Green Asia Impex IPO Day 1: Subscribed 0.01x; Retail demand doubles to 0.02x
- Green Asia Impex IPO subscribed 0.01x on Day 1
- Retail demand doubled to 0.02x intra-day
- QIB and bHNI categories remained unsubscribed
- Price band set at ₹85.00 - ₹90.00 per share
*this image is generated using AI for illustrative purposes only.
Green Asia Impex IPO opened with a sluggish start on Day 1, recording an overall subscription of 0.01x. Retail and small HNI investors showed minimal participation, while institutional demand remained absent.
Subscription Status
The issue witnessed very low traction on its opening day. The total subscription stood at 0.01x, driven primarily by retail and small non-institutional buyers. Qualified Institutional Buyers (QIB) and big non-institutional buyers (bHNI) did not register any significant bids during the initial trading hours.
Intra-day Timeline
The following table details the subscription progress as of 14:15 IST on Day 1:
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 13:15 | 0.00x | 0.01x | 0.01x | 0.01x |
| 14:15 | 0.00x | 0.01x | 0.02x | 0.01x |
Subscription Progression
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 24-09-2026 | 0.00x | 0.01x | 0.00x | 0.02x | 0.01x |
Offer Details
- Company: Green Asia Impex
- Price Band: ₹85.00 - ₹90.00
- Issue Size: ₹4.08 crore - ₹5.00 crore
- Minimum Bid Quantity: 3200 shares
- Opening Date: 24-09-2026
- Closing Date: 28-09-2026
About the Company
Green Asia Impex Limited, incorporated in 2014 and headquartered in Tadepalligudem, Andhra Pradesh, is engaged in the sourcing, processing, and export of frozen seafood and agri-commodities. The company primarily deals in frozen shrimps, which accounted for 87.76% of FY2026 revenue, alongside dried chillies. It supplies B2B customers including importers, distributors, and food processing entities across domestic and international markets. Recognized as a Two Star Export House by DGFT, the company operates a semi-automated shrimp processing facility with 10,800 MTPA installed capacity.
Financial Highlights
The company reported revenue from operations of ₹383.80 crore in FY2026, up from ₹337.62 crore in FY2025. Profit After Tax (PAT) stood at ₹15.61 crore in FY2026.
| Particulars | FY2026 (₹ Cr) | FY2025 (₹ Cr) | FY2024 (₹ Cr) |
|---|---|---|---|
| Revenue from Operations | 383.80 | 337.62 | 317.39 |
| Total Revenue | 388.63 | 339.65 | 318.15 |
| Profit Before Tax | 21.04 | 14.39 | 9.03 |
| Profit After Tax | 15.61 | 10.35 | 6.66 |
| Net Worth | 41.43 | 25.81 | 15.46 |
Objects of the Issue
- Capital Expenditure: A portion of the net proceeds will fund the capital expenditure for setting up a proposed seafood processing facility, including the purchase and installation of plant, machinery, and equipment.
- General Corporate Purposes: The balance net proceeds are intended for general corporate purposes, including purchase of raw materials, working capital requirements, strategic initiatives, and employee-related expenses.
Risk Factors
- Revenue Concentration in China: Significant portion of revenue derived from exports to China, which accounted for 31.29% of revenue from operations in Fiscal 2026.
- Customer Concentration: Top 10 customers accounted for 77.85% of revenue from operations in Fiscal 2026.
- Negative Operating Cash Flows: Reported negative net cash flows from operating activities in Fiscals 2024, 2025, and 2026.
- High Leverage: Operated with a Debt-to-Equity ratio of 2.40x in Fiscal 2026.
- Product Concentration: Shrimp sales constituted 87.76% of total revenue from operations in Fiscal 2026.
Will the lack of institutional interest force the company to revise its price band or extend the IPO window to ensure successful allotment?
How might the significant revenue concentration in China and top 10 customers impact the company's valuation if geopolitical tensions escalate?
Can Green Asia Impex secure alternative debt financing to fund its proposed seafood processing facility if the IPO proceeds fall short due to low subscription?
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