Green Asia Impex IPO Day 4: Subscribed 0.45x; QIB demand steady at 1.11x
- Green Asia Impex IPO closed with a total subscription of 0.45x.
- QIBs were the only category to fully subscribe, ending at 1.11x.
- Retail and Non-Institutional investors showed limited participation, subscribing 0.19x and 0.21x/0.04x respectively.
- The issue price band was ₹84.00 - ₹89.00 with an issue size of ₹403200 - ₹500000.
*this image is generated using AI for illustrative purposes only.
Green Asia Impex IPO concluded its four-day subscription period on Day 4 with a total subscription of 0.45x. Qualified Institutional Buyers emerged as the sole category to achieve full subscription, ending at 1.11x, while Retail and Non-Institutional investors remained significantly under-subscribed.
Subscription Status
The issue witnessed a gradual build-up in demand over the four-day period, primarily driven by institutional investors. The overall subscription remained below the 1x mark throughout the offering, closing at 0.45x. QIBs maintained their lead from Day 3, while other categories saw marginal or no growth in the final hours.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 24-09-2026 | 0.00x | 0.01x | 0.00x | 0.03x | 0.01x |
| Day 2 | 25-09-2026 | 0.00x | 0.02x | 0.00x | 0.06x | 0.02x |
| Day 3 | 28-09-2026 | 1.11x | 0.04x | 0.21x | 0.18x | 0.45x |
| Day 4 | 29-09-2026 | 1.11x | 0.04x | 0.21x | 0.19x | 0.45x |
Category-wise Breakdown
Qualified Institutional Buyers (QIB): The QIB segment was the only category to achieve full subscription, ending at 1.11x. This indicates strong institutional confidence in the company's fundamentals despite the broader market's tepid response. The subscription level remained steady from Day 3 to Day 4.
Retail Individual Investors (RII): Retail interest remained subdued, with a final subscription of 0.19x. The segment showed marginal growth from Day 3 to Day 4, rising slightly from 0.18x to 0.19x.
Non-Institutional Investors (NII):
- Big HNI (bHNI): Subscription stood at 0.04x, showing no change from the previous day.
- Small HNI (sHNI): Subscription ended at 0.21x, remaining unchanged from Day 3 levels.
Intra-day Timeline on 29-09-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 1.11x | 0.04x | 0.19x | 0.45x |
| 12:15 | 1.11x | 0.04x | 0.19x | 0.45x |
Offer Details
The Green Asia Impex IPO offered shares in a price band of ₹84.00 - ₹89.00 per share. The minimum bid quantity was set at 3200 shares. The issue size ranged between ₹403200 and ₹500000.
About the Company
Green Asia Impex Limited, incorporated in 2014 and headquartered in Andhra Pradesh, is engaged in the sourcing, processing, and export of frozen seafood and agri-commodities. The company primarily deals in frozen shrimps (87.76% of FY2026 revenue) and dried chillies. It operates a semi-automated shrimp processing facility with 10,800 MTPA installed capacity and plans to expand to ~21,900 MTPA via a new facility funded through IPO proceeds.
Financial Highlights
The company reported revenue from operations of ₹383.80 crore and Profit After Tax (PAT) of ₹15.61 crore for 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 |
| Net Profit (PAT) | 15.61 | 10.35 | 6.66 |
Objects of the Issue
- Capital Expenditure: A portion of net proceeds will fund the capital expenditure for setting up a proposed seafood processing facility, including plant and machinery purchase.
- General Corporate Purposes: Balance proceeds will be deployed for general corporate purposes, including raw material purchases and working capital requirements.
Risk Factors
- Revenue Concentration: Significant revenue dependency on exports to China, which accounted for 31.29% of revenue from operations in FY2026.
- Customer Concentration: Top 10 customers accounted for 77.85% of revenue from operations in FY2026.
- Working Capital Issues: Negative net cash flows from operating activities in FY2024, FY2025, and FY2026.
- Leverage: High debt-to-equity ratio, with total finance costs of ₹1,246.69 lakhs in FY2026.
How might the significant under-subscription by retail and HNI investors impact Green Asia Impex's share price volatility and liquidity during its listing debut?
Given the heavy reliance on Chinese exports, what specific geopolitical or trade policy risks could threaten the company's revenue stability in the coming fiscal years?
Will the planned expansion of processing capacity to 21,900 MTPA be sufficient to offset the high debt-to-equity ratio and improve negative operating cash flows?
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