M R Maniveni Foods to Issue 65 Lakh Fresh Shares on BSE SME to Fund New Factory and Automation Expansion

Mumbai, 24 September 2025: M R Maniveni Foods Limited, a Chennai-based dal processing company, has filed its Draft Red Herring Prospectus (DRHP) for a 100% fresh issue of up to 65,00,000 equity shares of face value ₹10 each. The company intends to list on the BSE SME platform through the book building route, with the price band and timelines to be announced in consultation with the Book Running Lead Manager (BRLM). The proceeds from the issue will exclusively accrue to the company for factory construction, plant and machinery procurement, and general corporate purposes.

Founded and headquartered in Chennai, M R Maniveni Foods is focused on Urad and Toor dal processing. The promoters, K R Manikandan, M Chandra, and K Selvam, are steering capacity expansion and automation, with a strategic emphasis on enhancing the SME listing visibility and operational footprint.

Fresh Equity Issue of 65 Lakh Shares to Boost Processing Capacity and Automation

The DRHP highlights a completely fresh issue, with no Offer for Sale (OFS) component, ensuring that the capital raised directly supports corporate expansion. Qualified Institutional Buyers (QIBs) can subscribe up to 50% of the net issue, while non-institutional investors (NIIs) are allocated not less than 15% and individual investors 35%. The company also plans to allocate up to 60% of the QIB portion to anchor investors, with one-third reserved for domestic mutual funds.

CapitalSquare Advisors Pvt Ltd has been appointed as the BRLM, while Bigshare Services Pvt Ltd will act as the registrar. The market maker will be named ahead of the final RHP filing.

Financial Growth Momentum: Total Income Up 31% in FY25

M R Maniveni Foods has shown steady financial growth over the last three fiscal years. Total income rose to ₹20,352.15 lakh in FY25 from ₹15,499.73 lakh in FY24, reflecting a 31% year-on-year increase, while profit after tax (PAT) improved to ₹387.58 lakh from ₹220.12 lakh, a 76% rise. EBITDA surged to ₹781.51 lakh from ₹504.77 lakh, with margins expanding to 3.84% from 3.26%, highlighting operational efficiency gains from existing processes. Total borrowings increased to ₹2,045.78 lakh from ₹1,500.08 lakh, supporting ongoing expansion initiatives.

Promoter Holding to Remain Dominant Post-Issue

Pre-issue, the three promoters—K R Manikandan, M Chandra, and K Selvam—hold 98.68% of equity. The fresh issue will dilute promoter holding proportionately, with post-issue equity expected to rise to 2,08,72,400 shares. Pre-issue paid-up equity stood at 1,43,72,400 shares, all with a face value of ₹10 each.

Expansion Plans Target ₹2,742.49 Lakh Capex for Factory and Machinery

The company has earmarked ₹1,268.80 lakh for factory construction and ₹1,473.69 lakh for plant and machinery. These capital expenditures aim to enhance processing capabilities, particularly in its core Urad Dal segment, while introducing automation to improve throughput and operational efficiency. The balance allocation for general corporate purposes will be finalised at pricing.

Operational Footprint Focused on South India with ISO and FSSAI Compliance

M R Maniveni Foods operates automated Urad Dal processing lines and manual Toor Dal processing lines at Thiruvallur, Tamil Nadu, catering primarily to Tamil Nadu and Karnataka markets. The company maintains FSSAI licenses and adheres to ISO 9001:2015 and ISO 22000:2018 standards, underlining its compliance and quality assurance framework.

The proposed equity issue and planned capex signify a strategic push towards capacity expansion and automation in dal processing, enhancing operational efficiency and strengthening the company’s manufacturing infrastructure. Post-listing on BSE SME, the firm aims to consolidate its South Indian market presence while upgrading production capabilities in its core Urad Dal segment.

REF: https://www.bsesme.com/download/354444/SME_IPO InPrinciple/MRManiveniFoodsLimitedDRHP_20250923214121.pdf

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