NSE SME Papadmalji Agro Foods serves up a weak debut
The counter hit a high of Rs 72.30 and a low of Rs 68.70. About 13.63 lakh shares changed hands on the NSE.
Papadmalji Agro Foods' IPO was subscribed 2.46 times. The IPO opened for subscription on 29 September 2026 and closed on 1 October 2026. The price band was fixed at Rs 69 to Rs 72 per share, with issue price set at Rs 72 a share.
The book-built issue comprises a fresh issue of up to 25.73 lakh equity shares and an offer for sale (OFS) of up to 2.30 lakh equity shares.
The promoter and promoter group shareholding declined to 44.28% post-IPO from 60.98% before the issue.
The IPO proceeds will be used to fund Rs 7.90 crore of capital expenditure towards construction, mechanical and electrical works, and procurement and installation of a 250 kW rooftop solar power system for a new manufacturing facility at Bachhasar, Bikaner. Another Rs 5.80 crore will be used for repayment or prepayment of bank borrowings, while the remaining proceeds will be utilised for general corporate purposes.
Papadmalji Agro Foods is a Bikaner, Rajasthan-based food-products company engaged in the in-house manufacturing of hand-made papads, machine-made papads, ready-to-fry papads, rice papads (khichiya), vrat-special papads and moongodi. Its brands include Zhakaas, Vishal, Rozana, Diamond and Papadmalji. Products are sold through general trade, modern trade, quick-commerce platforms, the company's direct-to-consumer channel and selected export markets. As of 31 March 2026, the company had 118 employees.
Financially, Papadmalji Agro Foods' total income increased 5.61% to Rs 33.54 crore in FY2026 from Rs 31.75 crore in FY2025. Profit after tax rose 10.38% to Rs 5.21 crore from Rs 4.72 crore in the previous fiscal.
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