Papadmalji Agro Foods Sets IPO Price Band at Rs 69–72; Issue to Open on September 29

Kreo Capital Pvt. Ltd. is the book-running lead manager, and MAS Services Ltd. is the registrar of the issue.

The issue proceeds will be utilized in funding the capital expenditure towards construction of building, mechanical and electrical works and procurement of plant and machinery and installation of 250 kW Rooftop Solar Power System for setting up a new manufacturing facility at Bachhasar, Bikaner, Repayment or prepayment, in full or in part, of borrowings availed by the Company from banks and general corporate purposes.

On Monday, October 5, 2026, the shares for the Papadmalji Agro Foods Limited IPO are anticipated to be allotted, and on Tuesday, October 6, 2026, the shares will be credited to the demat account of the allottees. Papadmalji Agro Foods IPO comprises a total issue size of 28,03,200 shares. The net offer of not more than 32,000 shares are allocated to QIB, not less than 7,87,000 shares are allocated to NII and not less than 18,40,000 allocated to individual investors.

Individual investors need to contribute a minimum of Rs 2,30,400 at the upper price band, considering the minimum two-lot size for an application is 3200 shares. For HNIs, the minimum bidding size is three lots, or 4800 shares, for a total investment of Rs 3,45,600 at the upper price band.

Papadmalji Agro Foods Ltd.’s revenue stood at Rs 33.53 crore and profit after tax (PAT) reported was Rs 5.21 crore for the financial year ending March 31, 2026.

Incorporated in 2017, Papadmalji Agro Foods Ltd is engaged in the processing and manufacturing of Hand-Made Papads, Machine-Made Papads, Machine-Made ready to Fry Papads, Rice Papads (Khichiya), Vrat Special Papads, and Moongodi.

The company offers services including food processing, grading, packaging, storage, and supply of agricultural and processed food products, catering to wholesalers, retailers, and institutional buyers across regional markets.

About Papadmalji Agro Foods Limited

Papadmalji Agro Foods Limited is a Bikaner, Rajasthan-based food company engaged in the in-house manufacturing of handmade papads, machine-made papads, machine-made ready-to-fry papads, rice papads (Khichiya), vrat special papads and moongodi. The Company also undertakes white-label manufacturing of handmade papads for clients, wherein products are manufactured by the Company and marketed under clients’ respective brand names and packaging.

The Company traces its origins to 2012, when Jai Agarwal founded Vishal Nankeen Bhandar in Bikaner to manufacture and sell handmade papads using traditional methods. The Papadmalji brand was registered as a device mark in 2017 and Papadmalji Agro Foods Private Limited was incorporated in December 2017. The Company converted into a public limited company in January 2025.

Papadmalji Agro Foods operates five brands — Vishal, Rozana, Papadmalji, Diamond and Zhakaas — spanning handmade and machine-made papads, rice papads, vrat special products, moongodi and ready-to-fry products. The Company combines traditional hand-rolling practices with semi-automated and automated manufacturing processes and has a network of women artisans engaged in hand-rolling papads.

The Company’s products are distributed through general trade, modern trade, quick-commerce and direct-to-consumer channels, with availability in select Middle Eastern markets through an independent merchant exporter.