Papadmalji Agro Foods IPO concluded Day 3 with a total subscription of 1.93x, driven by sustained QIB interest at 86.85x and Retail demand crossing 1x.

Subscription Status

The issue witnessed steady accumulation over the three-day period, ending just short of the 2x mark. While institutional appetite remained robust throughout, the Retail category showed significant improvement in the final hours, ticking up to cross the fully subscribed threshold.

Category-wise Breakdown

The final subscription data highlights a clear divergence in investor participation:

• Qualified Institutional Buyers (QIB): Subscribed 86.85 times, indicating overwhelming institutional confidence in the company's fundamentals.
• Non-Institutional Investors (NII): Big HNIs (bHNI) subscribed 0.74 times, while Small HNIs (sHNI) subscribed 0.27 times. The combined NII category remained undersubscribed relative to the institutional segment.
• Retail Individual Investors (RII): The retail category closed at 1.03 times, crossing the full subscription mark in the final hour of bidding.
• Employees: No subscription was recorded from the employee category (0x).

Intra-day Timeline on 01-10-2026

The final day's data snapshot reflects the cumulative demand as of the closing time. Retail and bHNI segments picked up pace after 11:15 AM IST.

Offer Details

The Papadmalji Agro Foods IPO featured a price band of ₹69.00 to ₹72.00 per share. The minimum bid quantity was set at 3200 shares. The issue size ranged between ₹331,200 crore and ₹500,000 crore based on the price band application.

About the Company

Papadmalji Agro Foods Limited, headquartered in Bikaner, Rajasthan, is an ISO 22000:2018 certified company engaged in the manufacturing of handmade papads, 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 as 'Vishal Namkeen Bhandar' by Mr. Jai Agarwal, it was formally incorporated in 2017.

Financial Highlights

The company reported consistent growth in revenue and profitability over the last three financial years.

Objects of the Issue

The net proceeds from the fresh issue are intended for:

• Capital Expenditure: Funding construction of building, mechanical and electrical works, procurement of plant and machinery, and installation of a rooftop solar power system for a new manufacturing facility at Bachhasar, Bikaner (₹7.90 crore).
• Debt Repayment: Repayment or prepayment of secured borrowings to reduce existing debt and maintain a favorable debt-equity ratio (₹5.80 crore).
• General Corporate Purposes: Strategic initiatives, marketing, brand building, and ongoing contingencies.

Risk Factors

Key risks disclosed include:

• Customer Concentration: Top 10 customers contributed 40.53% of total revenue in FY2026.
• Supplier Dependence: Top 10 suppliers accounted for 61.75% of total purchases in FY2026.
• Product Concentration: Over 93% of total revenue is derived from papad products.
• Working Capital Requirements: Net working capital grew to ₹2,131.32 lakhs in FY2026, with negative operating cash flows recorded in FY2024.

What's Next

Allotment for the Papadmalji Agro Foods IPO is scheduled for October 5, 2026. The shares are expected to list on the stock exchanges on October 7, 2026.

Papadmalji Agro Foods IPO concluded Day 3 with a total subscription of 1.93x, driven by sustained QIB interest at 86.85x and Retail demand crossing 1x.

Subscription Status

The issue witnessed steady accumulation over the three-day period, ending just short of the 2x mark. While institutional appetite remained robust throughout, the Retail category showed significant improvement in the final hours, ticking up to cross the fully subscribed threshold.

Category-wise Breakdown

The final subscription data highlights a clear divergence in investor participation:

• Qualified Institutional Buyers (QIB): Subscribed 86.85 times, indicating overwhelming institutional confidence in the company's fundamentals.
• Non-Institutional Investors (NII): Big HNIs (bHNI) subscribed 0.74 times, while Small HNIs (sHNI) subscribed 0.27 times. The combined NII category remained undersubscribed relative to the institutional segment.
• Retail Individual Investors (RII): The retail category closed at 1.03 times, crossing the full subscription mark in the final hour of bidding.
• Employees: No subscription was recorded from the employee category (0x).

Intra-day Timeline

Offer Details

The Papadmalji Agro Foods IPO featured a price band of ₹69.00 to ₹72.00 per share. The minimum bid quantity was set at 3200 shares. The issue size ranged between ₹331,200 crore and ₹500,000 crore based on the price band application.

About the Company

Papadmalji Agro Foods Limited, headquartered in Bikaner, Rajasthan, is an ISO 22000:2018 certified company engaged in the manufacturing of handmade papads, 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 as 'Vishal Namkeen Bhandar' by Mr. Jai Agarwal, it was formally incorporated in 2017.

Financial Highlights

The company reported consistent growth in revenue and profitability over the last three financial years.

Objects of the Issue

The net proceeds from the fresh issue are intended for:

• Capital Expenditure: Funding construction of building, mechanical and electrical works, procurement of plant and machinery, and installation of a rooftop solar power system for a new manufacturing facility at Bachhasar, Bikaner (₹7.90 crore).
• Debt Repayment: Repayment or prepayment of secured borrowings to reduce existing debt and maintain a favorable debt-equity ratio (₹5.80 crore).
• General Corporate Purposes: Strategic initiatives, marketing, brand building, and ongoing contingencies.

Risk Factors

Key risks disclosed include:

• Customer Concentration: Top 10 customers contributed 40.53% of total revenue in FY2026.
• Supplier Dependence: Top 10 suppliers accounted for 61.75% of total purchases in FY2026.
• Product Concentration: Over 93% of total revenue is derived from papad products.
• Working Capital Requirements: Net working capital grew to ₹2,131.32 lakhs in FY2026, with negative operating cash flows recorded in FY2024.

What's Next

Allotment for the Papadmalji Agro Foods IPO is scheduled for October 5, 2026. The shares are expected to list on the stock exchanges on October 7, 2026.