Astron Multigrain Ltd IPO
Status: Closed
Overview
IPO date
01 Dec 2025 to 03 Dec 2025
Face value
₹ 10 per share
Price
₹ 63 to ₹63 per share
Issue Size
2,920,000 shares
(aggregating up to ₹ 18.4 Cr)
(aggregating up to ₹ 18.4 Cr)
Allotment Date
04 Dec 2025
Listing at
NSE
Issue type
Fixed Price - SME
Sector
FMCG
Objectives of Astron Multigrain Ltd IPO
Astron Multigrain Ltd IPO Strategy
About Astron Multigrain Ltd
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T&C*
Strengths vs Risks of Astron Multigrain Ltd
Know the pros & cons
Strengths
Experienced Promoters and Management Team.- Affordable Pricing.
- Well established Brand Name.
- Quality Compliance.
- Widespread Sales and Distribution Network.
- Cordial Relationship between Management and Labour.
Risks
- The Company, Promoter, Directors, KMP, SMP and Group Company are involved in certain legal proceedings. Any
adverse decision in such proceedings may render it/them liable to liabilities/penalties and may adversely affect its
business and results of operations.
- Its business is primarily dependent upon a continuing relationship with super stockist for sales of the company products.
Any reduction or interruption in the business of these super stockists or a substantial decrease in orders placed by
these super stockists may have an adverse impact on the revenues and operations of the Company.
- The inappropriate handling, processing or storage of its raw materials or products, or spoilage of and damage to
such raw materials and products, or any real or perceived contamination in its products, could subject the company to regulatory action, damage its reputation and have an adverse effect on the company business, results of operations and financial condition.
- Failures to maintain stringent quality and safety standards may result in regulatory action, product recalls, or
reputational damage.
- The company depends on a limited number of States for a significant portion of its revenue from operations. The loss of any
of its major customer in these States due to any adverse development or significant reduction in business from the company
major customer may adversely affect its business, financial condition, results of operations and future prospects.
- If the Company is unable to protect its intellectual property, or if the Company infringes on the intellectual property
rights of others, its business may be adversely affected.
- The Company has reported certain negative cash flows from its investing activity and financing activity, details of
which are given below. Sustained negative cash flows could impact its growth and business.
- Its Registered Office and Manufacturing Unit from where the company operate is not owned by it but taken on Lease basis.
the company inability to renew the lease agreement or any adverse impact on the title or ownership rights of its
owner/landlord in relation to these premises may impede its operations.
- The Instant Noodle Industry is dominated by large established brands with significant financial and marketing
resources, and its may face difficulty in capturing or maintaining market share.
- Its Manufacturing facility relies on specialized machinery and any significant breakdown or delay in maintenance
could disrupt the company production.
- Its business operations are subject to fluctuations in raw material prices.
- Dependance on Instant Noodle Manufacturing for majority of revenue could impact the operations of the Company.
- The company has working capital requirements. If its experience insufficient cash flows to make required payments on the company
debt or fund working capital requirements, there may be an adverse effect on its results of operations.
- There are certain discrepancies/errors which have occurred in some of its corporate secretarial records relating to
forms filed with the RoC and other provisions of Companies Act, 2013. Any penalty or action taken by any regulatory
authorities in future.
- There are certain discrepancies and non-compliances noticed in some of its corporate records relating to forms
filed with taxation authorities and other public authorities.
- The company is dependent on its Promoters, Directors and Key Managerial Personnel for their continuing services, strategic
guidance and financial support. The company success depends upon the continuing services of Promoters, Directors and Key
Managerial Personnel who are the natural person in control of the Company.
- Its manufacturing facility undergoes periodic inspections and audits by regulatory authorities and clients. Any
regulatory action taken against it could harm the company reputation and negatively impact its business, operational
results, financial condition, and cash flows.
- Strikes, work stoppages or increased wage demands by our employees or any other kind of disputes with its
employees/workmen in future could adversely affect the company business and results of operations.
- If the company is unable to effectively address the increased competition its anticipate, the company may lose market share and
experience a decline in profits, which could negatively impact its business, operational results, and financial
condition.
- Its business requires it to obtain and renew certain registrations, licenses and permits from government and
regulatory authorities and the failures to obtain and renew them in a timely manner may adversely affect its business
operations. The company requires a number of approvals, NOCs, licenses, registrations and permits in the ordinary course of
its business. Some of the approvals are required to be obtained by the company Issuer Company and any failures or delay in
obtaining the same in a timely manner may adversely affect its operations.
- Its failures to accurately forecast and manage inventory could result in an unexpected shortfall and/or surplus of
products, which could harm the company business.
- Failures to effectively execute its business strategy could negatively impact the company operations and hinder its growth.
- Its certain members of the company promoter group have not filed Income Tax Returns ("ITR").
- Its insurance coverage may not be adequate to protect the company against all potential losses to which its may be subject to,
and this may have a material adverse effect on its business.
- The company has certain contingent liabilities which have been disclosed in its Restated Financial Information, which if
they materialize, may adversely affect its results of operations, cash flows and financial condition.
- If the company is unable to establish and maintain an effective system of internal controls and compliances, its business
and reputation could be adversely affected.
- There is no monitoring agency appointed by the Company to monitor the utilization of the Issue proceeds.
- Its Promoter and the Promoter Group will jointly continue to retain majority shareholding in the Company after
the Issue, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
- Employee misconduct or errors, which can be difficult to detect, could negatively impact its financial condition,
operational results, and reputation.
- The Company has entered into certain related party transactions and may continue to do so in the future.
- The average cost of acquisition of Equity shares by its Promoters is lower than the Issue price.
- The capacity of its current plant unit is not fully utilized. Consequently, if there is also any under-utilization of the company
capacities in future, it could affect its ability to fully absorb fixed costs and thus may adversely impact the company financial
performance.
- The Company relies on third-party transportation for product delivery, and any disruption in their operations or
decline in the quality of their services could impact its reputation and operational performance.
- Failures to maintain product quality standards or keep up with technological advancements could negatively affect
its business, financial performance, and operational results.
- In addition to receiving regular remuneration, other benefits, and expense reimbursements, its Promoters and
Directors have interests in the Company through their shareholding and entitlement to dividends. They are also
interested in transactions conducted between the Company and themselves.
- A shortage or non-availability of electricity or water may adversely affect its manufacturing operations and have
an adverse effect on its business, results of operations and financial condition.
- Majority of its Directors does not have any prior experience of being a director in any other listed company in India.
- Compliance with and changes in safety, health and environmental laws and various labour, workplace and related
laws and regulations impose additional costs and may increase its compliance costs and a such adversely affect
the company results of operations and its financial condition.
- If the company is unable to service its debt obligations in a timely manner or to comply with various financial and other
covenants and other terms and conditions of the company financing agreements, it may adversely affect its business,
prospects, results of operations and financial condition.
- Changes in technology may render its current technologies obsolete or require it to make substantial
investments.
- Its ability to pay any dividends will depends upon future earnings, financial condition, cash flows, working capital
requirements and capital expenditures.
- Any variation in the utilization of the Net Proceeds as disclosed in this Prospectus shall be subject to certain
compliance requirements, including prior approval of the shareholders of the Company.
- The Issue price of its Equity Shares may not be indicative of the market price of the company Equity Shares after the Issue
and the market price of the company Equity Shares may decline below the Issue Price and you may not be able to sell your
Equity Shares at or above the Issue Price.
- The Objects of the Issue for which funds are being raised, are based on its management estimates and the same
have not been appraised by any bank or financial institution or any independent agency. The deployment of funds
in the project is entirely at our discretion, based on the parameters as mentioned in the chapter titled as "Objects
of the Issue".
- In the event there is any delay in the completion of the Issue, or delay in schedule of implementation, there would
be a corresponding delay in the completion of the objects of this Issue which would in turn affect its revenues
and results of operations.
- The company has not identified any alternate source of raising the funds required for the object of the Issue and the
deployment of funds is entirely at its discretion and as per the details mentioned in the chapter titled "Objects of
the Issue".
- The requirements of being a public listed company may strain its resources and impose additional requirements.
- There is no guarantee that its Equity Shares will be listed on the relevant stock exchange in a timely manner or
at all.
Astron Multigrain Ltd Peer Comparison
Understand the company’s industry standing
Astron Multigrain Ltd
Hindustan Unilever Limited
Patanjali Foods Limited
Face Value
10
1
2
Standalone / Consolidated
Standalone
Consolidated
Consolidated
Total Income Rs. Cr.
33.9058
61469
34156.9673
EPS-Basis
3.69
45.3
35.96
EPS-Diluted
3.69
45.3
35.96
NAV Per Share
16.79
209.16
314.04
P/E-Basic EPS
17.07
55.96
52.92
P/E-Diluted EPS
---
---
---
RONW(%)
21.95
21.2
12.06
Latest NAV Period
---
---
---
Latest NAV
---
---
---
How to check the allotment status of Astron Multigrain Ltd IPO?
Follow the steps
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
Select company from dropdown menu.
Enter details- PAN, Application number or DP client ID
Get your allotment status
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
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The IPO opens on 01 Dec 2025 & closes on 03 Dec 2025.
The Company was originally incorporated as Astron Multigrain Private Limited on August 01, 2018 under the Companies Act, 2013 vide certificate of incorporation issued by the Registrar of Companies, Ahmedabad. Subsequently, the name of the company was changed from 'Astron Multigrain Private Limited' to 'Astron Multigrain Limited' under The Companies Act, 2013 pursuant to a special resolution passed by our shareholders at the EGM held on October 16, 2023 and had obtained fresh certificate of incorporation dated October 31, 2023 issued by the Registrar of Companies, Ahmedabad.
The company is into manufacturing of instant noodles, papad and noodle bhujia. The companies products-instant noodles, noodle bhujia and seasoning products are sold under the brand name 'Astron's Swagy'. The companies instant noodles are the top selling product. The instant noodles are sold in 3 flavors- Classic, Manchurian and Peri-Peri. The company also commercializes the disapproved and/or rejected instant noodles by selling noodle bhujia.
Astron Multigrain Ltd IPO will close on 03 Dec 2025.
- Experienced Promoters and Management Team.
- Affordable Pricing.
- Well established Brand Name.
- Quality Compliance.
- Widespread Sales and Distribution Network.
- Cordial Relationship between Management and Labour.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Jenish Parshottambhai Khunt | 6009900 | 96 | 5429900 | 63.14 |
| 2 | Poonam Jenish Khoont | 250000 | 3.99 | 250000 | 2.91 |
| 3 | Jigna Mitesh Tilara | 20 | --- | 20 | --- |
| 4 | Devang Rameshbhai Sorathiya | 20 | --- | 20 | --- |
- The Company, Promoter, Directors, KMP, SMP and Group Company are involved in certain legal proceedings. Any adverse decision in such proceedings may render it/them liable to liabilities/penalties and may adversely affect its business and results of operations.
- Its business is primarily dependent upon a continuing relationship with super stockist for sales of the company products. Any reduction or interruption in the business of these super stockists or a substantial decrease in orders placed by these super stockists may have an adverse impact on the revenues and operations of the Company.
- The inappropriate handling, processing or storage of its raw materials or products, or spoilage of and damage to such raw materials and products, or any real or perceived contamination in its products, could subject the company to regulatory action, damage its reputation and have an adverse effect on the company business, results of operations and financial condition.
- Failures to maintain stringent quality and safety standards may result in regulatory action, product recalls, or reputational damage.
- The company depends on a limited number of States for a significant portion of its revenue from operations. The loss of any of its major customer in these States due to any adverse development or significant reduction in business from the company major customer may adversely affect its business, financial condition, results of operations and future prospects.
- If the Company is unable to protect its intellectual property, or if the Company infringes on the intellectual property rights of others, its business may be adversely affected.
- The Company has reported certain negative cash flows from its investing activity and financing activity, details of which are given below. Sustained negative cash flows could impact its growth and business.
- Its Registered Office and Manufacturing Unit from where the company operate is not owned by it but taken on Lease basis. the company inability to renew the lease agreement or any adverse impact on the title or ownership rights of its owner/landlord in relation to these premises may impede its operations.
- The Instant Noodle Industry is dominated by large established brands with significant financial and marketing resources, and its may face difficulty in capturing or maintaining market share.
- Its Manufacturing facility relies on specialized machinery and any significant breakdown or delay in maintenance could disrupt the company production.
- Its business operations are subject to fluctuations in raw material prices.
- Dependance on Instant Noodle Manufacturing for majority of revenue could impact the operations of the Company.
- The company has working capital requirements. If its experience insufficient cash flows to make required payments on the company debt or fund working capital requirements, there may be an adverse effect on its results of operations.
- There are certain discrepancies/errors which have occurred in some of its corporate secretarial records relating to forms filed with the RoC and other provisions of Companies Act, 2013. Any penalty or action taken by any regulatory authorities in future.
- There are certain discrepancies and non-compliances noticed in some of its corporate records relating to forms filed with taxation authorities and other public authorities.
- The company is dependent on its Promoters, Directors and Key Managerial Personnel for their continuing services, strategic guidance and financial support. The company success depends upon the continuing services of Promoters, Directors and Key Managerial Personnel who are the natural person in control of the Company.
- Its manufacturing facility undergoes periodic inspections and audits by regulatory authorities and clients. Any regulatory action taken against it could harm the company reputation and negatively impact its business, operational results, financial condition, and cash flows.
- Strikes, work stoppages or increased wage demands by our employees or any other kind of disputes with its employees/workmen in future could adversely affect the company business and results of operations.
- If the company is unable to effectively address the increased competition its anticipate, the company may lose market share and experience a decline in profits, which could negatively impact its business, operational results, and financial condition.
- Its business requires it to obtain and renew certain registrations, licenses and permits from government and regulatory authorities and the failures to obtain and renew them in a timely manner may adversely affect its business operations. The company requires a number of approvals, NOCs, licenses, registrations and permits in the ordinary course of its business. Some of the approvals are required to be obtained by the company Issuer Company and any failures or delay in obtaining the same in a timely manner may adversely affect its operations.
- Its failures to accurately forecast and manage inventory could result in an unexpected shortfall and/or surplus of products, which could harm the company business.
- Failures to effectively execute its business strategy could negatively impact the company operations and hinder its growth.
- Its certain members of the company promoter group have not filed Income Tax Returns ("ITR").
- Its insurance coverage may not be adequate to protect the company against all potential losses to which its may be subject to, and this may have a material adverse effect on its business.
- The company has certain contingent liabilities which have been disclosed in its Restated Financial Information, which if they materialize, may adversely affect its results of operations, cash flows and financial condition.
- If the company is unable to establish and maintain an effective system of internal controls and compliances, its business and reputation could be adversely affected.
- There is no monitoring agency appointed by the Company to monitor the utilization of the Issue proceeds.
- Its Promoter and the Promoter Group will jointly continue to retain majority shareholding in the Company after the Issue, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
- Employee misconduct or errors, which can be difficult to detect, could negatively impact its financial condition, operational results, and reputation.
- The Company has entered into certain related party transactions and may continue to do so in the future.
- The average cost of acquisition of Equity shares by its Promoters is lower than the Issue price.
- The capacity of its current plant unit is not fully utilized. Consequently, if there is also any under-utilization of the company capacities in future, it could affect its ability to fully absorb fixed costs and thus may adversely impact the company financial performance.
- The Company relies on third-party transportation for product delivery, and any disruption in their operations or decline in the quality of their services could impact its reputation and operational performance.
- Failures to maintain product quality standards or keep up with technological advancements could negatively affect its business, financial performance, and operational results.
- In addition to receiving regular remuneration, other benefits, and expense reimbursements, its Promoters and Directors have interests in the Company through their shareholding and entitlement to dividends. They are also interested in transactions conducted between the Company and themselves.
- A shortage or non-availability of electricity or water may adversely affect its manufacturing operations and have an adverse effect on its business, results of operations and financial condition.
- Majority of its Directors does not have any prior experience of being a director in any other listed company in India.
- Compliance with and changes in safety, health and environmental laws and various labour, workplace and related laws and regulations impose additional costs and may increase its compliance costs and a such adversely affect the company results of operations and its financial condition.
- If the company is unable to service its debt obligations in a timely manner or to comply with various financial and other covenants and other terms and conditions of the company financing agreements, it may adversely affect its business, prospects, results of operations and financial condition.
- Changes in technology may render its current technologies obsolete or require it to make substantial investments.
- Its ability to pay any dividends will depends upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
- Any variation in the utilization of the Net Proceeds as disclosed in this Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
- The Issue price of its Equity Shares may not be indicative of the market price of the company Equity Shares after the Issue and the market price of the company Equity Shares may decline below the Issue Price and you may not be able to sell your Equity Shares at or above the Issue Price.
- The Objects of the Issue for which funds are being raised, are based on its management estimates and the same have not been appraised by any bank or financial institution or any independent agency. The deployment of funds in the project is entirely at our discretion, based on the parameters as mentioned in the chapter titled as "Objects of the Issue".
- In the event there is any delay in the completion of the Issue, or delay in schedule of implementation, there would be a corresponding delay in the completion of the objects of this Issue which would in turn affect its revenues and results of operations.
- The company has not identified any alternate source of raising the funds required for the object of the Issue and the deployment of funds is entirely at its discretion and as per the details mentioned in the chapter titled "Objects of the Issue".
- The requirements of being a public listed company may strain its resources and impose additional requirements.
- There is no guarantee that its Equity Shares will be listed on the relevant stock exchange in a timely manner or at all.
The Issue type of Astron Multigrain Ltd is Fixed Price - SME.
The minimum application for shares of Astron Multigrain Ltd is 4000.
The total shares issue of Astron Multigrain Ltd is 2920000.
Initial public offer of 29,20,000 equity shares of face value of Rs.10/- each (the "equity shares") of Astron Multigrain Limited ("the company" or "AML" or "the issuer") at price of Rs. 63/- per equity share for cash, aggregating to Rs. 18.40 crores comprising of fresh offer of 23,40,000 equity shares aggregating to Rs. 14.72 crores ("fresh offer") and an offer for sale of 5,80,000 equity shares by promoter ("selling shareholders") aggregating to Rs. 3.65 crores ("offer for sale")
("public offer"). The offer includes a reservation of 1,48,000 equity shares of face value of Rs.10/- each, at an offer price of Rs. 63/- per equity share for cash, aggregating Rs. 0.93 crores will be reserved for subscription by the market maker to the offer (the "market maker reservation portion"). The public offer less market maker reservation portion i.e. net offer of up to 27,72,000 equity shares of face value of Rs.10/- each, at an offer price of Rs. 63/- per equity share for cash, aggregating up to Rs. 17.46 crores is herein after referred to as the "net offer". The public offer and net offer will constitute 33.95% and 33.23%, respectively of the post-offer paid-up equity share capital of the company.
Price Band: Rs. 63/- for equity share of face value of Rs. 10 each.
The floor price is 6.30 times times the face value times of the face value of the equity shares.
Bids can made for a minimum of 4,000 equity shares and in multiples of 2,000 equity shares thereafter.