The IPO is entirely a fresh issue of 53,25,000 shares aggregating to Rs 25.03 crore. At the issue price, the company is valued at a pre-IPO market cap of about Rs 91 crore.
The lot size is 3,000 shares, and investors are required to apply for a minimum of 6,000 shares, translating into an investment of Rs 2,82,000 for retail participants. High net-worth individuals (HNIs) need to bid for at least 9,000 shares, amounting to Rs 4,23,000.
Out of the total issue size, 2,67,000 shares are reserved for the market maker, Shilpa Stock Broker Pvt Ltd. Of the net offer to the public, 47.66% is allocated to retail investors and 47.32% to non-institutional investors (NIIs). Finshore Management Services Ltd is the lead manager to the issue, while Cameo Corporate Services Ltd is the registrar.
Business overview
Elfin Agro India is engaged in manufacturing wheat-based products such as Chakki Atta, refined wheat flour (R Atta), Tandoori Atta, Sooji and Maida, along with edible mustard oil. The company markets its products under the brands Shiv Nandi and Elfin’s Shri Shyam Bhog.
It operates two manufacturing units in Bhilwara, Rajasthan, and has a distribution presence across eight states including Rajasthan, Uttar Pradesh, Gujarat, Maharashtra and Punjab, along with Chandigarh and Delhi.
Apart from processing wheat flour and mustard oil, the company also trades in agro-products such as chana, maize, soyabean refined oil, rice bran oil, wheat and cattle feed based on market conditions.
Financial performance
For the nine months ended December 31, 2025, the company reported total income of Rs 117.72 crore and profit after tax of Rs 3.98 crore. In FY25, total income stood at Rs 146.44 crore with PAT of Rs 5.08 crore.
Use of proceeds
The company plans to utilise Rs 19.33 crore from the net proceeds towards working capital requirements and Rs 3.50 crore for general corporate expenses.
With the GMP currently flat, listing expectations appear muted. Investors will watch subscription trends over the next few days to gauge demand in the SME segment, especially amid broader market volatility and cautious sentiment in primary markets.
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