Papadmalji Agro Foods IPO Day 2: Subscribed 1.53x; bHNI demand jumps 175% intraday
- Cumulative subscription reaches 1.53x on Day 2
- QIB category remains heavily oversubscribed at 86.85x
- Big HNI demand surges 175% intraday to 0.11x
- Retail subscription ticks up to 0.61x
*this image is generated using AI for illustrative purposes only.
Papadmalji Agro Foods IPO reached a cumulative subscription of 1.53 times on Day 2, with Qualified Institutional Buyers leading demand at 86.85 times and Big HNI participation jumping 175% intraday.
Subscription Status
The issue has crossed the fully subscribed mark on the second day, driven primarily by strong institutional appetite. While the overall subscription stands at 1.53 times, the disparity between institutional and retail participation remains significant. The QIB category has been oversubscribed by a wide margin, indicating strong confidence from large investors in the company's fundamentals. In contrast, the Retail and Non-Institutional Investor categories have seen slower uptake, with Retail at 0.61 times and Non-Institutional Investors showing mixed but improving trends.
Subscription Progression
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 29-09-2026 | 86.85x | 0.02x | 0.00x | 0.51x | 1.40x |
| Day 2 | 30-09-2026 | 86.85x | 0.11x | 0.27x | 0.61x | 1.53x |
Category-wise Breakdown
- Qualified Institutional Buyers (QIB): Subscribed at 86.85 times, maintaining the high level seen on Day 1.
- Retail Individual Investors (RII): Subscribed at 0.61 times, showing a marginal increase from Day 1.
- Non-Institutional Investors (NII):
- Big HNI (bHNI): Subscribed at 0.11 times.
- Small HNI (sHNI): Subscribed at 0.27 times.
- Employees: No subscription recorded (0 times).
The data indicates that while institutional money has locked in its allocation early, retail and HNI participation is still catching up as the issue progresses toward its close.
Intra-day Timeline
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 86.85x | 0.04x | 0.58x | 1.50x |
| 12:15 | 86.85x | 0.11x | 0.61x | 1.53x |
Offer Details
- Company: Papadmalji Agro Foods
- Price Band: ₹69.00 - ₹72.00
- Issue Size: ₹33.12 crore - ₹50.00 crore
- Minimum Bid Quantity: 3200 shares
- Opening Date: 2026-09-29 10:00:00
- Closing Date: 2026-10-01 16:00:00
About the Company
Papadmalji Agro Foods Limited, headquartered in Bikaner, Rajasthan, is an ISO 22000:2018 certified manufacturer of handmade and machine-made papads, rice papads (khichiya), vrat special papads, and moongodi. The company operates under five brands—Zhakaas, Vishal, Rozana, Diamond, and Papadmalji—and distributes products through general trade, modern trade, quick commerce, and direct-to-consumer channels. Founded in 2012 and incorporated in 2017, the company runs two FSSAI-licensed manufacturing units in Bikaner.
Financial Highlights
The company reported steady growth in revenue and profitability over the last three financial years.
| Metric (₹ Crores) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations | 33.53 | 31.75 | 26.27 |
| Total Income | 33.54 | 31.76 | 26.29 |
| Profit Before Tax | 7.24 | 4.72 | 2.13 |
| Net Profit (PAT) | 5.21 | 4.72 | 2.11 |
| Total Assets | 33.50 | 25.05 | 20.07 |
Objects of the Issue
- Capital Expenditure: ₹7.90 crore for constructing a new manufacturing facility at Bachhasar, Bikaner, including civil works, machinery, and solar infrastructure.
- Debt Repayment: ₹5.80 crore for repayment or prepayment of secured borrowings to reduce debt and improve debt-equity ratios.
- General Corporate Purposes: Balance proceeds for strategic initiatives, marketing, brand building, and working capital needs.
- Offer for Sale: Equity shares offered by India Customer Insight Fund; proceeds go to the selling shareholder.
How will the extreme disparity between QIB and retail subscription levels influence the listing price volatility and initial trading dynamics for Papadmalji Agro Foods?
What specific fundamental factors or growth projections are driving the 86x institutional oversubscription despite the company's relatively small issue size?
How might the capital allocated to the new Bachhasar manufacturing facility impact the company's production capacity and margins in the upcoming fiscal years?
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