Peshwa Wheat IPO Day 3: Subscribed 2.77x; Retail surges 89.4%, QIB holds 177.12x
- Peshwa Wheat IPO closed with an overall subscription of 2.77x.
- Retail demand surged 89.4% on Day 3 to reach 1.61x.
- QIBs maintained a strong 177.12x subscription throughout the issue.
- Allotment is scheduled for September 29, 2026.
*this image is generated using AI for illustrative purposes only.
Peshwa Wheat IPO wrapped up its subscription window on Day 3 with an overall oversubscription of 2.77x, driven by a sharp late-session surge in Retail and NII bids. Retail jumped 89.4% during the day — from 0.85x at the 11:15 IST snapshot to 1.61x at close — while NII (bHNI) raced ahead 112.1%, ending at 0.70x. QIBs anchored the issue throughout at a commanding 177.12x.
Subscription Status
The issue built steady momentum across all three days, with total subscription climbing from 1.82x on Day 1 to 2.09x on Day 2 and closing at 2.77x on Day 3. The final day's 20.4% intraday gain in total subscription was powered almost entirely by Retail and NII acceleration in the afternoon session.
| 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 | 0.70x | 0.34x | 1.61x | 2.77x |
Category-wise Breakdown
QIBs were the undisputed cornerstone of the issue, subscribing 177.12 times their allocated portion from Day 1 itself and holding that level through close. Retail investors crossed the fully subscribed mark during the Day 3 session, ending at 1.61x — an 89.4% jump from the day-open reading of 0.85x. NII (bHNI) picked up pace sharply after midday, rising 112.1% from 0.33x to 0.70x. NII (sHNI) ended at 0.34x.
Intra-day Timeline — Day 3 (28-09-2026)
The final day's progression shows a clear acceleration in Retail and bHNI bids through the afternoon, with total subscription ticking up steadily from 2.30x at 11:15 IST to 2.77x at the 16:15 IST close.
| 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 |
| 13:15 | 177.12x | 0.40x | 1.15x | 2.48x |
| 14:15 | 177.12x | 0.49x | 1.28x | 2.57x |
| 15:15 | 177.12x | 0.59x | 1.44x | 2.66x |
| 16:15 | 177.12x | 0.70x | 1.61x | 2.77x |
Offer Details
| Parameter | Details |
|---|---|
| Price Band | ₹95.00 – ₹101.00 |
| Issue Size | ₹228 crore – ₹500 crore |
| Minimum Bid Qty | 2,400 shares |
| Opening Date | 24-09-2026 |
| Closing Date | 28-09-2026 |
About the Company
Peshwa Wheat Limited is an Indore-based food processing company engaged in manufacturing wheat-based products — Atta, Sortex Wheat, Broken Wheat, and Wheat Bran — alongside Gram Flour (Besan) and Maize Flour, and trading of vegetables. The company operates a fully automated, integrated processing unit with an installed capacity of 56,100 MTPA, achieving 90.10% utilisation in FY2026. It holds FSSAI and ISO 22000:2018 certifications and markets products in the B2B segment across Madhya Pradesh, Maharashtra, Karnataka, and Gujarat. Originally incorporated as a partnership firm in 2017, it was converted into a Public Limited Company in December 2023.
Financial Highlights
| 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
Net proceeds from the fresh issue are intended for:
- Capital Expenditure — Plant & Machinery: ₹6.69 crore for purchasing new plant and machinery to expand installed manufacturing capacity at the Indore facility.
- Capital Expenditure — 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 towards 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 approximately 38.49% of raw materials procured from related party Peshwa Nutrition Private Limited.
- Geographical Revenue 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.
- Significant Indebtedness: Total borrowings stood at ₹2,373.60 lakhs as of March 31, 2026, including unsecured loans of ₹1,508.46 lakhs repayable on demand.
What's Next
Allotment for the Peshwa Wheat IPO is scheduled for September 29, 2026. Shares are expected to list on the stock exchanges on October 1, 2026.
How will Peshwa Wheat's planned capacity expansion impact its ability to diversify beyond the 97% revenue concentration in Madhya Pradesh?
What specific strategies will management implement to reduce the 38% raw material dependency on related party Peshwa Nutrition Private Limited post-listing?
Will the significant QIB interest (177x) translate into stable institutional holding patterns or potential selling pressure upon the October 1 listing?
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