# Papadmalji Agro Foods IPO opens 29 September, price band ₹69-72 2026-09-25T18:32:13+00:00 | Business & Economy | Indian Opinion Desk Corroboration: 1 independent outlet Papadmalji Agro Foods will open its ₹20.18 crore IPO for subscription on 29 September and close on 1 October. The SME IPO, listing on NSE SME platform, has a price band of ₹69 to ₹72 per share. Allotment is expected on 5 October and listing likely on 7 October. The book-built issue comprises 25.73 lakh fresh shares raising ₹18.52 crore and an offer for sale of 2.30 lakh shares worth ₹1.66 crore. The lot size is 1,600 shares, requiring a retail investment of ₹1,15,200 at the upper price band. HNI investors must bid a minimum of three lots worth ₹3,45,600. The Bikaner-based company makes handmade and machine-made papad, khichiya, moongodi, and vrat-special papad, sold under brands including Zhakaas and Papadmalji. It operates two FSSAI-licensed units. Distribution covers 21 states and three union territories, with some exports to Middle Eastern markets via an independent merchant exporter. ## Indian Opinion Analysis SME IPOs have emerged as a favoured route for regional food companies seeking growth capital, bypassing the disclosure demands of a main-board listing. Papadmalji Agro, started in 2017 in Bikaner, joins a wave of branded papad makers using public markets to scale distribution and production capacity. The ₹20.18 crore issue is modest by SME board standards, reflecting the company's niche footprint across 21 states and a handful of Gulf export points. For retail investors, the 1,600-share lot at the upper band demands ₹1.15 lakh. The real test is the subscription figure on 1 October close and the listing premium on 7 October, which will signal market appetite for small-cap food processing stories in this segment. ## Coverage - bazaar.businesstoday.in Tags: Bikaner, IPO, Kreo Capital, NSE SME, Papadmalji Agro Foods Canonical: https://indianopinion.org/papadmalji-agro-foods-ipo-opens-29-september-price-band-rs69-72/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/papadmalji-agro-foods-ipo-opens-29-september-price-band-rs69-72/#story-in-brief