SSMD Agrotech IPO opens today: Check GMP, subscription, price band and other details

SSMD Agrotech India will open its Rs 34 crore IPO for subscription on Tuesday, marking the latest SME listing attempt in a month that has seen strong retail participation across smaller issues even as the mainboard pipeline pauses. The issue will close on November 27, with allotment expected on November 28 and listing scheduled for December 2 on the BSE SME platform.

The company has fixed its price band at Rs 114–121 per share. Investors must apply for a minimum of 2,000 shares, translating to an entry ticket of Rs 2.42 lakh at the upper end.

GMP modest

Grey market sentiment is modest, with the IPO commanding a premium of around 4%, indicating expectations of a muted but positive listing. SME GMPs, however, often fluctuate sharply closer to listing as subscription trends become clearer.

Financials

Early interest is expected to be driven by the company’s sharp growth in the past two years. SSMD Agrotech, which manufactures and trades agro-food products under brands such as Manohar Agro, Super SS, Delhi Special and Shri Dhanlaxmi, reported a 35% jump in revenue in FY25. Profit after tax rose nearly four-fold to Rs 5.38 crore. Its margins have improved consistently, with PAT margin at 5.4% and EBITDA margin at 8.5% for FY25.

About the company

The company produces puffed rice, gram flour, chana dal, idli rava, rice powder and various by-products of chana dal. It sells mostly through a distributor network across Delhi-NCR, Haryana, Uttar Pradesh, Punjab and Uttarakhand, while also operating a D2C model through micro-units and a dark store.

SSMD currently runs three manufacturing facilities and plans to use the IPO proceeds primarily for working capital, repayment of borrowings, setting up new D2C dark store factories and a new namkeen plant.

In the SME space, subscription trends typically shape listing performance. The issue has 46.75% reserved each for retail and HNI investors, with just 0.96% reserved for QIBs. The lack of institutional allocation may make the issue more sentiment-driven.

The listing outlook remains mildly positive based on the current GMP, but investors will closely watch subscription numbers across the three-day window. With the IPO market slowing after a heavy issuance spell over the past few months, SSMD Agrotech will test whether SME enthusiasm continues into December.

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