IPOName: Rukmani Devi Garg Agro Impex Ltd; ListingDate: 2025‑10‑06; IPOSize: ₹23.52 Cr; PriceBand: ₹93‑₹99; OpenDate: 2025‑09‑26; CloseDate: 2025‑09‑30; LotSize: 2,400; Exchange: BSE SME; IssueType: Fresh Issue; FaceValue: ₹10; Registrar: Bigshare Services Pvt. Ltd.
The agro-processing sector continues to attract investor interest as Rukmani Devi Garg Agro Impex Ltd launches its Initial Public Offering (IPO) with a fresh issue aggregating up to ₹23.52 crore. The IPO opens on 26 September 2025 and closes on 30 September 2025, with a price band set between ₹93 and ₹99 per share of face value ₹10 each. Each lot consists of 2,400 shares, requiring a minimum investment of ₹2,37,600 at the upper band. The issue is entirely a fresh equity offering, with no Offer for Sale (OFS) component. Listing is proposed on BSE SME on 6 October 2025, with allotment expected by 3 October.
Company & Business Profile
Incorporated in 1998 and headquartered in Kota, Rajasthan, Rukmani Devi Garg Agro Impex Ltd specializes in the aggregation, processing, and export of various agricultural commodities. The company's product portfolio includes wheat, mustard, coriander, maize, flax seeds, and soybeans. Rukmani Devi Garg Agro Impex operates through a network of over 500 agents who source produce from more than 50,000 farmers across Rajasthan and Madhya Pradesh. The company employs advanced processing technologies, including Buhler's multi-vision color sorting and packaging systems, to ensure high-quality products.
The company markets its products under brands such as Sharbati, Happyfamily, and Taj Mahal, which are distributed across multiple states through an extensive distributor network. Rukmani Devi Garg Agro Impex emphasizes sustainability and innovation, operating biomass-powered facilities and focusing on fair trade practices to benefit both farmers and consumers.
IPO Details Table
| Parameter | Details |
|---|---|
| IPO Name | Rukmani Devi Garg Agro Impex Ltd |
| Issue Size | ₹23.52 Cr (Fresh Issue) |
| Price Band | ₹93 – ₹99 per share |
| Open Date | 26 September 2025 |
| Close Date | 30 September 2025 |
| Allotment Date (expected) | 3 October 2025 |
| Listing Date (expected) | 6 October 2025 |
| Lot Size | 2,400 shares |
| Face Value | ₹10 per share |
| Registrar | Bigshare Services Pvt. Ltd. |
| Lead Manager | Hem Securities Limited |
Financial Performance
Rukmani Devi Garg Agro Impex has demonstrated consistent growth in its financials over the past few years. The company reported a revenue of ₹327 crore in FY25, up from ₹244 crore in FY24. Net profit increased to ₹7.57 crore in FY25, compared to ₹5.02 crore in FY24. The company's EBITDA margin stood at approximately 3.8% in FY25, with a Return on Equity (ROE) of 23.35%. These figures indicate a steady operational performance, albeit with modest margins typical of the agro-processing industry.
Use of IPO Proceeds
The net proceeds from the IPO are intended to be utilized for the following purposes:
- Working Capital Requirements: To support the company's operational needs and expansion plans.
- General Corporate Purposes: For other corporate purposes as deemed fit by the management.
Strengths & Competitive Advantages
- Established Network: Over 500 agents and direct procurement from more than 50,000 farmers across Rajasthan and Madhya Pradesh.
- Advanced Processing Capabilities: Utilization of Buhler's multi-vision color sorting and packaging systems ensures high-quality products.
- Brand Recognition: Strong brand presence with products like Sharbati, Happyfamily, and Taj Mahal distributed across multiple states.
- Sustainability Focus: Operation of biomass-powered facilities and emphasis on fair trade practices.
Risks & Challenges
- Commodity Price Volatility: Fluctuations in the prices of agricultural commodities can impact margins.
- Operational Risks: Dependence on a large network of agents and farmers may pose operational challenges.
- Regulatory Risks: Changes in agricultural policies and regulations could affect business operations.
- Market Competition: Intense competition in the agro-processing industry may impact market share and profitability.
Peer Comparison & Valuation
At the upper price band of ₹99, the IPO values the company at a Price-to-Earnings (P/E) multiple of approximately 12.5x, based on FY25 earnings. Compared to peers in the agro-processing industry, this valuation appears reasonable, considering the company's established network and brand presence. However, potential investors should consider the modest margins and operational risks associated with the business.
GMP & Market Sentiment
As of the latest reports, the Grey Market Premium (GMP) for the Rukmani Devi Garg Agro Impex IPO is ₹14, indicating a modest positive sentiment among market participants. This suggests that investors expect a steady listing, but not necessarily a significant listing gain. It's advisable for investors to consider the company's fundamentals and long-term prospects rather than short-term listing gains.
Investment View & Strategy
For long-term investors with a focus on the agro-processing sector, Rukmani Devi Garg Agro Impex offers a stable business model with growth potential. The company's established network, advanced processing capabilities, and brand recognition provide a solid foundation for future growth. However, investors should be mindful of the modest margins and operational risks associated with the business. A cautious approach with a long-term investment horizon is recommended.
Conclusion
The Rukmani Devi Garg Agro Impex IPO presents an opportunity to invest in a well-established company in the agro-processing sector. While the valuation appears reasonable and the company's fundamentals are solid, potential investors should consider the inherent risks associated with the industry. A thorough evaluation of the company's financials and business model is essential before making an investment decision.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should consult with financial advisors before making investment decisions.
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