Dhanwel Hybrid Seeds IPO
ListedSMEFMCG
1.65×
Subscribed
Price band
₹99 – ₹99
Lot size
1,200
1 lot = ₹1,18,800
Issue size
₹26.73 Cr
Open – close
19 Aug 2026
to 21 Aug 2026
Listing
26 Aug 2026
Listing gain
+0.00%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong3 of 7 dimensions read
The disclosed numbers are strong — 2 of 3 signals read positive
Strength78/100
- Undemanding valuation10.4× earnings at the upper band, with no peer set published to compare against
- High return on equityROE of 29.7%
- Institutional book coveredQIB portion subscribed 1.00×
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
- Opens19 Aug 2026
- Closes21 Aug 2026
- Allotment24 Aug 2026
- Listing26 Aug 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB1.00x
Non-institutionalNII / HNI0.24x
Big NIIabove ₹10L0.05x
Small NII₹2L – ₹10L0.61x
Retail individualRII3.08x
1,700 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 21 Aug 2026.
Chance of allotment
Retail3.08× subscribed
~1 in 3.1
Minimum 2 lots · 2,400 shares · ₹2,37,600 blocked
Retail is 3.08× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 3.1 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII0.24× subscribed
Full allotment
Minimum 1 lot · 1,200 shares · ₹1,18,800 blocked
The HNI portion is under-subscribed at 0.24×, so applications should be allotted in full.
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.
The offering
Terms, structure and who is selling
Terms
Price band₹99 – ₹99
Face value₹10
Lot size1,200shares
Minimum application₹1,18,800at cut-off
Total issue size₹26.73 Cr
Listing atSME platform
Company & valuation
P/E at upper band10.36×
EPS₹6.56pre-issue
NAV per share₹30.70
Return on equity29.69%
ROCE49.36%
Debt/Equity0.39
RoNW31.11%
PAT Margin8.20%
EBITDA Margin12.38%
NAV30.70
Price to Book Value3.22
ISININE0VWO01011
RegistrarCameo Corporate Services Ltd
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 28,800 | 1.07% |
| NII (HNI) | 12,67,200 | 46.93% |
| bNII > ₹10L | 8,44,800 | 31.29% |
| sNII < ₹10L | 4,22,400 | 15.64% |
| Retail | 12,67,200 | 46.93% |
| Market Maker | 1,36,800 | 5.07% |
Total issue 27,00,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Individual investors (IND) (Min)₹2,37,6002 lots · 2,400 sh
Individual investors (IND) (Max)₹2,37,6002 lots · 2,400 sh
S-HNI (Min)₹3,56,4003 lots · 3,600 sh
S-HNI (Max)₹9,50,4008 lots · 9,600 sh
B-HNI (Min)₹10,69,2009 lots · 10,800 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
- 01to ensure that 20% of the post Issue paid-up capital is locked innot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Dhanwel Hybrid Seeds Limitedthis issue | 9.56 | 10.36 | 30.70 | 31.11% |
| Bombay Super Hybrid Seeds Limited | 2.54 | 34.78 | 12.49 | 20.35% |
| Upsurge Seeds of Agriculture Limited | 7.43 | 12.18 | 61.47 | 12.06% |
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
mediumMajor portion of our sales transactions are conducted in cash, which may expose us to operational, regulatory, and financial risks.
mediumCertain delays, discrepancies and Omissions have been detected in our statutory records, as well as in records related to the submission of returns to the concerned Registrar of Companies.
mediumCertain delays in statutory filings under the Companies Act, 2013 may lead to financial and regulatory consequences for our Company.
mediumNon-compliance with certain procedural requirements under Section 42 of the Companies Act, 2013 relating to a private placement of equity shares may expose our Company to regulatory action, penalties, and other adverse consequences.
Positives the filing discloses (1)
Healthy return on equity
ROE of 29.7%.
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.
About Dhanwel Hybrid Seeds
Dhanwel Hybrid Seeds Limited is engaged in the seed business, covering the development, multiplication, processing, and supply of seeds for various field crops and vegetable varieties. The company undertakes seed production using improved genetic seed material sourced from recognised agricultural institutions, government-supported research organisations, and the open market. Seed cultivation is carried out through arrangements with identified farmers, where the company provides seed material, cultivation protocols, and technical support while monitoring crop quality through its field staff and agronomists. In addition to contract farming arrangements, the company also procures seeds directly from farmers and the open market based on operational requirements. Post-harvest, seeds are processed through cleaning, grading, treatment, and packaging at the company's processing facility located at Jashapar, Jamnagar district, Gujarat. The facility spans over 10,218 square feet and is equipped with processing infrastructure for quality control and storage. The company markets its products under the “Dhanwel Seeds” brand and holds ISO 9001:2015 certification.
Founded 2018MD Mr Kishankumar Gordhanbhai MeghaniSector FMCG
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the Dhanwel Hybrid Seeds IPO subscribed?
Dhanwel Hybrid Seeds is subscribed 1.65× overall (QIB 1.00×, NII 0.24×, retail 3.08×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, Cameo Corporate Services Ltd.
What is the minimum investment in the Dhanwel Hybrid Seeds IPO?
One lot is 1,200 shares, so a retail application at the ₹99 cut-off price blocks ₹1,18,800. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Dhanwel Hybrid Seeds IPO?
The retail portion is subscribed 3.08×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 3. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Dhanwel Hybrid Seeds IPO allotment date?
Allotment is scheduled for 2026-08-24, with listing on 2026-08-26. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, Cameo Corporate Services Ltd.
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.