August 20, 2025
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Shivashrit Foods IPO Key Dates
| Anchor Investor Subscription | |
| IPO opens on | 22.08.2025 |
| IPO Closes on | 26.08.2025 |
| Allotment on | 28.08.2025 |
| Credit of shares on | 29.08.2025 |
| Tentative Listing on | 01.09.2025 |
Shivashrit Foods IPO Condenses Verdict
The IPO offers exposure to a fast-growing food processing company with strong export reach and proven demand. It may attract investors looking for growth in the FMCG & food ingredients sector, but the rising debt burden and margin sustainability need close monitoring.
Final Subscription Tally
| Size Rs. Crore | ||||
| QIB | NII x | RII x | Total x | Applications |
| Subscription Review: |
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About Shivashrit Foods
Shivashrit Foods Limited, incorporated in August 2017, is engaged in the manufacturing, supply, and export of premium potato flakes used in ready-to-eat meals, snacks, and processed foods. The company operates a modern potato processing facility at Aligarh, Uttar Pradesh, equipped to produce high-quality flakes with consistent standards and long shelf life.
The unit is accredited with certifications from FSSAI, ISO 22000:2018, HALAL, BRCGS (Intertek-UKAS certified) and USFDA, ensuring compliance with both domestic and international food safety norms.
The company markets its products under three brand names – “Shivashrit,” “Shreeaahar,” and “Flaker’s.” It has established a strong distribution network across key Indian states including Madhya Pradesh, Uttarakhand, Maharashtra, Punjab, Gujarat, Haryana, Delhi, Rajasthan, Uttar Pradesh, West Bengal, and Bihar.
On the global front, Shivashrit Foods exports to multiple countries across Asia, Middle East, North America, and Latin America, including USA, Mexico, Brazil, Chile, Argentina, Turkey, Israel, Indonesia, Malaysia, UAE, and Bangladesh, among others.
Shivashrit IPO Details
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Sector: |
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| IPO opens on | 22 August 2025 |
| IPO closes on | 26 August 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 32,00,000 Shares / Rs ? Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | ? Shares |
| Net offer to Public | ? Shares Rs. ? Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. ? |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | ? Shares |
| Listing will at | NSE SME |
How shares are being offered
|
Category |
Shares Offered |
| QIB | Not more than 50% of the Net Issue |
| Retail | Not less than 35% of the Offer |
| NII | Not less than 15% of the Net Issue |
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 2 | 2,000 | 2,84,000 |
| Individual investors (Retail) (Max) | 2 | 2,000 | 2,84,000 |
| S-HNI (Min) | 3 | 3,000 | 4,26,000 |
| S-HNI (Max) | 7 | 7,000 | 9,94,000 |
| B-HNI (Min) | 8 | 8,000 | 11,36,000 |
Who are the Promoters of Shivashrit Foods IPO?
The promoters hold 100.00% of the pre-IPO capital
What are the Objects of Shivashrit Foods IPO?
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
+Capital Expenditure (“Expansion Project”) Rs. 26.93 Crore
+Working Capital Requirement for Expansion Project Rs. 19.00 Crore
+General Corporate purposes
Shivashrit Foods IPO Lead Managers
MARC Corporate Advisors Pvt ltd
| Registered Office of the Company |
| Shivashrit Foods Ltd. Gopal Ganj Sarai Lavaria , Aligarh, Uttar Pradesh, 202001 |
| Who is the Registrar to the IPO? Maashitla Securities Pvt ltd |
ShivaShrit Foods Financials Snapshot
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 108.78 | 83.07 | 48.48 |
| Total Income | 105.85 | 77.55 | 45.61 |
| Profit After Tax | 12.06 | 11.61 | 1.52 |
| EBITDA | 23.1 | 19.87 | 4.95 |
| Net Worth | 34.6 | 22.54 | 10.93 |
| Reserves and Surplus | 20.64 | 17.89 | 6.28 |
| Total Borrowing | 47.96 | 36.97 | 22.67 |
Performance Indicators
| KPI | Values |
| ROE | 42% |
| ROCE | 42.73% |
| Debt/Equity | 1.39 |
| RoNW | 34.85% |
| PAT Margin | 11.51% |
| EBITDA Margin | 22.06% |
| Price to Book Value | 1.91 |
| EPS-Post | 6.6 |
| PER-Post | 21.52 |
How ShivaShrit Foods IPO compares with the Peers?
There is no listed company having business similar to this company
# 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.
Shivashrit IPO Review
by Paresh Gordhandas, CA & Research Analyst
Incorporated in 2017, Shivashrit Foods Limited is a manufacturer, supplier, and exporter of premium potato flakes catering to both domestic and global food manufacturers. Its modern facility in Aligarh, Uttar Pradesh is well-accredited with certifications such as FSSAI, ISO 22000:2018, HALAL, BRCGS (Intertek-UKAS) and USFDA, ensuring compliance with stringent international food safety standards.
The company markets products under the brands “Shivashrit,” “Shreeaahar,” and “Flaker’s.” It has strong domestic penetration across key states (Madhya Pradesh, Maharashtra, Gujarat, Delhi, Rajasthan, Punjab, West Bengal, etc.) and an expanding export footprint across North & South America, Asia, and the Middle East, including the USA, Mexico, Brazil, Chile, Argentina, Israel, Malaysia, UAE, and Bangladesh.
Observations
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Strong Growth: Revenue more than doubled from ₹45.61 Cr (FY23) to ₹105.85 Cr (FY25) in just two years, reflecting strong demand.
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Profitability: PAT surged from just ₹1.52 Cr in FY23 to ₹12.06 Cr in FY25, though growth slowed between FY24–FY25, indicating margin pressure.
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EBITDA Margin: Improved significantly from ~11% in FY23 to ~21% in FY25, a sign of operational efficiency.
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Leverage: Borrowings rose sharply to ₹47.96 Cr in FY25, indicating expansion-driven debt. Rising debt-to-equity is a risk if cash flows tighten.
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Net Worth: Healthy improvement from ₹10.93 Cr (FY23) to ₹34.60 Cr (FY25), showing strengthening fundamentals.
📝 Chanakya Review
Shivashrit Foods has built a scalable, export-driven food processing business with robust certifications and diversified clientele. Financials show rapid top-line growth, expanding margins, and strong profitability, reflecting rising demand for potato-based processed foods.
However, the company’s high debt (₹47.96 Cr in FY25) is a point of caution, as leverage has increased significantly alongside expansion. Profit growth also plateaued between FY24 and FY25 despite higher revenues, hinting at cost pressures.
👉 Verdict:
The IPO offers exposure to a fast-growing food processing company with strong export reach and proven demand. It may attract investors looking for growth in the FMCG & food ingredients sector, but the rising debt burden and margin sustainability need close monitoring. Suitable for investors with a medium-to-high risk appetite and a long-term horizon.
The company manufactures and exports premium potato flakes, used in ready-to-eat meals, snacks, and processed foods. It operates a certified facility in Aligarh, Uttar Pradesh, and markets products under the brands Shivashrit, Shreeaahar, and Flaker’s.
The IPO opens on 22 August 2025 and closes on 26 August 2025. Tentative listing date on NSE SME is 1 September 2025.
It is a ₹70.03 crore book-built issue, with a price band of ₹135–₹142 per share. The lot size is 2,000 shares, requiring a minimum retail investment of ₹2.70 lakh.
Revenue grew from ₹45.6 Cr in FY23 to ₹105.8 Cr in FY25, while PAT improved from ₹1.5 Cr to ₹12 Cr. Margins expanded, but borrowings also rose sharply to ₹47.9 Cr in FY25, highlighting leverage risk.
The company shows strong growth, export reach, and rising profitability. However, high debt and margin pressure are key risks. It may suit investors with a long-term view and medium-to-high risk appetite, while conservative investors should be cautious.
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