Question 1: What is the overview of the Company?

Aten Papers & Foam Limited (APFL), established in 2019 and based in Ahmedabad, Gujarat, specializes in the trading of various paper products, including Kraft paper and duplex board. The company plays a significant role in the recycling industry by managing the collection, segregation, purification, and baling of waste paper, which it supplies to paper mills.

APFL emphasizes sustainability by producing recyclable and renewable products that serve diverse purposes, such as packaging, hygiene, and business documentation. Its vision focuses on redefining the paper trading industry through innovation, sustainability, and excellence, while its mission upholds a legacy of quality, integrity, and innovation.

Headquartered in Ahmedabad, Gujarat, India, the company primarily operates within the Indian market, focusing on the trading of paper products. Its business model includes waste paper collection, segregation, and supply to paper mills, contributing to the circular economy.

Regarding city expansion, while APFL is based in Ahmedabad, its operations likely extend to multiple cities where demand for packaging materials and recycled paper products is high. The company may be targeting industrial hubs and regions with a strong presence of manufacturing and logistics businesses, as these sectors heavily rely on paper-based packaging solutions. Expansion into other cities would depend on market demand, supply chain efficiency, and sustainability initiatives aligned with its business model.

Product wise Revenue Breakup:

State wise Revenue Breakup:

Question 2: Who are the Promoters of the company?

Mr. Mohamed Arif Lakhani serves as the Managing Director and Chairman of the company. Despite not completing his secondary education, his strong entrepreneurial spirit led him to establish a career in the wastepaper trading business in 2002. Over the years, he steadily expanded his ventures until 2013. Currently, he oversees marketing, business development, and the formulation, planning, and implementation of business strategies for the company.

Mrs. Amrin Lakhani is the Non-Executive Director of the company. Recognized for her dynamism, self-motivation, and vision, she has played a crucial role in the company’s growth. Although she did not complete her secondary education, her passion and dedication have significantly contributed to the company’s success. She also holds directorships in Alen Packaging Private Limited and Aten Retail MV Limited.

Mr. Zuned Lakhani is the Executive Director of the company. Having completed his secondary education, he brings approximately 15 years of experience in the paper industry. He is currently responsible for managing the Logistics Department of the company.

Quesiton 3: How company performed in the past?

Question 4: How much money is the company raising and why?

In the IPO, the company is offering 33 Lakh shares, priced at INR 91-96 per share, aggregating to total of INR 31.68 Cr, with a lot size of 1200 shares. For the purpose of:

Funding the Capital Expenditure towards setting up Waste Paper Processing Units- INR 4.25 Cr.

To Meet Working Capital requirements – INR 15.50 Cr.

General Corporate Purposes – INR 11.93 Cr.

Question 5: Valuation of the company and comparison with other companies

As per RHP, there is no listed peer of the company.

Strengths:

1. Experienced Leadership – The company benefits from the entrepreneurial expertise of its promoters, who have decades of experience in the paper trading and recycling industry.
2. Sustainable Business Model – APFL plays a key role in the recycling industry by collecting and supplying waste paper to mills, contributing to environmental sustainability.
3. Diverse Product Portfolio – The company deals in a variety of paper products, including Kraft paper and duplex boards, catering to multiple industries such as packaging and hygiene.
4. Growing Industry Demand – With increasing awareness of sustainable packaging and eco-friendly products, the demand for recycled paper is expected to grow, benefiting the company.
5. Strategic Market Presence – Headquartered in Ahmedabad, Gujarat, the company operates in an industrial hub, giving it access to strong logistics and supply chain networks.

Weaknesses:

1. Limited Educational Background of Promoters – The key management team lacks formal higher education, which may impact strategic decision-making and adoption of advanced financial or operational practices.
2. High Dependence on Recycling Industry – The company’s operations are largely reliant on the paper recycling industry, making it vulnerable to fluctuations in raw material availability and government regulations on waste management.
3. Competition in the Market – The paper trading industry is highly competitive, with numerous small and large players operating in the market, which can impact profit margins.
4. Geographical Concentration – While the company is based in Ahmedabad, its expansion to other regions is not well-documented, potentially limiting its market reach.
5. Regulatory and Environmental Risks – Changes in government policies on waste management, recycling, and paper import/export regulations could affect business operations and profitability.

Registrar and Transfer Agent (RTA):

• Name: Skyline Financial Services Private Limited​
• Address: D-153 A, 1st Floor, Okhla Industrial Area, Phase-I, New Delhi – 110 020​
• Telephone: 011-26812682, 011-26812683, 011-40450193
• Fax: 011-30857562​panjon.in
• Email: admin@skylinerta.com​
• Website: www.skylinerta.com​

Skyline Financial Services Private Limited is responsible for managing the company’s share registry, including handling share transfers, maintaining shareholder records, and assisting with various investor-related services. Their office hours are Monday to Friday, from 10 AM to 6 PM.

Corporate Address Information:

• Corporate Identification Number (CIN): U21099GJ2019PLC105921​
• Legal Entity Identifier (LEI): 335800P75WXJ6GRRIB75​
• Registered Office Address: Block A, 102/A, First Floor, Tirmizi Heights, Opposite Bombay Housing Colony, Near Kirtikunj Society, Ahmedabad, Gujarat, 380028, India ​

Frequently Asked Questions (FAQs) – Aten Papers & Foam IPO

1. What is Aten Papers & Foam Limited?

Aten Papers & Foam Limited is a company engaged in the trading of paper products such as Kraft paper and duplex boards. It also operates in the wastepaper recycling sector by collecting and supplying wastepaper to mills.

2. Who are the promoters of the company?

The company is promoted by Mr. Mohamed Arif Lakhani (Managing Director & Chairman) and Mrs. Amrin Lakhani (Non-Executive Director), who collectively hold a majority stake in the company.

3. When was Aten Papers & Foam Limited incorporated?

The company was incorporated on January 7, 2019, as a private limited company and later converted into a public limited company on May 16, 2024.

4. What is the business model of Aten Papers & Foam?

The company primarily operates in the paper trading and recycling business, supplying various paper products to industries and contributing to sustainability by processing wastepaper.

5. What are the strengths of Aten Papers & Foam Limited?

• Experienced leadership with industry expertise
• Strong presence in the Gujarat market
• Sustainable business model in the recycling sector
• Growing demand for recycled paper and packaging materials

6. What are the weaknesses of the company?

• Dependence on the recycling industry and raw material availability
• Intense competition in the paper trading sector
• Geographical concentration with limited presence outside Gujarat

7. What are the details of the Aten Papers & Foam IPO?

• IPO Opening Date: March 28, 2025
• IPO Closing Date: April 2, 2025
• Issue Size: ₹22.19 crore
• Price Band: ₹91 to ₹96 per share
• Listing Date: April 7, 2025
• Exchange: BSE SME

8. Who is the registrar for the Aten Papers & Foam IPO?

The Registrar and Transfer Agent (RTA) for the IPO is Skyline Financial Services Private Limited.

9. How can I apply for the Aten Papers & Foam IPO?

Investors can apply for the IPO through their Demat account via ASBA (Application Supported by Blocked Amount) or through UPI-supported online platforms.

10. Where will the Aten Papers & Foam shares be listed?

The shares will be listed on the BSE SME (Small and Medium Enterprises) platform.