Kataline IPO
Kataline Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. As of SEBI's report dated 30 October 2026, SEBI has asked the lead manager for clarifications. The draft proposes a fresh issue of up to 43,00,000 shares and an offer for sale of up to 43,00,000 shares by promoters Amit Arvind Thatte and Ketaki Amit Thatte. In FY26 the company made a profit of ₹26.83 crore on revenue of ₹220.58 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI has asked questionsSEBI report, 30 Oct 2026
- SEBI received draft
- 5 Oct 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- InCred Capital Financial Services Limited
- Last SEBI contact
- 28 Oct 2026
- Price band and dates
- Not announced
Where it stands
Kataline IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI5 Oct 2026
- SEBI reviewSEBI has asked questions
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has sought clarifications and is waiting for the lead manager to reply.
SEBI received the draft on 5 October 2026, 32 days ago, and its last communication on the draft was on 28 October 2026 (day count is our calculation).
DRHP at a glance
Kataline DRHP at a glance
Draft red herring prospectus, 30 Sep 2026What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 179) and Risk Factors (p. 30 to 35)Kataline makes and supplies road safety marking products for roads, airports, industry and commercial sites, and also carries out marking projects. Hot-applied thermoplastic marking materials gave 84.82% of FY26 revenue.
It sells through distributors and directly, much of it for government and EPC road projects. The top 10 customers gave 50.49% of FY26 revenue.
Revenue by type, FY26
- Sale of products: 70.27%
- Sale of services: 29.73%
The offer
DRHP cover page and The Offer (p. 77)| Fresh issue | Up to 43,00,000 shares₹ amount set with the price; money goes to the company |
| Offer for sale | Up to 43,00,000 sharesAmit Arvind Thatte 37,30,000 and Ketaki Amit Thatte 5,70,000; average cost ₹0.34 a share |
| Shares before the IPO | 2,74,05,000The fresh issue and the offer for sale each equal about 15.7% of them (ours) |
| Pre-IPO placement | Amount not setOptional; up to 20% of the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead managers | InCred Capital Financial Services Limited and Ashika Capital Limited |
| Registrar | KFin Technologies Limited |
| Promoters | Amit Arvind Thatte, Ketaki Amit Thatte and Abhishek Amit Thatte |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 108 to 109)| Object | ₹ crore |
|---|---|
| Working capital | 70.00 |
| Upgrading the manufacturing facility | 28.05 |
| Project execution equipment | 9.02 |
| General corporate purposes (set later, up to 25% of the gross proceeds) |
Amounts are what the net proceeds will fund. The named objects add to ₹107.06 crore (our sum, from ₹ lakh). The offer for sale money goes to the selling promoters, not the company.
Financials
DRHP, Summary of Financial Information (p. 79 to 83) and Basis for Offer Price, KPIs (p. 126 to 129), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 156.28 | 158.93 | 220.58 |
| EBITDA | 23.70 | 24.46 | 36.26 |
| EBITDA margin | 15.17% | 15.39% | 16.44% |
| Profit after tax | 17.56 | 16.65 | 26.83 |
| Diluted EPS (₹) | 6.41 | 6.07 | 9.79 |
| Net worth | 72.11 | 88.70 | 115.54 |
| Cash from operations | 14.87 | 3.74 | 0.20 |
| Return on equity | 27.72% | 20.71% | 26.27% |
| Debt to equity | 0.00 | 0.00 | 0.01 |
Restated figures. Net worth is total equity. Revenue grew about 18.8% a year from FY24 to FY26 (our calculation).
Risks the draft lists first
DRHP, Risk Factors (p. 30 to 35)- One productHot-applied thermoplastic marking materials gave 84.82% of FY26 revenue. (Risk factor 1, p. 30)
- Key customersThe top 10 customers gave 50.49% of FY26 revenue. (Risk factor 2, p. 31)
- Product salesMost revenue comes from making and selling marking products rather than projects. (Risk factor 3, p. 32)
- DistributorsIt depends on distributors, who may end or not renew agreements. (Risk factor 4, p. 33)
- Road projectsIt depends on road and infrastructure projects, many run by government bodies. (Risk factor 5, p. 33)
- No firm contractsDirect customers have no firm commitment to keep buying. (Risk factor 6, p. 35)
Documents
Kataline DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Kataline IPO FAQs
When will the Kataline IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 32 days ago (our calculation).
Has SEBI approved the Kataline IPO?
SEBI has sought clarifications and is waiting for the lead manager to reply. Source: SEBI processing status as on 30 October 2026.
What is the Kataline IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Kataline IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Kataline IPO?
InCred Capital Financial Services Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Kataline do with the IPO money?
According to the DRHP, the fresh issue money goes to working capital (₹70.00 crore), upgrading the manufacturing facility (₹28.05 crore), project execution equipment (₹9.02 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Kataline do?
Kataline makes and supplies road safety marking products for roads, airports, industry and commercial sites, and also carries out marking projects. Hot-applied thermoplastic marking materials gave 84.82% of FY26 revenue.
Where can I read the Kataline DRHP?
On SEBI's website, where the draft red herring prospectus was published on 5 October 2026. The draft is dated 30 September 2026 and runs to 440 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 30 September 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.