Green Asia Impex IPO Day 6: Subscribed 0.74x; QIB leads at 1.39x
- Green Asia Impex IPO closed with an overall subscription of 0.74x on Day 6.
- QIB category led demand with a subscription rate of 1.39x.
- Retail investors subscribed to only 0.42x of their reserved portion.
- NII (bHNI) and NII (sHNI) closed at 0.43x and 0.56x respectively.
*this image is generated using AI for illustrative purposes only.
Green Asia Impex IPO concluded its six-day subscription period on October 1, 2026, with an overall subscription rate of 0.74x. Qualified Institutional Buyers (QIB) maintained a steady lead with a subscription of 1.39x, whereas Retail investors subscribed to only 0.42x of their reserved portion.
Subscription Status
The issue saw gradual interest accumulation, with QIBs showing consistent demand from Day 3 onwards. The overall subscription remained below 1x throughout the period, ending at 0.74x on the final day. Retail participation was notably low compared to institutional interest.
| 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 | 1.39x | 0.43x | 0.56x | 0.42x | 0.74x |
Category-wise Breakdown
Qualified Institutional Buyers (QIB): The QIB category was the sole segment to achieve oversubscription, closing at 1.39x. Demand in this segment surged on Day 3 and stabilized thereafter.
Non-Institutional Investors (NII):
- Big HNI (bHNI): Subscribed to 0.43x of their quota.
- Small HNI (sHNI): Subscribed to 0.56x of their quota.
Retail Individual Investors: The retail segment showed weak interest, subscribing to just 0.42x of the available shares by the close of the issue.
Intra-day Timeline on 01-10-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 1.39x | 0.42x | 0.40x | 0.74x |
| 12:15 | 1.39x | 0.43x | 0.42x | 0.74x |
Offer Details
- Company: Green Asia Impex
- Price Band: ₹84.00 - ₹89.00
- Issue Size: ₹40.32 crore - ₹50.00 crore
- Min Bid Qty: 3200 shares
- Open Date: 2026-09-24
- Close Date: 2026-10-01
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 exports to seven countries including China, USA, Kuwait, and the UK. The company is recognized as a Two Star Export House by DGFT.
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.
- 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 impact revenues.
- Customer Concentration: Top 10 customers accounted for 77.85% of revenue from operations in Fiscal 2026. Lack of long-term agreements poses risks to revenue stability.
- Negative Operating Cash Flows: The company reported negative net cash flows from operating activities in Fiscals 2024, 2025, and 2026, with rising net working capital days.
- 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 will the undersubscription impact Green Asia Impex's ability to secure additional debt financing given its already high 2.40x debt-to-equity ratio?
What specific mitigation strategies will the company implement to reduce its 31.29% revenue dependency on Chinese customers amidst potential geopolitical or trade policy shifts?
Will the delayed capital expenditure for the new seafood processing facility affect Green Asia Impex's capacity to address recurring negative operating cash flows in FY2027?
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