January 8, 2025
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Leo Dry fruits IPO GMP grey market premium, review, Subscription, allotment, listing estimate @ Chanakyanipothi.com, a legacy of 31 Years.
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Leo Dry fruits listing Review
On 8th January 2025, the scrip is listed at Rs. 68, premium of 30.77% over the issue price. The listing is in line with the expectations of the grey market.
Leo Dryfruits IPO allotment Link
Rs.16
Subscription status of Leo Dry fruits IPO
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Leo Dry Fruits and Spices Trading Ltd IPO Price Rs. 52 Lot 2000 shares, Rs. 25.12 Crore |
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| QIB | NII x | RII x | Total x | Applications |
| 68.06 | 394.59 | 154.50 | 181.77 | 1,96,592 |
| Amount wise bids recd. Rs. ? Crore | ||||
| Note: | ||||
What is the business of Leo Dry Fruits IPO?
Established in November 2019, Leo Dryfruits & Spices Trading Limited is a manufacturer and trader of a wide range of spices, dry fruits, and frozen and semi-fried products. Operating under the brand names “VANDU” for spices and dry fruits, and “FRYD” for frozen products, the company offers whole and blended spices, roasted and flavored dry fruits, ghee, seasonings, and other grocery items in various packaging sizes.
The business is structured into two main verticals:
- Product Trading
- Manufacturing and Processing of Spices
The company’s manufacturing facility is located in Thane, Maharashtra.
Leo Dryfruits & Spices Trading Limited operates across three key market segments:
- B2B (Business to Business): Wholesale distribution of whole spices and dry fruits in bulk to traders for unbranded resale.
- B2C (Business to Consumer): Distribution of whole spices, blended spices, dry fruits, and groceries under the “VANDU” brand through distributors, super stockists, e-commerce platforms (Amazon, Flipkart), and its own website.
- D2C (Direct to Consumer): Direct sales to customers via its website and online platforms, including Amazon and Flipkart.
As of June 30, 2024, the company employs approximately 45 permanent staff across various levels.
Get more information about the company @ https://leodryfruitsandspices.com/
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Leo Dry fruits IPO Details |
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| IPO opens on | 1 January 2025 |
| IPO closes on | 3 January 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 4830,000 Shares / Rs 25.12 Crore |
| * Fresh Issue | 4830,000 Shares / Rs 25.12 Crore |
| * Offer for Sale – | – shares / Rs. – crore |
| Market Maker Portion | 246,000 Shares |
| Net offer to Public | 4584,000 Shares/ Rs.23.84 Crore |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 51-52 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 2000 Shares |
| Listing will at | BSE SME |
Shares offered in IPO |
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| Shares | Rs. (Crore) | |
| QIB (50%) | 2292000 | 11.92 |
| NII (15%) | 687600 | 3.58 |
| RII (35%) | 1604400 | 8.34 |
| Total Shares | 4584000 | 23.84 |
| Retail portion will be oversubscribed by |
803 | |
| Forms | ||
| How much Shares to Apply in this IPO? | ||
| Min Retail Application | 2000 Shares | Rs.104000 |
| Min HNI Application | 4000 Shares | Rs. 208000 |
Who are the Promoters of Leo Dry fruits?
The promoters of the company are Mr. Kaushik Sobhagchand Shah, Mr Ketan Sobhagchand Shah and Mr Parth Ashish Mehta.
What are the Objects of Leo Dry fruits IPO?
The Offer comprises of fresh issue of shares.
The Company intends to utilize the proceeds towards the following objects:
- Funding working capital requirements of the company;
- Branding, Advertisement and Marketing activities;
- General corporate purposes
Tentative timetable |
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| IPO opens on | 1 January 2024 |
| IPO Closes on | 3 Janaury 2025 |
| IPO Allotment on | 6 January 2025 |
| Refund Initiation | 7 January 2025 |
| Credit of Shares | 7 January 2025 |
| Listing on | 8 January 2025 |
| Registered Office of the Company Leo Dry Fruits and Spices Trading Ltd A 812, MIDC Khairane Thane Belapur Rd, TTC Industrial Area, Koperkhairane, Thane, 400705 |
| Who is the Lead Manager of this IPO? Share India Capital Services Pvt ltd |
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Who is the Registrar to IPO? |
Leo Dry fruits IPO GMP grey market premium, review, Subscription, allotment, listing estimate
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Leo Dry fruits IPO Financial & Analytical Ratios |
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| Year | Total Income |
Net Profit |
EPS | RoNW |
| Rs.in Crore | Rs.in Crore | Rs. | % | |
| 2021-22 | 5.27 | 0.08 | ||
| 2022-23 | 36.47 | 3.63 | ||
| 2023-24 | 62.27 | 6.63 | 5.08 | |
| Book Value of the Share on 31.03.2024 |
Rs | |||
| BV of the Share at cap price after IPO |
Rs. | |||
| Offer Price/upper band | Rs. | 52 | ||
Key Performance
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| Price/EPS of 23-24 | 10.23 |
| Price/BV Ratio | 1.95 |
| Debt/Equity Ratio | 0.27 |
How Leo Dry fruits IPO compares with the Peers?
| As on date of RHP | FV | PBV | PE |
| Rs. | Ratio | Ratio of | |
| Leo Dry fruits | 2.00 | 10.23 | |
| Jetmall Spices | 0.63 | 156.43 | |
| Hoac Foods | 10.42 | 32.22 | |
| Madhusudan Masala | 5.80 | 24.65 | |
# This is only coverage of News related to Grey Market Premium & subject to rates. We do not deal in grey market premium. We do not recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
Leo Dry fruits IPO Review by Paresh Gordhandas, CA & Research Analyst.
Established in November 2019, Leo Dryfruits & Spices Trading Limited is a leading manufacturer and trader of a wide range of spices, dry fruits, and frozen and semi-fried products.
The company has shown sharp rise in the total income and its profits during last 3 years. In the year 2023-24, it had total income of Rs. 62.27 crore as compared to total income of Rs. 5.27 crore during 2021-22. Similarly the net profit for the year 2023-24 is Rs. 6.63 crore as compared to Rs. 8 lacs during 2021-22. Out of the total income, the share of trading is very high. The company has inventory of Rs. 29.41 Crore and Receivables of Rs. 32.91 Crore as on 31st March 2024. The inventory and receivable are quite high compared to the turnover of Rs. 62.27 crore. Trading in dryfruits and spices is very competitive business.
The size of the IPO is not small.
Lead Manager Shreni Shares has impressive track record. During 2024, it managed 14 IPOs and all the IPOs gave positive listing with average gain of 47% over the issue price.
So the IPO from the angle of company’s business is not attractive, however considering lead manager’s success ratio, you may apply in this IPO. Also you may consider premium being quoted for this IPO, in the grey market.
+ from fundamental angle: Not attractive.
+ from grey market angle: May apply.
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