SMC Global Securities Limited has acquired a combined 26.68% equity stake in S.K. Offset Limited through a mix of IPO allotment and open market purchases. The acquisition, completed in late September 2026, positions the securities firm as a significant shareholder in the printing and packaging company following its listing on the BSE SME platform.

The transaction involves two entities: SMC Global Securities and its wholly owned subsidiary, Moneywise Financial Services Private Limited. Together, they hold 20,66,000 equity shares of S.K. Offset Limited. The move was necessitated by SMC Global’s role as the Market Maker for the target company’s Initial Public Offering (IPO).

Acquisition Structure and Holdings

SMC Global Securities acquired 11,05,000 equity shares, representing 14.27% of the total equity share capital. This holding comprises 1,20,000 shares allotted under the Market Maker Reservation Portion during the IPO and 9,85,000 shares purchased in the open market on September 30, 2026.

Moneywise Financial Services Private Limited, acting as a Person Acting in Concert (PAC), holds 9,61,000 equity shares, amounting to 12.41% of the capital. These shares were allotted entirely during the IPO phase, split between the Anchor Investor portion (4,20,000 shares) and the Qualified Institutional Buyer (QIB) portion (5,41,000 shares).

Financial Details of the Transaction

The acquisition was executed for cash consideration. The shares allotted in the IPO were priced at the issue price of ₹125 per equity share. The open market purchase by SMC Global Securities was conducted at an average price of ₹125.99 per equity share.

The total cost for the IPO-allotted shares across both entities amounts to ₹13.51 crore, while the open market purchase cost approximately ₹12.41 crore based on the disclosed average price. No governmental or regulatory approvals were required prior to the acquisition, as it falls under standard disclosure requirements under SEBI regulations.

Target Company Profile

S.K. Offset Limited is engaged in integrated printing, packaging, and labelling solutions. Based in Meerut, Uttar Pradesh, the company offers services ranging from offset printing to digital design for packaging artwork. Its product portfolio includes books, textbooks, brochures, catalogues, stationery, cartons, boxes, stickers, and labels.

The company listed its equity shares on the BSE SME Platform on September 30, 2026, following an IPO of 23,25,000 equity shares at ₹125 per share. Prior to this listing, S.K. Offset Limited reported robust growth in its top line over the last three financial years.

What the Numbers Show

The data reveals a significant concentration of ownership immediately post-listing. While SMC Global Securities acted as the Market Maker, the combined stake of 26.68% held by the firm and its subsidiary places them well above the 5% threshold that triggers substantial acquisition disclosures under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Furthermore, the target company’s revenue trajectory shows strong momentum. Total income rose from ₹23.31 crore in FY24 to ₹48.65 crore in FY25, and further to ₹67.00 crore in FY26. This represents a near-tripling of turnover over two years, suggesting the market maker’s commitment to liquidity may be supported by fundamental growth in the underlying business.

SMC Global Securities has filed its prospectus for a public issue of non-convertible debentures (NCDs) up to ₹750 crore, marking the formal launch of the debt offering approved by its board.

The base issue size is set at ₹750 crore (₹7,500 lakh), with an additional option to retain oversubscription up to the same amount, aggregating the total issue limit to ₹1,500 crore. The debentures have been rated 'ICRA A Stable' by ICRA Limited for an amount of up to ₹512.79 crore. The issue is scheduled to open on October 5, 2026, and close on October 16, 2026.

Issue details and credit rating

The public offer comprises secured, rated, listed, redeemable NCDs with a face value of ₹1,000 each. The credit rating of 'ICRA A Stable' indicates an adequate degree of safety regarding timely servicing of financial obligations and low credit risk. The rating is valid for the life of the instrument unless withdrawn or reviewed by the agency.

Subscription window and listing

Applications will be accepted from October 5, 2026, to October 16, 2026, during working hours from 10:00 am to 5:00 pm. On the closing date, applications will be accepted only until 3:00 pm. The NCDs are proposed to be listed on the BSE, which has granted in-principle approval for the listing. Corporate Professionals Capital Private Limited serves as the lead manager, while MUFG Intime India Private Limited acts as the registrar to the issue.

What the Numbers Show

The filing clarifies the structure of the previously announced board approval. While the board initially approved an aggregate size of up to ₹150 crore (likely referring to a specific tranche or initial proposal), the prospectus reveals a significantly larger base issue of ₹750 crore with a potential total demand absorption capacity of ₹1,500 crore through the green shoe option. This indicates a substantial capital raising effort compared to the earlier limited disclosure.