Shivashrit Foods Limited, a leading manufacturer and exporter of premium-quality potato flakes, has launched its Initial Public Offering (IPO) worth ₹70.03 crore. Based in Aligarh, Uttar Pradesh, the company was established in 2017 and has quickly grown into a strong player in the Indian agro-processing sector. Known for its state-of-the-art potato processing and manufacturing facility in Aligarh, the company operates on a B2B business model, catering to the food and snacks industry both in domestic and international markets. Expanding its footprint further, the company has also started focusing on the B2C segment, targeting retail customers through e-commerce platforms.

The IPO of Shivashrit Foods consists of a fresh issue of 43.16 lakh shares aggregating to ₹61.29 crore and an offer for sale of 6.16 lakh shares amounting to ₹8.75 crore. The subscription window for the IPO opens on 22nd August 2025 and closes on 26th August 2025. The allotment of shares is expected to be finalized on or around 28th August 2025, with the shares likely to be listed on the NSE SME platform on 1st September 2025.

The price band for the IPO has been fixed between ₹135 to ₹142 per equity share, with the lot size set at 1,000 shares. For individual retail investors, the minimum investment required is 2 lots, equivalent to 2,000 shares, translating to a minimum investment of ₹2,84,000. The IPO, being a book built issue, gives investors flexibility in bidding, but the eventual allotment will likely be done at the upper end of the price band, as anchor investors have already subscribed at the highest price.

At the IPO price of ₹142 per share, the market capitalisation of the company is estimated at around ₹259.42 crore. Mark Corporate Advisors Private Limited is the book running lead manager for this IPO, Maashitla Securities Private Limited is acting as the registrar, while Asnani Stock Broker Private Limited is the market maker for the issue.

Shivashrit Foods IPO Anchor Investors

The company successfully raised ₹19.92 crore from anchor investors at the price of ₹142 per share, allocating 14,03,000 equity shares. Anchor investors play a critical role in providing confidence to other categories of investors, as their early participation demonstrates faith in the business model and growth prospects of the company.

Shivashrit Foods IPO Live Subscription Status

As of 12:00 PM on 25th August 2025, the Shivashrit Foods IPO has been subscribed 0.59 times on the second day of the subscription period. Investors can track the real-time subscription updates on the NSE website. The subscription data will provide insights into the level of interest from Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Retail Individual Investors (RIIs).

Shivashrit Foods IPO Grey Market Premium (GMP)

Currently, the Grey Market Premium (GMP) for Shivashrit Foods IPO is showing ₹0, indicating no significant trading activity in the unofficial grey market. GMP is often seen as an indicator of the listing price, but it is important to note that it is not regulated and depends heavily on demand and supply in the unorganised market. The company’s financial performance and industry growth potential will likely have more influence on the actual listing gains than the grey market activity.

Objectives of the Shivashrit Foods IPO

The net proceeds from the IPO will be used for several purposes:

1. ₹2,630 lakh to finance capital expenditure, including construction of buildings, plant and machinery for a potato flakes line, boilers, ETP plant, power generators, solar panels, and other assets as part of its expansion project.

2. ₹1,900 lakh to finance working capital requirements for the expansion project.

3. Remaining funds will be allocated towards general corporate purposes.

Financial Performance of Shivashrit Foods

Shivashrit Foods has reported steady financial growth over the last three years:

• Revenue from operations: ₹10,584.59 lakh in FY25, ₹7,755.03 lakh in FY24, and ₹4,560.57 lakh in FY23.

• EBITDA: ₹2,338.18 lakh in FY25, ₹1,996.31 lakh in FY24, and ₹510.51 lakh in FY23.

• Profit After Tax (PAT): ₹1,205.50 lakh in FY25, ₹1,161.39 lakh in FY24, and ₹151.56 lakh in FY23.

These figures reflect consistent growth in both top-line and bottom-line performance, showcasing strong operational efficiency.

The pre-issue EPS for FY24 stands at ₹8.64, while the post-issue EPS is estimated at ₹6.60. The pre-issue P/E ratio is 16.43x, whereas the post-issue P/E ratio is 21.52x, suggesting that the IPO is fully priced. With a ROCE of 42.73%, ROE of 42.00%, and RoNW of 34.85%, the company demonstrates strong profitability metrics.

Management and Promoters

The company is promoted by Mr. Prashant Singhal and Mr. Nishant Singhal, both of whom bring over 15 years of industry experience in potato flakes production. Under their leadership, Shivashrit Foods has expanded its footprint in both domestic and international markets. Their vision is further supported by a professional management team that brings expertise in finance, operations, and marketing.

IPO Review and Recommendation

Despite strong fundamentals and steady financial performance, the Shivashrit Foods IPO appears fully priced, leaving limited room for listing gains. With a GMP of 0.00%, market expectations indicate no major premium on listing day. Investors with a long-term horizon may consider subscribing, as the company has shown consistent growth and operates in a growing segment of the food processing industry. However, for those aiming for short-term listing gains, the IPO may not provide immediate returns.

In conclusion, the Shivashrit Foods IPO offers an opportunity to invest in a fast-growing agro-processing company with a proven track record in manufacturing premium potato flakes. With a clear focus on expansion projects, financial growth, and entry into retail markets, Shivashrit Foods is positioned to capture larger market opportunities in the future. While listing gains may be limited, the company’s strong fundamentals make it a potential long-term investment opportunity in the NSE SME segment.

The Upcoming IPOs in this week and coming weeks are Abril Paper Tech, Sneha Organics, Sugs Lloyd, Anlon Healthcare, NIS Management, Sattva Engineering Construction, Globtier Infotech, Current Infraprojects, Vikran Engineering.

The Current active IPO are Shivashrit Foods, Anondita Medicare, Classic Electrodes (India), ARC Insulation & Insulators, Mangal Electrical Industries, .

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