Rukmani Devi Garg Agro Impex Ltd IPO
Status: Closed
Overview
IPO date
26 Sept 2025 to 30 Sept 2025
Face value
₹ 10 per share
Price
₹ 93 to ₹99 per share
Issue Size
0 shares
(aggregating up to ₹ 0 Cr)
(aggregating up to ₹ 0 Cr)
Allotment Date
01 Oct 2025
Listing at
NSE
Issue type
Book Building
Sector
Trading
Objectives of Rukmani Devi Garg Agro Impex Ltd IPO
Rukmani Devi Garg Agro Impex Ltd IPO Strategy
About Rukmani Devi Garg Agro Impex Ltd
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T&C*
Strengths vs Risks of Rukmani Devi Garg Agro Impex Ltd
Know the pros & cons
Strengths
Long-standing relationship with our customers from diverse industry.- Large scale procurement and storage capabilities.
- Strategically located and fully automated processing unit.
- Consistent focus on quality.
- Strong promoter background and an experienced and entrepreneurial management team with a proven track record and
a high degree of employee ownership.
Risks
- We derive our revenue from trading in agricultural commodities, procurement of which is heavily dependent on
third party suppliers.
- Our products are in the nature of commodities and their prices are subject to fluctuations that may affect our
profitability.
- Our business is subject to seasonal volatility, which may contribute to fluctuations in our results of operations
and financial condition.
- Our Company has experienced negative cash flows in some prior periods and may do so in the future, which
could have a material adverse effect on our business, prospects, financial condition, cash flows and results of
operations.
- Substantial portion of our revenues has been dependent upon few customers. The loss of any one or more of our
major customers would have a material adverse effect on our business, cash flows, results of operations and
financial condition.
- We are involved in certain legal proceedings which are pending at different levels of adjudication before various
courts, tribunals, enquiry officers, and appellate authorities.
- We are required to obtain, renew or maintain statutory and regulatory permits, licenses and approvals to operate
our business and our processing unit, and any delay or inability in obtaining, renewing or maintaining such
permits, licenses and approvals could result in an adverse effect on our results of operations.
- Our Promoters, members of Promoter Group and director have mortgaged their properties and provided personal
guarantees to certain loan facilities availed by us, which if revoked may require alternative guarantees,
repayment of amounts due or termination of the facilities.
- Some of our corporate records and forms filed with the Registrar of Companies are not traceable. Further, there
have been certain instances of regulatory non-compliances or delays or errors in the past. We may be subject to
regulatory actions and penalties for any such past or future non-compliance or delays or errors and our business,
financial condition and reputation may be adversely affected.
- Our Group Companies have incurred losses in past, any operating losses in the future could adversely affect the
results of operations and financial conditions of our group company.
- Some of our trade names and our Company's logo are not registered as on date of this Red Herring Prospectus.
We may be unable to adequately protect our intellectual property. Furthermore, we may be subject to claims
alleging breach of third-party intellectual property rights.
- The improper handling, processing or storage of products, or spoilage of and damage to such products, or any
real or perceived contamination in our products, could subject us to damage our reputation and have an adverse
effect on our business, results of operations and financial condition.
- Our business operations are majorly concentrated in certain geographical regions and any adverse developments
affecting our operations in these regions could have a significant impact on our revenue and results of operations.
- Our inability to effectively manage or expand our dealers and distribution network may have an adverse effect
on our business, results of operations and financial condition.
- Our Registered Office, processing units, shop and warehouses are located on premises which are not owned by
us and has been obtained on lease basis and leave & license basis. Disruption of our rights as licensee/ lessee or
termination of the agreements with our licensors/ lessors would adversely impact our manufacturing operations
and, consequently, our business, financial condition and results of operations.
- We operate in a competitive business environment and our inability to compete effectively may adversely affect
our business, results of operations, financial condition and cash flows.
- Our Registered Office from where our operations is carried out is shared between our Company with our
Subsidiary Company.
- We rely on third-party transportation providers for the delivery of goods and materials both from our suppliers
and to our clients. Any failure by these service providers to fulfill their obligations could materially adversely
affect our business, financial condition, and operational results.
- Our lenders have charge over our movable and immovable properties in respect of finance availed by us.
- Few of our promoter group entities are engaged in the same line of business similar to our Company. We cannot
assure that our promoter group entities and our Company will not compete with each other to source the same
business. Such competition between each other may adversely affect business operations and financial condition
of our Company.
- A slowdown or shutdown in our processing operations or under-utilization of our processing facilities could have
an adverse effect on our business, results of operations and financial condition.
- Adverse publicity regarding our products could negatively impact us.
- We have significant power requirements for continuous running of our processing unit. Any disruption to our
operations on account of interruption in power supply or any irregular or significant hike in power tariffs may
have an effect on our business, results of operations and financial condition.
- We are exposed to risks associated with foreign exchange rate fluctuations.
- Delays or defaults in customers payments could affect our operations.
- We have entered into, and will continue to enter into, related party transactions which may potentially involve
conflicts of interest.
- We are heavily dependent on our Promoters and Key Managerial Personnel for the continued success of our
business through their continuing services and strategic guidance and support.
- Any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements,
including prior shareholder's approval.
- Any change in the technology may render our current technologies obsolete or require us to make substantial
capital investment to cope with the market.
- Orders placed by customers may be delayed, modified, cancelled or not fully paid for by our customers, which
may have an adverse effect on our business, financial condition and results of operations.
- Our Company requires significant amount of working capital for a continuing growth. Our inability to meet our
working capital requirements may adversely affect our results of operations.
- Our inability to manage inventory in an effective manner could affect our business.
- Our employees may engage in misconduct or other improper activities, including non-compliance with regulatory
standards and requirements.
- Our insurance coverage may not be sufficient or adequate to protect us against all material hazards, which may
adversely affect our business, results of operations, financial condition and cash flows.
- In the event there is any delay in the completion of the Issue, or delay in schedule of implementation, there be a
corresponding delay in the completion of the objects of this Issue which would in turn affect our revenues and
results of operations.
- There can be no assurance that the objects of the Issue will be achieved within the time frame anticipated or at
all, or that the deployment of the Net Proceeds in the manner intended by us will result in any increase in the
value of your investment. Further, the plan for deployment of the Net Proceeds has not been appraised by any
bank or financial institution.
- We may face difficulties in implementing our strategies including our expansion and diversification plans of
entering new geographical areas, development and commercialization of new products.
- Information relating to the historical capacity of our processing unit included in this Red Herring Prospectus is
based on various assumptions and estimates and future processing and capacity may vary.
- There is no monitoring agency appointed by our Company and the deployment of funds are at the discretion our
Management and our Board of Directors, though it shall be monitored by our Audit Committee.
- Stringent food safety, consumer goods, health and safety laws and regulations may result in increased liabilities
and increased capital expenditures
- Any delays and/or defaults in payments could result in increase of working capital investment and/or reduction
of our Company's profits, thereby affecting our operation and financial condition.
- Our Promoters will continue to retain significant shareholding in our Company after the Issue, which will allow
it to exercise control over us.
- The average cost of acquisition of Equity Shares of face value of ?10 each by each of the Promoters may be less
than the Issue Price.
- Our Promoters, Directors and Key Managerial Personnel have interests in our Company other than
reimbursement of expenses incurred or normal remuneration or benefits.
- In the future, we may incur indebtedness during the course of business. We cannot assure that we would be able
to service our existing and/ or additional indebtedness.
- Our agreements with lenders for financial arrangements contain restrictive covenants for certain activities and
if we are unable to get their approval, it might restrict our scope of activities and impede our growth plans.
- Relevant copies of few of the qualification certificates of Directors and Key Managerial personnel are not
traceable.
- We have not made any alternate arrangements for meeting our capital requirements for the Objects of the Issue.
Further, we have not identified any alternate source of financing the `Objects of the Issue. Any shortfall in raising
/ meeting the same could adversely affect our growth plans, operations and financial performance.
- We may decide not to proceed with the Issue at any time before Allotment. If we decide not to proceed with the
Issue after the Issue Opening Date but before Allotment, the refund of Application amounts deposited will be
subject to us complying with our obligations under applicable laws.
- Certain Agreements /deeds may be in the previous name of the Company.
- Our ability to pay dividends in the future may be affected by any material adverse effect on our future earnings,
financial condition or cash flows.
- None of our Independent Directors have experience of being a Director of a public listed company.
- We have not commissioned an industry report for the disclosures made in the chapter titled `Industry Overview'
and made disclosures on the basis of the data available on the internet and such data has not been independently
verified by us.
- There is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the SME Platform of
BSE Limited in a timely manner or at all.
- There are restrictions on daily movements in the trading price of the Equity Shares, which may adversely affect
a shareholder's ability to sell Equity Shares or the price at which Equity Shares can be sold at a particular point
in time.
- There is no existing market for our Equity Shares, and we do not know if one will develop to provide you with
adequate liquidity.
- The price of the Equity Shares may be volatile, which could result in substantial losses for investors acquiring
the Equity Shares in the Issue.
- Any future issuance of Equity Shares, or convertible securities or other equity-linked securities by our Company
may dilute your shareholding and any sale of Equity Shares by our Promoters or members of our Promoter Group
may adversely affect the trading price of the Equity Shares.
- Sale of Equity Shares by our Promoters or other significant shareholder(s) may adversely affect the trading price
of the Equity Shares.
- We may not be able to sustain effective implementation of our business and growth strategy.
Rukmani Devi Garg Agro Impex Ltd Peer Comparison
Understand the company’s industry standing
Rukmani Devi Garg Agro Impex Ltd
NHC Foods Ltd
Neelkanth Ltd
Face Value
10
10
10
Standalone / Consolidated
Consolidated
Consolidated
Consolidated
Total Income Rs. Cr.
244.3753
209.244
5.7185
EPS-Basis
7.72
1.98
0.69
EPS-Diluted
7.72
1.98
0.69
NAV Per Share
38.24
23.43
21.99
P/E-Basic EPS
---
---
---
P/E-Diluted EPS
---
---
---
RONW(%)
20.18
8.45
3.14
Latest NAV Period
---
---
---
Latest NAV
---
---
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How to check the allotment status of Rukmani Devi Garg Agro Impex Ltd IPO?
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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
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The IPO opens on 26 Sept 2025 & closes on 30 Sept 2025.
Rukmani Devi Garg Agro Impex Limited was originally incorporated as a private limited company in the name and style of 'Rukmani Devi Garg Agro Impex Private Limited' under the provisions of the erstwhile Companies Act, 1956 vide certificate of incorporation dated April 17, 1998 issued by Registrar of Companies, Rajasthan, Jaipur. Subsequently, Company was converted from a private limited to a public limited company, and name of the Company was changed to 'Rukmani Devi Garg Agro Impex Limited', and a fresh certificate of incorporation dated June 18, 2024 was issued by Registrar of Companies, Central Processing Centre.
Company is engaged in the business of selling of raw agricultural produce such as, wheat, mustard, coriander, maize, flax seeds, soyabean mustard doc and as processor of agricultural produce and also trade in mustard oil, soyabean oil, mustard de-oiled cakes, etc . Further, it also sell processed wheat in consumer package through a network of dealers and distributors. The aggregate warehousing capacity of 3 owned warehouses is around 20,000 MT. Additionally, Company's processing unit also work a storage capacity of around 3,500 MT.
In view of diversification, Company has started the processing unit at Kota district of Rajasthan in FY 2015 for the grading, sorting and packaging of raw wheat i.e. processed wheat. Further, it also sell the low-quality processed wheat in bulk. As on March 31, 2025, Company engage with over 118 distributor and dealer network. The primary agricultural produce is wheat, mustard, coriander, maize, flax seeds, soyabean, which Company procure from over a large number of farmers through a network of kaccha aadtiya spread across the state of Rajasthan and Madhya Pradesh.'
'
Company is planning the Initial Public Offer of 25,00,000 equity shares of Face Value of Rs 10 each through fresh issue.
Rukmani Devi Garg Agro Impex Ltd IPO will close on 30 Sept 2025.
- Long-standing relationship with our customers from diverse industry.
- Large scale procurement and storage capabilities.
- Strategically located and fully automated processing unit.
- Consistent focus on quality.
- Strong promoter background and an experienced and entrepreneurial management team with a proven track record and a high degree of employee ownership.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Vishal Garg | 2377000 | 36.57 | 2377000 | 26.78 |
| 2 | Anju Garg | 1483500 | 22.82 | 1483500 | 16.71 |
| 3 | RDG Capital Pvt Ltd | 2638700 | 40.6 | 2638700 | 29.73 |
| 4 | Shri Vishal Garg & Sons (HUF) | 500 | 0.01 | 500 | 0.01 |
- We derive our revenue from trading in agricultural commodities, procurement of which is heavily dependent on third party suppliers.
- Our products are in the nature of commodities and their prices are subject to fluctuations that may affect our profitability.
- Our business is subject to seasonal volatility, which may contribute to fluctuations in our results of operations and financial condition.
- Our Company has experienced negative cash flows in some prior periods and may do so in the future, which could have a material adverse effect on our business, prospects, financial condition, cash flows and results of operations.
- Substantial portion of our revenues has been dependent upon few customers. The loss of any one or more of our major customers would have a material adverse effect on our business, cash flows, results of operations and financial condition.
- We are involved in certain legal proceedings which are pending at different levels of adjudication before various courts, tribunals, enquiry officers, and appellate authorities.
- We are required to obtain, renew or maintain statutory and regulatory permits, licenses and approvals to operate our business and our processing unit, and any delay or inability in obtaining, renewing or maintaining such permits, licenses and approvals could result in an adverse effect on our results of operations.
- Our Promoters, members of Promoter Group and director have mortgaged their properties and provided personal guarantees to certain loan facilities availed by us, which if revoked may require alternative guarantees, repayment of amounts due or termination of the facilities.
- Some of our corporate records and forms filed with the Registrar of Companies are not traceable. Further, there have been certain instances of regulatory non-compliances or delays or errors in the past. We may be subject to regulatory actions and penalties for any such past or future non-compliance or delays or errors and our business, financial condition and reputation may be adversely affected.
- Our Group Companies have incurred losses in past, any operating losses in the future could adversely affect the results of operations and financial conditions of our group company.
- Some of our trade names and our Company's logo are not registered as on date of this Red Herring Prospectus. We may be unable to adequately protect our intellectual property. Furthermore, we may be subject to claims alleging breach of third-party intellectual property rights.
- The improper handling, processing or storage of products, or spoilage of and damage to such products, or any real or perceived contamination in our products, could subject us to damage our reputation and have an adverse effect on our business, results of operations and financial condition.
- Our business operations are majorly concentrated in certain geographical regions and any adverse developments affecting our operations in these regions could have a significant impact on our revenue and results of operations.
- Our inability to effectively manage or expand our dealers and distribution network may have an adverse effect on our business, results of operations and financial condition.
- Our Registered Office, processing units, shop and warehouses are located on premises which are not owned by us and has been obtained on lease basis and leave & license basis. Disruption of our rights as licensee/ lessee or termination of the agreements with our licensors/ lessors would adversely impact our manufacturing operations and, consequently, our business, financial condition and results of operations.
- We operate in a competitive business environment and our inability to compete effectively may adversely affect our business, results of operations, financial condition and cash flows.
- Our Registered Office from where our operations is carried out is shared between our Company with our Subsidiary Company.
- We rely on third-party transportation providers for the delivery of goods and materials both from our suppliers and to our clients. Any failure by these service providers to fulfill their obligations could materially adversely affect our business, financial condition, and operational results.
- Our lenders have charge over our movable and immovable properties in respect of finance availed by us.
- Few of our promoter group entities are engaged in the same line of business similar to our Company. We cannot assure that our promoter group entities and our Company will not compete with each other to source the same business. Such competition between each other may adversely affect business operations and financial condition of our Company.
- A slowdown or shutdown in our processing operations or under-utilization of our processing facilities could have an adverse effect on our business, results of operations and financial condition.
- Adverse publicity regarding our products could negatively impact us.
- We have significant power requirements for continuous running of our processing unit. Any disruption to our operations on account of interruption in power supply or any irregular or significant hike in power tariffs may have an effect on our business, results of operations and financial condition.
- We are exposed to risks associated with foreign exchange rate fluctuations.
- Delays or defaults in customers payments could affect our operations.
- We have entered into, and will continue to enter into, related party transactions which may potentially involve conflicts of interest.
- We are heavily dependent on our Promoters and Key Managerial Personnel for the continued success of our business through their continuing services and strategic guidance and support.
- Any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholder's approval.
- Any change in the technology may render our current technologies obsolete or require us to make substantial capital investment to cope with the market.
- Orders placed by customers may be delayed, modified, cancelled or not fully paid for by our customers, which may have an adverse effect on our business, financial condition and results of operations.
- Our Company requires significant amount of working capital for a continuing growth. Our inability to meet our working capital requirements may adversely affect our results of operations.
- Our inability to manage inventory in an effective manner could affect our business.
- Our employees may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements.
- Our insurance coverage may not be sufficient or adequate to protect us against all material hazards, which may adversely affect our business, results of operations, financial condition and cash flows.
- In the event there is any delay in the completion of the Issue, or delay in schedule of implementation, there be a corresponding delay in the completion of the objects of this Issue which would in turn affect our revenues and results of operations.
- There can be no assurance that the objects of the Issue will be achieved within the time frame anticipated or at all, or that the deployment of the Net Proceeds in the manner intended by us will result in any increase in the value of your investment. Further, the plan for deployment of the Net Proceeds has not been appraised by any bank or financial institution.
- We may face difficulties in implementing our strategies including our expansion and diversification plans of entering new geographical areas, development and commercialization of new products.
- Information relating to the historical capacity of our processing unit included in this Red Herring Prospectus is based on various assumptions and estimates and future processing and capacity may vary.
- There is no monitoring agency appointed by our Company and the deployment of funds are at the discretion our Management and our Board of Directors, though it shall be monitored by our Audit Committee.
- Stringent food safety, consumer goods, health and safety laws and regulations may result in increased liabilities and increased capital expenditures
- Any delays and/or defaults in payments could result in increase of working capital investment and/or reduction of our Company's profits, thereby affecting our operation and financial condition.
- Our Promoters will continue to retain significant shareholding in our Company after the Issue, which will allow it to exercise control over us.
- The average cost of acquisition of Equity Shares of face value of ?10 each by each of the Promoters may be less than the Issue Price.
- Our Promoters, Directors and Key Managerial Personnel have interests in our Company other than reimbursement of expenses incurred or normal remuneration or benefits.
- In the future, we may incur indebtedness during the course of business. We cannot assure that we would be able to service our existing and/ or additional indebtedness.
- Our agreements with lenders for financial arrangements contain restrictive covenants for certain activities and if we are unable to get their approval, it might restrict our scope of activities and impede our growth plans.
- Relevant copies of few of the qualification certificates of Directors and Key Managerial personnel are not traceable.
- We have not made any alternate arrangements for meeting our capital requirements for the Objects of the Issue. Further, we have not identified any alternate source of financing the `Objects of the Issue. Any shortfall in raising / meeting the same could adversely affect our growth plans, operations and financial performance.
- We may decide not to proceed with the Issue at any time before Allotment. If we decide not to proceed with the Issue after the Issue Opening Date but before Allotment, the refund of Application amounts deposited will be subject to us complying with our obligations under applicable laws.
- Certain Agreements /deeds may be in the previous name of the Company.
- Our ability to pay dividends in the future may be affected by any material adverse effect on our future earnings, financial condition or cash flows.
- None of our Independent Directors have experience of being a Director of a public listed company.
- We have not commissioned an industry report for the disclosures made in the chapter titled `Industry Overview' and made disclosures on the basis of the data available on the internet and such data has not been independently verified by us.
- There is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the SME Platform of BSE Limited in a timely manner or at all.
- There are restrictions on daily movements in the trading price of the Equity Shares, which may adversely affect a shareholder's ability to sell Equity Shares or the price at which Equity Shares can be sold at a particular point in time.
- There is no existing market for our Equity Shares, and we do not know if one will develop to provide you with adequate liquidity.
- The price of the Equity Shares may be volatile, which could result in substantial losses for investors acquiring the Equity Shares in the Issue.
- Any future issuance of Equity Shares, or convertible securities or other equity-linked securities by our Company may dilute your shareholding and any sale of Equity Shares by our Promoters or members of our Promoter Group may adversely affect the trading price of the Equity Shares.
- Sale of Equity Shares by our Promoters or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
- We may not be able to sustain effective implementation of our business and growth strategy.
The Issue type of Rukmani Devi Garg Agro Impex Ltd is Book Building.
The minimum application for shares of Rukmani Devi Garg Agro Impex Ltd is 2400.
The total shares issue of Rukmani Devi Garg Agro Impex Ltd is 0.
Initial public issue of 23,76,000 equity shares of face value Rs. 10/- each ("Equity Shares") of Rukmani Devi Garg Agro Impex Limited ("the Company" or the "Issuer") for cash at a price of Rs. 93-Rs. 99 per equity share (Including a Securities Premium of Rs. 83-Rs. 89.00 Per Equity Share) ("Issue Price"), aggregating to Rs. 22.10-Rs. 23.52 Crore (the "Issue"), of which 1,20,000 equity shares aggregating to Rs. 1.12-Rs. 1.19 Crore will be reserved for subscription by market maker ("Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. issue of 22,56,000 equity shares of face value of Rs. 10/- each at an issue price of Rs. 93-Rs. 99.00 per equity share aggregating to Rs. 20.98-Rs. 22.33 Crore is hereinafter referred to as the "Net Issue". The issue and the net issue will constitute 26.77 % and 25.42 % respectively of the post issue paid-up equity share capital of the company.
Price Band: Rs. 93/- to Rs. 99/- for equity share of face value of Rs. 10 each.
The floor price is 9.3 times times the face value and cap price is 9.9 times of the face value of the equity shares.
Bids can made for a minimum of 2,400 equity shares and in multiples of 1,200 equity shares thereafter.