Dismal Listing for SSMD Agrotech: Shares Open at ₹73 vs IPO Price of ₹121

December 2, 2025: SSMD Agrotech India made a disappointing debut on the BSE SME platform, listing at ₹73 per share a steep 36.65% discount to its IPO price of ₹121. Despite being oversubscribed, the stock opened weak. 

As of 15:23 IST, the stock traded at ₹76.65, up 5% from its opening level but still 36.65% below the issue price. The shares moved between ₹73 and ₹76.65, with total traded quantity at 8.69 lakh and turnover of ₹6.40 crore. The counter touched its 52-week high of ₹76.65 on listing day.

SSMD Agrotech operates in the agro-food sector and engages in the production, trading, and repackaging of food products under four brands Manohar Agro, Super SS, Delhi Special, and Shri Dhanlaxmi. The company has built a growing presence across Delhi-NCR, Haryana, Uttar Pradesh, Punjab, and Uttarakhand, driven by an expanding D2C distribution model

Weak Listing Despite Oversubscription

The IPO, open from November 25 to 27, saw moderate overall interest with 1.62 times subscription. The retail category was the strongest contributor, subscribing 2.54 times its allotted portion.

The QIB segment received a robust 5.33 times subscription, while the NII segment lagged at just 0.62 times. In total, investors bid for 43 lakh shares against 26.6 lakh shares on offer.

Issue Structure and Plan of Fund Utilization

The public issue was entirely a fresh issue of 28 lakh shares, aggregating to ₹34 crore, with no offer-for-sale component. The lot size was fixed at 1,000 shares, and retail investors were required to apply for a minimum of two lots, taking the minimum investment to ₹2.42 lakh at the upper price band.

The company plans to utilise the proceeds for working capital needs, debt repayment, and expansion of its direct-to-consumer (D2C) operations. About ₹2.04 crore will be directed towards setting up new D2C dark-store facilities, while ₹97 lakh has been earmarked for machinery for its upcoming Namkeen manufacturing unit. Bigshare Services acted as registrar, and 3Dimension Capital Services served as the sole book-running lead manager.

Financial Snapshot

Financially, the company delivered strong growth in FY25. Revenue increased to ₹99.17 crore, up from ₹73.34 crore in FY24. EBITDA improved significantly to ₹8.46 crore, compared to ₹3.22 crore a year earlier. Profit after tax also grew to ₹5.38 crore, reflecting improved operational performance.

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