Green Asia Impex IPO has recorded a cumulative subscription of 0.02x on Day 2 (25 September 2026), with retail investors leading at 0.05x. QIB participation remains absent and institutional demand is yet to pick up as the issue heads into its third day.

Subscription Status

The IPO opened on 24 September 2026 and has seen muted traction across categories over the first two days. Total subscription remained flat at 0.02x by the end of Day 2, driven entirely by incremental retail interest which jumped 25% from the previous day's close.

Category-wise Breakdown

Retail is the only category showing any meaningful movement, ticking up from 0.03x on Day 1 to 0.05x on Day 2. The bHNI (big HNI) sub-category within NII holds steady at 0.01x, while sHNI remains at 0.00x. QIB demand has not registered any bids through Day 2.

Intra-day Timeline — 25 September 2026

Offer Details

About the Company

Green Asia Impex Limited was incorporated in 2014 and is headquartered in Tadepalligudem, Andhra Pradesh. The company is engaged in the sourcing, processing, and export of frozen seafood and agri-commodities, primarily frozen shrimps (87.76% of FY2026 revenue from operations) and dried chillies. It supplies B2B customers including importers, distributors, and food processing entities across domestic and international markets and is recognised as a Two Star Export House by DGFT. The company exports to seven countries including China, USA, Kuwait, and the UK, and operates a semi-automated shrimp processing facility with 10,800 MTPA installed capacity. It proposes to expand to approximately 21,900 MTPA via a new facility at Chinnayagudem, funded through IPO proceeds. The company is promoted by Pasupuleti Venkata Ramarao (MD) and Pasupuleti Meenakshi (Director).

Financial Highlights

Objects of the Issue

• Funding Capital Expenditure for Proposed Seafood Processing Facility: ₹40.03 crore from net proceeds is intended for setting up a new seafood processing facility, including purchase and installation of plant, machinery, and equipment, with the balance funded from internal accruals.
• 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, subject to applicable caps.

Risk Factors

• Significant Revenue Concentration in China: Sales to Chinese customers aggregated ₹12,009.32 lakhs (31.29% of revenue from operations) in Fiscal 2026. Adverse geopolitical or regulatory developments in China could materially impact revenues.
• High Customer Concentration Risk: The top 10 customers accounted for 77.85% of revenue from operations in Fiscal 2026. The absence of long-term agreements means orders can be cancelled without compensation.
• Negative Operating Cash Flows: The company reported negative net cash flows from operating activities in each of Fiscals 2024, 2025, and 2026 — ₹(1,499.90) lakhs, ₹(505.82) lakhs, and ₹(626.63) lakhs respectively — with net working capital days rising from 52 to 90 over the same period.
• Highly Leveraged Capital Structure: The Debt-to-Equity ratio stood at 4.12x in Fiscal 2024, 2.90x in Fiscal 2025, and 2.40x in Fiscal 2026, with total finance costs of ₹1,246.69 lakhs in Fiscal 2026.
• Concentration Risk in Shrimp Segment: Shrimp sales constituted 87.76% of total revenue from operations in Fiscal 2026, making the company highly dependent on a single product segment susceptible to disease outbreaks and supply disruptions.

What's Next

Green Asia Impex IPO has recorded a cumulative subscription of 0.02x on Day 2 (25 September 2026), with retail investors leading at 0.05x. QIB participation remains absent and institutional demand is yet to pick up as the issue heads into its third day.

Subscription Status

The IPO opened on 24 September 2026 and has seen muted traction across categories over the first two days. Total subscription remained flat at 0.02x by the end of Day 2, driven entirely by incremental retail interest which jumped 25% from the previous day's close.

Category-wise Breakdown

Retail is the only category showing any meaningful movement, ticking up from 0.03x on Day 1 to 0.05x on Day 2. The bHNI (big HNI) sub-category within NII holds steady at 0.01x, while sHNI remains at 0.00x. QIB demand has not registered any bids through Day 2.

Intra-day Timeline

The following table details the subscription progress as of 16:15 IST on Day 1:

Offer Details

About the Company

Green Asia Impex Limited was incorporated in 2014 and is headquartered in Tadepalligudem, Andhra Pradesh. The company is engaged in the sourcing, processing, and export of frozen seafood and agri-commodities, primarily frozen shrimps (87.76% of FY2026 revenue from operations) and dried chillies. It supplies B2B customers including importers, distributors, and food processing entities across domestic and international markets and is recognised as a Two Star Export House by DGFT. The company exports to seven countries including China, USA, Kuwait, and the UK, and operates a semi-automated shrimp processing facility with 10,800 MTPA installed capacity. It proposes to expand to approximately 21,900 MTPA via a new facility at Chinnayagudem, funded through IPO proceeds. The company is promoted by Pasupuleti Venkata Ramarao (MD) and Pasupuleti Meenakshi (Director).

Financial Highlights

Objects of the Issue

• Funding Capital Expenditure for Proposed Seafood Processing Facility: ₹40.03 crore from net proceeds is intended for setting up a new seafood processing facility, including purchase and installation of plant, machinery, and equipment, with the balance funded from internal accruals.
• 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, subject to applicable caps.

Risk Factors

• Significant Revenue Concentration in China: Sales to Chinese customers aggregated ₹12,009.32 lakhs (31.29% of revenue from operations) in Fiscal 2026. Adverse geopolitical or regulatory developments in China could materially impact revenues.
• High Customer Concentration Risk: The top 10 customers accounted for 77.85% of revenue from operations in Fiscal 2026. The absence of long-term agreements means orders can be cancelled without compensation.
• Negative Operating Cash Flows: The company reported negative net cash flows from operating activities in each of Fiscals 2024, 2025, and 2026 — ₹(1,499.90) lakhs, ₹(505.82) lakhs, and ₹(626.63) lakhs respectively — with net working capital days rising from 52 to 90 over the same period.
• Highly Leveraged Capital Structure: The Debt-to-Equity ratio stood at 4.12x in Fiscal 2024, 2.90x in Fiscal 2025, and 2.40x in Fiscal 2026, with total finance costs of ₹1,246.69 lakhs in Fiscal 2026.
• Concentration Risk in Shrimp Segment: Shrimp sales constituted 87.76% of total revenue from operations in Fiscal 2026, making the company highly dependent on a single product segment susceptible to disease outbreaks and supply disruptions.

What's Next