Shriram Food Industry IPO
Shriram Food Industry Ltd. has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. SEBI issued its observations on 30 December 2025, so the company can open the IPO any time up to 30 December 2026. The draft proposes a fresh issue of up to 2,12,00,000 shares and an offer for sale of up to 52,00,000 shares by promoters Orient Dealtrade and Greta Industries. In FY25 the company made a profit of ₹42.76 crore on revenue of ₹1,359.45 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI observations issued30 Dec 2025
- SEBI received draft
- 23 Sep 2025
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Choice Capital Advisors Pvt. Ltd.
- Must open by
- 30 Dec 202612 months from observations
- Price band and dates
- Not announced
Where it stands
Shriram Food Industry IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI23 Sep 2025
- SEBI reviewDone
- SEBI observations30 Dec 2025
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has issued its final observations, which in practice is the go-ahead. The company can now file a red herring prospectus and open the IPO within 12 months.
DRHP at a glance
Shriram Food Industry DRHP at a glance
Draft red herring prospectus, 11 Sep 2025What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 181) and Risk Factors (p. 35 to 42)Shriram Food Industry exports rice. It mostly buys processed rice from outside processors and sells it directly to overseas customers, and it also processes paddy and raw rice at its own plant in Nagpur. It is part of the Greta Group, which operates in eight countries.
Exports gave 74.99% of FY25 revenue, and the top 10 customers 66.52%. Revenue roughly halved in FY24 and then doubled in FY25. It was incorporated in 2014 and is based in Nagpur, Maharashtra.
Revenue by market, FY25
- Exports: 74.99%
- India: 24.70%
- Other (ours, the remainder): 0.31%
The offer
DRHP cover page and The Offer (p. 78)| Fresh issue | Up to 2,12,00,000 shares₹ amount set with the price; money goes to the company |
| Offer for sale | Up to 52,00,000 sharesOrient Dealtrade 18,20,000 and Greta Industries Pte 33,80,000; average cost ₹2.86 a share |
| Shares before the IPO | 8,40,00,070The fresh issue equals about 25.2% and the offer for sale about 6.2% of them (ours) |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Choice Capital Advisors Private Limited |
| Registrar | MUFG Intime India Private Limited |
| Promoters | Anup Ramavtar Goyal, Nitesh Chaudhari, Aman Anup Goyal, Orient Dealtrade Private Limited and Greta Industries Pte Limited |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 108 to 109)| Object | ₹ crore |
|---|---|
| Repaying or prepaying certain borrowings | 70.00 |
| General corporate purposes (set later, up to 25% of the gross proceeds) |
Amounts are what the net proceeds will fund. The fresh issue size in ₹ is set with the price, so each object's share is not shown yet. The offer for sale money goes to the selling promoters, not the company.
Financials
DRHP, Summary of Restated Financial Information (p. 81 to 85) and Basis for the Offer Price, KPIs (p. 117 to 120), ₹ crore| ₹ crore | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from operations | 1,259.66 | 666.05 | 1,359.45 |
| EBITDA | 54.56 | 27.82 | 73.55 |
| EBITDA margin | 4.33% | 4.18% | 5.41% |
| Profit after tax | 33.91 | 14.48 | 42.76 |
| Diluted EPS (₹) | 4.04 | 1.72 | 5.09 |
| Net worth | 89.06 | 102.96 | 145.69 |
| Cash from operations | 15.07 | 61.31 | -155.34 |
| Return on net worth | 47.08% | 15.08% | 34.39% |
| Debt to equity | 0.80 | 0.23 | 1.53 |
Restated figures. Net worth is total equity. Return on net worth uses average net worth.
Listed peers named in the draft
DRHP, Basis for the Offer Price (p. 117 to 118). Peer prices as of 4 Sep 2025 on NSE.The P/E for Shriram Food is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Shriram Food Industry (FY25) | 5.09 | Set with the price band | 34.39% |
| Sarveshwar Foods | 0.27 | 27.62x | 9.66% |
| Chaman Lal Setia Exports | 20.69 | 13.82x | 14.22% |
| GRM Overseas | 10.10 | 36.12x | 16.02% |
Risks the draft lists first
DRHP, Risk Factors (p. 35 to 42)- Rice exportsIt depends on exporting rice, mostly bought from outside processors. (Risk factor 1, p. 35)
- Few rice typesRevenue depends on a few rice categories, which are exposed to export rule changes. (Risk factor 2, p. 38)
- Paddy supplyIts plant depends on the supply and price of paddy and raw rice. (Risk factor 3, p. 39)
- One plantA slowdown or shutdown at the Nagpur plant would hurt the business. (Risk factor 4, p. 40)
- Agents and brokersIt relies on procurement agents and brokers for rice. (Risk factor 5, p. 41)
- Key customersThe top 10 customers gave 66.52% of FY25 revenue and the top five 49.31%. (Risk factor 6, p. 42)
Documents
Shriram Food Industry DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Shriram Food Industry IPO FAQs
When will the Shriram Food Industry IPO open?
The date is not announced. SEBI issued observations on 30 December 2025, and SEBI rules require the IPO to open within 12 months of that date, so by 30 December 2026 (our calculation). The company announces the dates in its red herring prospectus and price band notice.
Has SEBI approved the Shriram Food Industry IPO?
Yes. SEBI issued its final observations on 30 December 2025 (SEBI processing status archive, April 2025 to March 2026). SEBI does not "approve" an IPO as such; its observations let the company go ahead.
What is the Shriram Food Industry IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Shriram Food Industry IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Shriram Food Industry IPO?
Choice Capital Advisors Pvt. Ltd. is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Shriram Food Industry do with the IPO money?
According to the DRHP, the fresh issue money goes to repaying or prepaying certain borrowings (₹70.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Shriram Food Industry do?
Shriram Food Industry exports rice. It mostly buys processed rice from outside processors and sells it directly to overseas customers, and it also processes paddy and raw rice at its own plant in Nagpur. It is part of the Greta Group, which operates in eight countries.
Where can I read the Shriram Food Industry DRHP?
On SEBI's website, where the draft red herring prospectus was published on 23 September 2025. The draft is dated 11 September 2025 and runs to 463 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 11 September 2025. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.