‘The IPO is about accelerating our growth journey, not providing an exit to existing shareholders,’ says Ayush Jain, Whole-Time Director, Twinkle Papers Ltd.

As India’s SME IPO market continues to attract strong retail participation, Twinkle Papers Ltd. is looking to leverage its public issue to accelerate expansion and strengthen its presence in the country’s rapidly growing packaging industry. Backed by over three decades of experience, the company believes the timing is right to scale operations amid rising demand from sectors such as FMCG, pharmaceuticals, e-commerce and industrial manufacturing.

In an exclusive conversation with, Ayush Jain, Whole-Time Director, Twinkle Papers Ltd., shared the company’s vision behind the IPO, expansion roadmap, competitive strengths and his outlook on the SME IPO ecosystem.

According to Jain, Twinkle Papers has evolved significantly since its incorporation in 1995. The company began its journey by manufacturing paper cones before diversifying into corrugated boxes, plastic drums and industrial tanks. A major milestone came in 2021 with its entry into the injection moulding business, where it started manufacturing plastic crates and pallets, further expanding its product portfolio.

Jain believes the company’s decision to launch its SME IPO is driven by business fundamentals rather than market sentiment.

“Every company should consider an IPO when it sees sustained business growth, strong opportunities and increasing demand for its products. We believe Twinkle Papers has reached that stage,” he said.

He noted that the Indian packaging industry is witnessing sustained demand across multiple sectors, particularly FMCG, pharmaceuticals, e-commerce and industrial packaging, creating favourable conditions for long-term expansion.

“By accessing the public markets, we aim to strengthen our capital base, improve corporate governance and enhance our brand visibility. Since our IPO is entirely a fresh issue, the proceeds will be invested back into the business rather than providing an exit to existing shareholders. This reflects our long-term expansion strategy,” Jain explained.

A significant portion of the funds raised through the IPO will be directed towards business expansion and strengthening working capital. Jain revealed that the company plans to add a new injection moulding machine, a segment that has emerged as a key growth driver since its introduction four years ago.

“The additional working capital will enable us to procure raw materials more efficiently, manage larger customer orders and improve supply chain flexibility. These investments will enhance our manufacturing capacity, improve operational efficiency and help us enter new customer segments,” he said.

While discussing the company’s competitive positioning, he highlighted Twinkle Papers’ strong regional presence as one of its biggest advantages. He explained that the company identified an underserved market in North India, particularly across Punjab, Delhi-NCR, Himachal Pradesh and Jammu & Kashmir, where larger players had relatively limited penetration.

“Our geographical advantage has been one of our biggest strengths. Today, nearly 88 per cent of our sales come from Punjab. We established ourselves in this region at the right time, and now we intend to build on this strong foundation while expanding further,” he said.

Despite challenges such as volatile raw material prices and increasing sustainability expectations, Mr.Ayush believes the company has successfully maintained profitability through operational discipline and long-standing customer relationships.

“Packaging is an essential requirement for every manufacturing business. Over the last 30 years, we have built strong relationships with our customers by consistently delivering quality products. Even during periods of raw material price volatility, our customers continued to support us because they value reliability and long-term partnerships,” he noted, adding that the company continuously monitors procurement strategies to minimise the impact of fluctuating input costs.

From an investor’s perspective, Jain advised retail participants to look beyond Grey Market Premium (GMP) while evaluating SME IPOs.

“GMP should never be the only factor while investing. Investors should carefully assess a company’s revenue and profit growth, operating margins, return ratios, valuation compared to peers, promoter experience, corporate governance standards, debt levels and the purpose for which the IPO proceeds are being utilised. These indicators provide a much better understanding of a company’s long-term potential,” he said.

Commenting on the broader SME IPO landscape, Jain acknowledged that while investor interest remains strong, a more selective approach is essential.

“The SME IPO market continues to offer attractive long-term opportunities because many companies are operating in high-growth sectors. However, investors should prioritise businesses with strong fundamentals, sustainable profitability and clear expansion strategies rather than focusing only on listing gains,” he observed.

Looking ahead, Ayush expressed confidence that the fresh capital will help Twinkle Papers strengthen its market position over the next three to five years.

“Our focus is on expanding manufacturing capacity, improving operational efficiencies and serving a larger customer base. If we execute our plans with financial discipline, we believe we can deliver sustainable long-term growth. At the same time, India’s manufacturing sector continues to grow steadily, giving us confidence that the SME IPO ecosystem will remain positive in the years ahead,” he concluded.