Xolopak India or XIL, a Pune-based manufacturer in sustainable disposable packaging, has filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge. The company aims to raise funds through an initial public offering (IPO) by issuing up to 52.86 lakh equity shares with a face value of Rs 10 each. Beeline Capital Advisors is acting as the sole Book Running Lead Manager, while Bigshare Services is the Registrar of the issue.

The company indulge in the production of organic disposable cutlery and ice cream sticks and has positioned itself as a key player in the B2B market. The company’s product line includes wooden spoons, forks, knives, sporks, coffee stirrers, chopsticks, and various types of ice cream sticks and spoons. Their manufacturing facility is located in Bhopal, Madhya Pradesh.

The rising demand for eco-friendly alternatives to plastic has driven Xolopak India to expand its production capabilities significantly. The company reported a substantial increase in production capacity, with wooden cutlery production rising from 36.62 per cent in 2022 to 97.75 per cent in 2024. Similarly, the production capacity for ice cream spoons has reached 100 per cent utilisation, up from 37.50 per cent two years ago.

According to the DRHP, Xolopak India plans to utilise Rs 20 crore from the IPO proceeds to acquire equity shares in Atharva Poly-Plast. An additional Rs. 20.17 crore will be used to purchase new machinery for their plant, while the remaining funds will be allocated for general corporate purposes.

The company has shown impressive financial growth, with revenue from operations nearly tripling to Rs 31.47 crore in FY 2023-24, compared to Rs 11.87 crore in the previous fiscal year. Xolopak India also posted a profit of Rs 6.36 crore in FY24, up from Rs 3.48 crore in FY23.