Ahmedabad-based Stanbik Agro Ltd, a supplier of fresh fruits and vegetables, has launched its Rs 12.28-crore SME IPO. The IPO opened on December 12, 2025, and will close on December 16, 2025. The shares are proposed to be listed on the BSE SME platform on December 19, 2025.
The IPO consists of a fresh issue of 40.92 lakh equity shares with a face value of ₹10 each, priced at ₹30 per share. The minimum order quantity is 4,000 shares. Retail investors are required to apply for a minimum of two lots, totaling 8,000 shares, which translates to a minimum investment of ₹2,40,000. For High Net Worth Individuals (HNIs), the minimum investment is for 3 lots (12,000 shares), amounting to ₹3,60,000.
Stanbik Agro was incorporated in 2021 and is headquartered in Ahmedabad, Gujarat. The company is involved in contract farming, wholesaling, and supplying agricultural commodities, with a focus on fresh fruits and vegetables. The company operates on a "farm-to-table" model, sourcing produce directly from leased and contract-farming land and APMC markets, and supplying it through a mix of retail outlets, wholesale channels, and B2B and e-commerce partners. As of November 30, 2025, Stanbik Agro reported an order book exceeding Rs 16 crore, which is expected to be realized within the current fiscal year.
The company intends to use the net proceeds from the IPO for several purposes, including funding inventory purchases of fresh fruits, vegetables, and agricultural commodities to support its day-to-day operations and supply chain activities. A significant portion of the funds will be used to establish additional modern retail outlets across Gujarat and strengthen organized distribution channels. The company also plans to use the funds to cover routine business expenses, strategic initiatives, unforeseen contingencies, and to defray the costs associated with the IPO process. Specifically, Rs 3.58 crore will be used to fund new retail outlets, Rs 0.19 crore will cover brokerage charges, Rs 0.37 crore will go toward deposits, Rs 6.39 crore will be allocated for working capital, and Rs 1.20 crore for general corporate purposes.
The company has demonstrated strong financial performance in recent years. In FY25, Stanbik Agro reported revenue from operations of ₹52.49 crore and a net profit of ₹3.74 crore. This represents a 97.68% increase in revenue from operations compared to ₹26.55 crore in FY24, and a 102.01% increase in net profit from ₹1.85 crore in FY24. For the half-year ended September 30, 2025, the company earned a net profit of Rs 2.22 crore on a total revenue of Rs 35.55 crore.
The IPO is priced at a P/BV of 1.46 based on its NAV of Rs 20.55 as of September 30, 2025, and at a P/BV of 1.28 based on its post-IPO NAV of Rs 23.45 per share.
Grow House Wealth Management Pvt. Ltd. is the book running lead manager for the IPO, while Purva Sharegistry (India) Pvt. Ltd. is the registrar. The market maker for the IPO is Mnm Stock Broking Pvt. Ltd.
On the first day of the IPO, the issue was subscribed at just 5%, with the retail portion subscribed at 11%. The Non-Institutional Investors (NIIs) segment has not yet opened for bidding.
