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Elfin Agro India IPO Listing: Elfin Agro India share price made a muted debut in the Indian stock market today, March 12, as it got listed at ₹47.30 apiece on BSE SME, a premium of just 0.63% over its initial public offering (IPO) price of ₹47.

The listing was largely in line with the Street expectations, as seen from the grey market premium (GMP). Elfin Agro India IPO GMP stood at ₹0 per share, which indicated a likely listing price of ₹47 — same as the offer price.

Elfin Agro India IPO witnessed decent subscription during the three-day bidding process. It was subscribed 1.35 times by the end of the third day. The retail portion was subscribed 0.59 times and the NII portion was booked 2.12 times.

The company received bids for 68.43 lakh shares against 50.58 lakh shares on offer.

The SME IPO opened on March 5 and closed on March 9, with allotment finalised on March 10.

Elfin Agro launched a fixed issue price of ₹25.03 crore. It was entirely a fresh sale of 53 lakh shares with no offer-for-sale (OFS) component.

The company plans to utilise the net proceeds from the issue primarily to support its business operations and corporate needs. Out of the total funds raised, around ₹19.33 crore will be allocated toward working capital requirements, while approximately ₹3.50 crore will be used for general corporate expenses.

The IPO has a lot size of 3,000 shares. Retail investors were required to apply for a minimum of two lots, or 6,000 shares, translating into a minimum investment of about ₹2,82,000 at the upper end of the price band.

Before the public issue, the company secured ₹22.81 crore from anchor investors on February 24.

Finshore Management Services is the book-running lead manager, and Cameo Corporate Services is the registrar of the issue. The Market Maker of the company is Shilpa Stock Broker.

Elfin Agro India Limited operates in the manufacturing and processing of wheat-based food products and edible oils. Its product portfolio includes Chakki Atta (high-fibre whole wheat flour), R Atta (refined whole wheat flour), Tandoori Atta, Sooji (semolina), Maida (refined flour) and yellow mustard oil.

The company markets its wheat flour products under the brands “Shiv Nandi” and “ELFIN’S Shri Shyam BHOG”, supplying wholesalers and retailers across states such as Rajasthan, Uttar Pradesh and Gujarat.

In addition, Elfin Agro is involved in the extraction, filtration and processing of edible mustard oil using raw mustard seeds as the primary input. The mustard oil is sold under the “Shiv Nandi” brand.

The company's profit at the end of FY25 stood at ₹5.07 crore as against ₹3.67 crore a year ago, while the total income came in at ₹146.43 crore compared with ₹124.71 crore.

Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.Pranati Deva is a seasoned financial journalist with over a decade of experience in high-pressure newsroom environments, currently working as a Senior...

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