Vandan Foods IPO opens today: Check subscription status, GMP, and other details
The initial public offering (IPO) of Gujarat-based Vandan Foods Limited, a manufacturer of refined castor oil and castor de-oiled cake, opened for subscription on June 30 and will remain open until July 2. The company aims to raise ₹ 30.36 crore through a fixed-price SME issue priced at ₹ 115 per share. Backed by strong fundamentals and demand from retail investors, the IPO has already seen a decent response in early bidding.
By 11:54 AM on the first day of bidding, Vandan Foods IPO had been subscribed just 0.06 times. It received bids for 1.6 lakh shares against the 25.08 lakh shares on offer. The retail investor category was subscribed 0.13 times, while the non-institutional investor (NII) portion saw no bids till now.
Meanwhile, in the grey market, shares of Vandan Foods were trading at a premium of ₹ 20. This indicates a potential listing price of ₹ 135, implying a 17.4 percent premium over the issue price of ₹ 115.
The issue comprises a fresh issue of 26.40 lakh equity shares with no offer for sale component. The minimum application size has been fixed at 1,200 shares, requiring a retail investor to commit at least ₹ 1.38 lakh.
The allocation structure includes 47.5 percent for retail investors, another 47.5 percent for non-institutional investors, and the remaining 5 percent reserved for market maker Aftertrade Broking Pvt Ltd. Nirbhay Capital Services is the lead manager to the issue, and Bigshare Services is acting as the registrar. Allotment is expected to be finalised by July 3, with the listing anticipated on BSE SME by July 7.
As per the company's plan, ₹ 8.57 crore from the proceeds will be used to meet working capital requirements, ₹ 3 crore will go towards debt repayment, and ₹ 8.29 crore has been allocated for the expansion of its production facility in Dhinoj. The rest will be utilised for general corporate purposes.
Established in 2015, Vandan Foods operates in both B2B and B2C channels and caters to sectors including pharmaceuticals, paints, textiles, and agriculture. It has a strong regional presence with distribution across Gujarat, Telangana, Delhi, and Haryana.
Financially, the company has shown solid performance. As of December 2024, it posted a revenue of ₹ 72.66 crore and a net profit of ₹ 4.54 crore. It boasts a Return on Equity (RoE) of 45.4 percent and a Return on Capital Employed (RoCE) of 37.3 percent. Post-IPO, the company's valuation is projected to reach ₹ 96.43 crore.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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