Peshwa Wheat IPO Day 2: Subscribed 1.92x; QIBs lead at 177.12x
- Peshwa Wheat IPO subscribed 1.92x cumulatively by Day 2 close.
- QIBs maintained a strong 177.12x subscription throughout the day.
- Retail demand jumped 42.9% intraday, reaching 0.20x by 12:15 IST.
- bHNI category saw a 50% intraday rise, ending at 0.06x.
- Issue closes on September 28, 2026, with allotment on September 29, 2026.
*this image is generated using AI for illustrative purposes only.
Peshwa Wheat IPO saw its cumulative subscription rise to 1.92x by the close of Day 2, driven primarily by a massive 177.12x response from Qualified Institutional Buyers.
Subscription Status
The issue has remained fully subscribed since Day 1, with the overall multiple ticking up from 1.82x to 1.92x on the second day. While institutional demand remains the dominant force, Retail and Non-Institutional segments showed notable acceleration in the final hours of trading.
Subscription Progression
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 24-09-2026 | 177.12x | 0.02x | 0.18x | 0.04x | 1.82x |
| Day 2 | 25-09-2026 | 177.12x | 0.06x | 0.19x | 0.20x | 1.92x |
Category-wise Breakdown
Qualified Institutional Buyers (QIB): The QIB category continued to anchor the issue with a steady subscription of 177.12x. This figure remained unchanged from Day 1, indicating that major institutional bids were locked in early in the subscription window.
Retail Individual Investors (RII): Retail participation gained momentum, rising from 0.04x on Day 1 to 0.20x on Day 2. Within Day 2 itself, retail demand jumped by 42.9%, moving from 0.14x at 11:15 IST to 0.20x by 12:15 IST.
Non-Institutional Investors (NII): The NII segment also saw increased activity. The Big HNI (bHNI) category saw a significant intraday jump of 50.0%, rising from 0.04x to 0.06x. The Small HNI (sHNI) category edged up slightly to 0.19x from 0.18x on Day 1.
Employees: The employee reservation quota received zero bids, resulting in a 0x subscription for this category.
Intra-day Timeline
Data available for Day 2 (25-09-2026) shows the following standing:
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 177.12x | 0.04x | 0.14x | 1.88x |
| 12:15 | 177.12x | 0.06x | 0.20x | 1.92x |
Offer Details
Peshwa Wheat Limited is offering shares at a price band of ₹95.00 to ₹101.00 per share. The minimum bid quantity is set at 2400 shares. The issue size ranges between ₹228,000 crore and ₹500,000 crore based on the price band. The subscription period opened on September 24, 2026, and will close on September 28, 2026.
About the Company
Peshwa Wheat Limited is an Indore-based food processing company engaged in manufacturing wheat-based products such as Atta, Sortex Wheat, Broken Wheat, and Wheat Bran. It also produces other flour products like Gram Flour (Besan) and Maize Flour, and trades in vegetables. The company operates a fully automated, integrated processing unit with an installed capacity of 56,100 MTPA, achieving 90.10% utilization in FY2026. It holds FSSAI and ISO 22000:2018 certifications.
The company markets its products in the B2B segment across Madhya Pradesh, Maharashtra, Karnataka, and Gujarat through Super Stockists and direct sales channels. Originally incorporated as a partnership firm in 2017, it converted into a Public Limited Company in December 2023.
Financial Highlights
The company has shown consistent growth in revenue and profitability over the last three financial years.
| Metric (₹ Crores) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations | 215.94 | 171.53 | 43.79 |
| Total Revenue | 215.96 | 171.55 | 43.81 |
| Profit Before Tax | 21.24 | 16.04 | 6.69 |
| Profit After Tax | 15.81 | 11.84 | 5.21 |
| Total Assets | 80.60 | 65.95 | 31.17 |
| Net Worth | 43.06 | 27.26 | 15.42 |
Objects of the Issue
The net proceeds from the IPO are intended for the following purposes:
- Capital Expenditure: ₹6.69 crore towards the purchase of plant and machinery to expand installed manufacturing capacity at the Indore facility.
- Civil Construction: ₹5.01 crore for vertical expansion of the existing manufacturing facility, including the construction of first and second floors.
- Working Capital: ₹26.50 crore to meet incremental working capital requirements for FY 2026-27 and FY 2027-28.
- General Corporate Purposes: A portion of proceeds for operating expenses and business development, subject to specified caps.
Risk Factors
Key risks disclosed in the offer documents include:
- Customer Concentration: The top 10 customers accounted for 71.14% of revenue from operations in FY2026.
- Supplier Concentration: The top single supplier accounted for 38.48% of total purchases in FY2026, with significant procurement from a related party.
- Geographical Concentration: 97.21% of FY2026 revenue was derived from Madhya Pradesh alone.
- Raw Material Sourcing: 100% of raw materials are procured exclusively from Madhya Pradesh, exposing the company to regional disruptions.
- Debt Servicing: The company had total borrowings of ₹2,373.60 lakhs as of March 31, 2026, including unsecured loans repayable on demand.
How will the extreme disparity between QIB (177.12x) and Retail (0.20x) subscriptions impact Peshwa Wheat's listing volatility and price discovery on Day 1?
Given that 97.21% of revenue is concentrated in Madhya Pradesh, what specific geographic expansion milestones must the company achieve post-listing to justify its valuation?
Will the significant customer concentration (top 10 clients at 71.14%) pose a material risk to future earnings stability if any major B2B contracts are not renewed after the IPO?
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