Adon Agro Commodities IPO
ListedSME
1.35×
Subscribed
Price band
₹70 – ₹70
Issue size
₹44.03 Cr
Open – close
29 Jun 2026
to 01 Jul 2026
Listing
06 Jul 2026
Listing gain
+11.79%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong4 of 7 dimensions read
The disclosed numbers are strong — 5 of 5 signals read positive
Strength91/100
- Priced below its peers2.9× earnings against a peer median of 50.7× — a discount to the issuer's own comparison set
- Out-earns its peersReturn on net worth of 84.4% against a peer median of 5.9%
- High return on equityROE of 71.8%
- Conservative balance sheetDebt/equity of 0.28×
- Institutions bid heavilyQIB portion subscribed 22.47×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed, and is pulled toward neutral to reflect how much the document leaves unsaid. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens29 Jun 2026
- Closes01 Jul 2026
- Listing06 Jul 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB22.47x
Non-institutionalNII / HNI1.41x
Big NIIabove ₹10L1.83x
Small NII₹2L – ₹10L0.57x
Retail individualRII0.84x
776 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 01 Jul 2026.
Chance of allotment
Retail0.84× subscribed
Full allotment
The retail portion is under-subscribed at 0.84×, so every valid application should receive a full allotment.
HNI / NII1.41× subscribed
~1 in 1.4
HNI is 1.41× subscribed. This category is allotted proportionately, so a bid receives roughly 1/1.4 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹0+0.0%
over the upper band · last seen 07 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹70 – ₹70
Total issue size₹44.03 Cr
Listing atSME platform
Company & valuation
P/E at upper band2.91×
EPS₹3.25pre-issue
NAV per share₹40.57
Return on equity71.77%
Debt / equity0.28×
ROCE68.79%
RoNW88.16%
PAT Margin7.50%
EBITDA Margin10.89%
NAV58.54
Price to Book Value1.20
ISININE1SME01017
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB Shares Offered | 64,000 | 1.02% |
| NII (HNI) Shares Offered | 29,50,000 | 46.90% |
| bNII > ₹10L | 19,66,000 | 31.26% |
| sNII < ₹10L | 9,84,000 | 15.64% |
| Retail Shares Offered | 29,60,000 | 47.06% |
| Market Maker Shares Offered | 3,16,000 | 5.02% |
Total issue 62,90,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Individual investors (IND) (Min)₹2,80,0002 lots · 4,000 sh
Individual investors (IND) (Max)₹2,80,0002 lots · 4,000 sh
S-HNI (Min)₹4,20,0003 lots · 6,000 sh
S-HNI (Max)₹9,80,0007 lots · 14,000 sh
B-HNI (Min)₹11,20,0008 lots · 16,000 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
What the money is for
Stated use of the net proceeds
- 01Funding incremental working capital requirements₹32 Cr
- 02General corporate purpose₹6.44 Cr
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Adon Agro Commodities Limitedthis issue | 5.37 | 2.91 | 40.57 | 84.36% |
| Leo Dry Fruits & Spices Trading Limited | 5.75 | 9.57 | 35.59 | 16.68% |
| Proventus Agrocom Limited | 10.50 | 114.29 | 377.12 | 5.86% |
| Krishival Food Limited (Formerly Known as Empyrean Cashews Limited) | 6.07 | 50.74 | 63.55 | 4.08% |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumThe substantial portion of our revenues has been dependent upon few customers, with which we do not have any firm commitments. The loss of any one or more of our major customers would have a material adverse effect on our business, cash flows, results of operations and financial condition.
mediumOur Company is involved in a pending writ petition before the Hon'ble Bombay High Court regarding the alleged undervaluation of imported goods, which may result in a significant financial liability of up to Rs. 444.45 lakhs including potential differential duty, penalty and redemption fines.
Litigation
Except as stated in this section, there are no outstanding criminal proceedings, actions taken by statutory or regulatory authorities, claims related to direct and indirect taxes, disciplinary actions including penalties imposed by SEBI or stock exchanges against the Promoter in the last five financial years, or any other outstanding litigation involving the Company, Directors, Promoters, and Subsidiaries. The Board determined that outstanding legal proceedings involving the Company, its Directors and Promoter will be considered as material litigation if the aggregate monetary amount of claim/dispute amount/liability involved is in excess of the lower of 2% of the net worth (Rs. 73.44 lakhs), 2% of turnover (Rs. 574.32 lakhs), or 5% of the average of absolute value of profit or loss after tax (Rs. 38.31 lakhs). The lower threshold is Rs. 38.31 lakhs. The disclosure made in other pending litigation is in compliance with the above threshold limit or such matters which may have a significant effect on the business, operations, financial condition, prospects, reputation, results of operations or cash flows of the Company irrespective that the amount involved in such litigation may not meet the materiality threshold, or such matters where the aggregate monetary amount of claim/dispute amount/liability involved is not quantifiable. This will also include civil litigations where the decision in one case is likely to affect the decision in similar cases even though the amount involved in an individual litigation may not exceed the materiality threshold. Further, any such proceedings wherein a monetary liability is not quantifiable, or which does not fulfil the threshold as specified in (a) above, but the outcome of such a proceeding could have a material adverse effect on the financial position, business, operations, prospects, or reputation of the Company, in the opinion of the Board; or The decision in such a proceeding is likely to affect the decision in similar proceedings, such that the cumulative amount involved in such proceedings exceeds the Threshold, even though the amount involved in an individual proceeding does not exceed the Threshold. A. LITIGATION INVOLVING THE COMPANY a) Criminal Proceedings Against the Company Nil b) Criminal Proceedings Filed by the Company 325
Positives the filing discloses (2)
Low leverage
Debt-to-equity of 0.28x.
Healthy return on equity
ROE of 71.8%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
-2.2%
Listed up
1 of 8
Best
+0.4%
Papadmalji Agro Foods Limited
Worst
-17.5%
Himalayan Solar
Ravita Engineering Services Limitedsame segment
6.7× sub+0.0%
Vaibhav Vyapaar Limitedsame segment
3.1× sub-2.0%
R.K. Fashion Accessories Limitedsame segment
2.6× sub-2.4%
Eventions Limitedsame segment
2.3× sub-5.9%
Green Asia Impexsame segment
1.0× sub+0.0%
Papadmalji Agro Foods Limitedsame segment
2.5× sub+0.4%
Dudani Retailsame segment
1.4× sub-13.8%
Himalayan Solarsame segment
1.2× sub-17.5%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Adon Agro Commodities IPO GMP today?
The most recent grey-market premium recorded for Adon Agro Commodities is ₹0 per share — about 0.0% over the ₹70 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Adon Agro Commodities IPO subscribed?
Adon Agro Commodities is subscribed 1.35× overall (QIB 22.47×, NII 1.41×, retail 0.84×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.