Submarine Pens Limited

Submarine Pens Limited (New IPO): GMP Today,Price,Profit,Review

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Last updated on March 6th, 2026 at 09:01 am

Submarine Pens Limited, founded by Shalin Gandhi in 1995, is a prominent Mumbai-based manufacturer specializing in high-quality writing instruments, including metal, plastic, and rollerball pens. The company primarily operates in the corporate gifting segment and has expanded into unique collections like the NASA, ISRO, and coffee-scented series.

The company filed for an SME IPO and aims to raise funds to setup a new processing unit in Vasai and meeting working capital needs. With a strong financial trajectory, including a revenue of ₹39.4 crore in FY25, Submarine Pens continues to leverage its licensing deals (such as Swissbrand) and innovation to capture the premium stationery market.

Submarine Pens reaches its customers through Archies Gallery, premium A+ stationery shops, and its e-commerce site. With a flagship store at Mumbai Airport (T1), it dominates the corporate gifting sector (80% of revenue) and holds between 10–15% share of India’s premium branded pen market.

Submarine Pens Limited has filed DRHP with SEBI for a proposed IPO with an issue size of 37,02,400 Equity Shares consisting entirely as Fresh Issue of 37,02,400 Equity Shares and no Offer for Sale (OFS).

Subscription date to apply for the IPO is yet to be announced. Price band for the IPO is also pending to be declared.

Check DRHP
Check IPO Allotment
Visit Official Website
Issue Size:37,02,400 Equity Shares
Fresh Issue:37,02,400 Equity Shares
Offer for Sale:₹ 00 Cr
Price Range:TBA
Lot Size:TBA
GMPPending

Submarine Pens Limited important data points

Revenue, PAT, EBITDA

YearFiscal 2025
Networth₹ 9.9 Cr
Revenue:₹ 39.4 Cr
EBITDA₹ 7.4 Cr
PAT₹ 6.1 Cr
EBITDA Margin:~18.81%
PAT Margin~15.58%
Face Value:Rs. 10 per Equity Share

IPO important dates

Open Date:TBA
Close Date:TBA
Anchor Investor BiddingTBA
Allotment Date:TBA
Refunds & Demat CreditTBA
Tentative Listing Date:TBA

Use of Proceeds

PurposeAmount
Borrowing repayment/prepayment~ ₹ 00 Cr
Setting new Assembly unit~ ₹ 9.87 Cr
Working capital requirements~ ₹ 11.00 Cr
General Corporate PurposeBalance

Submarine Pens Limited Financial Data

202320242025
Revenue (₹ Cr)₹ 10.6₹ 21.8₹ 39.4
PAT (₹ Cr)₹ 0.9₹ 2.9₹ 6.1
Asset (₹ Cr)₹ 4.8₹ 7.5₹ 16.7
Net Worth (₹ Cr)₹ 0.9₹ 3.8₹ 9.9

Submarine Pens Limited IPO Grey Market Premium

DateIPO PriceIPO GMPProfit per lot
08-Feb₹ –₹ –₹ –
07-Feb₹ –₹ –₹ –
06-Feb₹ –₹ –₹ –
05-Feb₹ –₹ –₹ –
04-Feb₹ –₹ –₹ –
Submarine Pens Limited

Submarine Pens Limited IPO Pros & Cons

Strengths:

  • Strong Financial Growth: Revenue grew 81% and PAT surged 115% in the last fiscal year alone.
  • Exceptional Profitability: Boasts a high ROE (89%) and ROCE (74%), indicating very efficient capital usage.
  • Niche Market Leader: Dominates the stable corporate gifting sector, which provides reliable, bulk-order B2B revenue streams.
  • Unique Product Innovation: Differentiates from competitors with licensed Swissbrand products and inventive NASA/coffee-scented pen collections.
  • Debt-Free Operations: The company maintains a lean balance sheet, reducing financial risk during economic downturns.

Risks:

  • Regional Concentration: Over 80% of revenue originates from just three regions: Maharashtra, Gujarat, and Delhi.
  • High Customer Concentration: Heavy reliance on a limited number of B2B clients for major revenue portions.
  • SME Liquidity Risks: Listing on NSE Emerge often involves lower trading volumes and higher price volatility.
  • Supply Chain Fragility: Lack of long-term contracts with raw material suppliers exposes them to pricing shocks.
  • Intense Retail Competition: Struggles to gain significant retail market share against giants like Flair and Doms.

Submarine Pens Limited Promoters – Pre offer equity (Approx)

Mr. Shalibhadra P Gandhi70.00%
Ms. Pritu Shalibhadra Gandhi24.00%
Ms. Urjasvi Shalibhadra Gandhi1.00%

Submarine Pens Limited Lot Size details

Application TypeLot SizeNo. of LotsNo. of SharesInvestment Amount
Retail(Min)–1–₹ –
Retail (Max)–13–₹ –
Small HNI (Min)–14–₹ –
Small HNI (Max)–66–₹ –
Big HNI (Min)–67–₹ –

Lead Managers / Registrars of Submarine Pens Limited 

Lead / Book Running Lead ManagersSmart Horizon Capital Advisors Private Limited
Registrar (RTA)Bigshare Services Private Limited

Founding Year of Submarine Pens Limited & Managing Director

Submarine Pens Limited was incorporated on December 7, 2021.

The company is currently led by Mr. Shalin Gandhi.

Submarine Pens Limited FAQ

  • Last updated on March 6th, 2026 at 09:01 am

    It manufactures premium writing instruments and personalized gift sets, primarily serving the corporate gifting sector.

  • Last updated on March 6th, 2026 at 09:01 am

    Submarine Pens limited is raising funds via IPO primarily to purchase a new factory in Vasai, fund working capital, and support general corporate growth.

  • Last updated on March 6th, 2026 at 09:01 am

    The IPO comprises of 3,702,400 fresh equity shares and is proposed to be listed on NSE Emerge.

  • Last updated on March 6th, 2026 at 09:01 am

    Key risks to invest in the IPO include geographic concentration in three states, high client dependency, raw material price volatility, and SME-listing liquidity risks.

  • Last updated on March 6th, 2026 at 09:01 am

    Positive sides to ivest in the IPO include high financial growth, zero debt, NASA/Swissbrand licensing, and expanding a dominant 80% share in corporate gifting.

  • Last updated on March 6th, 2026 at 09:01 am

    Investors can apply for the IPO through ASBA via net banking or using UPI through registered stock brokers.

  • Last updated on March 6th, 2026 at 09:01 am

    Expected listing date for the IPO is yet to be announced. But listing is expected in the first half of 2026.

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