Papadmalji Agro Foods IPO
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Papadmalji Agro Foods IPO details
Schedule of Papadmalji Agro Foods
| Issue open date | 29 Sep 2026 |
| Issue close date | 01 Oct 2026 |
| UPI mandate deadline | 01 Oct 2026 (5 PM) |
| Allotment finalization | 05 Oct 2026 |
| Refund initiation | 06 Oct 2026 |
| Share credit | 06 Oct 2026 |
| Listing date | 07 Oct 2026 |
| Mandate end date | 16 Oct 2026 |
| Lock-in end date for anchor investors (50%) | 03 Nov 2026 |
| Lock-in end date for anchor investors (remaining) | 02 Jan 2027 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Papadmalji Agro Foods
Papadmalji Agro Foods engages in the manufacturing of handmade papads, machine-made papads, rice papads, vrat special papads, and moongodi, along with the trading of cereal pellets. The company also carries out white-label manufacturing of handmade papads, producing goods that clients market under their respective brand names and tailored packaging. Revenue is primarily generated through product sales under its key core brands, including Vishal, Zhakaas, and Rozana, alongside direct-to-consumer sales under the Papadmalji brand. Products are distributed across multiple sales channels, such as general trade, modern trade, quick commerce, direct-to-consumer platforms, and sales to merchant exporters for selected Middle Eastern markets. Operations are based out of manufacturing units and facilities situated in Bikaner, Rajasthan. For handmade papad production, the business utilizes a decentralized operational system involving contractors and home-based women workers who perform hand rolling according to prescribed quality specifications before final inspection.
Financials of Papadmalji Agro Foods
Issue size
| Funds Raised in the IPO | Amount (₹ crores) |
| Total issue size | 20.18 |
| Fresh Issue – Proceeds go to the company | 18.52 |
| Offer for sale – Proceeds go to the existing investors | 1.66 |
Utilisation of Proceeds
| Purpose | INR crores (%) |
|---|---|
| Capital expenditure for setting up a new manufacturing facility at Bikaner | 7.9 (42.66%) |
| Repayment / pre-payment of borrowings | 5.8 (31.32%) |
| General Corporate Purposes | 4.82 (26.02%) |
Strengths
- Established brand presence via Vishal, Zhakaas, and Rozana.
- Multi-channel distribution across general and modern trade.
- Scalable in-house and decentralized manufacturing model.
- Diverse portfolio of papads, moongodi, and cereal pellets.
- Promoters possess extensive food processing industry experience.
Risks
- Revenue is heavily concentrated in the papad product segment.
- Significant dependency on a limited number of top customers.
- Operations and core sales are geographically concentrated in Rajasthan.
- Lacks long-term supply agreements for agricultural raw materials.
- Core brands face pending logo registrations and trademark oppositions.