Astron Multigrain IPO
Astron Multigrain Ltd. is launching a fixed-price SME IPO of Rs. 18.40 crore, comprising a fresh issue of 23,00,000 equity shares (Rs. 14.74 crore) and an Offer for Sale (OFS) of 5,80,000 equity shares (Rs. 3.65 crore).
The IPO opens on December 1, 2025 and closes on December 3, 2025. Allotment is expected on December 4, 2025, and the tentative listing date is December 8, 2025 on BSE SME.
The issue price is Rs. 63 per share, and the lot size is 2,000 shares.
As per Chanakya rule (lot value below Rs. 2.50 lakh), the minimum application is 2 lots (4,000 shares).
The minimum investment for retail investors is Rs. 2,52,000 (4,000 shares) and for HNI investors Rs. 3,78,000 (6,000 shares).
🕗 Last Update: 26 November 2025, 6.00 AM
👉 GMP | Reviews | Subscription | Allotment
👉 Chanakya Grey Market Intelligence – 8 PM Edition | News Crux |
👉 Power Calls | Breakout Stocks | Coffee Can Portfolio |
IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | December 1, 2025 |
| IPO Close Date | December 3, 2025 |
| Tentative Allotment | December 4, 2025 |
| Refunds Initiation | December 5, 2025 |
| Credit of Shares to Demat | December 5, 2025 |
| Tentative Listing Date | December 8, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on December 3, 2025 |
IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs. 10 per share |
| Issue Price | Rs. 63 per share |
| Lot Size | 2,000 shares |
| Sale Type | Fresh Issue cum Offer for Sale |
| Total Issue Size | 29,20,000 shares (Rs. 18.40 Cr) |
| Market Maker Portion | 1,48,000 shares (Rs. 0.93 Cr approx.) |
| Fresh Issue (ex MM) | 21,92,000 shares (Rs. 13.81 Cr) |
| Offer for Sale | 5,80,000 shares (Rs. 3.65 Cr) |
| Net Offer to Public | 27,72,000 shares (Rs. 17.46 Cr) |
| Issue Type | Fixed Price Issue |
| Listing At | BSE SME |
| Shareholding Pre-Issue | 62,60,000 shares |
| Shareholding Post-Issue | 86,00,000 shares |
Reservation
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| Market Maker | 1,48,000 | 5.07% |
| NII (HNI) | 13,84,000 | 47.40% |
| Retail Individual Investors | 13,88,000 | 47.53% |
| Total | 29,20,000 | 100.00% |
Application Details
Investors can bid for a minimum of 4,000 shares and in multiples of 2,000 shares thereafter.
| Application | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min / Max) | 2 | 4,000 | 2,52,000 |
| HNI (Min) | 3 | 6,000 | 3,78,000 |
Promoter Holding
| Particulars | Percentage |
|---|---|
| Promoter Holding Pre-Issue | 99.99% |
| Promoter Holding Post-Issue | 66.05% |
Promoters:
Mr. Jenish Parshottambhai Khunt
Ms. Poonam Jenish Khoont
About Astron Multigrain Ltd.
Astron Multigrain is engaged in the manufacturing of instant noodles and related products.
The company operates on two business verticals:
-
Contract Manufacturing:
The company procures raw materials, manufactures, handles and packs noodles for clients like Gokul Snacks Pvt. Ltd., who then sell the products under their own brand. -
Own Brand Manufacturing:
Astron Multigrain markets products under its own brand “Astron’s Swagy Noodles”, currently available in Mast Masala (Classic Flavour).
It also manufactures noodle bhujiya and papad, adding variety to its product basket.
Manufacturing Facility:
Located at Gondal, Rajkot, Gujarat, with an installed capacity of 5,110 MTA, and operates under an FSSAI license in compliance with the Food Safety and Standards Act, 2006.
Market Presence & Distribution:
The company focuses on the B2B segment, with a strong presence in Gujarat, Madhya Pradesh, Maharashtra and Bihar.
Products are sold to Super Stockists, who further supply to wholesalers and retailers, creating a widespread distribution network.
Segment-wise Revenue (FY 2025):
-
Own Brand Manufacturing: 79.82% of total revenue
-
Contract Manufacturing: 20.18% of total revenue
Competitive Strengths
-
Experienced promoters and professional management team
-
Affordable pricing strategy in mass-consumption food category
-
Well-established trade name in regional markets
-
Focus on quality compliance and FSSAI standards
-
Widespread and growing sales & distribution network
Financial Snapshot (Rs. crore)
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 21.79 | 17.71 | 14.83 |
| Total Income | 33.92 | 26.51 | 19.50 |
| Profit After Tax | 2.31 | 1.98 | 1.24 |
| EBITDA | 4.06 | 3.11 | 2.61 |
| Net Worth | 10.51 | 8.20 | 3.82 |
| Reserves & Surplus | 4.25 | 1.94 | 1.17 |
| Total Borrowing | 4.28 | 5.02 | 6.70 |
Revenue has grown 28% YoY, while PAT has risen 16% YoY between FY24 and FY25, showing steady growth in a competitive food FMCG segment.
Key Performance Indicators
| KPI | Value |
|---|---|
| ROE | 24.66% |
| ROCE | 23.73% |
| Debt/Equity | 0.41 |
| RoNW | 21.95% |
| PAT Margin | 6.80% |
| EBITDA Margin | 11.98% |
| Price to Book Value | 3.75 |
| Market Capitalization | Rs. 54.18 Cr |
| EPS – Pre IPO | Rs. 3.69 |
| EPS – Post IPO | Rs. 2.68 |
| P/E – Pre IPO | 17.09x |
| P/E – Post IPO | 23.48x |
Valuations on a post-issue basis (23.48x P/E) are in the moderate–higher band for an SME food manufacturer, supported by reasonable growth and healthy return ratios.
Objects of the Issue (Rs. crore)
| S.No. | Objects of the Issue | Amount (Rs. Cr) |
|---|---|---|
| 1 | Funding capital expenditure towards purchase of machinery | 4.46 |
| 2 | Working capital requirements | 5.65 |
| 3 | General corporate purposes | Balance |
Company Contact
Astron Multigrain Ltd.
Plot No. 17 to 21, Near Ram Hotel,
Chordi, Gondal,
Rajkot, Gujarat – 360311
📞 +91 8849506534
✉ cs@astronmultigrain.co.in
🌐 www.astronmultigrain.co.in
Lead Manager
Finaax Capital Advisors Private Limited
Registrar
Bigshare Services Pvt. Ltd.
📞 +91-22-6263 8200
✉ ipo@bigshareonline.com
🌐 https://ipo.bigshareonline.com/IPO_Status.html
Chanakya IPO Review – by Paresh Gordhandas, CA & Research Analyst
Astron Multigrain operates in a high-volume, value-for-money food category (instant noodles and allied products) with a mix of own brand and contract manufacturing. Revenue has grown steadily (28% in FY25), with EBITDA margin at 11.98% and PAT margin at 6.80%, which are reasonable for a mass FMCG-style business.
Return ratios are healthy (ROE 24.66%, ROCE 23.73%) and leverage is moderate (Debt/Equity 0.41), with borrowing reducing over the years. The brand “Astron’s Swagy Noodles” is gaining traction regionally, and the distribution network across Gujarat, MP, Maharashtra and Bihar supports further scale-up.
On the valuation front, post-issue P/E of 23.48x is on the higher side for an SME but can be justified if growth sustains and margins are maintained.
Chanakya View:
Decent growth profile, improving balance sheet and good return ratios make Astron Multigrain moderately attractive for long-term investors with higher risk appetite. Listing gains will depend on subscription response from HNIs and retail, and overall sentiment in SME and FMCG counters.
