Papadmalji Agro Foods IPO Day 3: Subscribed 2.55x; QIB holds 86.85x; Retail hits 1.53x
- Papadmalji Agro Foods IPO closed Day 3 with a total subscription of 2.55x.
- QIBs subscribed 86.85x, showing overwhelming institutional interest.
- Retail investors crossed the fully subscribed mark at 1.53x in the final hours.
- bHNI demand surged to 1.93x, up from 0.23x at the start of the day.
- Allotment date is October 5, 2026, with listing expected on October 7, 2026.
*this image is generated using AI for illustrative purposes only.
Papadmalji Agro Foods IPO closed its final bidding day with a total subscription of 2.55x, driven by massive QIB interest at 86.85x and strong late-day retail participation that pushed the category to 1.53x.
Subscription Status
The issue witnessed steady accumulation over the three-day period, ending comfortably above 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. The overall subscription figure jumped from 1.88x at 11:15 AM to 2.55x by the closing time, reflecting a 35.6% increase in demand during the final trading hours of the day.
| 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 | 0.15x | 0.69x | 0.79x | 1.74x |
| Day 3 | 01-10-2026 | 86.85x | 0.63x | 1.93x | 1.53x | 2.55x |
Category-wise Breakdown
The final subscription data highlights a clear divergence in investor participation, with institutional buyers leading the charge:
- 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 0.63 times, showing a sharp jump from earlier intraday levels. Small HNIs (sHNI) subscribed 1.93 times. The combined NII category saw improved participation compared to previous days.
- Retail Individual Investors (RII): The retail category closed at 1.53 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, with bHNI demand increasing by 173.9% from the morning snapshot.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 86.85x | 0.23x | 0.97x | 1.88x |
| 12:15 | 86.85x | 0.27x | 1.03x | 1.93x |
| 13:15 | 86.85x | 0.30x | 1.10x | 2.20x |
| 14:15 | 86.85x | 0.34x | 1.17x | 2.25x |
| 15:15 | 86.85x | 0.48x | 1.34x | 2.39x |
| 16:15 | 86.85x | 0.63x | 1.53x | 2.55x |
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.
| Particulars | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations (₹ Crore) | 33.53 | 31.75 | 26.27 |
| Total Profit (PAT) (₹ Crore) | 5.21 | 4.72 | 2.11 |
| Total Assets (₹ Crore) | 33.50 | 25.05 | 20.07 |
| Net Worth (₹ Crore) | 16.14 | 10.93 | 6.20 |
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.
How will the extreme divergence between QIB interest (86.85x) and retail participation (1.53x) influence the likely listing premium for Papadmalji Agro Foods?
Can the company effectively mitigate its high customer and supplier concentration risks to sustain the revenue growth trajectory that attracted institutional investors?
What impact will the planned capital expenditure on the new Bachhasar manufacturing facility have on the company's operating margins in the next two fiscal years?
19
Access Market Heat-map & Insights 
Create, Save & Share your Screener 
Use 200+ Screening Filters 
