SSMD Agrotech India IPO

In the often-overlooked yet critical Agro-Food sector, SSMD Agrotech India Limited is making its debut on the bourses. Operating under the prominent brand 'House of Manohar (HOM),' this SME company is looking to raise capital through a Book-Built issue on the BSE SME platform.

📅 SSMD Agrotech IPO: Key Details & Timeline

The issue is a 100% Fresh Issue, meaning all proceeds will flow directly into the company's balance sheet for growth and working capital needs, rather than to promoters via an Offer for Sale (OFS).

Detail	Description
IPO Open Date	Monday, November 24, 2025
IPO Close Date	Wednesday, November 26, 2025
Issue Price Band	₹114 to ₹120 per equity share
Total Issue Size	₹33.80 Crores (Fresh Issue only)
Lot Size	1,000 shares
Minimum Investment (Retail)	₹1,20,000 (at upper band, 1 lot minimum is 1000 shares)
Tentative Listing Date	Monday, December 1, 2025 (on BSE SME)
Fresh Issue Proceeds Use	Working Capital, Repayment of Borrowings, Capital Expenditure for new D2C dark stores, and General Corporate Purposes.

🍽️ The Company: A Staples Player in North India

SSMD Agrotech India Limited, through the House of Manohar umbrella, is involved in the manufacturing, trading, and repacking of a diverse range of agro-food products. Their portfolio is deeply entrenched in the daily Indian diet and includes:

• Pulses & Flours: Gram Flour (Besan), Matar Flour, Chana Dal.
• Grains & Cereals: Puffed Rice, Ramdana (Cholai), Idli Rava, Rice Powder.
• By-products: Various Chana Dal by-products like Chana Chilka and Chana Sattu.

The company has a strong, distributor-led network across key North Indian states like Delhi/NCR, Haryana, Uttar Pradesh, Punjab, and Uttarakhand. Crucially, they are also building a modern channel presence through D2C dark store factories, a move aimed at capturing higher margins and direct consumer engagement.

💰 The Financial Ledger: Sharp Growth, Modest Margins

SSMD Agrotech India Ltd.'s revenue increased by 35% and profit after tax (PAT) rose by 388% between the financial year ending with March 31, 2025 and March 31, 2024.

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

Objective of the Issue :-

S.No.	Objects of the Issue	Expected Amount (₹ in crores)
1	Funding of Working capital Requirement of the Company	13.10
2	Repayment of portion of certain Borrowings availed by our Company	6.83
3	Capital Expenditure to be incurred by the Company for the setting up of new D2C dark Store factories	2.04
4	Capital Expenditure to be incurred by the Company For purchase of machinery for setting up of Namkeen Plant	0.97
5	General Corporate Purpose

⚖️ Investor Analysis: The Risk/Reward Scale

Pros:-

1. Fundamental Demand:
2. Impressive Recent Growth:
3. 100% Fresh Issue:

Cons:-

1. SME Platform Risk:
2. Valuation & Peer Comparison
3. High Working Capital Requirement:

💡 The Verdict

SSMD Agrotech India presents a classic SME growth story: a strong foundation in a stable sector (agro-food staples) backed by an excellent profit surge in the most recent fiscal year.

The issue size is small (₹33.80 Cr), and the entire amount being a Fresh Issue is a healthy sign of management's focus on expansion, particularly the move into the higher-margin D2C space. The post-issue valuation appears fair, but not deeply discounted, leaving room for listing gains only if subscription figures from High Net Worth Individuals (HNIs) and Qualified Institutional Buyers (QIBs) are robust.

• For Long-Term Investors: This IPO is worth a moderate allocation for investors who understand the risks of the SME platform and are comfortable with a business focused on the North Indian agro-food processing sector. The underlying business is solid.
• For Listing Gains: Watch the subscription figures closely, especially on Day 2 and Day 3. Strong oversubscription will be the primary driver for any significant short-term gains.

How To Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 
• Go to Discover section & Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email

Frequently Asked Questions (FAQ)

Q1. What is the total issue size of the SSMD Agrotech India IPO?

The total issue size is ₹33.80 Crores, consisting entirely of a Fresh Issue of 28,17,000 equity shares.

Q2. What is the minimum investment for a retail investor in the IPO?

The minimum application is for 1 lot, which contains 1,000 shares. At the upper price band of ₹120, the minimum investment is ₹1,20,000.

Q3. Where will SSMD Agrotech India Limited be listed?

The shares of SSMD Agrotech India Limited will be listed on the BSE SME platform.

Q4. What is the main business of SSMD Agrotech India Limited?

The company is engaged in the manufacturing, trading, and repacking of a wide range of agro-food products and food staples like gram flour, chana dal, puffed rice, and other processed food items under brands like 'House of Manohar'.

Q5. What is the tentative listing date for the IPO?

The tentative listing date is Monday, December 1, 2025.