Live Status
GMP & Subscription
Subscription is live from NSE + BSE bid data. GMP is an unofficial market indicator.
Subscription · Final · Day 3 (Sep 3)1.2× overall
1×
NII / HNI
1.7×
Retail
0.6×
Overall
1.2×
Grey Market PremiumUnofficial
₹0
Est. listing price ≈ ₹59 (nil premium) on issue price of ₹59
!GMP is unofficial and unregulated. Treat it as sentiment only — never a basis for a decision. This is a fixed-price SME issue — there is no QIB/anchor book; the net offer is split 50:50 between NII and retail.
Last updated: Subscription: Sep 3, 5:43 PM (final) · GMP: Sep 3, 5:09 PM IST
Issue Details
IPO Details & Timeline
Verified against RHP, cross-checked on NSE & BSE.
Sep 1
Opens
Sep 3
Closes
Sep 4
Allotment
Sep 7
Refund/Demat
Sep 8
Listing
| Issue Structure | |
|---|---|
| Type | SME · Fixed Price |
| Face Value | ₹10 |
| Fresh Issue | ₹30 Cr |
| Offer for Sale | Nil |
| Market Cap | ≈ ₹121.42 Cr |
| Reservation & Parties | |
|---|---|
| QIB (incl. anchor) | — |
| NII / HNI | 50% |
| Retail | 50% |
| Lead Managers | Socradamus Capital |
| Registrar | Bigshare Services |
Company & Financials
FY24–FY26 Trend (₹ Cr)
Restated consolidated figures from the RHP.
| Metric | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Total Income | 62.75 | 79.98 | 90.84 | +14% |
| EBITDA | 9.27 | 9.26 | 12.48 | +35% |
| PAT | 6.16 | 6.66 | 7.53 | +13% |
| PAT Margin | 9.8% | 8.3% | 8.3% | — |
Post-issue EPS
₹3.66
P/E
≈16.1x
ROE
18.96%
Restated, from the RHP. FY26 = year ended Mar 31, 2026. Growth is steady but modest; margins broadly flat.
Valuation vs Peers
Is the price fair?
From the RHP "Basis for Issue Price". Price (P/E) beside quality (ROE).
| Company | P/E | ROE | Net Margin |
|---|---|---|---|
| Farm Peace | 16.1x | 18.96% | 8.3% |
No clean listed contract-farming/agri-processing peer surfaced in our sources. On its own Farm Peace is reasonably priced (~16x) with a healthy ROE (~19%), but demand for the issue is very weak. Add RHP 'Basis for Issue Price' comparables before publishing.
Promoters & Use of Funds
Who runs it & where the money goes
| Promoters | |
|---|---|
| Promoters | Sandipkumar, Sudhir, Girishbhai & Kulin Patel |
| Pre-issue | 73.96% |
| Post-issue | 54.46% |
| Objects of Issue | |
|---|---|
| Working capital | ₹23.00 Cr |
| General corporate purposes | ₹4.80 Cr |
100% fresh issue — no OFS; all ₹30 Cr of proceeds go into the company (mainly working capital).
IPO Review: Strengths & Risks
Strengths & Risks
The part most sites skip — both sides, from the RHP.
Strengths
- Consistently profitable — PAT ₹6.2 → ₹6.7 → ₹7.5 Cr; ROE ~19%.
- Reasonable valuation (~16x P/E) with low leverage (debt/equity 0.26).
- Integrated 100%-buy-back contract-farming model across ~5,660 acres, ~61,680 MT/year.
- Niche supplier of processing-grade potatoes to a growing chips/fries industry.
- 100% fresh issue funding working capital — no OFS.
Risks
- Only just cleared 1x at close — final 1.16x, carried by NII (1.73x) while retail stayed under 1x (0.59x); thin overall demand.
- Nil GMP (₹0) — no grey-market interest, pointing to a weak or flat listing.
- Modest growth (revenue +14%, PAT +13%) and flat margins for an SME valuation.
- High minimum ticket (~₹2.36 lakh) limits retail participation.
- Agri/commodity exposure — potato yields and prices are weather- and cycle-sensitive, and operations are concentrated in Gujarat.
Post-Listing Review
Did the signal hold up? Updates after Sep 8
We close the loop — issue vs listing price, listing-day gain, and whether the call was right.
Listing Price
—
Listing Gain
—
Our Call
Neutral