Green Asia Impex IPO Day 4: Subscribed 0.55x; QIBs lead with 1.39x demand
- Green Asia Impex IPO subscribed 0.55x overall by close of Day 4
- QIB category fully subscribed at 1.39x, leading institutional demand
- Retail and NII segments remained under-subscribed at 0.21x and 0.05x respectively
*this image is generated using AI for illustrative purposes only.
Green Asia Impex IPO closed at 1.03x on Day 6, propelled by a strong final push from institutional investors who bid up to 1.95x.
Subscription Status
The issue crossed the full subscription threshold on the final day, ending at 1.03x overall. Qualified Institutional Buyers (QIB) were the primary driver, with their subscription jumping from 1.39x at the start of the day to 1.95x by close, a 40.3% increase. This institutional surge lifted the total subscription from 0.74x in the morning to 1.03x by evening. Retail participation also improved, rising from 0.40x to 0.51x, while NII (bHNI) ended at 0.44x and NII (sHNI) at 0.91x according to the latest data snapshot.
| 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 | 1.39x | 0.05x | 0.21x | 0.21x | 0.55x |
| Day 5 | 30-09-2026 | 1.39x | 0.41x | 0.36x | 0.35x | 0.67x |
| Day 6 | 01-10-2026 | 1.95x | 0.44x | 0.91x | 0.51x | 1.03x |
Category-wise Breakdown
Qualified Institutional Buyers (QIB): QIBs were the only category to achieve oversubscription, closing at 1.95x. Their demand accelerated significantly between 12:15 IST and 13:15 IST, adding 0.56x to their tally.
Non-Institutional Investors (NII):
- Big HNI (bHNI): Subscribed to 0.44x of their quota, showing minimal movement from the previous day's end-of-day figures.
- Small HNI (sHNI): Closed at 0.91x, indicating near-full subscription from this segment.
Retail Individual Investors: Retail demand remained below full subscription, ending at 0.51x. While it showed a 27.5% intraday gain, it did not cross the 1x mark.
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 |
| 13:15 | 1.32x | 0.04x | 0.19x | 0.52x |
| 14:15 | 1.32x | 0.04x | 0.20x | 0.52x |
| 15:15 | 1.39x | 0.04x | 0.20x | 0.54x |
| 16:15 | 1.39x | 0.05x | 0.21x | 0.54x |
| 17:15 | 1.39x | 0.05x | 0.21x | 0.55x |
Offer Details
| Detail | Information |
|---|---|
| Price Band | ₹84.00 – ₹89.00 |
| Issue Size | ₹40.32 crore – ₹50.00 crore |
| Min Bid Qty | 3,200 shares |
| Open Date | 24-09-2026 |
| Close Date | 01-10-2026 |
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. Frozen shrimps accounted for 87.76% of FY2026 revenue, with dried chillies forming the balance. The company operates a semi-automated shrimp processing facility with 10,800 MTPA installed capacity and exports to seven countries including China, USA, Kuwait, and the UK. It is recognised as a Two Star Export House by DGFT. The company is led by Managing Director Pasupuleti Venkata Ramarao and Director Pasupuleti Meenakshi.
Financial Highlights
| Metric (₹ crore) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| 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 |
| Total Assets | 254.88 | 192.04 | 135.23 |
| Total Equity | 41.43 | 25.81 | 15.46 |
Objects of the Issue
- Funding capital expenditure for setting up a proposed seafood processing facility, including purchase and installation of plant, machinery, and equipment (₹40.03 crore from net proceeds).
- General corporate purposes, including purchase of raw materials, working capital requirements, and strategic initiatives.
Risk Factors
- Revenue Concentration in China: Sales to Chinese customers aggregated ₹12,009.32 lakhs (31.29% of revenue from operations) in Fiscal 2026. Adverse developments in China could materially impact revenues.
- High Customer Concentration: Top 10 customers accounted for 77.85% of revenue from operations in Fiscal 2026, up from 69.52% in Fiscal 2025, with no long-term agreements in place.
- Negative Operating Cash Flows: The company reported negative net cash flows from operating activities in 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.
- High Leverage: Debt-to-Equity ratio stood at 2.40x in Fiscal 2026, with total finance costs of ₹1,246.69 lakhs, increasing vulnerability to economic downturns.
- Product Concentration: Shrimp sales constituted 87.76% of total revenue in Fiscal 2026, making the company dependent on a single product segment susceptible to disease outbreaks and supply disruptions.
How might the significant retail under-subscription impact Green Asia Impex's stock price volatility and liquidity during its debut trading session?
What specific regulatory or diplomatic developments regarding seafood imports from China could further exacerbate the company's revenue concentration risks?
Will the company be able to secure additional debt financing at favorable rates to fund its capacity expansion, given its history of negative operating cash flows and high leverage?
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