Elfin Agro India SME IPO Opening Tomorrow on March 5; ₹25 Crore Issue Closes on March 9

New Delhi, March 4, 2026: Elfin Agro India Limited will open its ₹25.03 crore SME initial public offering (IPO) for public subscription on March 5, 2026, with the issue scheduled to close on March 9, 2026. The offering is structured as a fixed price issue at ₹47 per share and consists entirely of a fresh issue of 53,25,000 equity shares.

Because the IPO includes only newly issued shares, the capital raised will go directly to the company to support its business operations and expansion. The company plans to list its shares on the BSE SME platform, with March 12, 2026 set as the tentative listing date.

Issue Structure and Key Offer Details

Elfin Agro India’s IPO is priced at ₹47 per equity share with a face value of ₹5. The company is issuing 53,25,000 shares, aggregating to about ₹25.03 crore.

Of the total issue size, 2,67,000 shares are reserved for the market maker, while the remaining 50,58,000 shares are being offered to public investors.

Since the issue is entirely a fresh capital raise, there is no offer-for-sale component, meaning none of the existing shareholders are offloading their holdings through the IPO.

At the issue price, the company’s pre-IPO market capitalisation stands at approximately ₹91.30 crore.

Investor Quota and Application Size

The IPO has been divided between retail investors and non-institutional investors.

• Retail Individual Investors (RII): 25,38,000 shares (47.66%)
• Non-Institutional Investors (NII/HNI): 25,20,000 shares (47.32%)
• Market Maker Portion: 2,67,000 shares (5.01%)

The minimum bid lot is 3,000 shares, but retail investors must apply for at least two lots, bringing the minimum retail application to 6,000 shares.

At the fixed issue price of ₹47 per share, the minimum investment required for retail investors is ₹2,82,000.

For HNI investors, the minimum bid is three lots (9,000 shares), which amounts to ₹4,23,000.

IPO Timeline and Listing Schedule

The SME IPO will remain open for three days, following the standard listing schedule for such offerings.

• IPO Opens: March 5, 2026
• IPO Closes: March 9, 2026
• Allotment Finalisation: March 10, 2026
• Refund Initiation: March 11, 2026
• Credit of Shares to Demat Accounts: March 11, 2026
• Tentative Listing: March 12, 2026

Once listed, the shares will begin trading on the BSE SME exchange.

Financial Performance Overview

According to the company’s restated financial statements, Elfin Agro India has reported growth in its asset base and earnings in recent years.

For the period ended December 31, 2025, the company reported:

• Total assets: ₹42.39 crore
• Total income: ₹117.72 crore
• Profit after tax: ₹3.98 crore
• EBITDA: ₹6.68 crore
• Net worth: ₹17.76 crore

For the financial year ended March 31, 2025, the company recorded total income of ₹146.44 crore and profit after tax of ₹5.08 crore.

As of December 31, 2025, the company’s total borrowings stood at ₹12.69 crore.

Lead Manager, Registrar and Market Maker

Finshore Management Services Limited is acting as the book running lead manager to the issue.

Cameo Corporate Services Limited has been appointed as the registrar, responsible for managing IPO applications and the allotment process.

Shilpa Stock Broker Private Limited will act as the market maker, providing liquidity support to the stock after listing on the SME exchange.

Source: https://www.bseindia.com/markets/publicIssues/DisplayIPO.aspx?id=4485&type=FPO&idtype=1&status=F&IPONo=7628&startdt=05/Mar/2026