Papadmalji Agro Foods IPO Opens September 29: Price Band, Lot Size, Use of Proceeds and Timeline

# What the IPO is and how big it is Papadmalji Agro Foods is launching an SME initial public offering on the NSE SME platform. The total issue size is ₹20.18 crore. The company set the IPO price band at ₹69 to ₹72 a share. The public subscription opens on September 29 and closes on October 1.

# Offer breakdown and investor commitment The IPO combines a fresh issue and an offer-for-sale (OFS). The company will issue 25.73 lakh new shares to raise about ₹18.52 crore at the upper price band. Existing shareholders will sell 2.30 lakh shares via OFS worth about ₹1.66 crore at the upper band.

• One lot equals 1,600 shares.
• At the upper price band, one lot costs ₹1,15,200.
• Retail investors must apply for at least two lots (3,200 shares) — roughly ₹2,30,400 at the upper band.
• High net-worth individuals (HNIs) must apply for a minimum of three lots (4,800 shares) — roughly ₹3,45,600 at the upper band.

# Timeline and market milestones

• IPO open: September 29, 2026.
• IPO close: October 1, 2026.
• Expected allotment finalization: October 5, 2026.
• Tentative listing date on NSE SME: October 7, 2026.
• Book running lead manager: Kreo Capital Pvt. Ltd.
• Registrar: MAS Services Ltd.

# What the company makes and where it sells Papadmalji Agro Foods began operations in December 2017. The company manufactures a range of papad and related snack items, including:

• Handmade and machine-made papad
• Ready-to-fry papad
• Rice papad (khichiya)
• Vrat-special papad
• Moongodi

It also supplies white-label handmade papad to other companies.

Papadmalji operates two FSSAI-licensed manufacturing units in Bikaner, Rajasthan. Its branded portfolio includes Zhakaas, Vishal, Rozana, Diamond and Papadmalji.

As of March 31, 2026, the company's distribution network spanned 21 states and 3 union territories. Sales channels include general trade, modern trade, quick-commerce platforms and the company's D2C website. The company also exports to select Middle Eastern markets through an independent merchant exporter.

# Workforce and social aspect As of March 31, 2026, Papadmalji employed 118 people. The company's handmade production model involves home-based women workers who prepare papad, which the company says provides income opportunities.

# Ownership and prior funding

# Practical investor considerations

• Application amounts: Retail investors face a relatively high minimum cash outlay because of the 1,600-share lot size.
• Use the lead manager and registrar details to track allotment and listing updates.

# Quick checklist before applying

• Confirm final allotment and listing dates after subscription closes.
• Calculate total capital required based on the final cut-off price within ₹69–₹72.
• Check the company's RHP/offer document for use of proceeds and financials before committing funds.