IPO Key Dates
| Anchor Investor Subscription | Â |
| IPO opens on | 24 Sept. 2025 |
| IPO Closes on | 26 Sept. 2025 |
| Allotment on | 29 Sept, 2025 |
| Credit of shares on | 30 Sept. 2025 |
| Tentative Listing on | 1 Oct 2025 |
| Registered office |
| Gurunanak Agriculture India Ltd. Kh No. 539, PH No. 45/52, VillKandarka, Teh, Ahiwara, Dhamdha, Durg, Chhattisgarh, 490036 |
| Email cs@gnagro.com |
| Lead Manager of the IPO |
| Finshore Management Services ltd |
| Registrar to the IPO |
| Cameo Corporate Services ltd |
Business:
Incorporated in February 2010, Gurunanak Agriculture India Ltd. manufactures agri-machinery—threshers, harvesters, reapers and rotavators.
Portfolio spans Paddy/Groundnut/Wheat/Maize/Multi-crop Threshers, Reapers, Rotavators and a newer Harvester line.
Manufacturing is housed on 4.08 hectares at Durg, Chhattisgarh, with integrated fabrication and assembly.
Distribution via 48 dealers across 7 states, alongside partnerships and direct retail channels.
Expanding India footprint and exports to Bhutan, Nepal, Sri Lanka, Sudan, Uganda, Nigeria, Ghana, South Africa.
Active participation in agri trade fairs/exhibitions for product demos, farmer engagement and market development.
IPO Details
| Â | |
| IPO opens on | 24 September 2025 |
| IPO closes on | 26 September 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 37,30,000 Shares / Rs 23.50 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | 1,88,000 Shares |
| Net offer to Public | 35,42,000 Shares Rs. 22.31 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 60-63 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 2000 Shares |
| Listing will at | BSE SME |
How shares are being offered
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than -% of the Net Issue |
| Retail Shares Offered | Not less than 50% of the Net Issue |
| NII Shares Offered | Not less than 50% of the Net Issue |
How shares can be applied?
| Application | Shares | Amount |
| Retail (Min) | 3,200 | â‚ą2,40,000 |
| Retail (Max) | 3,200 | â‚ą2,40,000 |
| HNI (Min) | 4,800 | â‚ą3,60,000 |
The PromotersÂ
The promoters hold 99.99% of the pre-IPO capital
The Objects of the IPO
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
| Objects of the Issue | To be utilised for (in Millions) |
| Funding Capital Expenditure towards setting up Harvester Manufacturing Unit | 170.67 |
| Working Capital Requirements | 67.69 |
| Issue Related Expenses | 29.64 |
| General Corporate Expenses | 20 |
Financials Snapshot
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 20.16 | 21.99 | 18.17 |
| Total Income | 43.95 | 44.09 | 39.17 |
| Profit After Tax | 6.06 | 2.45 | 0.61 |
| EBITDA | 9.75 | 5.37 | 2.53 |
| NET Worth | 12.27 | 6.22 | 3.77 |
| Reserves and Surplus | 4.11 | 5.71 | 3.26 |
| Total Borrowing | 4.66 | 10.59 | 6.66 |
| Amount in â‚ą Crore | |||
Peer Comparison:
| Company Name | P/EÂ (x) | RoNWÂ (%) |
| Gurunanak Agriculture India Limited | 10.11 | 49.33 |
| Indo Farm Equipment Limited | 42.4 | 5.53 |
Key Financial Indicators
| KPI | Values |
| ROE | 49.33% |
| ROCE | 63.88% |
| Debt/Equity | 0.38 |
| RoNW | 49.33% |
| PAT Margin | 13.81% |
| EBITDA Margin | 22.23% |
| Price to Book Value | 4.99 |
| EPS | 7.42 |
| PER | 10.11 |
IPO Concise Review
• FY25 income at Rs. 43.95 crore (flat YoY), but PAT jumped to Rs. 6.06 crore (vs Rs. 2.45 crore in FY24) on strong margin expansion.
• EBITDA margin improved to ~22.2% (from ~12.2%); PAT margin ~13.8% (from ~5.6%).
• Balance sheet healthier: Net worth Rs. 12.27 crore; borrowings reduced to Rs. 4.66 crore; D/E ~0.38 (vs ~1.70).
• Scale remains modest and revenue has been broadly flat for two years; working-capital intensity is a key monitorable.
• Dealer network and exports support visibility, but cash-flow discipline through agri seasonality is crucial.
• View: At Rs. 75, looks reasonable for listing gains if subscription is strong; hold long term only if revenue re-accelerates while D/E stays ≤0.5.
Final Subscription Tally
| Size Rs.28.80 Crore | ||||
| QIB | NII x | RII x | Total x | Applications |
| – | 0.29 | 3.15 | 1.72 | 1878 |
| Subscription Review: Poor trend on Day 3 |
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