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ICICI Prudential Asset Management Company has informed about Intimation regarding proposed sale of equity shares of the company by one of the promoters, Prudential Corporation Holdings Limited, to divest a part of its shareholding in the open market for complying with minimum public shareholding.

The above information is a part of company’s filings submitted to BSE.

S. K. Offset

• S. K. Offset is coming out with an initial public offering (IPO) of 23,25,000 shares in a price band of Rs 119-125 per equity share.
• The issue will open for subscription on September 23, 2026 and will close on September 25, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 11.90 times of its face value on the lower side and 12.50 times on the higher side.
• Book running lead manager to the issue is Comfort Securities.
• Compliance officer for the issue is Tripti Vats.

Profile of the company

The company is engaged in the business of printing and packaging solutions. The business originally started with offset printing operations, which are commonly used for medium- to large-scale print production. Offset printing is a conventional printing process in which ink is transferred from plates onto paper or other surfaces. This method is generally used for items such as text books, brochures, catalogues, stationery, pamphlets, business forms, marketing materials, and other commercial print requirements where uniformity and bulk production are involved. Over the time, the business added labelling and promotional printing activities to its operations. This area includes the printing of stickers, labels, barcodes, and related materials that are commonly used for product identification, packaging information, branding, and promotional communication. Label printing may include adhesive labels and product stickers produced in different sizes, formats, and finishes depending on application.

In recent years, the business expanded into in-house packaging solutions by acquiring new machines. This segment includes designing and printing cartons, boxes, and other packaging-related materials used for product storage, transport, display, and branding purposes across different sectors. Packaging work may involve printed outer boxes, folding cartons, mono cartons, and customized packaging formats depending on client requirements. As part of this segment, digital design services are also available for packaging artwork, layout preparation, colour formatting, and print-ready file development.

The company operates as an integrated provider of printing and packaging solutions, offering products such as offset printing of books, mono cartons, labels, master cartons. Its operations include printing, designing, graphics, lithography, and publication of general books, technical books, children’s books, textbooks, magazines, journals, and other materials. The company is also involved in trading, importing, and exporting printing and packaging related materials including paper, paperboard, foils, ink etc.

Proceed is being used for:

• Funding the capital expenditure towards purchase of plant and machinery
• Funding incremental working capital requirements of the company
• General corporate purpose

Industry overview

The Indian printing and packaging industry is an integral part of the country’s manufacturing and consumption ecosystem, supporting a wide range of end-use sectors including FMCG, pharmaceuticals, food processing, ecommerce, and consumer goods. The industry is undergoing a gradual shift toward organized operations, higher value-added packaging formats, and compliance-driven production, driven by evolving consumer preferences, branding requirements, and regulatory standards.

The Indian printing segment is estimated at $56.80 billion in 2025 and is projected to grow to $86.15 billion by 2035, reflecting a CAGR of 4.25% over the decade. Growth is driven by rising demand for marketing materials, catalogues, brochures, and corporate communications, coupled with increased adoption of digital printing technologies that enable faster turnaround, customization, and cost efficiency. Additionally, expansion of organized retail, e-commerce, and corporate branding initiatives is expected to support steady demand for highquality printed materials in both domestic and export markets.

The Indian printing and packaging industry is expected to witness sustained growth and structural transformation over the medium to long term, supported by rising demand from FMCG, pharmaceuticals, food & beverages, ecommerce, and consumer goods sectors. Rapid urbanisation, changing consumption patterns, and increasing focus on branding and product differentiation are driving higher demand for printed packaging, labels, cartons, and flexible packaging solutions. The continued shift from unorganized to organized retail, coupled with the expansion of e-commerce and last-mile delivery networks, is further strengthening demand for durable, high-quality, and visually appealing packaging formats.

Pros and strengths

In-House operational structure: The company handles most activities internally, including design, pre-press preparation, printing, finishing, packaging, and final delivery. Managing these processes within the organization reduces dependence on third party vendors and provides greater control over production scheduling and workflow management. It also allows better coordination between different stages of production, helping reduce delays, communication gaps, and operational inefficiencies. Since activities are closely monitored at each stage, the company can maintain consistency in output quality, manage timelines more effectively, and respond to customer requirements in a more structured manner.

Presence across multiple industries: The company caters to multiple industries such as publishing, FMCG, pharmaceuticals, packaging, and other commercial sectors, which provides a diversified business base. Serving customers across different industries reduces dependence on any single customer segment or market category, thereby lowering concentration risk. Demand conditions often vary across industries, and this diversified presence helps the company maintain business continuity even if one particular sector experiences slower growth or reduced demand. It also allows the company to utilize its production capabilities across a wider range of products and customer requirements. In addition, working with clients from different industries helps the company maintain a broader market presence and creates opportunities to secure repeat and cross-sector business over time.

Relationships with clients and suppliers: The company has developed long-standing relationships with both clients and suppliers, which play an important role in supporting its day-to-day operations and overall business continuity. These relationships have been built through consistent business engagements, operational coordination, and repeat transactions over time. The promoters are actively involved in sales and marketing activities and continue to oversee and maintain these associations closely. Stable relationships with suppliers help ensure timely procurement of raw materials and smoother execution of production activities, while ongoing engagement with customers supports repeat business and operational visibility. Such business relationships contribute to continuity in operations and support the company’s future growth and market presence.

Risks and concerns

Significant revenue dependence on top 10 customers: A considerable portion of its revenue is derived from a limited number of key customers, making its business partially dependent on their continued association. Revenue generated from its top 10 customers accounted for 86.14%, 78.61%, and 81.56%, of its revenue from operations during the Fiscals 2026, 2025 and 2024, respectively. Any decline in orders, delays, cancellations, inability to negotiate favorable terms, or the loss of a major customer could have a material adverse impact on its financial condition, operational performance and future growth prospects. Additionally, it does not have firm commitment in the form of long-term supply agreements with its customers, and the company has not entered into any long-term agreements with any of its top 10 customers. 

Business is dependent on a limited number of key suppliers: The company is significantly dependent on a limited number of suppliers for the procurement of raw materials required for manufacturing printing, packaging & labelling products such as paper and paperboard, inks, adhesives, foils, films and other consumables from third-party suppliers. Purchases from its top 10 suppliers accounted for 65.59%, 55.47%, and 89.71% of its total purchases during the Fiscals 2026, 2025 and 2024, respectively. Any disruption, delay, or termination of business relationships with one or more of these key suppliers could adversely affect its ability to maintain inventory levels, fulfill customer demand, and operate efficiently. Factors such as changes in pricing terms, credit arrangements, supply chain disruptions, operational constraints, capacity limitations, quality issues, regulatory restrictions, logistical challenges, geopolitical developments, or other unforeseen circumstances beyond control from these suppliers could have a material adverse impact on its business operations, profitability, and financial condition

Business is geographically concentrated in Uttar Pradesh: The company derives a significant portion of its revenue from operations in one state i.e., Uttar Pradesh. Revenue generated from Uttar Pradesh constituted around 69.43% for FY 2025-26, 89.97% for FY 2024-25 and 89.41% for FY 2023- 24, while the remaining portion was derived from other states. Any adverse developments affecting this state, including changes in economic conditions, regulatory environment, political stability, or market demand, could have an adverse impact on the company’s revenue, results of operations, and financial condition.

Outlook

S. K. Offset, incorporated in 2007, is an India-based printing and packaging solutions company primarily engaged in offset printing and value-added print applications. The Company serves a diversified customer base spanning FMCG, pharmaceuticals, consumer goods, corporates, institutional clients, and the education segment, delivering high-quality printed products in line with customer specifications and applicable regulatory requirements. On the concern side, its operations are dependent on third-party transportation and logistics service providers for the transportation of raw material, import of printing machines or delivery of finished goods to its customers. Neither it owns or operates its transportation fleet nor it has any long-term agreements with any logistic service provider. It relies on external logistics providers, many of whom operate in the unorganized sector and are engaged on a non-exclusive and short-term basis. Any disruption in logistics operations or increase in freight costs could adversely affect its business.

The company is coming out with a maiden IPO of 23,25,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 119-125 per equity share. The aggregate size of the offer is around Rs 27.67 crore to Rs 29.06 crore based on lower and upper price band respectively. On performance front, revenue from operations increased from Rs 4,820.34 lakh in Fiscal 2025 to Rs 6,667.29 lakh in the Fiscal 2026, representing a growth of 38.32%. Profit for the period in Fiscal 2026 increased to Rs 747.96 lakh, compared to Rs 154.41 lakh in Fiscal 2025.

Meanwhile, the company’s business strategy is focused on strengthening its position as an integrated mid-scale packaging and printing solutions provider. Over the years, the business has gradually evolved from conventional printing activities toward value-added packaging products, supported by investments in technology, process improvement, and customer diversification. The strategic direction of the company is aligned with broader industry trends, including the increasing shift from traditional print products to packaging applications, rising demand for premium and compliant packaging solutions, and growing opportunities in organised domestic and export markets. The company aims to enhance operational scale while maintaining a balanced and disciplined approach to capital allocation and expansion.

Nifty September 2026 futures closed at 23380.00 (LTP) on Friday, at a premium of 33.60 points over spot closing of 23346.40, while Nifty October 2026 futures ended at 23480.00 (LTP), at a premium of 133.60 points over spot closing. Nifty September futures saw an addition of 52 units, taking the total open interest (Contracts) to 2,71,852 units. The near month derivatives contract will expire on September 29, 2026. (Provisional)

From the most active contracts, HDFC Bank September 2026 futures traded at a premium of 0.45 points at 731.45 (LTP) compared with spot closing of 731.00. The numbers of contracts traded were 56,174. (Provisional) 

Tata Consultancy Services September 2026 futures traded at a discount of 10.00 points at 2095.00 (LTP) compared with spot closing of 2105.00. The numbers of contracts traded were 30,806. (Provisional) 

Infosys September 2026 futures traded at a discount of 5.70 points at 1045.70 (LTP) compared with spot closing of 1051.40. The numbers of contracts traded were 25,998. (Provisional) 

Bharti Airtel September 2026 futures traded at a discount of 37.30 points at 1856.00 (LTP) compared with spot closing of 1893.30. The numbers of contracts traded were 21,260. (Provisional) 

Reliance Industries September 2026 futures traded at a premium of 15.60 points at 1242.00 (LTP) compared with spot closing of 1226.40. The numbers of contracts traded were 20,685. (Provisional)

FX Multitech

• FX Multitech is coming out with an initial public offering (IPO) of 39,00,000 shares in a price band of Rs 110 - 116 per equity share.
• The issue will open for subscription on September 21, 2026 and will close on September 23, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 11.00 times of its face value on the lower side and 11.60 times on the higher side.
• Book running lead manager to the issue is Oneview Corporate Advisors.
• Compliance officer for the issue is Mauli Rushil Mehta.

Profile of the company

FX Multitech is engaged in the distribution and export of a comprehensive portfolio of engineering products, with a primary focus on the refrigeration and HVAC (Heating, Ventilation, and Air Conditioning) industries. Over the years it has established itself as a reliable partner for industrial and commercial customers by offering technologically advanced products that cater to diverse applications requirements across the refrigeration and HVAC value chain. Its product range includes, but is not limited to, Hermetic Compressors, Industrial Refrigeration Controls, Variable Frequency Drives and Automation, Specialized Components & Tools, Refrigeration & Air-Conditioning Controls, Heat Exchangers, Cold Room Evaporators, and Refrigerants and Ancillary Products.

Its product strategy is focused on providing a comprehensive range of high-quality products to meet the needs of customers in the HVAC (Heating, Ventilation, and Air Conditioning) and industrial refrigeration sectors. As a distributor, it sources and supplies technologically advanced products from globally recognized manufacturers, ensuring that its customers receive the solutions for their specific requirements. By offering products that meet international standards of performance, reliability, and energy efficiency, it caters to a broad spectrum of industrial and commercial applications. Its emphasis is on providing reliable, energy-efficient, and cost-effective products, allowing its customers to optimize their operations while adhering to industry standards. Its ability to source products from global manufacturers allows it to meet the evolving needs of its customers in an ever-changing market, in the HVAC and industrial refrigeration industries.

Its suppliers include Danfoss Industries, Transfer Oil S.P.A., Quang Thang Mechanics and Refrigeration Company, KuzuFlex Metal San Ve Tic. A.S., Testo India, Refco Manufacturing, US HVAC & Weld Tools and Honeywell Automation India, among others. The company headquartered in Ahmedabad, Gujarat and has established a domestic presence through its warehouses located in Hyderabad, Thane, Kolkata and Bangalore. This multi-city operational network enables it to efficiently serve a diverse customers base across India, ensuring timely product delivery, technical support and effective after-sales service. In addition to its domestic footprint, it has been expanding its international reach through exports, thereby strengthening its position as a global supplier of engineering components for refrigeration and HVAC applications.

Proceed is being used for:

• Repayment/pre-payment, in full or part, of certain borrowings availed by the company
• Investment in its subsidiary namely Everestt Chillers Private Limited for purchase of machineries
• Funding of working capital requirements
• General corporate purposes 

Industry overview

The Indian HVAC industry has evolved from a discretionary urban utility to a nationwide necessity, spanning residential, commercial, and industrial sectors. Valued at $11.74 billion in 2024, it is projected to reach $52.18 billion by 2034 (CAGR 16.09%), driven by urbanization, green building mandates, data centers, climate adaptation, and infrastructure projects including Smart Cities, metros, airports, and healthcare facilities. Energy efficient, IoT-enabled, and performance-linked centralized HVAC systems are increasingly preferred, aligning with global climate-conscious standards. The Indian industrial refrigeration market, estimated at USD 1.50 billion in 2024 and projected to reach USD 3.49 billion by 2034 (CAGR 8.82%), is becoming critical for food security, pharma integrity, and agribusiness competitiveness. Growth is fueled by cold-chain demand across food processing, dairy, horticulture, seafood, QSRs, and vaccine logistics.

The Indian chiller market is estimated at $0.51 billion in 2024, growing to $0.94 billion by 2034 (CAGR 6.32%), outpacing global growth. Key segments include commercial real estate (IT parks, airports, hospitals, malls), industrial process cooling (plastics, chemicals, concrete, heavy manufacturing), and F&B (dairies, breweries, cold chain facilities). Regulatory drivers such as BEE efficiency norms and Kigali-compliant refrigerant transitions, combined with policy catalysts like the Smart Cities Mission and industrial corridor development, are shaping the market. 

The HVAC and Industrial Refrigeration industries are undergoing structural expansion, driven by rapid urbanization, climate imperatives, and rising demand for energy-efficient infrastructure. Globally, the HVAC market is projected to grow from $206.28 billion in 2024 to $342.87 billion by 2034, at a CAGR of 5.14%, with the chiller market rising from $11.32 billion to $16.32 billion (CAGR 4.24%) and the water chiller segment from $7.99 billion to $12.02 billion (CAGR 4.17%). India is expected to outpace global growth, with the HVAC market expanding from $11.74 billion in 2024 to $52.18 billion by 2034 (CAGR 16.09%) and the domestic chiller market increasing from $0.51 billion to $0.94 billion (CAGR 6.32%). Future demand will be led by green-certified buildings, data centres, hospitals, airports, metro projects, and smart city infrastructure, with IoT-enabled, AI-driven predictive maintenance systems becoming standard, enhancing efficiency and lifecycle cost optimization. 

Pros and strengths

Relationship with global supplier: The company has established cordial relationships with its suppliers across Europe and Asia in the HVAC and Industrial Refrigeration Industry. Its relationship with these suppliers enables it to source a diverse range of products and components and offer products to its customers, benefit from technological innovation, and maintain a competitive edge in the Indian market. The reputation of the global supplier further enhances its credibility with its customers and strengthens its reputation in the market. 

Wide and established distribution network: The company has developed a wide and established distribution network across multiple states in India, through its strategically located warehouses, supported by streamlined logistics operations, enable timely and consistent service levels across all operating regions. The strength of its distribution network enhances its ability to cater to diverse customer segments from large industrial clients to smaller commercial users and supports the scalability and growth of its business operations. 

Diversified product portfolio across multiple Industries: The company offers a diversified products portfolio spanning HVAC, refrigeration, automation, electrical components, and industrial accessories. This wide product range reduces are dependence on a single sector and provides natural hedge against industry-specific demand fluctuations. Its broad product offering enables it serve to cater diverse customer base - ranging from project contractors, distributors and end users thereby enhancing its market reach and strengthening its market resilience. 

Risks and concerns

Dependence on a limited number of suppliers: The company is highly dependent on a limited number of suppliers, including a single supplier, for a significant portion of its purchases. It procures all of its products from third party supplier, and certain products are sourced from a limited number of suppliers or, in some cases, single supplier. Its purchase orders are placed on a requirement basis and are not governed by long-term supply agreements. The company has historically relied on a single supplier for purchase of products. Purchases from the single supplier were 73.96% in FY 2023-24, 71.39% in FY 2024-25 and 74.11% in FY 2025-26. Any delays or disruptions or failure by its suppliers to supply materials in a timely manner could adversely affect its ability to deliver products to its customers. Such disruptions may arise due to suppliers’ operational constraints, failure to adhere to agreed timelines, inability to obtain or comply with regulatory approvals, or other unforeseen circumstances beyond its control. 

Geographical concentration of revenue in certain regions: The company derives a significant portion of its revenue from operations in certain geographical regions. Any adverse developments affecting these regions, including changes in economic conditions, regulatory environment, political stability, or market demand, could have an adverse impact on the company’s revenue, results of operations, and financial condition. The company generated major of its sale from five states viz. Gujarat, Tamil Nadu, Karnataka, Telangana and Maharashtra. The large portion of its sales was contributed from top three states, for the FY 2025-26 it was 77.92%, FY 2024 25 it was 81.85% and for the FY 23-24 the contribution of three states was 78.92%. Such geographical concentration of its business in these states heightens its exposure to adverse developments related to competition, as well as economic and demographic changes in these regions and countries which may adversely affect its business prospects, financial conditions and results of operations.

Exposure to customer credit and collection risk: In the ordinary course of its business, it extends credit to its customers for certain periods in respect of the sale of its products. As a result, it is exposed to the risk of delayed receipt or non-receipt of outstanding amounts. Such delays or defaults may arise due to customer’s financial difficulties, disputes over product quality or services, operational or administrative delays on the part of customers, changes in their business strategies, or other factors beyond its control. While it has implemented a credit policy to manage and mitigate these risks, with its standard credit period being 180 days, there can be no assurance that its customers will adhere to the agreed credit terms. Further, its credit evaluation and monitoring processes may not always be sufficient to prevent delayed payments or defaults, especially in cases involving new customers, large orders, or customers experiencing financial stress. As a result, any inability to collect receivables from its customers in a timely manner, or at all, may materially and adversely affect its business, financial condition, cash flows, and results of operations. 

Outlook

FX Multitech is engaged in distribution and export of high quality Engineering Products. It offers a diversified products portfolio spanning HVAC, refrigeration, automation, electrical components, and industrial accessories. This wide product range reduces are dependence on a single sector and provides natural hedge against industry-specific demand fluctuations. On the concern side, the company is reliant on the demand from the HVAC & Industrial Refrigeration industry for a significant portion of its revenue. Any downturn in the industry or an inability to increase or effectively manage its sales could have an adverse impact on the company’s business and results of operations.

The company is coming out with a maiden IPO of 39,00,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 110 - 116 per equity share. The aggregate size of the offer is around Rs 42.90 crore to Rs 45.24 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 23.66% from Rs 10,200.60 lakh in Fiscal 2025 to Rs 12,613.93 lakh in Fiscal 2026. Profit after tax increased 26.88% from Rs 953.99 lakh in Fiscal 2025 to Rs 1,210.39 lakh in Fiscal 2026.

Meanwhile, it intends to transition from being primarily a distributor to becoming a value-added technical solutions provider in the HVAC and Industrial Refrigeration Industry, and automation components industry. As part of this strategic shift, it plans to develop in-house capabilities such as application engineering, design support, assembly of sub-systems, and custom technical solutions for OEMs and project contractors. This strategic shift will enable it to offer integrated, higher-margin solutions, strengthen customer loyalty, and differentiate its offerings from standard component trading. Going forward, it plans to further expand its distribution footprint across India by introducing additional regional distributors, authorized dealers, system integrators and institutional partners in high-growth regions. It aims to increase its presence in all regions of the country and growing industrial clusters. This expansion, supported by regional warehouses and improved logistics infrastructure, is expected to improve inventory availability, reduce delivery timeline, and deepen its penetration in Tier-1, Tier-2, and Tier-3 industrial markets.