Leo Dryfruits & Spices Trading
SMEBSE₹25.12 Cr issue
+30.77%
Listing gain over issue price
Issue size
₹25.12 Cr
1 lot at cut-off
₹1,04,000
Lot size
2,000shares
Open
01 Jan 2025
Close
03 Jan 2025
Allotment
06 Jan 2025
Listing
08 Jan 2025
Listing performance
Issue price
₹52
Listed at
₹68
Listing-day close
₹71.36
Latest price
₹57.23
Close on 23 Oct 2026
Listing gain
+30.77%
Return since issue
+10.06%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 01 Jan 2025 – 03 Jan 2025
- Listing date
- 08 Jan 2025
- Face value
- ₹10 per share
- Issue price
- ₹52 per share
- Lot size
- 2,000 shares
- Listing at
- BSE
- Total issue size
- ₹25.12 Cr
- Market cap at offer price
- ₹93.04 Cr
- Promoter holding
- 52.21% → 38.11% pre-issue → post-issue
- ISIN
- INE0RH001011
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Shreni Shares Ltd.
- Registered office
- A 812, MIDC Khairane, Thane Belapur Rd, TTC Industrial Area, Koperkhairane, Maharashtra
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 | 13,24,000 | — | — |
| Market maker | 2,46,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹52
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,04,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,08,000 |
| S-HNI (max) | 9 | 18,000 | ₹9,36,000 |
| B-HNI (min) | 10 | 20,000 | ₹10,40,000 |
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.
Shares allocated
13,24,000
Anchor portion
₹6.88 Cr
at ₹52 per share
Valuation and performance
Valuation at offer price
₹52 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.08 | 3.71 |
| P/E (×) | 10.24 | 14.02 |
| Price to book (×) | 1.95 | — |
| Market cap | — | ₹93.04 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 19.58%
- ROCE
- 33.52%
- Debt / equity
- 0.27
- PAT margin
- 10.68%
- NAV per share
- ₹26.63
- Price to book
- 1.95
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Leo Dryfruits & Spices Trading
Leo Dryfruits & Spices Trading Limited, incorporated in November 2019 and converted to public limited status in July 2023, operates in manufacturing, processing, trading and marketing of spices, dry fruits, frozen/semi-fried products and other grocery products. The company operates through both trading and manufacturing/processing divisions. Under trading division, it deals in whole spices, dry fruits in bulk and smaller quantities under brand VANDU, and frozen/semi-fried products under brand FRYD. Under manufacturing/processing division, it processes blended spices and other grocery products at its facility in Thane, Maharashtra. For FY2024, the company reported revenue from operations of ₹6,226.51 lakhs and profit after tax of ₹663.69 lakhs.
Company Analysis
from RHPLeo Dryfruits & Spices Trading Limited manufactures, processes, trades and markets spices, dry fruits, frozen/semi-fried products and other grocery products under brand names VANDU and FRYD.
Leo Dryfruits & Spices Trading Limited, incorporated in November 2019 and converted to public limited status in July 2023, operates in manufacturing, processing, trading and marketing of spices, dry fruits, frozen/semi-fried products and other grocery products. The company operates through both trading and manufacturing/processing divisions. Under trading division, it deals in whole spices, dry fruits in bulk and smaller quantities under brand VANDU, and frozen/semi-fried products under brand FRYD. Under manufacturing/processing division, it processes blended spices and other grocery products at its facility in Thane, Maharashtra. For FY2024, the company reported revenue from operations of ₹6,226.51 lakhs and profit after tax of ₹663.69 lakhs.
spicesdry fruitsfrozen/semi-fried productsgrocery products
Objects of the Issue
- Funding working capital requirements of the company ₹1,500.00 lakhs p.28
- Branding, Advertisement and Marketing activities ₹425.00 lakhs p.28
- General corporate purpose Not exceeding 25% of Gross Proceeds p.28
- Funding working capital requirements of our company ₹1,500.00 Lakhs p.95
- Branding, Advertisement and Marketing activities ₹425.00 Lakhs p.99
- General corporate purposes p.101
- Not specified in this document excerpt p.135
- Not disclosed in this part of the document
- Not specified in this section p.248
Issue Structure
- Total Issue
- Up to 48,30,000 Equity Shares of ₹10/- each aggregating to ₹[●] Lakhs
- Fresh Issue
- Up to 48,30,000 Equity Shares of ₹10/- each at a price of ₹[●] per Equity Share aggregating to ₹[●] Lakhs
- Offer for Sale
- Not Applicable - entire issue constitutes Fresh Issue
- Price Band
- ₹[●] to ₹[●] per Equity Share (to be decided by Company in consultation with Book Running Lead Manager)
- Lot Size
- [●] Equity Shares and in multiples of [●] thereafter
- Face Value
- ₹10/- per Equity Share
Business Model
The company earns revenue through two main divisions: (1) Trading division - supplying whole spices, dry fruits in bulk under unbranded sales, and various packaged products under brands VANDU and FRYD; (2) Manufacturing/processing division - processing blended spices and other grocery products such as chiz bites and seasoning at its facility in Thane, Maharashtra.
Business Segments
Dealing in various types of whole spices and dry fruits in bulk quantity under unbranded sale, various types of whole spices and dry fruits in smaller quantity under brand name VANDU and frozen/semi fried products under brand name FRYD
Processing blended spices and other grocery products such as chiz bites and seasoning at manufacturing/processing unit located at Thane, Maharashtra
Whole spices and blended spices in different packaging sizes
Plain, roasted and flavoured dry fruits in different packaging sizes
Ghee, seasoning, chiz bites, poppy seeds, sesame seeds and other grocery items
Frozen and semi-fried products under brand name FRYD
Wholesale trading of various types of whole spices and dry fruits in bulk quantities under unbranded sale, and retail sale of whole spices, blended spices, dry fruits and other grocery products under the brand name 'VANDU' through distributors, super stockists, e-commerce platforms and the company's own website.
Processing and manufacturing of blended spices, seasonings, chiz bites and other specialty products at the company's manufacturing/processing unit in Thane, Maharashtra. Products are sold under the 'VANDU' brand in various retail packaging sizes.
Trading and marketing of whole spices comprising ajwain, cardamom, black pepper, cloves, fennel seeds, dry ginger, turmeric powder and others in different packaging sizes from 50gm to 1 kg under 'VANDU' brand and in bulk unbranded quantities.
Trading and marketing of plain, roasted and flavoured dry fruits including almonds, cashews, pistachios, raisins and specialty products like Schezwan Almonds and Peri Peri Cashews in packaging sizes from 12gm to 1kg.
Trading and manufacturing of other grocery products including ghee, seasonings, chili flakes, garlic powder, asafoetida (hing), black salt, pulses, poppy seeds, sesame seeds, and other items in packaging sizes from 13gm to 15kg.
Manufacturing, processing, packing, and re-packing of spices, masalas, dry fruits and related food products
Trading and distribution of spices, dry fruits, and consumer food items including instant foods, namkeen, frozen foods, and dairy products
Construction, establishment, and operation of food processing units, cold storage units, multipurpose cold storage, storage chambers, godowns, warehouses, refrigeration houses and freezing houses for storing, warehousing, keeping, and preserving spices, dry fruits and food products
Dealing in various types of whole spices and dry fruits in bulk quantity under unbranded sale, various types of whole spices and dry fruits in smaller quantity under brand name VANDU and frozen/semi fried products under brand name FRYD
Processing blended spices and other grocery products such as chiz bites and seasoning at manufacturing/processing unit located at Thane, Maharashtra
SWOT Analysis
Strengths
- • Experienced promoter and management team with industry knowledge(p.51)
- • Diversified product portfolio across spices, dry fruits, and grocery products(p.96)
- • In-house manufacturing and processing capabilities with strategic location near APMC market(p.96)
- • Established customer relationships across multiple geographic segments(p.96)
- • Experienced promoters in spices and dry fruits business(p.133)
- • Diversified product portfolio across spices, dry fruits and other grocery products(p.133)
- • In-house manufacturing and processing capabilities with FSSAI accreditation(p.134)
- • Strategic location near APMC market reducing transportation costs(p.132)
- • Strong financial performance with growing profitability(p.132)
- • Established brands with market presence(p.174)
- • Experienced promoter management with decades in the spice/dryfruit sector(p.173)
- • FSSAI licensed food processing operations(p.169)
- • Vertical integration: manufacturing, processing, trading and marketing capabilities(p.168)
- • Profitable operations with strong EBITDA margins(p.222)
- • Established dual-channel business model with strong growth trajectory(p.233)
- • Significant expansion of manufacturing/processing segment contributing to revenue mix(p.233)
- • Strategically located manufacturing unit with cost advantages(p.227)
- • Healthy EBITDA margins demonstrating operational efficiency(p.228)
- • Strong profitability with improving net profit ratios(p.234)
- • Successful product portfolio expansion into new categories(p.234)
- • Expanded distribution network supporting growth(p.233)
Weaknesses
- • New entrant with limited operating history in spices, dry fruits, and frozen/semi-fried products market(p.35)
- • Heavy dependence on few major customers creates revenue concentration risk(p.36)
- • Significant reliance on third-party vendors for sourcing products with no long-term contracts(p.36)
- • High working capital intensity with growing inventory and receivables(p.50)
- • Substantial debt obligations with limited cash generation from operations(p.43)
- • Heavy geographic concentration with over 90% revenue from Maharashtra(p.41)
- • Sale office held on lease from promoter entity with renewal risk(p.43)
- • Restated financial statements prepared by non-statutory auditors(p.40)
- • Dependence on key promoters and management; loss of key personnel could impact operations(p.51)
- • Lender charge over all immovable and movable properties creates asset encumbrance risk(p.51)
- • Excessive dependence on single bank (Bank of Baroda) for credit facilities(p.51)
- • Promoters have personally guaranteed loan repayment, creating personal liability risk(p.51)
- • Unsecured loans can be recalled at any time by lenders without formal agreements(p.51)
- • Late filing of income tax returns and potential penalties impacting cash flows(p.51)
- • Inability to implement projected fund utilization could adversely affect financial condition(p.54)
- • High geographic concentration with majority sales from Maharashtra(p.132)
- • No long-term supply contracts with raw material suppliers(p.149)
- • Limited brand recognition compared to organized larger competitors(p.147)
- • Dependence on small number of customers(p.134)
- • Sole selling agent arrangement creates reliance on intermediary(p.132)
- • High dependence on related party transactions for procurement and sales(p.220)
- • High leverage from director loans: unsecured borrowings from promoters(p.225)
- • Significant increase in trade receivables indicating extended credit terms and collection risk(p.210)
- • High inventory levels relative to sales turnover(p.217)
- • Negative working capital from operations with cash burn(p.199)
- • Limited export revenue; heavily domestic-focused(p.213)
- • High customer concentration creating revenue dependency(p.236)
- • High supplier concentration creating procurement risk(p.236)
- • Lack of long-term supplier agreements creating supply uncertainty(p.227)
- • Significant increase in finance costs affecting profitability(p.231)
- • Rising employee benefit expenses impacting margins(p.231)
Opportunities
- • India is world's largest spice producer, consumer and exporter with growing production(p.27)
- • Geographic expansion into new regions within India with current ~90% concentration in Maharashtra(p.41)
- • Product portfolio expansion into new categories and segments(p.41)
- • India produces 75 of 109 ISO-listed spice varieties offering significant product development scope(p.27)
- • Expansion of geographic presence beyond Maharashtra to other Indian states and global markets(p.96)
- • Expansion into modern retail channels including supermarkets, hypermarkets, and e-commerce platforms(p.99)
- • Growth through diversification and expansion of product portfolio into new segments(p.96)
- • Brand building and market penetration through increased advertising and digital presence(p.99)
- • Potential to supply through institutional channels such as Police Canteens and Indian Naval Canteens(p.98)
- • Expansion to other Indian states and global markets(p.135)
- • Growing demand for branded spices and processed food(p.128)
- • Rising demand for ethnic food and diverse spices globally(p.128)
- • Expansion through modern retail and e-commerce channels(p.135)
- • Global spice market growing at 4.7% CAGR(p.125)
- • Government initiatives supporting food processing and MSME sector(p.120)
- • Joint venture opportunity for expansion in GCC and MENA regions(p.147)
- • Growth in processed and modern retail segments for spices and dry fruits(p.174)
- • Expansion into e-commerce and digital distribution channels(p.163)
- • Manufacturing and cold storage facility development for value addition(p.167)
- • Focus on renewable energy and sustainable operations aligns with regulatory trends(p.165)
- • Geographic expansion beyond Maharashtra(p.229)
- • Increasing distribution network penetration across retail and wholesale channels(p.230)
- • Capacity to leverage brand portfolio across multiple product categories(p.227)
- • Third-party manufacturing partnerships enabling scalable production(p.227)
Threats
- • Intense competition from both organized and unorganized players in fragmented market(p.38)
- • Raw material price volatility due to fluctuations in domestic and international supply-demand dynamics(p.39)
- • Seasonality in procurement of raw materials dependent on agriculture and monsoon patterns(p.42)
- • Dependence on third-party transportation providers with vulnerability to fuel cost increases(p.48)
- • Manufacturing facility concentration in single location (Thane) subject to operational disruption risks(p.38)
- • Stringent food safety and regulatory compliance requirements with potential for increased costs and liabilities(p.46)
- • Regulatory risks including need to maintain multiple approvals and licenses for business operations(p.45)
- • Lack of adequate insurance coverage for operational hazards and manufacturing risks(p.40)
- • Risk of technology obsolescence requiring substantial capital investments to remain competitive(p.51)
- • Exposure to interest rate fluctuations increasing debt servicing costs(p.52)
- • Economic slowdown in India reducing demand for spices and food products(p.56)
- • COVID-19 pandemic and other communicable diseases disrupting operations and demand(p.56)
- • Changing laws, regulations, and tax policies adversely affecting business and profitability(p.56)
- • Non-compliance with health, environmental, and labour laws resulting in legal penalties and operational disruption(p.55)
- • Natural calamities such as earthquakes, floods, and monsoon disruptions affecting economy and operations(p.57)
- • Political instability and changes in government policies affecting business environment and equity prices(p.58)
- • Global financial turmoil and instability in international financial markets affecting Indian economy(p.57)
- • Seasonality and crop variability in spices industry affecting raw material availability and pricing(p.97)
- • High dependence on agricultural production and monsoon/weather conditions(p.149)
- • Intense competition from larger organized players(p.147)
- • Price volatility dependent on demand-supply patterns(p.147)
- • Strict regulatory compliance requirements for food safety and quality(p.152)
- • Exposure to environmental and pollution control regulations(p.148)
- • Limited shelf life of frozen/semi-fried products requiring careful inventory management(p.140)
- • Stringent regulatory compliance requirements for food safety and labeling(p.163)
- • Competition from organized sector and imports in spices/dry fruits trading(p.163)
- • E-commerce platform regulations imposing compliance obligations(p.163)
- • Commodity price volatility affecting COGS and margins in trading operations(p.211)
- • Working capital intensity and seasonality affecting cash flows(p.197)
- • Seasonal agricultural dependency affecting raw material availability(p.236)
- • Inventory management challenges from seasonal procurement patterns(p.236)
- • Dependence on third parties for trading revenue(p.229)
- • Manufacturing process risks from machinery obsolescence and breakdowns(p.229)
- • Stringent regulatory compliance requirements increasing operational burden(p.229)
- • Economic and health crisis impacts on demand and operations(p.229)
- • Inventory forecasting risks and demand management challenges(p.229)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Kaushik Sobhagchand Shah | Promoter | 18.06% | — |
| Mr. Ketan Sobhagchand Shah | Promoter | 15.66% | — |
| Mr. Parth Ashish Mehta | Promoter | 17.30% | — |
| Kaushik Sobhagchand Shah | Promoter | 18.06% | 13.18% |
| Ketan Sobhagchand Shah | Promoter | 15.66% | 11.43% |
| Parth Ashish Mehta | Promoter | 17.30% | 12.63% |
| Prashant P Mehta | Promoter Group | 1.20% | 0.87% |
| Mr. Kaushik Sobhagchand Shah | Promoter | — | — |
| Mr. Ketan Sobhagchand Shah | Promoter | — | — |
| Mr. Parth Ashish Mehta | Promoter | — | — |
| Kaushik Sobhagchand Shah | Promoter | 18.06% | 13.18% |
| Ketan Sobhagchand Shah | Promoter | 15.66% | 11.43% |
| Parth Ashish Mehta | Promoter | 17.30% | 12.63% |
| Ketan Sobhagchand Shah | Promoter/Whole Time Director | — | — |
Leadership
Mr. Kaushik Sobhagchand Shah · Chairman/Managing Director
Mr. Ketan Sobhagchand Shah · Chief Financial Officer/Whole Time Director
Ms. Pratibha Kumari Bharadia · Company Secretary and Compliance Officer
Mr. Parth Ashish Mehta · Non-Executive Director
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.
Leo Dryfruits & Spices Trading IPO FAQs
What is the lot size of Leo Dryfruits & Spices Trading IPO?
The minimum lot size of Leo Dryfruits & Spices Trading IPO is 2,000 shares. One lot costs ₹1,04,000 at the cut-off price.
When does Leo Dryfruits & Spices Trading IPO open and close?
Leo Dryfruits & Spices Trading IPO opened for subscription on 01 Jan 2025 and closed on 03 Jan 2025.
What is the listing date of Leo Dryfruits & Spices Trading IPO?
Leo Dryfruits & Spices Trading IPO listed on 08 Jan 2025.