SSMD Agrotech India Files DRHP for BSE SME Listing; Plans Fresh Issue of 32 Lakh Shares
By Shishta Dutta | Published at: Jul 8, 2025 12:06 PM IST
Mumbai, 8 July 2025: SSMD Agrotech India Ltd, known for its FMCG brands under the “House of Manohar” umbrella, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for a proposed initial public offering (IPO) on the BSE SME platform. The offer comprises a fresh issue of up to 32,00,000 equity shares, with no offer-for-sale (OFS) component.
Entire Offer Reserved for Fresh Capital to Fuel Growth
The IPO will be a 100% book-built issue, fully focused on raising fresh capital. There is no dilution from existing shareholders, indicating the promoters’ intent to retain control while raising funds for expansion.
| Particulars | Details |
|---|---|
| Issue Type | 100% Book-Built |
| Fresh Issue | 32,00,000 Equity Shares |
| Offer for Sale | Nil |
| Face Value | ₹10 per share |
| Listing Platform | BSE SME |
| Lead Manager | 3Dimension Capital Services Ltd |
| Registrar | Bigshare Services Pvt Ltd |
| Market Maker | Nikunj Stock Brokers Ltd |
IPO Proceeds to Strengthen Core Operations and Expansion Projects
SSMD Agrotech intends to deploy the proceeds for working capital, debt reduction, and capacity expansion. A substantial portion is earmarked for building dark store factories and automation of its Namkeen production line.
| Purpose | Amount (₹ in Lakhs) |
|---|---|
| Working Capital Requirements | 1,310.00 |
| Repayment of Certain Borrowings | 683.33 |
| Capex for D2C Dark Store Factories | 203.52 |
| Machinery Purchase for Namkeen Plant | 96.75 |
| General Corporate Purposes | [●] |
From Start-Up to Scale-Up: A Rapid Growth Trajectory
Established in 2023 and rebranded in 2024, SSMD Agrotech manufactures and trades agro-based FMCG goods through brands like Manohar Agro, Super S.S., and Delhi Special. Its Direct-to-Consumer (D2C) model is gaining traction in North India, supported by its 10-minute delivery dark stores.
Financials Reflect Steady Scale-Up with Profitable Turnaround
The company has seen a sharp increase in revenues and net profit over three years, turning profitable in FY24. EBITDA and net worth have also expanded significantly, showcasing financial readiness for public listing.
Financial Performance Snapshot
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from Operations | ₹4,852.32 L | ₹7,334.15 L | ₹9,917.95 L |
| Net Profit | ₹(0.37) L | ₹110.31 L | ₹537.79 L |
| EBITDA | – | ₹207.22 L | ₹736.99 L |
| Net Worth | ₹66.30 L | ₹132.55 L | ₹691.90 L |
| Total Assets | ₹1,066.66 L | ₹1,559.98 L | ₹1,815.91 L |
Promoters Retain Full Control Ahead of Listing
The IPO is promoted by Mr. Ishu Munjal, Mrs. Surbhi Munjal, and Mr. Jai Gopal Munjal, who currently hold 99.99% of the company’s shares. The listing will offer public investors an opportunity to participate in a fast-growing consumer goods brand without significant promoter dilution.
Expansion Blueprint Includes Dark Stores and High-Capacity Manufacturing
The company is planning to establish 16 dark store factories across Delhi-NCR, alongside the launch of an automated Namkeen production line capable of handling over 10 lakh kilograms annually. Investments will also focus on last-mile delivery and product innovation to support nationwide scalability.
IPO Details to Be Finalised Soon
SSMD Agrotech has received in-principle approval from BSE SME. The price band, lot size, and bidding timeline will be shared in the final RHP. Investors tracking high-growth FMCG opportunities should watch for further updates as the issue progresses toward launch.
REF: https://www.bsesme.com/download/381208/SME_IPO InPrinciple/SSMDAGROTECH070725_20250707195039.pdf
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