Astron Multigrain IPO: GMP among key things to know before subscription

Astron Multigrain will open its Rs 18.40 crore SME IPO on Monday, with early investor chatter indicating a grey market premium of about 19%. The issue, priced at Rs 63 per share, will remain open till December 3 and list on the BSE SME platform on December 8. The company is looking to raise funds for machinery purchase, working capital, and general corporate purposes.

Issue structure and subscription details

Astron Multigrain is offering 29.2 lakh shares through a mix of fresh issue and offer for sale. The fresh issue will raise Rs 14.74 crore while the offer for sale component totals Rs 3.65 crore. The lot size is large for a typical SME issue at 4,000 shares, making the minimum retail investment Rs 2.52 lakh.


HNIs must apply for at least 6,000 shares, amounting to Rs 3.78 lakh. Nearly equal portions of the net issue are reserved for retail and HNI categories, while market maker Prabhat Financial Services has been allotted 1.48 lakh shares.

Company overview

Astron Multigrain operates in the instant noodles and allied products category, manufacturing both for its own brand and on a contract basis for Gokul Snacks Pvt Ltd. Its own products are marketed under the label Astron’s Swagy Noodles, currently available in the Mast Masala flavour.

The company also produces noodle bhujiya and papad. Its manufacturing facility in Gondal, Rajkot, has a capacity of 5,110 MTA and operates under FSSAI certification. Astron sells primarily in the B2B segment across Gujarat, Maharashtra, Madhya Pradesh and Bihar.

Financial performance

The company has shown steady growth, with revenue rising from Rs 26.51 crore in FY24 to Rs 33.92 crore in FY25, an increase of 28%. Profit after tax rose 16% to Rs 2.31 crore in FY25. As of October 2025, PAT stood at Rs 2.11 crore for the partial FY26 period. The company has improved its balance sheet over three years, with net worth rising from Rs 3.82 crore in FY23 to Rs 12.62 crore by October 2025.

Use of proceeds

The company plans to deploy Rs 4.46 crore towards machinery procurement and Rs 5.65 crore towards working capital. The rest will be used for general corporate purposes.

Market response and outlook

The 19% GMP suggests moderate interest ahead of listing, supported by the company’s growth record and sector tailwinds in value FMCG and private-label manufacturing. However, the high minimum application size may keep broader retail participation limited.

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