Eldorado Agritech, known for its 'Srikar Seeds' brand, has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹1,000 crore through an initial public offering (IPO). The IPO consists of a fresh issue of equity shares aggregating up to ₹340 crore and an offer for sale (OFS) of shares aggregating up to ₹660 crore by existing shareholders.
Under the OFS, promoters Srinivasa Rao Linga and Usha Rani Papineni will offload shares worth ₹500 crore and ₹160 crore, respectively. The equity shares are proposed to be listed on both the BSE and the National Stock Exchange of India (NSE). Anand Rathi Advisors Limited and Equirus Capital Private Limited are the book-running lead managers (BRLMs) for the IPO, and Bigshare Services Pvt. Ltd. is the registrar for the public issue.
Eldorado Agritech plans to utilize ₹245 crore from the net proceeds of the fresh issue for prepayment or repayment of certain outstanding borrowings. This includes ₹163.2 crore for the parent company and ₹81.8 crore for its subsidiary, Srikar Biotech. The remaining funds will be used for general corporate purposes. The company may also consider raising up to ₹65 crore in a pre-IPO round before launching its main public offering.
Founded in 2009 and based in Telangana, Eldorado Agritech is an integrated agro-sciences company offering end-to-end "seed-to-harvest" solutions, including seed innovation and crop care products. Its business spans four verticals: seeds, bio-stimulants, agrochemicals, and specialty fertilizers. The company is engaged in research and development (R&D), production, processing, marketing, and distribution of a wide range of seeds, including both hybrids and open-pollinated varieties (OPV). It serves a diverse agricultural base, offering seeds for major crops such as maize, paddy (rice), cotton, wheat, bajra (pearl millet), along with a robust portfolio of vegetable seeds. The company's portfolio includes 226 hybrids and OPV seeds across 47 crops.
As of June 30, 2025, Eldorado Agritech had obtained 269 registrations for agrochemical formulations from the Central Insecticides Board & Registration Committee (CIBRC) and had filed for nine product patents under the Indian Patents Act, 1970. In addition, it holds 43 registrations for specialty fertilizer products under the Fertiliser (Control) Order, 1985, and 32 registrations for bio-stimulant products from the Ministry of Agriculture and Farmers' Welfare.
Financially, Eldorado Agritech reported revenue from operations of ₹441 crore and a profit after tax (PAT) of ₹71 crore in the financial year 2024–25 (FY25). According to the F&S Report, Eldorado Agritech is the fastest-growing agro-sciences company among its listed peers in India in terms of revenue growth, having achieved a compound annual growth rate (CAGR) of 27.92 per cent between FY23 and FY25. Between FY23-25, the company showed a Revenue CAGR of 28% and a PAT CAGR of 56%. The company's EBITDA margins are 25%+, and ROE is 34.6%.
