New Delhi [India], October 7: Papadmalji Agro Foods Limited's SME Initial Public Offering (IPO) comprised a Fresh Issue of 25.73 lakh shares aggregating to ₹18.52 crore and an Offer for Sale of 2.30 lakh shares aggregating to ₹1.66 crore. The total issue size was 28,03,200 shares, aggregating to ₹20.18 crore.
The IPO was open for subscription from September 29 to October 1, 2026, at a price band of ₹69 to ₹72 per share. The company's shares were listed on the NSE SME on October 7, 2026. The shares debuted at ₹72.30 per share against the issue price of ₹72.
Kreo Capital Pvt. Ltd. was the book-running lead manager, while MAS Services Ltd. was the registrar to the issue.
1 October 2026
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According to the issue details, the net offer comprised 32,000 shares for Qualified Institutional Buyers (QIBs), 7,87,200 shares for Non-Institutional Investors (NIIs), 18,40,000 shares for Retail Individual Investors (RIIs), and 1,44,000 shares for market makers.
The minimum application size for retail investors was one lot of 1,600 shares, requiring an investment of ₹1,15,200 at the upper price band of ₹72 per share.
The allotment was finalised on October 5, 2026, and shares were credited to demat accounts on October 6, 2026.
The issue proceeds were proposed to be used for capital expenditure towards construction of a building, mechanical and electrical works, procurement of plant and machinery and installation of a 250 kW rooftop solar power system for a new manufacturing facility at Bachhasar, Bikaner. The proceeds were also proposed to be used for repayment or prepayment, in full or in part, of borrowings availed by the company from banks and for general corporate purposes.
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For the financial year ended March 31, 2026, Papadmalji Agro Foods reported revenue of ₹33.53 crore and profit after tax (PAT) of ₹5.21 crore.
Incorporated in 2017, Papadmalji Agro Foods is engaged in the manufacturing of hand-made papads, machine-made papads, machine-made ready-to-fry papads, rice papads (Khichiya), vrat special papads and moongodi. The company also undertakes white-label manufacturing of handmade papads for clients, with products marketed under clients' respective brand names and packaging.
The company traces its origins to 2012, when Jai Agarwal founded Vishal Nankeen Bhandar in Bikaner. The Papadmalji brand was registered as a device mark in 2017, and Papadmalji Agro Foods Private Limited was incorporated in December 2017. The company was converted into a public limited company in January 2025.
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The company operates five brands — Vishal, Rozana, Papadmalji, Diamond and Zhakaas — covering handmade and machine-made papads, rice papads, vrat special products, moongodi and ready-to-fry products. Its products are distributed through general trade, modern trade, quick-commerce and direct-to-consumer channels, with availability in select Middle Eastern markets through an independent merchant exporter.
IPO Disclaimer: This article is for informational purposes only and does not constitute an offer, invitation or solicitation to buy or sell securities. Investors should read the relevant offer document carefully before making any investment decision and should consider their own investment objectives and risk profile.
SEBI Disclaimer: The Securities and Exchange Board of India (SEBI) does not recommend the securities referred to in this document nor does SEBI guarantee the accuracy or adequacy of this document. Investors are advised to refer to the offer document and other relevant disclosures before making any investment decision.
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