Mother Nutri Foods
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 03 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹117 | ₹0 |
| 02 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹117 | ₹0 |
| 01 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹117 | ₹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
- 26 Nov 2025 – 28 Nov 2025
- Listing date
- 03 Dec 2025
- Face value
- ₹1 per share
- Issue price
- ₹117 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹39.59 Cr
- Market cap at offer price
- ₹147 Cr
- Promoter holding
- 90.98% → 65.93% pre-issue → post-issue
- ISIN
- INE0UH001016
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Marwadi Chandarana Intermediaries Brokers Pvt.Ltd.
- Registered office
- Survey No 276/1, Opp.Petrol Pump Mahuva-Bhavnagar Road, At Otha, Mahuva, Gujarat
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 | 9,39,600 | — | — |
| Market maker | 2,43,600 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹117
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,40,400 |
| S-HNI (min) | 2 | 2,400 | ₹2,80,800 |
| S-HNI (max) | 7 | 8,400 | ₹9,82,800 |
| B-HNI (min) | 8 | 9,600 | ₹11,23,200 |
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
₹117 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.58 | 8.48 |
| P/E (×) | 17.78 | 13.80 |
| Price to book (×) | 2.30 | — |
| Market cap | — | ₹147 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 26.00%
- ROCE
- 20.63%
- PAT margin
- 7.17%
- EBITDA margin
- 11.32%
- NAV per share
- ₹50.79
- Price to book
- 2.30
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Mother Nutri Foods
Mother Nutri Foods Limited is a peanut-based food processing company incorporated on January 6, 2022, and converted to a public limited company on February 1, 2024. The company acquired the partnership business of M/s. Mother Nutri Foods in April 2022. It manufactures peanut butter in 10 flavours and 12 ranges under its own brand 'Spread & Eat' for markets in Libya, Dubai, and Japan, and engages in private labeling for international customers across 20+ countries including the UK, Canada, South Africa, USA, and Germany. The company also manufactures roasted peanuts, with peanut butter being the major revenue contributor. For the period ended September 30, 2025, peanut butter generated ₹3,021 lakhs, representing 60.13% of revenue from operations.
Company Analysis
from RHPMother Nutri Foods Limited is a B2B peanut butter manufacturer offering multiple flavors and ranges, serving domestic and international markets through private labeling and own brands.
Mother Nutri Foods Limited is a peanut-based food processing company incorporated on January 6, 2022, and converted to a public limited company on February 1, 2024. The company acquired the partnership business of M/s. Mother Nutri Foods in April 2022. It manufactures peanut butter in 10 flavours and 12 ranges under its own brand 'Spread & Eat' for markets in Libya, Dubai, and Japan, and engages in private labeling for international customers across 20+ countries including the UK, Canada, South Africa, USA, and Germany. The company also manufactures roasted peanuts, with peanut butter being the major revenue contributor. For the period ended September 30, 2025, peanut butter generated ₹3,021 lakhs, representing 60.13% of revenue from operations.
Objects of the Issue
- Setting up a new manufacturing facility located at Mahuva, Bhavnagar in Gujarat (Proposed facility) ₹2,319.34 lakhs p.23
- General Corporate Purposes p.23
- Setting up a new manufacturing facility at Mahuva, Bhavnagar in Gujarat ₹2,319.34 lakhs p.87
- General Corporate Purposes [●] p.87
Issue Structure
- Total Issue
- Upto 33,84,000 Equity Shares aggregating up to ₹ [●] lakhs
- Fresh Issue
- Upto 27,07,200 Equity Shares of face value of ₹10 each aggregating up to ₹ [●] lakhs
- Offer for Sale
- Upto 6,76,800 Equity Shares of face value of ₹10 each by Umeshbhai Kantilal Sheth aggregating up to ₹ [●] lakhs
- Price Band
- Price Band of a minimum price (Floor Price) of ₹ [●] and the maximum price (Cap Price) of ₹ [●]
- Lot Size
- [●] and in multiples of [●] thereafter; subject to a minimum allotment of [●] Equity Shares
- Face Value
- ₹10 each
Business Model
B2B manufacturing of peanut butter and roasted peanuts. Revenue generated through: (1) Private labeling services for international customers including hypermarkets, supermarkets, and retail chains; (2) Sales under own brand 'Spread & Eat' in Libya, Dubai, and Japan; (3) Peanut products sales. Peanut butter is the major revenue contributor at 60.13% for the period ended September 30, 2025.
Business Segments
SWOT Analysis
- • B2B peanut butter manufacturer with diverse product portfolio and international presence(p.22)
- • Established private label manufacturing across multiple international markets(p.22)
- • Strong financial performance with significant revenue contribution from peanut butter(p.22)
- • Limited dividend commitment, maximizing reinvestment for business growth(p.48)
- • 100% underwriting commitment by lead manager de-risks the offer(p.62)
- • Strong capacity utilization at existing facility (94.83% as of Sept 2025)(p.90)
- • Significant production capacity expansion planned (87.5% increase from 8,000 to 15,200 MTPA)(p.90)
- • Solid profitability metrics with growing EBITDA margins(p.100)
- • Diverse product portfolio with 10+ flavours and multiple ranges catering to diverse customer requirements(p.112)
- • Strong quality control systems with ISO 22000:2018 certification and stringent testing protocols(p.113)
- • Strategically located manufacturing facility with access to local raw material supply and major ports(p.114)
- • High customer retention with 76.92% repeat customers demonstrating long-standing relationships(p.114)
- • Experienced management team with 10+ years of industry experience in food processing(p.114)
- • Multiple international certifications including BRCGS, FSSC 22000, Kosher, Halal, and RSPO compliance(p.113)
- • Strong profit margins with PAT margin of 10.58% (Sept 2025) and EBITDA margin of 14.81%(p.113)
- • Established manufacturing facility with specialized production capabilities(p.172)
- • Diversified product portfolio across multiple peanut butter flavors and ranges(p.202)
- • Strong revenue growth trajectory and profitability improvement(p.206)
- • Significant export presence across multiple geographies(p.202)
- • Heavy dependence on external suppliers for major raw material (peanuts) with no long-term contracts(p.31)
- • Concentration risk with top 1 supplier representing significant percentage of purchases(p.31)
- • Negative net cash flows from operating activities in multiple periods(p.32)
- • All manufacturing concentrated in single facility creating operational risk(p.33)
- • History of delays and defaults in statutory compliance including EPF, TDS, and GST(p.34)
- • Plant located on leased premises from promoter with renewal uncertainty(p.35)
- • Unsecured loans can be recalled by lenders at any time(p.40)
- • Directors lack experience with listed company operations(p.41)
- • Heavy dependence on short-term borrowings for working capital(p.52)
- • Minimal cash reserves relative to scale of operations(p.52)
- • Limited free cash generation from operations(p.54)
- • High concentration of trade payables to micro and small enterprises(p.52)
- • High customer concentration with top 10 customers representing 90.22% of revenue(p.120)
- • Significant dependence on private labelling with 96.99% of revenue from private labelling vs. 3.01% from own brand(p.112)
- • Single manufacturing facility concentrated in one location creating operational risk(p.113)
- • High financial leverage with short-term borrowings of Rs. 3,048.48 Lakhs against total equity of Rs. 3,036.89 Lakhs(p.165)
- • Relatively weak brand presence with own brand sales at 3.01% of total revenue, limiting bargaining power(p.115)
- • High leverage with significant debt obligations(p.193)
- • Dependence on a limited number of key customers(p.210)
- • Substantial related party borrowings from promoters(p.201)
- • Working capital deficiency despite operational profits(p.208)
- • Expansion into new geographical markets and customer base growth(p.42)
- • Growing Indian food processing sector contributing 32% to food market(p.22)
- • Expected rise in food consumption driven by urbanization and changing consumption patterns(p.22)
- • Investment in new manufacturing facility to increase production capacity(p.23)
- • Technology upgradation and modernization to improve efficiency and competitiveness(p.41)
- • Planned expansion facility to capture growing market demand(p.90)
- • India's food processing sector projected to grow significantly(p.109)
- • Strong government support for food processing industry(p.109)
- • Growing domestic consumption driven by urbanization(p.108)
- • Expansion of new manufacturing facility with 7,200 MTPA capacity to support growth(p.114)
- • Growing domestic market with increasing per capita income and consumption trends(p.110)
- • Geographic expansion opportunities across Europe, Canada, Dubai, Saudi Arabia and other developed/emerging markets(p.115)
- • Development of own brand 'Spread & Eat' to reduce dependence on private labelling(p.115)
- • Product portfolio expansion with new flavours and health-focused variants(p.115)
- • Government support for food processing sector with subsidies, tax benefits and infrastructure development schemes(p.110)
- • Increasing investment prospects in food processing infrastructure with Rs. 2.36 billion across 31 projects(p.111)
- • Expansion into new geographic markets and customer segments(p.202)
- • Growth in domestic and international branded product sales(p.202)
- • Increasing demand for specialized product variants and health-conscious options(p.202)
- • Leveraging improved operational efficiency and profitability margins(p.202)
- • Price volatility and supply disruption risks in major raw material (peanuts)(p.31)
- • Inability to manage consumer demand fluctuations and quality requirements across international markets(p.33)
- • Product contamination or food safety incidents could result in recalls, lawsuits, and regulatory action(p.33)
- • Labor-intensive operations expose company to strikes and wage demands(p.36)
- • Dependence on third-party transportation with no contractual agreements(p.40)
- • Intense competition from larger competitors with greater resources(p.46)
- • Changes in government regulations and tax policies affecting industry(p.47)
- • Global economic and political factors affecting international business operations(p.47)
- • Natural calamities could negatively impact operations and demand(p.48)
- • Risk of equity dilution affecting existing shareholders(p.48)
- • Share price volatility due to no pre-IPO trading history(p.48)
- • No assurance of active trading market post-listing(p.49)
- • Global economic slowdown impacting food exports(p.103)
- • Implementation delays or cost overruns on proposed facility(p.92)
- • Competition from unorganized sector with low barriers to entry in peanut butter manufacturing(p.121)
- • Dependence on agricultural inputs subject to weather volatility and commodity price fluctuations(p.121)
- • Regulatory compliance risks in food safety standards across multiple international markets(p.125)
- • Environmental and health safety compliance requirements including waste management and effluent treatment(p.122)
- • Customer concentration risk with top customer representing 25.66% of revenue(p.120)
- • Raw material price volatility and supply chain risks(p.203)
- • Competitive pressures in unorganized peanut butter market(p.210)
- • Regulatory and compliance risks in export markets(p.203)
- • Economic sensitivity and potential market slowdown impact on demand(p.203)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Chintan Rajnikant Thakar | Promoter | 2.82% | — |
| Umeshbhai Kantilal Sheth | Promoter | 42.12% | — |
| Rajnikant Indubhai Thakar | Promoter | 37.21% | — |
| Parth Umeshkumar Sheth | Promoter | 7.52% | — |
| Naynaben Rajnikant Thakar | Promoter | 0.51% | — |
| Vandnaben U Sheth | Promoter | 0.51% | — |
| Umeshbhai Kantilal Sheth | Promoter | 42.12% | [●] |
| Rajnikant Indubhai Thakar | Promoter | 37.21% | [●] |
| Parth Umeshkumar Sheth | Promoter | 7.52% | [●] |
| Chintan Rajnikant Thakar | Promoter | 2.82% | [●] |
| Vandnaben U Sheth | Promoter | 0.51% | [●] |
| Naynaben Rajnikant Thakar | Promoter | 0.51% | [●] |
| Disha Umeshbhai Sheth | Promoter Group | 0.22% | [●] |
| Krishnaben Chandrakant Bhuta | Promoter Group | 0.06% | [●] |
| Chintan Rajnikant Thakar | Promoter | 2.82% | — |
| Umeshbhai Kantilal Sheth | Promoter | 42.12% | — |
| Rajnikant Indubhai Thakar | Promoter | 37.21% | — |
| Parth Umeshkumar Sheth | Promoter | 7.52% | — |
| Vandnaben U Sheth | Promoter | 0.51% | — |
| Naynaben Ranjikant Thakar | Promoter | 0.51% | — |
| Chintan Rajnikant Thakar | Promoter | 2.82% | — |
| Rajnibhai Thakar | Promoter | 37.21% | — |
| Umesh Kantilal Sheth | Promoter | 42.12% | — |
| Vandanaben Umeshbhai Sheth | Promoter | 0.51% | — |
| Naynaben Rajnikant Thakar | Promoter | 0.51% | — |
| Parth UmeshBhai Sheth | Promoter | 7.52% | — |
| Umesh Kantilal Sheth | 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.