Annapurna Swadisht SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 15 Sep 2022 – 19 Sep 2022
- Listing date
- 27 Sep 2022
- Face value
- ₹10 per share
- Issue price
- ₹70 per share
- Lot size
- 2,000 shares
- Total issue size
- ₹30.25 Cr
- Market cap at offer price
- ₹115 Cr
- Promoter holding
- 70.37% → 51.85% pre-issue → post-issue
- ISIN
- INE0MGM01017
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Corporate Capitalventures Pvt.Ltd.
- Registered office
- 90, Phears Lane, Unit No.604, 6th floor, West Bengal
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 12,30,000 | — | — |
| Market maker | 2,16,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹70
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,40,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,80,000 |
| S-HNI (max) | 7 | 14,000 | ₹9,80,000 |
| B-HNI (min) | 8 | 16,000 | ₹11,20,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.44 | — |
| P/E (×) | 20.35 | — |
| Market cap | — | ₹115 Cr |
Key performance indicators
- Return on net worth
- 31.89%
- NAV per share
- ₹10.79
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Annapurna Swadisht SME
Annapurna Swadisht Limited was incorporated on February 11, 2022, upon conversion of the partnership firm Annapurna Agro Industries (established 2015) into a private limited company, subsequently converting to public limited company status on July 8, 2022. The company manufactures a diverse portfolio of snacks and food products including fryums, cakes, candies, namkeen, chips, and Gohona Bori, with key raw materials sourced from premium local suppliers including refined flour, palm oil, spices, and laminates. Operating two existing manufacturing units (Asansol: 15 MT/day fryums capacity; Siliguri: 10 MT/day fryums capacity) and establishing two new facilities (Gurap and Dhulagarh), the company employs 235 full-time employees and generates revenue through both company-managed production and independent contractors. The company targets the rural market of East India with a unique ₹5 price point, sells over 12 lakh packets daily, and maintains FSSAI certification with ISO 22000:2018 and ISO 9001:2015 quality certifications.
Company Analysis
from RHPAnnapurna Swadisht Limited manufactures snacks and food products including fryums, cakes, candies, and namkeen, operating in the FMCG sector across Eastern India and expanding nationally.
Annapurna Swadisht Limited was incorporated on February 11, 2022, upon conversion of the partnership firm Annapurna Agro Industries (established 2015) into a private limited company, subsequently converting to public limited company status on July 8, 2022. The company manufactures a diverse portfolio of snacks and food products including fryums, cakes, candies, namkeen, chips, and Gohona Bori, with key raw materials sourced from premium local suppliers including refined flour, palm oil, spices, and laminates. Operating two existing manufacturing units (Asansol: 15 MT/day fryums capacity; Siliguri: 10 MT/day fryums capacity) and establishing two new facilities (Gurap and Dhulagarh), the company employs 235 full-time employees and generates revenue through both company-managed production and independent contractors. The company targets the rural market of East India with a unique ₹5 price point, sells over 12 lakh packets daily, and maintains FSSAI certification with ISO 22000:2018 and ISO 9001:2015 quality certifications.
Objects of the Issue
- Funding the capital expenditure requirements ₹2,172.53 Lakhs p.69
- General Corporate Expenses ₹755.62 Lakhs p.69
- General corporate purposes
Issue Structure
- Total Issue
- 43,22,000 Equity Shares (subject to finalization of Basis of Allotment)
- Fresh Issue
- 43,22,000 Equity Shares
- Price Band
- ₹70/- per Equity Share
- Lot Size
- Not explicitly stated in this part
- Face Value
- ₹10/- per Equity Share
Business Model
Annapurna Swadisht Limited generates revenue through manufacturing and selling snacks and food products under its own brand names. The company operates through two existing in-house manufacturing units (Asansol and Siliguri) and contracts with independent manufacturers for certain products (cakes, potato chips, and candies). The company sells products through a distribution network comprising 300 distributors and 80 super distributors as of June 30, 2022, targeting rural and semi-urban markets in Eastern India with products priced at ₹5 per packet (primary price point) and higher denominations.
Business Segments
SWOT Analysis
- • Established brand portfolio with multiple product lines(p.19)
- • Strong operational capacity utilization(p.19)
- • Rapid revenue and profitability growth(p.28)
- • Quality control infrastructure in-house(p.19)
- • Significant distribution network coverage(p.25)
- • Growing financial performance with strong profitability(p.74)
- • Multi-product portfolio catering to diverse consumer segments(p.74)
- • Cordial relations with customers and strong distribution network(p.74)
- • Quality assurance and control systems with FSSAI certification(p.74)
- • Experienced promoters with sound industrial knowledge(p.74)
- • Extensive distribution network with 300 distributors and 80 super distributors(p.89)
- • High capacity utilization at existing manufacturing units(p.86)
- • Clear governance framework with defined Board structure and director qualifications(p.262)
- • Flexible capital structure with multiple instruments for fundraising(p.259)
- • Strong mechanisms for shareholder protection and voting rights(p.260)
- • Comprehensive asset management and investment authority(p.265)
- • Leasehold properties create renewal and displacement risk(p.25)
- • Geographic concentration of revenues creates regional risk(p.28)
- • Significant debt burden with restrictive covenants(p.26)
- • No long-term supply agreements for key raw materials(p.26)
- • Active trademark infringement litigation(p.25)
- • Licenses and registrations in transfer process with operational risk(p.24)
- • High dependence on few major customers for revenue(p.88)
- • High cost of capital, basic inputs, and manufacturing(p.102)
- • Inability to adopt technology advancement(p.102)
- • Low labour productivity(p.102)
- • New company with limited track record since incorporation in February 2022(p.116)
- • All trademark applications are still under process with no registered trademarks(p.104)
- • Limited history of IPO performance by Book Running Lead Manager(p.276)
- • Recent conversion from partnership to public company structure(p.273)
- • Recent auditor appointment with limited track record(p.273)
- • High growth trajectory in Indian snacks market(p.18)
- • Shift toward packaged food consumption(p.18)
- • Strong rural FMCG growth trajectory(p.18)
- • Capacity expansion through new manufacturing facilities(p.19)
- • Young population demographic favoring snacks consumption(p.18)
- • Expansion into new geographical markets beyond Eastern India(p.101)
- • Penetration of untapped rural and semi-urban markets(p.85)
- • Government Production Linked Incentive Scheme support for food processing(p.85)
- • Growing demand for packaged snacks driven by health consciousness and hygiene concerns(p.84)
- • Strong industry growth with Indian snacks market expected to reach US$ 23.36 Billion by 2026(p.83)
- • Capacity expansion through new manufacturing facilities at Gurap and Dhulagarh(p.86)
- • Listing on NSE Emerge platform expanding market access(p.274)
- • Multiple channels for capital raising and financial flexibility(p.259)
- • Employee incentive schemes to attract and retain talent(p.248)
- • Ability to access foreign capital markets through depository receipts(p.249)
- • Intense competition from established multinational and local players(p.29)
- • Highly volatile raw material prices(p.37)
- • Dependence on third-party transportation with quality and delivery risks(p.28)
- • Food safety and regulatory compliance risks(p.33)
- • Electricity and water supply disruptions affecting manufacturing(p.27)
- • Product contamination and recall risks(p.27)
- • Macroeconomic and policy changes impacting demand(p.39)
- • Natural calamities and infrastructure disruptions(p.40)
- • Increasing inflation and consumer price index impacting margins(p.102)
- • Slow rural growth limiting market expansion(p.102)
- • Disruption of business due to Covid-19 pandemic(p.102)
- • Intense competition from domestic and multinational companies(p.95)
- • Regulatory and compliance risks in food manufacturing sector(p.112)
- • Dependence on government approvals and clearances for expansion(p.69)
- • Market volatility reflected in BRLM's prior IPO performance(p.276)
- • Regulatory compliance requirements and governance restrictions(p.260)
- • Restrictions on member participation and information access(p.272)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ritesh Shaw | Promoter | 61.57% | 45.37% |
| Shreeram Bagla | Promoter | 8.26% | 6.09% |
| Shreeram Bagla | Promoter | — | — |
| Ritesh Shaw | Promoter | — | — |
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.