO
S.K. Offset enters the IPO market with strong recent growth in revenue and profit. Revenue rose from ₹21.53 crore in FY24 to ₹66.67 crore in FY26, while PAT rose from ₹0.72 crore to ₹7.48 crore over the same period.
The IPO will raise ₹29.06 crore, with ₹18.66 crore set for working capital and ₹2.11 crore for plant and machinery at Meerut. The issue opens on September 23 and closes on September 25, with a BSE SME listing planned for September 30.
At the same time, investors need to study the risks with equal care. High customer concentration, a large share of revenue from Uttar Pradesh, working capital needs, balance sheet leverage, leased facilities and past compliance delays are important factors.
The IPO therefore offers a clear mix of strong recent financial growth and several areas that need close review. The RHP, financial statements, debt details and issue-use disclosures should be read in full before any investment decision.
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