Peshwa Wheat IPO Day 3: Subscribed 2.38x; QIB demand at 177.12x
- Overall subscription closed at 2.38x on Day 3
- QIB demand remained robust at 177.12x
- Retail subscription crossed 1x mark, ending at 1.00x
- NII categories showed modest growth with bHNI at 0.36x
- Allotment scheduled for September 29, 2026
*this image is generated using AI for illustrative purposes only.
Peshwa Wheat IPO closed Day 3 with overall subscription rising to 2.38x. Qualified Institutional Buyers (QIB) dominated demand at 177.12x, while Retail participation surged to 1.00x.
Subscription Status
The issue witnessed a strong finish on the final day of subscription. The total subscription count climbed from 2.09x on Day 2 to 2.38x by the close of Day 3. The primary driver remained the overwhelming institutional appetite, with the QIB category consistently oversubscribed by more than 177 times throughout the three-day period. Notably, Retail investors stepped up significantly in the final hours, pushing their subscription level from 0.49x on Day 2 to a fully subscribed 1.00x on Day 3.
| 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 | 0.21x | 0.22x | 0.49x | 2.09x |
| Day 3 | 28-09-2026 | 177.12x | 0.36x | 0.24x | 1.00x | 2.38x |
Category-wise Breakdown
The disparity between institutional and retail demand was evident, though retail sentiment improved markedly towards the end. The QIB portion was oversubscribed by 177.12x, indicating high conviction among large investors. In contrast, the Non-Institutional Investors (NII) showed modest growth, with the Big HNI (bHNI) category ending at 0.36x and Small HNI (sHNI) at 0.24x. The Retail category achieved full subscription at 1.00x, reflecting a 17.6% jump from its previous intraday snapshot.
Intra-day Timeline
The final day's snapshot reflects the cumulative demand as of the last recorded update on September 28, 2026. Retail demand saw a notable uptick between 11:15 IST and 12:15 IST, crossing the 1x threshold.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 177.12x | 0.33x | 0.85x | 2.30x |
| 12:15 | 177.12x | 0.36x | 1.00x | 2.38x |
Offer Details
Peshwa Wheat Limited offered shares in a price band of ₹95.00 to ₹101.00 per share. The total issue size ranged between ₹228 crore and ₹500 crore, depending on the extent of the offer for sale component exercised.
| Parameter | Details |
|---|---|
| Price Band | ₹95.00 - ₹101.00 |
| Issue Size | ₹228 crore - ₹500 crore |
| Minimum Bid Qty | 2400 shares |
| Opening Date | 2026-09-24 |
| Closing Date | 2026-09-28 |
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. The company also produces other flour products like Gram Flour (Besan) and Maize Flour, alongside trading vegetables. It operates a fully automated, integrated processing unit with an installed capacity of 56,100 MTPA, achieving 90.10% utilization in FY2026. The company holds FSSAI and ISO 22000:2018 certifications and markets its products in the B2B segment across Madhya Pradesh, Maharashtra, Karnataka, and Gujarat.
Financial Highlights
The company has demonstrated consistent growth in revenue and profitability over the last three financial years.
| Particulars (₹ Crore) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations | 215.94 | 171.53 | 43.79 |
| 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 |
Objects of the Issue
The net proceeds from the fresh issue are intended for:
- Capital Expenditure: ₹6.69 crore for purchasing new 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 by constructing 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: Deployment for operating expenses and business development capabilities.
Risk Factors
Key risks disclosed in the offer documents include:
- Customer Concentration: 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 related party Peshwa Nutrition Private Limited.
- 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: Significant indebtedness with total borrowings of ₹2,373.60 lakhs as of March 31, 2026.
What's Next
Allotment for the Peshwa Wheat IPO is scheduled for September 29, 2026. The shares are expected to list on the stock exchanges on October 1, 2026.
How might the extreme QIB oversubscription (177.12x) influence the initial listing price and early trading volatility for Peshwa Wheat on October 1?
Given the high customer and geographical concentration risks, what specific expansion strategies will management prioritize to diversify revenue streams post-IPO?
Will the planned capacity expansion and vertical construction significantly improve Peshwa Wheat's current 90.10% utilization rate, or lead to underutilization in the near term?
15
Access Market Heat-map & Insights 
Create, Save & Share your Screener 
Use 200+ Screening Filters 
