Papadmalji Agro Foods Launches ₹20.18 Crore SME IPO Today, Sets ₹69–72 Price Band With Seasoned Investors Backing The Issue

Mumbai: Papadmalji Agro Foods Limited’s ₹20.18 crore SME initial public offering opened for subscription on Tuesday. The Bikaner-based papad maker has set a price band of ₹69–72 per share. Bidding closes on October 1, and the shares are proposed to list on NSE Emerge.

IPO Size and Structure

The issue comprises 28,03,200 equity shares with a face value of ₹10 each. This includes a fresh issue of up to 25,72,800 shares and an offer for sale of up to 2,30,400 shares by India Customer Insight Fund.

Kreo Capital is the book-running lead manager, while MAS Services is the registrar. The fund is a SEBI-registered alternative investment fund whose backers include investors named by the company, such as Kishore Biyani and Akash Manek Bhansali.

How Will the Funds Be Used?

Papadmalji plans to use the net proceeds from the fresh issue to establish a manufacturing facility at Bachhasar in Bikaner. The project includes construction, machinery and a 250 kW rooftop solar system. Part of the proceeds will go towards repaying or prepaying bank borrowings.

The offer-for-sale proceeds will go to the selling shareholder rather than the company.

Business and Financials

For FY26, the company reported revenue of ₹33.53 crore, EBITDA of ₹8.44 crore and profit after tax of ₹5.21 crore. Revenue stood at ₹24.99 crore in FY23.

Papadmalji makes handmade and machine-made papads, rice papads, moongodi and ready-to-fry products. It operates two facilities in Bikaner and sells under brands including Vishal, Rozana and Zhakaas.

The company said it served 8,710 retail outlets through 76 distributors and 30 wholesalers as of March 31, 2026. Its products are also available through modern retail, quick commerce and its website.

For hand-rolled papads, supervisors coordinate women who work from home under the company’s Batara-Batari model. Papadmalji also reaches select Middle Eastern markets through a merchant exporter.