Crazy Snacks SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 7 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 03 Jul 2026 | ₹0 | 0.00% | ₹0 | ₹42 | ₹0 |
| 02 Jul 2026 | ₹0 | 0.00% | ₹0 | ₹42 | ₹0 |
| 01 Jul 2026 | ₹0 | 0.00% | ₹0 | ₹42 | ₹0 |
| 30 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹42 | ₹0 |
| 29 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹42 | ₹0 |
| 28 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹42 | ₹0 |
| 27 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹42 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 25 Jun 2026 – 30 Jun 2026
- Listing date
- 03 Jul 2026
- Face value
- ₹10 per share
- Price band
- ₹42
- Issue price
- ₹42 per share
- Lot size
- 3,000 shares
- Listing at
- BSE SME
- Total issue size
- ₹31.47 Cr
- Market cap at offer price
- ₹101 Cr
- Promoter holding
- 76.14% → 50.85% pre-issue → post-issue
- ISIN
- INE0RBX01014
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Inventure Merchant Banker Services Pvt.Ltd.
- Registered office
- Shri Pramodaay Bhawan, 10 Park Road Officers, Residence Lane, Near Sahara Press, Uttar Pradesh
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 | 0 | — | — |
| Market maker | 3,78,000 | — | — |
Application size
Minimum 3,000 shares per lot, in multiples, at ₹42
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 3,000 | ₹1,26,000 |
| S-HNI (min) | 2 | 6,000 | ₹2,52,000 |
| S-HNI (max) | 7 | 21,000 | ₹8,82,000 |
| B-HNI (min) | 8 | 24,000 | ₹10,08,000 |
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
₹42 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.53 | 3.34 |
| P/E (×) | 11.90 | 12.57 |
| Price to book (×) | 2.05 | — |
| Market cap | — | ₹101 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 17.20%
- ROCE
- 12.31%
- Debt / equity
- 1.72
- NAV per share
- ₹20.52
- Price to book
- 2.05
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Crazy Snacks SME
Crazy Snacks Limited is a food manufacturing company incorporated in December as a private limited company and converted to public limited in July. The company manufactures a wide range of bakery and snack products including bread, buns, rusks, cakes, namkeen, chips, popcorn and potato sticks. Products are priced between ₹2 and ₹50. The company operates through two manufacturing facilities strategically located in Gorakhpur, Uttar Pradesh, and has a subsidiary, Crazy Bakery Udyog Private Limited, specializing in snacks. The company primarily operates in Uttar Pradesh and Bihar, which together account for approximately 99.90% of consolidated revenue. With a distribution network of over 44 distributors, the company ensures extensive coverage of urban and rural areas in North India. Revenue from operations grew from ₹22,369.80 lakhs in FY2023 to ₹26,065.18 lakhs in FY2025.
Company Analysis
from RHPCrazy Snacks Limited manufactures and sells bakery products (bread, buns, rusks, cakes) and snacks (namkeen, chips, popcorn, potato sticks) primarily in North India, spanning the packaged food and FMCG sectors.
Crazy Snacks Limited is a food manufacturing company incorporated in December as a private limited company and converted to public limited in July. The company manufactures a wide range of bakery and snack products including bread, buns, rusks, cakes, namkeen, chips, popcorn and potato sticks. Products are priced between ₹2 and ₹50. The company operates through two manufacturing facilities strategically located in Gorakhpur, Uttar Pradesh, and has a subsidiary, Crazy Bakery Udyog Private Limited, specializing in snacks. The company primarily operates in Uttar Pradesh and Bihar, which together account for approximately 99.90% of consolidated revenue. With a distribution network of over 44 distributors, the company ensures extensive coverage of urban and rural areas in North India. Revenue from operations grew from ₹22,369.80 lakhs in FY2023 to ₹26,065.18 lakhs in FY2025.
Objects of the Issue
- Funding capital expenditure requirements towards purchase of machinery, equipments and infrastructure enhancement in our existing manufacturing facilities p.25
- Repayment and/or prepayment in part or full of certain borrowings availed by our Company p.25
- General corporate purposes p.25
- Funding capital expenditure requirements towards purchase of machinery, equipments and infrastructure enhancement in our existing manufacturing facility ₹1.5 lakhs (machinery); ₹50 lakhs (infrastructure enhancement) p.92
- Repayment and/or prepayment in part or in full of certain borrowings availed by our Company ₹68,860 lakhs estimated (not to exceed ₹[AMOUNT] lakhs) p.92
- General Corporate Purposes ₹[AMOUNT] lakhs (balance proceeds) p.92
Issue Structure
- Total Issue
- Upto [●] Equity Shares aggregating upto [●] Lakhs
- Fresh Issue
- Upto [●] Equity Shares aggregating upto ₹[●] Lakhs
- Offer for Sale
- Upto [●] Equity Shares aggregating upto [●] Lakhs by Promoter Selling Shareholder
- Price Band
- [●] per Equity Share (Floor Price) to [●] per Equity Share (Cap Price)
- Lot Size
- [Ɣ] Equity Shares and in multiples of [Ɣ] Equity Shares thereafter
- Face Value
- ₹ each
Business Model
The company manufactures bakery and snack products and sells them through a distribution network of 44 distributors who distribute products to end retailers. Products are priced between ₹2 and ₹50, with revenue concentrated in affordable, high-quality options for households. Cost of materials consumed accounted for 52.35% of revenue as of December 2025. The company also generates revenue from its subsidiary Crazy Bakery Udyog Private Limited through snacks manufacturing.
Business Segments
SWOT Analysis
- • Established distribution network with 40+ distributors across North India(p.40)
- • Strategically located manufacturing facilities in Gorakhpur, Uttar Pradesh to serve key markets(p.31)
- • Diversified product portfolio across bakery and snack segments(p.24)
- • Revenue growth trajectory demonstrating business momentum(p.34)
- • Strong presence in high-growth FMCG segment with market tailwinds(p.24)
- • Diverse product portfolio across bakery and snacks categories with strong brand positioning(p.144)
- • Extensive distribution network with 532 distributors across multiple states as of March 2024(p.143)
- • Modern technology and strict quality control with ISO certification and FSSAI compliance(p.145)
- • In-house packaging and distribution capabilities providing operational control and efficiency(p.146)
- • Experienced promoter with CA qualification and strong financial management background(p.146)
- • Established multi-brand portfolio across three distinct market segments (Crazy, Bity, Baked Gold)(p.263)
- • Significant presence and revenue concentration in high-growth markets (UP and Bihar)(p.263)
- • Extensive distribution network covering urban and rural markets(p.263)
- • Strategic dual manufacturing facilities for operational efficiency(p.263)
- • Experienced promoter with professional credentials (CA qualification)(p.263)
- • Strong rusk segment positioning as daily essential across income segments(p.263)
- • Heavy dependence on two key products (Rusk and Breads) for majority of revenue(p.22)
- • Extreme geographic concentration of sales in Uttar Pradesh and Bihar creates vulnerability(p.33)
- • High cost of materials consumed limiting profitability and pricing flexibility(p.33)
- • Significant customer concentration risk with top customers comprising substantial revenue share(p.35)
- • Promoter-provided personal guarantees for company loans creates personal exposure(p.37)
- • Trademarks not yet registered, limiting intellectual property protection(p.44)
- • Semi-perishable products with short shelf life create inventory and wastage risks(p.37)
- • Unsecured loans totaling ₹3,386.51 Lakhs can be recalled by lenders at any time(p.45)
- • Past instances of delays in statutory and regulatory filings with government authorities(p.40)
- • Operational risks from manufacturing facility disruptions and equipment breakdowns(p.31)
- • Brand reputation vulnerable to negative publicity and product quality concerns(p.52)
- • Past regulatory non-compliance with food safety standards(p.52)
- • Dependence on three key brands with concentrated market exposure(p.52)
- • Vulnerability to counterfeit and unauthorized use of brand assets(p.52)
- • Heavy geographic concentration with Uttar Pradesh and Bihar accounting for majority of revenue(p.134)
- • Semi-automated production lines with significant manual input causing inefficiencies and quality variations(p.146)
- • Multiple pending trademark applications currently opposed, creating brand protection uncertainty(p.154)
- • Limited long-term supply commitments with raw material suppliers creating procurement risk(p.148)
- • Only one Managing Director with significant operational dependence on promoter expertise(p.134)
- • Significant debt burden with high leverage ratios(p.262)
- • Subsidiary (Crazy Fun Foods) is non-operational and being wound up(p.186)
- • Heavy dependence on promoter-related entities for loans(p.223)
- • Concentration of shareholding with promoter owning 70.33% of shares(p.213)
- • Related party transaction complexity with multiple group entities(p.184)
- • Significant income tax demands under assessment with adverse officer determinations(p.277)
- • Contingent liabilities totaling ₹3,289.08 lakhs including income tax claims(p.265)
- • Substantial financial indebtedness of ₹6,952.03 lakhs as of May 31, 2024(p.272)
- • Dependence on related party loans and advances with significant intercompany exposure(p.265)
- • High concentration of revenue with top customers at 50.8% for top 1 customer(p.271)
- • Litigation involving subsidiary companies with material civil proceedings pending(p.280)
- • Expansion into new geographies beyond Uttar Pradesh and Bihar to capture market share(p.34)
- • Growing Indian packaged food market driven by rising incomes and urbanization(p.24)
- • High-growth potential in snacks and bakery segments with favorable policy ecosystem(p.24)
- • Opportunity to improve operational efficiencies and deepening market penetration in existing markets(p.34)
- • Capital investment in new machinery and equipment to enhance production capacity(p.36)
- • Expansion of production capacity through capital investment(p.94)
- • Geographic distribution network expansion across multiple states(p.95)
- • Product line extension into premium bakery segment(p.96)
- • Modernization of manufacturing processes and infrastructure enhancement(p.94)
- • India's packaged food market projected to reach US$120 billion by FY30 with double-digit growth(p.132)
- • Snacks and bakery segments expected to grow at 15-20% CAGR and 12-14% CAGR respectively(p.131)
- • Expansion strategy into new geographical markets beyond core North India regions(p.146)
- • Introduction of health-focused products to meet evolving consumer preferences(p.147)
- • India's rising per capita income and urbanization driving demand for convenience foods(p.133)
- • Strong and growing demand for rusk across all income segments(p.263)
- • Geographic expansion potential in North India and beyond(p.263)
- • Scope for premium product line extension (Bity and Baked Gold brands)(p.263)
- • Rural market penetration leveraging existing distribution network(p.263)
- • Revenue growth through increased product variety and expanded distribution(p.268)
- • Expansion of distribution system driving faster product movement and reduced inventories(p.268)
- • Growth in bakery and snacks product portfolio targeting diversified customer base(p.270)
- • Access to capital markets through SME platform IPO for growth financing(p.310)
- • Intense competition from organized and unorganized players in snack foods market(p.34)
- • Price volatility and supply disruptions in raw materials and packaging materials(p.33)
- • Regulatory compliance risks in food safety and environmental laws(p.43)
- • Regional economic and political disruptions in Uttar Pradesh and Bihar affecting operations(p.33)
- • Dependence on leasehold rights for manufacturing facilities subject to renewal risks(p.37)
- • Labor-intensive operations vulnerable to wage increases and work stoppages(p.45)
- • Vulnerability to economic shocks including pandemic-like events affecting operations(p.49)
- • Economic downturn risks leading to customer payment defaults and reduced demand(p.46)
- • Extended producer responsibility regulations for plastic packaging increasing compliance costs(p.43)
- • Macroeconomic volatility and consumer spending sensitivity(p.53)
- • Global financial instability and market volatility transmission to India(p.53)
- • Sovereign credit rating downgrades impacting financing costs(p.53)
- • Natural disasters and geopolitical instability affecting operations(p.53)
- • Highly competitive snack market requiring increased marketing spend(p.52)
- • Foreign investor participation restrictions under RBI regulations(p.54)
- • Intense competition from both organized and unorganized players in snacks and bakery markets(p.149)
- • Dependence on state electricity supply with power outages affecting production continuity(p.150)
- • Volatility in raw material prices including wheat, sugar, oils and spices(p.148)
- • Global economic headwinds including geopolitical tensions and trade fragmentation affecting growth(p.131)
- • Regulatory compliance requirements across multiple food safety and labor laws(p.157)
- • Significant income tax demands under appeal creating contingent liability exposure(p.257)
- • Heavy dependence on limited geographic markets (UP and Bihar)(p.263)
- • Competitive intensity in packaged snacks and bakery segments(p.263)
- • Regulatory and compliance risks across multiple jurisdictions(p.183)
- • General economic conditions and regulatory changes in India(p.264)
- • Availability and cost volatility of raw materials(p.264)
- • Increased market fragmentation and competition with existing and new entrants(p.264)
- • Technology, system and infrastructure risks affecting operations(p.264)
- • Unfavorable tax assessment outcomes and regulatory scrutiny on related party transactions(p.278)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Navin Kumar Agarwal | Promoter/Promoter Selling Shareholder | — | — |
| Upma Agrawal | Promoter | — | — |
| Navin Kumar Agarwal | Promoter | — | — |
| Upma Agarwal | Promoter | — | — |
| Navin Kumar Agarwal | Promoter | — | — |
| Upma Agrawal | Promoter | — | — |
| Navin Kumar Agarwal | Promoter | 70.33% | — |
| Upma Agarwal | Promoter | 4.63% | — |
| Navin Kumar Agarwal | Promoter | — | — |
| Upma Agarwal | Promoter | — | — |
| Navin Kumar Agarwal | Promoter Selling Shareholder | — | — |
Leadership
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.