SSMD Agrotech India Ltd IPO
Status: Closed
Overview
IPO date
25 Nov 2025 to 27 Nov 2025
Face value
₹ 10 per share
Price
₹ 114 to ₹121 per share
Issue Size
2,817,000 shares
(aggregating up to ₹ 34.09 Cr)
(aggregating up to ₹ 34.09 Cr)
Allotment Date
28 Nov 2025
Listing at
NSE
Issue type
Book Building - SME
Sector
Retail
Objectives of SSMD Agrotech India Ltd IPO
SSMD Agrotech India Ltd IPO Strategy
About SSMD Agrotech India Ltd
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T&C*
Strengths vs Risks of SSMD Agrotech India Ltd
Know the pros & cons
Strengths
Diversified range of services offered.- Strong Client base.
- Experience of our Promoter and core management team.
- Quality Assurance.
- Cost competitiveness and time bound delivery.
- Innovative Approch to 10-Minute Delivery Model.
- Continued Product Portfolio Expansion.
- Established and Growing Brand Equity.
Risks
- We have certain outstanding litigation against our Promoters, director and Group Companies an adverse outcome of
which may have an adverse impact on our reputation, business and results of operations.
- We have experienced negative cash flows in the past. Any such negative cash flows in the future may adversely affect
our business, financial condition, results of operations and prospects.
- We are dependent on and derive a substantial portion of our revenue from a limited number of customers
Cancellation by customers or a delay or reduction in their orders could have material adverse effect on our business,
results of operations and financial condition.
- Our business is subject to seasonal volatility, which may contribute to fluctuations in our results of operations
and financial condition.
- Our Company's logo and some other Trademnarks for which the Company has applied is not registered as on the
date of this Red Herring Prospectus. We may be unable to adequately protect our intellectual Property. Also, we
Cannot assure the timely registration of our logo.
- There have been instances of delays in filings of certain forms which were required to be filed as per the reporting
requirements under the Companies Act, 2013 to RoC.
- There have been some instances of delayed filing of returns and depositing of statutory dues with regulatory
authorities.
- The Company is dependent on few numbers of suppliers. Loss of any of this large supplier may affect our cost of
raw material and profitability.
- Our manufacturing facility and corporate office are located on rental premises. If we are unable to renew such rent
agreements or relocate on commercially suitable terms, it may have a material adverse effect on our business, results
of operation and financial condition.
- Our Company has recently entered the Direct-to-Consumer (D2C) business model by opening D2C dark store
factories. This innovation may involve challenges related to setup, scalability, customer acquisition, and operational
efficiency.
- Relevant copy of educational qualification of our director is not traceable.
- We derive significant portion of our revenue from sale of limited variety of our products. An inability to adapt to
evolving consumer preferences and demand for particular products, or ensure product quality may adversely impact
demand for our products and consequently our business, results of operations, financial condition and cash flows.
- The objects of the Issue include funding working capital requirements of our Company, which is based on certain
assumptions and estimates.
- Our proposed capacity expansion plans relating to our manufacturing facility are subject to the risk of
unanticipated delays in implementation and cost overruns.
- We have entered into and may continue to enter into related party transactions and there can be no assurance that
such transactions have been on favorable terms.
- Our business is dependent on our distribution network. 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.
- Our Promoters and members of the Promoter Group have significant control over the Company and have the ability
to direct our business and affairs; their interests may conflict with your interests as a shareholder.
- Our operations are dependent on the supply of large amounts of raw material such as Chana, Rice, wheat, Raw
Ramdana etc. We do not have long term agreements with suppliers for our raw materials and any increase in the
cost of, or a shortfall in the availability of, such raw materials could have an adverse effect on our business and
results of operations, and seasonable variations could also result in fluctuations in our results of operations.
- If we are not able to obtain, renew or maintain our statutory and regulatory licenses, registrations and approvals
required to operate our business, it may have a material adverse effect on our business, results of operations and
financial condition.
- The average cost of acquisition of Equity Shares by our Promoter may be less than the Issue Price, Which may
result in a difference in returns on their investment compared to investors subscribing in this Issue.
- The sale of our Products is concentrated in the state of Delhi and Uttar Pradesh. Any adverse developments affecting
our operation in such region, could have an adverse impact on our Business, financial Condition, results of
Operation and Cash flows.
- Our operations are subject to various contamination related risks, including improper storage of our products and
raw materials, labelling errors, and non-compliance with quality control standards. Any actual or alleged
contamination could lead to legal liability, damage to brand reputation, and adverse impact on our business, results
of operations, financial condition and cash flows.
- The Company is dependent on few numbers of suppliers. Loss of any of this large supplier may affect our cost of
raw material and profitability.
- Our insurance coverage may not be adequate to protect us against all potential losses to which we may be subject
and which may have a material effect on our business and financial conditions.
- Changing regulations in India could lead to new compliance requirements that are uncertain. The regulatory
environment in which we operate is evolving and is subject to change.
- Any failure to maintain, protect and enhance our brand and reputation could have a material adverse effect on our
business, financial condition and results of operations.
- We do not have long-term agreements with a majority of our customers. Any changes or cancellations to our orders
or our inability to forecast demand for our products may adversely affect our business, results of operations and
financial condition.
- The company is subject to any frauds, theft, or embezzlement by its employees, suppliers, contractors or distributors,
Customers it could adversely affect the company reputation, results of operations, financial condition and cash flows.
- Its business is dependent on the company Manufacturing Facilities. Any shutdown of operations of its Manufacturing
Facilities may have an adverse effect on the company business, results of operations and financial condition.
- Its products are in the nature of commodities, and their prices are subject to fluctuations that may affect the company
profitability.
- The company could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could
adversely affect its financial condition, results of operations and reputation.
- Exposure to risks arising from product defects or quality issues could adversely affect its operations, reputation,
and financial performance.
- Negative publicity could adversely affect its revenue model and profitability of the Company.
- Its results of operations and cash flows could be adversely affected, if the company is unable to collect its dues and
receivables from customers / distributors.
- An inability to comply with food safety laws, environmental laws and other applicable regulations in relation to its
manufacturing facilities may adversely affect its business, financial condition and results of operations.
- The company is heavily dependent on its Promoters and Key Managerial Personnel for the continued success of its
business through their continuing services and strategic guidance and support.
- Its Promoters, Directors and Key Management Personnel have interest in the Company, other than
reimbursement of expenses incurred or remuneration.
- Changes in technology may render its current technologies obsolete or require it to make substantial investments.
- The company has not made any dividend payments in the past and its ability to pay dividends in the future will depends upon
future earnings, financial condition, cash flows, working capital requirements, capital expenditures and restrictive
covenants in its financing arrangements.
- Certain key performance indicators for certain listed industry peers included in this Red Herring Prospectus have
been sourced from public sources and there is no assurance that such financial and other industry information is
complete.
- Delay in raising funds from the IPO could adversely impact the implementation schedule.
- The Objects of the Issue for which funds are being raised, are based on its management estimates and any bank
or financial institution or any independent agency has not appraised the same. The deployment of funds in the
project is entirely at its discretion, based on the parameters as mentioned in the chapter titles "Objects of the Issue".
- The company has not independently verified certain data in this Red Herring Prospectus.
SSMD Agrotech India Ltd Peer Comparison
Understand the company’s industry standing
SSMD Agrotech India Limited
HOAC Foods India Limited
Contil India Limited
Face Value
10
10
2
Standalone / Consolidated
Standalone
Standalone
standalone
Total Income Rs. Cr.
99.1795
24.6766
32.5707
EPS-Basis
9.74
6.69
1.63
EPS-Diluted
---
---
---
NAV Per Share
12.54
29.62
7.46
P/E-Basic EPS
---
44.24
19.14
P/E-Diluted EPS
---
---
---
RONW(%)
78
21.82
18.16
Latest NAV Period
---
---
---
Latest NAV
---
---
---
How to check the allotment status of SSMD Agrotech India 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 25 Nov 2025 & closes on 27 Nov 2025.
SSMD Agrotech India Limited was originally incorporated as 'Shree Dhanlaxmi Flour Mills Private Limited' on October 10,2023 as a Private Limited Company with the Registrar of Companies, Central Registration Centre. Further, name of the Company was changed to 'SSMD Agrotech India Private limited' and a fresh Certificate of incorporation dated February 15, 2024.
Company subsequently acquired the entire business of M/s Manohar Lal Jaigopal Agro Industries and M/s S.S Agro India, Sole Proprietorship concern of Mr. Ishu Munjal vide Business Transfer Agreement effective from April 1, 2024. It was converted to a public limited company and the name was changed to 'SSMD Agrotech India Limited'. A fresh Certificate of Incorporation dated February 24, 2025 was issued by the Registrar of companies, Central Registration Centre.
Company is in the business of manufacturing and trading of Agro Food products encompassing besan, chana dal, atta, poha, suji, maida, daliya, sattu, puffed rice, murmura, etc. Company operates the business under the name 'House of Manohar'. HOM - House of Manohar is primarily involved in the manufacturing, trading and repacking of various FMCG products under the company owned various brands including Manohar Agro, Super S.S., Delhi Special and Shree Dhanlaxmi.
The Company manufactures Atta, Mustard Oil, Spices at its D2C Dark Store Factory. It operates its sales network in both B2B and D2C market space. House of Manohar follows a comprehensive business model that combines traditional distribution networks with modern consumer-focused solutions. The traditional business model relies on an extensive network of distributors across Delhi/NCR, Haryana, Uttar Pradesh, Punjab, and Uttarakhand, which ensures effective distribution, broad market reach, and increased product visibility. To adapt to changing consumer preferences, House of Manohar has introduced a Direct-to-Consumer model, supported by innovative dark store factories. This initiative focuses on delivering fresh and quality products, such as atta, oil, and spices, directly to customers within 10 minutes. This model aims to improve convenience, maintain product quality, and strengthen customer trust in the brand.
Company is planning the initial public offer of 32,00,000 equity shares of face value of Rs 10 each through fresh issue.
SSMD Agrotech India Ltd IPO will close on 27 Nov 2025.
- Diversified range of services offered.
- Strong Client base.
- Experience of our Promoter and core management team.
- Quality Assurance.
- Cost competitiveness and time bound delivery.
- Innovative Approch to 10-Minute Delivery Model.
- Continued Product Portfolio Expansion.
- Established and Growing Brand Equity.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Ishu Munjal, | 5794129 | 99.06 | 5794129 | 66.86 |
| 2 | Surbhi Munjal | 54450 | 0.93 | 54450 | 0.63 |
| 3 | Jai Gopal Munjal | 110 | --- | 110 | --- |
| 4 | Vandana Munjal | 110 | --- | 110 | --- |
| 5 | Sunaina Munjal | 110 | --- | 110 | --- |
| 6 | Raghav Kapoor | 110 | --- | 110 | --- |
- We have certain outstanding litigation against our Promoters, director and Group Companies an adverse outcome of which may have an adverse impact on our reputation, business and results of operations.
- We have experienced negative cash flows in the past. Any such negative cash flows in the future may adversely affect our business, financial condition, results of operations and prospects.
- We are dependent on and derive a substantial portion of our revenue from a limited number of customers Cancellation by customers or a delay or reduction in their orders could have material adverse effect on our business, results of operations and financial condition.
- Our business is subject to seasonal volatility, which may contribute to fluctuations in our results of operations and financial condition.
- Our Company's logo and some other Trademnarks for which the Company has applied is not registered as on the date of this Red Herring Prospectus. We may be unable to adequately protect our intellectual Property. Also, we Cannot assure the timely registration of our logo.
- There have been instances of delays in filings of certain forms which were required to be filed as per the reporting requirements under the Companies Act, 2013 to RoC.
- There have been some instances of delayed filing of returns and depositing of statutory dues with regulatory authorities.
- The Company is dependent on few numbers of suppliers. Loss of any of this large supplier may affect our cost of raw material and profitability.
- Our manufacturing facility and corporate office are located on rental premises. If we are unable to renew such rent agreements or relocate on commercially suitable terms, it may have a material adverse effect on our business, results of operation and financial condition.
- Our Company has recently entered the Direct-to-Consumer (D2C) business model by opening D2C dark store factories. This innovation may involve challenges related to setup, scalability, customer acquisition, and operational efficiency.
- Relevant copy of educational qualification of our director is not traceable.
- We derive significant portion of our revenue from sale of limited variety of our products. An inability to adapt to evolving consumer preferences and demand for particular products, or ensure product quality may adversely impact demand for our products and consequently our business, results of operations, financial condition and cash flows.
- The objects of the Issue include funding working capital requirements of our Company, which is based on certain assumptions and estimates.
- Our proposed capacity expansion plans relating to our manufacturing facility are subject to the risk of unanticipated delays in implementation and cost overruns.
- We have entered into and may continue to enter into related party transactions and there can be no assurance that such transactions have been on favorable terms.
- Our business is dependent on our distribution network. 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.
- Our Promoters and members of the Promoter Group have significant control over the Company and have the ability to direct our business and affairs; their interests may conflict with your interests as a shareholder.
- Our operations are dependent on the supply of large amounts of raw material such as Chana, Rice, wheat, Raw Ramdana etc. We do not have long term agreements with suppliers for our raw materials and any increase in the cost of, or a shortfall in the availability of, such raw materials could have an adverse effect on our business and results of operations, and seasonable variations could also result in fluctuations in our results of operations.
- If we are not able to obtain, renew or maintain our statutory and regulatory licenses, registrations and approvals required to operate our business, it may have a material adverse effect on our business, results of operations and financial condition.
- The average cost of acquisition of Equity Shares by our Promoter may be less than the Issue Price, Which may result in a difference in returns on their investment compared to investors subscribing in this Issue.
- The sale of our Products is concentrated in the state of Delhi and Uttar Pradesh. Any adverse developments affecting our operation in such region, could have an adverse impact on our Business, financial Condition, results of Operation and Cash flows.
- Our operations are subject to various contamination related risks, including improper storage of our products and raw materials, labelling errors, and non-compliance with quality control standards. Any actual or alleged contamination could lead to legal liability, damage to brand reputation, and adverse impact on our business, results of operations, financial condition and cash flows.
- The Company is dependent on few numbers of suppliers. Loss of any of this large supplier may affect our cost of raw material and profitability.
- Our insurance coverage may not be adequate to protect us against all potential losses to which we may be subject and which may have a material effect on our business and financial conditions.
- Changing regulations in India could lead to new compliance requirements that are uncertain. The regulatory environment in which we operate is evolving and is subject to change.
- Any failure to maintain, protect and enhance our brand and reputation could have a material adverse effect on our business, financial condition and results of operations.
- We do not have long-term agreements with a majority of our customers. Any changes or cancellations to our orders or our inability to forecast demand for our products may adversely affect our business, results of operations and financial condition.
- The company is subject to any frauds, theft, or embezzlement by its employees, suppliers, contractors or distributors, Customers it could adversely affect the company reputation, results of operations, financial condition and cash flows.
- Its business is dependent on the company Manufacturing Facilities. Any shutdown of operations of its Manufacturing Facilities may have an adverse effect on the company business, results of operations and financial condition.
- Its products are in the nature of commodities, and their prices are subject to fluctuations that may affect the company profitability.
- The company could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect its financial condition, results of operations and reputation.
- Exposure to risks arising from product defects or quality issues could adversely affect its operations, reputation, and financial performance.
- Negative publicity could adversely affect its revenue model and profitability of the Company.
- Its results of operations and cash flows could be adversely affected, if the company is unable to collect its dues and receivables from customers / distributors.
- An inability to comply with food safety laws, environmental laws and other applicable regulations in relation to its manufacturing facilities may adversely affect its business, financial condition and results of operations.
- The company is heavily dependent on its Promoters and Key Managerial Personnel for the continued success of its business through their continuing services and strategic guidance and support.
- Its Promoters, Directors and Key Management Personnel have interest in the Company, other than reimbursement of expenses incurred or remuneration.
- Changes in technology may render its current technologies obsolete or require it to make substantial investments.
- The company has not made any dividend payments in the past and its ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements, capital expenditures and restrictive covenants in its financing arrangements.
- Certain key performance indicators for certain listed industry peers included in this Red Herring Prospectus have been sourced from public sources and there is no assurance that such financial and other industry information is complete.
- Delay in raising funds from the IPO could adversely impact the implementation schedule.
- The Objects of the Issue for which funds are being raised, are based on its management estimates and any bank or financial institution or any independent agency has not appraised the same. The deployment of funds in the project is entirely at its discretion, based on the parameters as mentioned in the chapter titles "Objects of the Issue".
- The company has not independently verified certain data in this Red Herring Prospectus.
The Issue type of SSMD Agrotech India Ltd is Book Building - SME.
The minimum application for shares of SSMD Agrotech India Ltd is 2000.
The total shares issue of SSMD Agrotech India Ltd is 2817000.
Initial public issue of 28,17,000 equity shares of face value of Rs.10.00 each ("Equity Shares") of the company for cash at a price of Rs. 121 per equity share (including a share premium of Rs. 111 per equity share) ("Issue Price") aggregating up to
Rs. 34.09 crores ("the Issue"). The issue comprises a fresh issue of 28,17,000 equity shares aggregating up to Rs.34.09 crores ("Fresh Issue").
This issue includes a reservation of 1,56,000 equity shares aggregating up to Rs. 1.89 crores (constituting 1.80% of the post-issue paid-up equity share capital of the company) for subscription by market maker ("Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e issue of 26,61,000 equity shares of face value of Rs. 10/- each at an issue price of Rs. 121/- per equity share aggregating to Rs. 32.20 Crore is hereinafter referred to as the "Net Issue". The issue and the net issue shall constitute 32.50% and 30.70%, respectively, of the post-issue paid-up equity share capital of the company, respectively.