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Crazy Snacks Ltd IPO
Status: Closed
Overview
IPO date
25 Jun 2026 to 30 Jun 2026
Face value
₹ 10 per share
Price
₹ 39 to ₹42 per share
Issue Size
7,494,000 shares
(aggregating up to ₹ 31.47 Cr)
(aggregating up to ₹ 31.47 Cr)
Allotment Date
01 Jul 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
FMCG
Unlock Stock of the Month
T&C*
Strengths vs Risks of Crazy Snacks Ltd
Know the pros & cons
Strengths
- Diverse Product Portfolio.
- Inclusive Offerings across all price segments.
- Innovative Recipes and Flavours.
- Inhouse Packaging and Distribution.
Risks
- Our business is dependent on and will continue to depend on our Manufacturing Facilities, and we are subject to certain risks in our manufacturing process due to the usage of machinery in our manufacturing operations. Any slowdown or shutdown in our manufacturing facilities or strikes or work stoppages could have an adverse effect on our business, cash flows, financial condition and results of operations.
- We are significantly dependent on the sale of our products namely Rusk, Breads and Buns. Our aggregate revenue from sale of our major selling products accounted for Rs. 7,675.62 lakhs, Rs. 9,567.73 lakhs, Rs. 10,833.12 lakhs, Rs. 6,829.29 lakhs of our revenue from operations for the period ended December 31, 2025 and for the period ended for Fiscal 2025, 2024, 2023 respectively. An inability to anticipate and adapt to evolving consumer tastes, preferences and demand for particular products, or ensure product quality may adversely impact demand for our products, brand loyalty and consequently our business, results of operations, financial condition and cash flows.
- The majority of our product sales is concentrated in the regions namely, Uttar Pradesh and Bihar. For the period ended for December 31, 2025 and for the Fiscal 2025, 2024 and 2023 our revenue from sale of products in Uttar Pradesh and Bihar accounted for 99.90%, 99.16%, 97.47% and 96.32%of our revenue from operations, respectively any adverse developments affecting our operations in these regions could have an adverse impact on our business, financial condition, results of operations and cash flows.
- Our cost of materials consumed accounted for 52.35% , 55.76%, 60.84% and 61.62% of our revenue from operations for the period ended for December 31, 2025 and for the Fiscal 2025, 2024 and 2023 respectively. Inadequate or interrupted supply and price fluctuation of our raw materials and packaging materials could adversely affect our business, results of operations, cash flows and financial condition.
- We operate in a competitive market with both organized and unorganized players, which may increase competition and have a material adverse effect on our business, financial condition and results of operations.
- A significant portion of our revenue is derived from a limited number of customers and repeat orders. The loss of, or a substantial reduction in, these repeat orders could have a negative impact on our business, operational performance, financial condition, and cash flows.
- If we fail to manage our growth effectively, we may be unable to execute our business plan our business, results of operations, cash flows and financial condition could be adversely affected.
- We are measured against high quality standards and stringent performance requirements by our customers. Any failure to meet these standards or requirements could result in the cancellation of current and future orders, product recalls, or liquidated damages. Such events could significantly harm our reputation, business operations, financial condition, and cash flows.
- We have not yet placed orders in relation to any of the capital expenditure to be incurred for the purchase of equipment / machinery and infrastructure enhancement. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the equipment / machinery or other materials in a timely manner, or at all, may result in time and cost overruns and our business, prospects and results of operations may be adversely affected.
- Our Promoters and Directors have interests in entities which are in businesses similar to ours and this may result in potential conflict of interest with us.
- Our Promoters have provided personal guarantees for loans availed by us.
- Our products are semi-perishable in nature and the average shelf life of our products ranges from three to six months. Inaccurate demand forecasting for our semi-perishable product can result in excess inventory and waste which, in turn, could have an adverse effect on our business, financial condition, results of operations and cash flows.
- Some of our manufacturing facilities and Registered Office are not located on land owned by us and we have only leasehold rights. In the event we lose or are unable to renew such leasehold rights, our business, results of operations, financial condition and cash flows may be adversely affected.
- There have been instances of incorrect filings with and there have been instances in the past where we were unable to trace some corporate records, and there were certain instances of discrepancies in relation to certain statutory filings and corporate records of our Company.
- We have outstanding litigation against us, an adverse outcome of which may adversely affect our business, reputation and results of operations.
- After the completion of the Offer, our Promoters will continue to collectively hold a majority of the shareholding in our Company, allowing them to exercise significant influence and control over our operations, which may result in their interests differing from those of our other shareholders.
- Our business is dependent on our distribution network and a majority of our revenue from operations is generated from the distributors from Uttar Pradesh and Bihar. An inability to expand or effectively manage our distributor network, or any disruptions in our distribution network may have an adverse effect on our business, results of operations, financial condition and cash flows.
- There have been some instances of delays filing of statutory forms and regulatory dues in the past with the various government authorities.
- We are dependent on the sale of small pack SKUs for our revenues. Revenue from sale of SKUs available at Rs.2 - Rs.5 accounted for 26.01%, 25.85%, 24.22% and 21.76% of our revenue from operations for the period ending on Dec 31, 2025 and for Fiscal 2025, 2024 and 2023 respectively. Any significant increase in the cost of raw materials, packaging, or other commodities used in the production of these SKUs may lead to inflationary pressures and our inability to either increase the prices of our SKUs or reduce the weight may have an adverse effect on our business, results of operations, financial condition and cash flows.
- We have in the past entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders.
- Our success depends heavily upon our individual Promoters, Directors, KMPs and SMPs for their continuing services, strategic guidance, and financial support????
- Information relating to the installed production capacity and capacity utilization of our manufacturing unit included in this Red Herring Prospectus are based on various assumptions and estimates and future production and capacity may vary.
- An inability to comply with food safety laws, environmental laws and other applicable regulations in relation to our manufacturing facilities may adversely affect our business, results of operations, financial condition and cash flows????
- The trademarks being used by us for our business are not registered and our inability to obtain this registration may adversely affect our competitive business position. Our inability to protect or use our intellectual property rights may adversely affect our business.
- Our dependence on Rusk as a key product, which is manufactured by both our Company and our Subsidiary, may lead to potential operational overlaps, inefficiencies, or internal competition.
- Our Company has unsecured loans with a total outstanding amount of ? 3,386.51 Lakhs as of May 31, 2026, that may be recalled by the lenders at any time.
- We have issued Equity Shares during the last one year at a price that may be below the Issue Price.
- Our operations are labor-intensive, and may be adversely affected by work stoppages, increased labor costs, such as wage demands or minimum wage increases, or challenges in engaging new employees on commercially attractive terms, which could negatively impact our business and results of operations.
- The average cost of acquisition of Equity Shares for our Promoters may be lower than the Issue Price.
- Our inability to collect receivables and defaults in payment from our customers could result in the reduction of our profits and affect our cash flows.
- The company require several approvals, licenses, registrations, and permits to operate its business and must comply with various rules, regulations, and conditions. Failure to obtain, retain, or renew such approvals, licenses, and permits in a timely manner, or to comply with the requisite rules and regulations, may adversely affect its business, results of operations, financial condition, and cash flows.
- The Company's management will has flexibility in utilizing the net proceeds from the Issue and the deployment of the net proceeds from the Issue is subject to monitoring by any independent agency.
- Any downtime for maintenance and repair of the company machinery/equipment could lead to business interruptions that could be expensive and harmful to its reputation and to the company business.
- A shortage or unavailability of electricity, fuel, or labor could disrupt the company manufacturing operations and adversely impact its business, operational performance, and financial condition.
- The company insurance coverage may not adequately protect it against potential risks, leading to uninsured losses or losses exceeding the company coverage, which could has a material adverse effect on its business.
- Objects of the Fresh Issue for which the funds are being raised has not been appraised by any bank or financial institution and any variation in the utilization of the company Net Proceeds as disclosed in this Red Herring Prospectus would be subject to certain compliance requirements, including prior shareholders' approval. The company has not identified any alternate source of funding and hence any failure or delay on its part to raise money from this Issue may delay in the implementation schedule and could adversely affect the company growth plans.
- The company employees may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements.
- The COVID-19 pandemic impacted its business and operations. Future similar events may has an adverse effect on the company business, results of operations, financial condition and cash flows.
- The requirements of being a listed company may strain its resources.
- Its may require additional equity or debt in the future in order to continue to grow the company business, which may not be available on favorable terms or at all.
- Its ability to pay dividends in the future will depend upon future earnings, financial condition, cash flows, working capital requirements, and capital expenditures.
- The company Equity Shares has never been publicly traded, and after the Issue, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the Issue Price may not be indicative of the market price of the Equity Shares after the Issue
- There are restrictions on daily weekly monthly movement in the price of the equity shares, which may adversely affect the shareholder's ability to sell for the price at which it can sell, equity shares at a particular point in time.
- The company has not independently verified certain data in this Red Herring Prospect it.
- QIB and Non-Institutional Investors are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid.
- Investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they purchase in the Issue.
- Any future issuance of Equity Shares may dilute the shareholding of the Investors, or any sale of Equity Shares by its Promoter or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
- An inability to maintain or enhance the popularity of its brands "Crazy", "BAKEDGOLD" and "bity" may adversely impact the company business, results of operations, financial condition and cash flows.
Crazy Snacks Ltd Peer Comparison
Understand the company’s industry standing
Crazy Snacks Ltd
Annapurna Swadisht Ltd
Anjani Foods Ltd.
Face Value
10
10
10
Standalone / Consolidated
Consolidated
Consolidated
Consolidated
Total Income Rs. Cr.
111.38
407.97
59.77
EPS-Basis
3.53
10.84
0.51
EPS-Diluted
3.53
7.63
0.51
NAV Per Share
20.45
151.03
5.67
P/E-Basic EPS
---
24.77
38.43
P/E-Diluted EPS
---
---
---
RONW(%)
17.26
10.26
9.25
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 25 Jun 2026 & closes on 30 Jun 2026.
Crazy Snacks Limited was originally incorporated as 'Crazy Snacks Private Limited' on December 13, 1995, as a Private Limited Company issued by Registrar of Companies, Kanpur. There was a change in constitution of the Company from Private into Public Limited pursuant to shareholders resolution passed at the extra-ordinary general meeting of the Company held on April 19, 2024, and the name of our Company was changed to 'Crazy Snacks Limited', and a Fresh Certificate of Incorporation dated July 10, 2024, was issued by the Registrar of Companies, CPC.
Company offers a wide range of bakery products to meet the everyday needs of Indian consumers. The product profile includes bread, buns, cakes, and rusks, with 150 products priced between Rs 2 and Rs 170. In 2019, Company launched new product such as Layer Cake' and Cupcake' under the brand name 'BITY' with Fully Automated Production.
In subsidiary, Crazy Bakery Udyog Private Limited, Company specialise in a variety of snacks, including namkeen, chips, popcorn, and potato sticks, with 147 products priced between Rs 2 and Rs 150. With a strong presence in North India, Company ensure products are widely available to meet the snacking needs of customers.
The Company focus on providing affordable, high-quality options that cater to different tastes, making these products a reliable choice for households. These rusks, produced under both Crazy Snacks and Crazy Bakery Udyog, are a key part , offering a convenient snack for customers. Apart from this, 2 manufacturing facilities are strategically located to serve customers effectively across these regions. Extensive distribution network consisting of more than 1795 distributors helps Company in covering urban and rural areas of North India extensively.
Company is planning an Initial Public Issue aggregating upto 69,98,000 Equity Shares of face value of Rs 10/ each comprising a Fresh Issue of 56,00,000 Equity Shares and 13,98,000 Equity Shares through Offer for Sale.
Crazy Snacks Ltd IPO will close on 30 Jun 2026.
- Diverse Product Portfolio.
- Inclusive Offerings across all price segments.
- Innovative Recipes and Flavours.
- Inhouse Packaging and Distribution.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Navin Kumar Agarwal | 12615505 | 70.33 | 11120505 | 46.46 |
| 2 | Upma Agrawal | 830130 | 4.62 | 830130 | 3.47 |
| 3 | Tanya Agrawal | 1050 | 0.01 | 1050 | --- |
| 4 | Prakhar Navin Agrawal | 1050 | 0.01 | 1050 | --- |
| 5 | Asha Agrawal | 100 | --- | 100 | --- |
| 6 | Navin K Agrawal | 210000 | 1.17 | 210000 | 0.88 |
- Our business is dependent on and will continue to depend on our Manufacturing Facilities, and we are subject to certain risks in our manufacturing process due to the usage of machinery in our manufacturing operations. Any slowdown or shutdown in our manufacturing facilities or strikes or work stoppages could have an adverse effect on our business, cash flows, financial condition and results of operations.
- We are significantly dependent on the sale of our products namely Rusk, Breads and Buns. Our aggregate revenue from sale of our major selling products accounted for Rs. 7,675.62 lakhs, Rs. 9,567.73 lakhs, Rs. 10,833.12 lakhs, Rs. 6,829.29 lakhs of our revenue from operations for the period ended December 31, 2025 and for the period ended for Fiscal 2025, 2024, 2023 respectively. An inability to anticipate and adapt to evolving consumer tastes, preferences and demand for particular products, or ensure product quality may adversely impact demand for our products, brand loyalty and consequently our business, results of operations, financial condition and cash flows.
- The majority of our product sales is concentrated in the regions namely, Uttar Pradesh and Bihar. For the period ended for December 31, 2025 and for the Fiscal 2025, 2024 and 2023 our revenue from sale of products in Uttar Pradesh and Bihar accounted for 99.90%, 99.16%, 97.47% and 96.32%of our revenue from operations, respectively any adverse developments affecting our operations in these regions could have an adverse impact on our business, financial condition, results of operations and cash flows.
- Our cost of materials consumed accounted for 52.35% , 55.76%, 60.84% and 61.62% of our revenue from operations for the period ended for December 31, 2025 and for the Fiscal 2025, 2024 and 2023 respectively. Inadequate or interrupted supply and price fluctuation of our raw materials and packaging materials could adversely affect our business, results of operations, cash flows and financial condition.
- We operate in a competitive market with both organized and unorganized players, which may increase competition and have a material adverse effect on our business, financial condition and results of operations.
- A significant portion of our revenue is derived from a limited number of customers and repeat orders. The loss of, or a substantial reduction in, these repeat orders could have a negative impact on our business, operational performance, financial condition, and cash flows.
- If we fail to manage our growth effectively, we may be unable to execute our business plan our business, results of operations, cash flows and financial condition could be adversely affected.
- We are measured against high quality standards and stringent performance requirements by our customers. Any failure to meet these standards or requirements could result in the cancellation of current and future orders, product recalls, or liquidated damages. Such events could significantly harm our reputation, business operations, financial condition, and cash flows.
- We have not yet placed orders in relation to any of the capital expenditure to be incurred for the purchase of equipment / machinery and infrastructure enhancement. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the equipment / machinery or other materials in a timely manner, or at all, may result in time and cost overruns and our business, prospects and results of operations may be adversely affected.
- Our Promoters and Directors have interests in entities which are in businesses similar to ours and this may result in potential conflict of interest with us.
- Our Promoters have provided personal guarantees for loans availed by us.
- Our products are semi-perishable in nature and the average shelf life of our products ranges from three to six months. Inaccurate demand forecasting for our semi-perishable product can result in excess inventory and waste which, in turn, could have an adverse effect on our business, financial condition, results of operations and cash flows.
- Some of our manufacturing facilities and Registered Office are not located on land owned by us and we have only leasehold rights. In the event we lose or are unable to renew such leasehold rights, our business, results of operations, financial condition and cash flows may be adversely affected.
- There have been instances of incorrect filings with and there have been instances in the past where we were unable to trace some corporate records, and there were certain instances of discrepancies in relation to certain statutory filings and corporate records of our Company.
- We have outstanding litigation against us, an adverse outcome of which may adversely affect our business, reputation and results of operations.
- After the completion of the Offer, our Promoters will continue to collectively hold a majority of the shareholding in our Company, allowing them to exercise significant influence and control over our operations, which may result in their interests differing from those of our other shareholders.
- Our business is dependent on our distribution network and a majority of our revenue from operations is generated from the distributors from Uttar Pradesh and Bihar. An inability to expand or effectively manage our distributor network, or any disruptions in our distribution network may have an adverse effect on our business, results of operations, financial condition and cash flows.
- There have been some instances of delays filing of statutory forms and regulatory dues in the past with the various government authorities.
- We are dependent on the sale of small pack SKUs for our revenues. Revenue from sale of SKUs available at Rs.2 - Rs.5 accounted for 26.01%, 25.85%, 24.22% and 21.76% of our revenue from operations for the period ending on Dec 31, 2025 and for Fiscal 2025, 2024 and 2023 respectively. Any significant increase in the cost of raw materials, packaging, or other commodities used in the production of these SKUs may lead to inflationary pressures and our inability to either increase the prices of our SKUs or reduce the weight may have an adverse effect on our business, results of operations, financial condition and cash flows.
- We have in the past entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders.
- Our success depends heavily upon our individual Promoters, Directors, KMPs and SMPs for their continuing services, strategic guidance, and financial support????
- Information relating to the installed production capacity and capacity utilization of our manufacturing unit included in this Red Herring Prospectus are based on various assumptions and estimates and future production and capacity may vary.
- An inability to comply with food safety laws, environmental laws and other applicable regulations in relation to our manufacturing facilities may adversely affect our business, results of operations, financial condition and cash flows????
- The trademarks being used by us for our business are not registered and our inability to obtain this registration may adversely affect our competitive business position. Our inability to protect or use our intellectual property rights may adversely affect our business.
- Our dependence on Rusk as a key product, which is manufactured by both our Company and our Subsidiary, may lead to potential operational overlaps, inefficiencies, or internal competition.
- Our Company has unsecured loans with a total outstanding amount of ? 3,386.51 Lakhs as of May 31, 2026, that may be recalled by the lenders at any time.
- We have issued Equity Shares during the last one year at a price that may be below the Issue Price.
- Our operations are labor-intensive, and may be adversely affected by work stoppages, increased labor costs, such as wage demands or minimum wage increases, or challenges in engaging new employees on commercially attractive terms, which could negatively impact our business and results of operations.
- The average cost of acquisition of Equity Shares for our Promoters may be lower than the Issue Price.
- Our inability to collect receivables and defaults in payment from our customers could result in the reduction of our profits and affect our cash flows.
- The company require several approvals, licenses, registrations, and permits to operate its business and must comply with various rules, regulations, and conditions. Failure to obtain, retain, or renew such approvals, licenses, and permits in a timely manner, or to comply with the requisite rules and regulations, may adversely affect its business, results of operations, financial condition, and cash flows.
- The Company's management will has flexibility in utilizing the net proceeds from the Issue and the deployment of the net proceeds from the Issue is subject to monitoring by any independent agency.
- Any downtime for maintenance and repair of the company machinery/equipment could lead to business interruptions that could be expensive and harmful to its reputation and to the company business.
- A shortage or unavailability of electricity, fuel, or labor could disrupt the company manufacturing operations and adversely impact its business, operational performance, and financial condition.
- The company insurance coverage may not adequately protect it against potential risks, leading to uninsured losses or losses exceeding the company coverage, which could has a material adverse effect on its business.
- Objects of the Fresh Issue for which the funds are being raised has not been appraised by any bank or financial institution and any variation in the utilization of the company Net Proceeds as disclosed in this Red Herring Prospectus would be subject to certain compliance requirements, including prior shareholders' approval. The company has not identified any alternate source of funding and hence any failure or delay on its part to raise money from this Issue may delay in the implementation schedule and could adversely affect the company growth plans.
- The company employees may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements.
- The COVID-19 pandemic impacted its business and operations. Future similar events may has an adverse effect on the company business, results of operations, financial condition and cash flows.
- The requirements of being a listed company may strain its resources.
- Its may require additional equity or debt in the future in order to continue to grow the company business, which may not be available on favorable terms or at all.
- Its ability to pay dividends in the future will depend upon future earnings, financial condition, cash flows, working capital requirements, and capital expenditures.
- The company Equity Shares has never been publicly traded, and after the Issue, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the Issue Price may not be indicative of the market price of the Equity Shares after the Issue
- There are restrictions on daily weekly monthly movement in the price of the equity shares, which may adversely affect the shareholder's ability to sell for the price at which it can sell, equity shares at a particular point in time.
- The company has not independently verified certain data in this Red Herring Prospect it.
- QIB and Non-Institutional Investors are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid.
- Investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they purchase in the Issue.
- Any future issuance of Equity Shares may dilute the shareholding of the Investors, or any sale of Equity Shares by its Promoter or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
- An inability to maintain or enhance the popularity of its brands "Crazy", "BAKEDGOLD" and "bity" may adversely impact the company business, results of operations, financial condition and cash flows.
The Issue type of Crazy Snacks Ltd is Book Building - SME.
The minimum application for shares of Crazy Snacks Ltd is 6000.
The total shares issue of Crazy Snacks Ltd is 7494000.
Initial public offer of 74,94,000 equity shares of face value of Rs. 10 each ("Equity Shares") of Crazy Snacks Limited ("Company") for cash at a price of Rs. 42 per equity share (Including a Share Premium of Rs. 32 per Equity Share) ("Offer Price") aggregating Rs. 31.47 Crores comprising a fresh issue of 59,99,000 equity shares aggregating Rs. 25.20 Crores by the company ("Fresh Issue") and an offer for sale of 14,95,000 equity shares aggregating Rs. 6.28 Crores by its promoter selling shareholder, (the "Offered Shares") (the "Offer for Sale" and together with the fresh issue, the "Offer") of which 3,78,000 equity shares aggregating to Rs. 1.59 Crores were reserved for subscription by market maker to the offer (the "Market Maker Reservation Portion"). The offer, less market maker reservation, i.e. Net offer 71,16,000 equity shares of face value of Rs. 10 each at price of Rs. 42 per equity share aggregating to Rs. 29.89 Crores is herein after referred to as the "Net Offer". The offer and the net offer will constitute 31.31% and 29.73% respectively of the fully diluted post-offer paid-up equity share capital of the company.
Price Band: Rs. 42 per equity share of face value of Rs. 10 each.
The floor price is 4.2 times of the face value.
Bids can be made for a minimum of 6,000 equity shares and in multiples of 3,000 equity shares thereafter.