Rukmani Devi Garg IPO opens with modest GMP. Check all details before subscription

Rukmani Devi Garg Agro Impex will open its initial public offering for subscription on September 26, aiming to raise Rs 23.52 crore through a fresh issue of 23.76 lakh shares. The issue, which closes on September 30, has been priced in the band of Rs 93–99 per share. Ahead of the launch, the IPO is quoting at a modest grey market premium of Rs 14, suggesting expectations of a steady but not strong listing.

The issue has a structured allocation with up to 50% reserved for qualified institutional buyers, not less than 15% for non-institutional investors and at least 35% for retail participants. The minimum application size for retail investors is 2,400 shares.

Business Profile

The company operates in the agro-processing sector, with business interests spanning import, export and processing of agricultural commodities.

It procures wheat, mustard, coriander, maize, flax seeds and soybeans from over 500 agents in Rajasthan and Madhya Pradesh, and sells both raw and processed products under brands such as Sharbati, Happyfamily and Taj Mahal.

On the financial front, Rukmani Devi Garg Agro Impex reported robust growth in FY25, with revenue up 34% year-on-year to Rs 327.32 crore and net profit rising 51% to Rs 7.57 crore.

Proceeds are primarily earmarked for working capital requirements and general corporate purposes. The promoters, led by Vishal Garg and Anju Garg, aim to leverage the fresh capital to strengthen procurement and processing capabilities, while expanding the distribution network.

With a moderate grey market premium of Rs 14, the IPO is not indicating oversized listing gains but reflects steady investor interest.

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