SSMD Agrotech India IPO
SSMD Agrotech India Ltd. is launching a book-built SME IPO of Rs. 34.09 crore, comprising an entirely fresh issue of 28,17,000 equity shares.
The IPO opens on November 25, 2025, and closes on November 27, 2025. The allotment is expected on November 28, 2025, and the listing is tentatively scheduled for December 2, 2025 on BSE SME.
The price band is Rs. 114 to Rs. 121 per share, and the lot size is 1,000 shares.
Since the lot value is below Rs. 2.50 lakh, the minimum investment for retail investors is 2 lots = 2,000 shares (Rs. 2,42,000), and for HNI investors, 3 lots = 3,000 shares (Rs. 3,63,000).
Lead Manager: 3Dimension Capital Services Ltd.
Registrar: Bigshare Services Pvt. Ltd.
Market Maker: Nikunj Stock Brokers Ltd.
🕗 Last Update: 2 December 2025, 6.00 AM
| SSMD Agrotech SME IPO -Closed Size Rs.34.09 Crore (Closed 27 November 2025) |
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| QIB | NII x | RII x | Total x | Applications |
| 5.33 | 0.62 | 2.54 | 1.62 | 1,899 |
| Subscription Review: Flow of appications has been slow till now. |
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IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | November 25, 2025 |
| IPO Close Date | November 27, 2025 |
| Allotment Date | November 28, 2025 |
| Refunds Initiation | December 1, 2025 |
| Credit to Demat | December 1, 2025 |
| Listing Date | December 2, 2025 |
Final Subscription Status
Size Rs. 34.09 Crore (Opens 25 November 2025, Closes 27 November 2025)
| QIB | NII x | RII x | Total x | Applications |
|---|---|---|---|---|
| – | – | – | – | – |
Subscription Review:
(To be updated after closing)
IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs. 10 per share |
| Issue Price | Rs. 114–Rs. 121 per share |
| Lot Size | 1,000 shares |
| Sale Type | Fresh Issue |
| Total Issue Size | 28,17,000 shares (Rs. 34.09 Cr) |
| Market Maker Portion | 1,56,000 shares (Rs. 1.89 Cr) – Nikunj Stock Brokers Ltd. |
| Net Offer to Public | 26,61,000 shares (Rs. 32.20 Cr) |
| Issue Type | Book Built Issue |
| Listing At | BSE SME |
| Shareholding Pre-Issue | 58,49,129 shares |
| Shareholding Post-Issue | 86,66,129 shares |
Reservation
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| Market Maker | 1,56,000 | 5.54% |
| QIB | 27,000 | 0.96% |
| NII (HNI) | 13,17,000 | 46.75% |
| Retail Individual Investors | 13,17,000 | 46.75% |
| Total | 28,17,000 | 100.00% |
Application Details
| Application | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min / Max) | 2 | 2,000 | 2,42,000 |
| HNI (Min) | 3 | 3,000 | 3,63,000 |
Promoter Holding
| Particulars | Percentage |
|---|---|
| Promoter Holding Pre-Issue | 100% |
| Promoter Holding Post-Issue | – (as per RHP) |
Promoters:
Mr. Ishu Munjal, Mrs. Surbhi Munjal, Mr. Jai Gopal Munjal.
About SSMD Agrotech India Ltd.
Originally part of two independent proprietorships—Manohar Lal Jaigopal Agro Industries and S.S. Agro India—the business was consolidated into Shree Dhanlaxmi Flour Mills Pvt. Ltd., and later renamed SSMD Agrotech India Pvt. Ltd.
The company is engaged in manufacturing, trading, and repacking of high-quality agro-food products under four brands:
-
Manohar Agro
-
Super S.S.
-
Delhi Special
-
Shri Dhanlaxmi
Product range includes:
Puffed Rice, Ramdana, Gram Flour, Matar Flour, Chana Dal, Idli Rava, Rice Powder, and various Chana Dal by-products (Chana Chilka, Chana Churi, Chana Khanda, Chana Sattu).
The company sells primarily through distributors across Delhi/NCR, Haryana, UP, Punjab & Uttarakhand, and also through D2C stores.
Manufacturing Units: 3
D2C Dark Stores: 1
Competitive Strengths
-
Strong manufacturing network
-
Wide product portfolio
-
Efficient resource utilisation
-
Experienced management
-
Expanding D2C presence
Financial Snapshot (Rs. crore)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 32.33 | 18.16 | 15.60 |
| Total Income | 52.13 | 99.18 | 73.45 |
| Profit After Tax | 3.84 | 5.38 | 1.10 |
| EBITDA | 5.79 | 8.47 | 3.23 |
| Net Worth | 10.76 | 6.92 | 1.33 |
| Total Borrowing | 6.88 | 6.07 | 7.02 |
Key Performance Indicators
| KPI | Value |
|---|---|
| ROE | 130.46% |
| ROCE | 100.85% |
| Debt/Equity | 0.88 |
| PAT Margin | 5.42% |
| EBITDA Margin | 8.54% |
| P/E (Post-Issue) | 13.67x |
| Market Capitalization | Rs. 104.86 Cr |
Objects of the Issue (Rs. in crores)
| S.No. | Objects of the Issue | Amount (Rs. Cr) |
|---|---|---|
| 1 | Funding of working capital requirements | 13.10 |
| 2 | Repayment of certain borrowings | 6.83 |
| 3 | Capex for new D2C dark store factories | 2.04 |
| 4 | Purchase of machinery for new Namkeen Plant | 0.97 |
| 5 | General Corporate Purposes | – |
Company Contact
SSMD Agrotech India Ltd.
Khasra No. 640/641, Libaspur Road,
Village Siraspur, Siraspur,
North West Delhi, New Delhi – 110042
📞 011-45380705
✉ cs@houseofmanohar.com
🌐 http://www.houseofmanohar.com/
Lead Manager
3Dimension Capital Services Ltd.
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
SSMD Agrotech India has evolved into a multi-product agro-food manufacturer with a strong distribution network across North India. Revenues grew 35% YoY while PAT surged 388%, reflecting a strong operational scale-up. High return ratios (ROE 130%, ROCE 100%) indicate efficient utilisation of capital, though these may normalise post-issue.
With multiple manufacturing units, a rising D2C presence, and expansion into new product lines, the company is positioned for growth.
Chanakya View: Attractive for investors seeking exposure to branded agro-food products, provided subscription strength from HNIs and QIBs supports valuation.
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Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
