Farm Peace IPO is subscribed 0.19 times on Day 3, with Retail investors ticking up to 0.23x while QIB and bHNI categories remain unsubscribed.

Subscription Status

The Farm Peace IPO saw modest traction on its final day of bidding. The overall subscription stands at 0.19x, driven primarily by the Retail investor category, which recorded a 0.23x subscription. Qualified Institutional Buyers (QIB) and Non-Institutional Buyers (bHNI) did not place any bids, resulting in 0x subscription for both segments.

Subscription Progression

Intra-day Timeline

On Day 3, the subscription figures picked up pace after 11:15 AM. Retail demand jumped +15.0% today from 0.20x to 0.23x, lifting the total subscription by +11.8% from 0.17x to 0.19x.

Offer Details

• Price Band: ₹59.00000 - ₹59.00000
• Issue Size: 236000 - 500000
• Min Bid Qty: 4000
• IPO Open Date: 2026-09-01
• IPO Close Date: 2026-09-03

About the Company

Farm Peace is an integrated contract farming company specializing in processed-grade potato varieties such as Santana, Frysona, Innovators, Lady Rosetta, and Chipsona. Based in Gujarat, the company supplies processing companies for manufacturing French fries, chips, and other potato-based products. It operates under a 100% buy-back model, providing comprehensive support to farmers including seed selection, soil preparation, irrigation, pest management, and harvesting guidance. As of FY 2026, Farm Peace cultivated over 5,660 acres and produced 61,680 metric tonnes of potatoes annually.

Financial Highlights

Farm Peace reported consistent revenue growth over the last three fiscal years. Revenue from operations increased from ₹62.55 crore in FY 2024 to ₹90.83 crore in FY 2026. Profit after tax also rose from ₹6.16 crore in FY 2024 to ₹7.53 crore in FY 2026.

Objects of the Issue

The company plans to utilize the net proceeds for the following purposes:

• Funding incremental working capital requirements: ₹23.00 crore for seed procurement, farmer support, cold storage utilization, and operational costs.
• General corporate purposes: ₹4.80 crore for ongoing corporate expenses and contingencies.

Risk Factors

• Absence of formal contracts: Operations rely on verbal arrangements with farmers, risking supply shortfalls if market prices exceed pre-agreed rates.
• Climatic dependence: Business relies on specific agro-climatic conditions; adverse weather could impact production quantity and quality.
• Geographic concentration: Operations are primarily concentrated in Gujarat, exposing the company to region-specific risks.
• Customer concentration: Top 10 customers represented 80.68% of potato sales in Fiscal 2026.
• Negative operating cash flows: The company reported negative cash flows from operating activities in FY 2024, FY 2025, and FY 2026.

What's Next

• Allotment Date: 2026-09-04
• Listing Date: 2026-09-08

Farm Peace’s IPO is in its second day of subscription, ticking up to a cumulative total of 0.11x so far. The retail category is leading the interest with a 0.10x subscription, jumping +66.7% intra-day, while QIB and NII categories remain flat at 0x.

Subscription Status

The IPO saw a modest increase in subscription on Day 2, driven primarily by retail investors. Here is the day-wise breakdown:

Intra-day Timeline on 02-09-2026

Retail picked up pace after midday, pushing the total subscription higher.

About the Company

Farm Peace is an integrated contract farming company specializing in processed-grade potato varieties such as Santana, Frysona, Innovators, Lady Rosetta, and Chipsona. Founded in 2021, it operates primarily in Gujarat, cultivating over 5,660 acres and producing 61,680 metric tonnes of potatoes annually. The company supports farmers through a 100% buy-back model and end-to-end guidance via its proprietary mobile application. Key promoters include Sandipkumar Narsinhbhai Patel (MD) and Sudhir Haribhai Patel (CEO).

Financial Highlights

The company has shown consistent revenue growth over the last three years. Total equity has also increased significantly, reflecting capital accumulation.

Revenue grew from ₹62.55 crores in FY 2024 to ₹90.83 crores in FY 2026. PAT improved from ₹6.16 crores to ₹7.53 crores in the same period.

Objects of the Issue

• Funding incremental working capital requirements: ₹23.00 crores
• General corporate purposes: ₹4.80 crores

Risk Factors

• Absence of formal contracts with farmers, relying on informal verbal arrangements.
• Dependence on seasonal and climatic conditions for processed-grade potato cultivation.
• Geographic concentration of operations primarily in Gujarat.

Key Dates

• IPO Open Date: 2026-09-01
• IPO Close Date: 2026-09-03
• Allotment Date: 2026-09-04
• Listing Date: 2026-09-08