Papadmalji Agro Foods IPO Opens September 29, Investors Eye ₹69–₹72 Price Band

Mumbai: Papadmalji Agro Foods will open its ₹20.18 crore initial public offering (IPO) for subscription on September 29. The Bikaner-based food manufacturer has set a price band of ₹69–₹72 per share for the NSE SME issue, which closes on October 1.

The IPO comprises a fresh issue of 25.73 lakh shares worth up to ₹18.52 crore and an offer for sale of 2.30 lakh shares worth up to ₹1.66 crore. In all, the company plans to offer 28,03,200 shares.

Share allotment is expected on October 5, followed by credit to successful applicants’ demat accounts on October 6. The tentative listing date is October 7. Kreo Capital is the book-running lead manager, while MAS Services is the registrar.

Minimum Investment

Investors applying in the individual category must bid for at least two lots, or 3,200 shares. At the upper end of the price band, that requires ₹2,30,400. The minimum application for non-institutional investors is three lots, or 4,800 shares, costing ₹3,45,600 at ₹72 per share.

The proposed allocation includes up to 32,000 shares for qualified institutional buyers, at least 7,87,000 shares for non-institutional investors and at least 18,40,000 shares for individual investors.

Where The Fresh Issue Money Will Go

Papadmalji plans to use the proceeds from the fresh issue to build a manufacturing facility at Bachhasar in Bikaner. The project includes construction, machinery and a 250 kW rooftop solar installation. Part of the funds will go towards repaying bank borrowings and general corporate purposes.

A Papad Maker With Five Brands

In FY26, the company reported revenue of ₹33.53 crore and profit after tax of ₹5.21 crore. Its range includes handmade and machine-made papads, ready-to-fry products, rice papads and moongodi.

Papadmalji sells under five brands—Vishal, Rozana, Papadmalji, Diamond and Zhakaas—and also manufactures handmade papads for other brands. Its products reach customers through retail and online channels.