Shreeji Global FMCG
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 12 Nov 2025 | ₹0 | 0.00% | ₹0 | ₹125 | ₹0 |
| 11 Nov 2025 | ₹0 | 0.00% | ₹0 | ₹125 | ₹0 |
| 10 Nov 2025 | ₹0 | 0.00% | ₹0 | ₹125 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 04 Nov 2025 – 07 Nov 2025
- Listing date
- 12 Nov 2025
- Face value
- ₹10 per share
- Issue price
- ₹125 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹85 Cr
- Market cap at offer price
- ₹285 Cr
- Promoter holding
- 99.99% → 70.12% pre-issue → post-issue
- ISIN
- INE1FL101016
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Interactive Financial Services Ltd.
- Registered office
- The Spire, Office No.1205, 150 Feet Ring Road, Near Ayodhya Circle, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 11,62,000 | — | — |
| Market maker | 3,40,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹125
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,25,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,50,000 |
| S-HNI (max) | 8 | 8,000 | ₹10,00,000 |
| B-HNI (min) | 9 | 9,000 | ₹11,25,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹125 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.61 | 9.70 |
| P/E (×) | 16.43 | 12.89 |
| Price to book (×) | 10.50 | — |
| Market cap | — | ₹285 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 41.11%
- ROCE
- 32.07%
- Debt / equity
- 1.03
- PAT margin
- 1.87%
- EBITDA margin
- 3.13%
- NAV per share
- ₹11.91
- Price to book
- 10.50
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Shreeji Global FMCG
Shreeji Global FMCG Limited (formerly Shreeji Agri Commodity Private Limited) is a Gujarat-based manufacturer and processor of agro-commodities and food products. Incorporated in 2018 and converted to public company status in 2024, the company processes whole spices (cumin, coriander, fennel, sesame seeds, groundnut, etc.), ground spices powders (red chilli, turmeric, coriander powder), pulses (chickpeas), grains (wheat), and flour (Atta) under its proprietary brand "SHETHJI" and through white-label arrangements for corporate and institutional buyers. The company operates two manufacturing facilities in Rajkot and Morbi districts with installed capacity of 91,200 MT for whole seeds, 4,000 MT for ground spices, and 3,750 MT for flours. The company sources raw materials directly from APMCs, local aggregators, and mandis, employs standardized cleaning, grading, sorting, and grinding techniques, and serves 520+ buyers including 45 authorized distributors, 44 corporate/modern trade partners, 378 bulk buyers, and 53 export customers across 26 countries. The company achieved revenue of ₹64,892.15 lakhs in FY 2024-25 with approximately 8.89% from exports and is planning expansion into blended spices and millet-based flours with new manufacturing facilities, cold storage, and solar power capacity.
Company Analysis
from RHPShreeji Global FMCG Limited manufactures and processes ground and whole spices, seeds, grains, pulses, and flour under its SHETHJI brand and white label for bulk clients across domestic and export markets.
Shreeji Global FMCG Limited (formerly Shreeji Agri Commodity Private Limited) is a Gujarat-based manufacturer and processor of agro-commodities and food products. Incorporated in 2018 and converted to public company status in 2024, the company processes whole spices (cumin, coriander, fennel, sesame seeds, groundnut, etc.), ground spices powders (red chilli, turmeric, coriander powder), pulses (chickpeas), grains (wheat), and flour (Atta) under its proprietary brand "SHETHJI" and through white-label arrangements for corporate and institutional buyers. The company operates two manufacturing facilities in Rajkot and Morbi districts with installed capacity of 91,200 MT for whole seeds, 4,000 MT for ground spices, and 3,750 MT for flours. The company sources raw materials directly from APMCs, local aggregators, and mandis, employs standardized cleaning, grading, sorting, and grinding techniques, and serves 520+ buyers including 45 authorized distributors, 44 corporate/modern trade partners, 378 bulk buyers, and 53 export customers across 26 countries. The company achieved revenue of ₹64,892.15 lakhs in FY 2024-25 with approximately 8.89% from exports and is planning expansion into blended spices and millet-based flours with new manufacturing facilities, cold storage, and solar power capacity.
Objects of the Issue
- Capital Expenditure for Factory premises - Construction of Pre-Engineered Building (PEB) primary structure, RCC building and factory shed at new facility ₹567.41 lakhs p.81
- Capital Expenditure for purchase of machineries and cold storage facility - Installation of equipment for blended spices manufacturing (22,500 MT capacity), multigrain flour production (37,500 MT capacity), and cold storage (5,000 MT capacity) ₹2,900.76 lakhs p.81
- Capital Expenditure for Solar Power for internal consumption - Installation of 1000 KWP rooftop solar system for captive consumption across four locations ₹424.80 lakhs p.81
- Working Capital Requirement - To finance increased raw material procurement, trade receivables, and other operational needs for business growth ₹3,354.00 lakhs p.81
- General Corporate Purposes - For any identified purposes not specifically allocated or any other purpose approved by Board [●] (Not exceeding 15% of gross proceeds or ₹10 crores, whichever is less) p.81
Issue Structure
- Total Issue
- 68,00,000 Equity Shares of face value ₹10 each at Issue Price of ₹[●] aggregating to ₹[●] lakhs
- Fresh Issue
- 68,00,000 Equity Shares of face value of ₹10 each at Issue Price of ₹[●] per Equity Share aggregating to ₹[●] lakhs
- Offer for Sale
- Nil - This is a pure fresh issue with no Offer for Sale component
- Price Band
- To be decided by the Company in consultation with BRLM and advertised at least two working days prior to Bid/Issue Opening Date
- Lot Size
- [●] equity shares and in multiples thereof (to be determined)
- Face Value
- ₹10 per Equity Share
Business Model
The company operates through two primary revenue channels: (1) Branded products sold under "SHETHJI" brand in retail sizes (20 gm to 10 kg) and bulk sizes (10-40 kg) directly to retailers, distributors, and e-commerce platforms, and (2) White-label supply of whole spices and food grains to corporate clients and bulk buyers in unbranded packaging (up to 50 kg). Revenue generation comes from manufacturing and processing of agricultural commodities (whole spices, ground spices, pulses, grains, flour), with gross proceeds from operations of ₹25,039.47 lakhs in the period ended August 31, 2025. The company sources raw materials through spot market procurement from APMCs, traders, and importers; processes them using standardized techniques; packages them in various formats; and distributes through its network of distributors, direct corporate clients, and export channels. The company also provides services to group companies for logistics (₹35.82 lakhs in August 2025) and receives investments from promoters.
Business Segments
SWOT Analysis
- • Established manufacturing and processing infrastructure with modern machinery and capacity expansion capabilities(p.137)
- • Diversified product portfolio spanning whole spices, ground spices, oilseeds, pulses, grains, and flours(p.113)
- • Strategic geographic location with direct access to Agricultural Produce Market Committees (APMCs) for procurement(p.130)
- • Established export presence across 25+ countries demonstrating international market credibility(p.134)
- • Experienced promoters with significant industry knowledge and operational expertise in agro-commodities(p.131)
- • Dual business model combining own brand (SHETHJI) and white-label manufacturing for customer diversification(p.113)
- • Significant dependence on a limited number of customers for revenue generation(p.32)
- • Heavy reliance on third-party logistics and group company for transportation services(p.26)
- • High concentration of revenue from whole seeds segment creating product concentration risk(p.25)
- • Significant working capital requirements limiting financial flexibility(p.29)
- • Leased premises for registered office and proposed manufacturing facility expiring within one year(p.27)
- • Limited experience as a public listed company with potential governance and compliance challenges(p.35)
- • Expansion into blended and mixed spices with growing D2C and export market demand(p.24)
- • Development of millet-based and multigrain flour products targeting health-conscious consumer segment(p.132)
- • Strengthening D2C and e-commerce presence to capture direct consumer sales(p.133)
- • Establishment of in-house cold storage facility reducing third-party logistics costs(p.132)
- • Installation of solar power capacity to reduce operational energy costs and improve sustainability(p.133)
- • Expansion of international markets capitalizing on growing global demand for Indian spices(p.107)
- • Agricultural commodity price volatility and seasonal supply fluctuations beyond company control(p.24)
- • Intense competition from organized and unorganized players in spices and agro-commodities sector(p.25)
- • Regulatory risks including food safety, quality standards, and changing compliance requirements(p.27)
- • Geographic concentration with 85.39% of FY2025 revenue from Gujarat creating regional economic dependency(p.25)
- • Foreign exchange rate fluctuations impacting import and export profitability(p.30)
- • Multiple pending GST and tax proceedings against company and promoters creating contingent liability(p.28)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Jitendra Kakkad | Promoter | 44.30% | 31.06% |
| Vivek Kakkad | Promoter | 36.76% | 25.77% |
| Tulshidas Kakkad | Promoter | 15.26% | 10.70% |
| Dhruti Kakkad | Promoter | 3.68% | 2.58% |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.