Peshwa Wheat IPO
ListedSMEFMCG
2.77×
Subscribed
Price band
₹101 – ₹101
Lot size
1,200
1 lot = ₹1,21,200
Issue size
₹53.52 Cr
Open – close
24 Sept 2026
to 28 Sept 2026
Listing
01 Oct 2026
Listing gain
-0.94%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Caution4 of 7 dimensions read
The filing raises real questions — 2 of 4 signals read negative
Strength47/100
- Slow revenue growthRevenue compounding at only 0.0%
- Low return on equityROE of 6.5% — the business earns little on the capital it already has
- Conservative balance sheetDebt/equity of 0.55×
- Institutions bid heavilyQIB portion subscribed 177.12×
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
- Opens24 Sept 2026
- Closes28 Sept 2026
- Allotment29 Sept 2026
- Listing01 Oct 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB177.12x
Non-institutionalNII / HNI0.35x
Big NIIabove ₹10L0.16x
Small NII₹2L – ₹10L0.75x
Retail individualRII1.72x
1,984 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 28 Sept 2026.
Chance of allotment
Retail1.72× subscribed
~1 in 1.7
Minimum 2 lots · 2,400 shares · ₹2,42,400 blocked
Retail is 1.72× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 1.7 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII0.35× subscribed
Full allotment
Minimum 1 lot · 1,200 shares · ₹1,21,200 blocked
The HNI portion is under-subscribed at 0.35×, 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₹101 – ₹101
Face value₹10
Lot size1,200shares
Minimum application₹1,21,200at cut-off
Total issue size₹53.52 Cr
Listing atSME platform
Anchor investorsNone
Company & valuation
Return on equity6.45%
Debt / equity0.55×
ROCE33.44%
RoNW36.71%
PAT Margin7.32%
EBITDA Margin10.53%
NAV31.37
P/B (x)3.22
ISININE0SR101016
RegistrarMaashitla Securities Pvt Ltd
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 49,200 | 0.93% |
| NII (HNI) | 24,51,600 | 46.26% |
| bNII > ₹10L | 16,34,400 | 30.84% |
| sNII < ₹10L | 8,17,200 | 15.42% |
| Retail | 25,03,200 | 47.24% |
| Market Maker | 2,95,200 | 5.57% |
Total issue 52,99,200 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Individual investors (IND) (Min)₹2,42,4002 lots · 2,400 sh
Individual investors (IND) (Max)₹2,42,4002 lots · 2,400 sh
S-HNI (Min)₹3,63,6003 lots · 3,600 sh
S-HNI (Max)₹9,69,6008 lots · 9,600 sh
B-HNI (Min)₹10,90,8009 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
- 01Funding Capital Expenditure towards Purchase of Plant and Machineries₹6.69 Cr
- 02Funding Capital Expenditure towards Civil Construction₹5.01 Cr
- 03Funding Working Capital Requirements₹26.5 Cr
- 04General Corporate Purposesnot 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.
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2023 | 311.5 | 28.1 | 20.1 | 311.5 | — |
| 2024 | 311.5 | 28.1 | 20.1 | 311.5 | — |
| 2025 | 311.5 | 28.1 | 20.1 | 311.5 | — |
| 2026 | 311.5 | 28.1 | 20.1 | 311.5 | — |
Revenue CAGR 0.0%PAT CAGR 0.0%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Peshwa Wheat Limitedthis issue | 11.51 | — | 31.37 | 36.71% |
| Baba Foods Processing India Limited | 1.89 | 13.10 | 12.20 | 4.63% |
| Megastar Foods Limited | 8.11 | 40.93 | 331.95 | 8.97% |
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 company relies on a limited number of customers for its sales, and the loss of any major customer could adversely impact our revenue and profitability. The top 1 customer contributed 18.89% of total revenue from operations in the financial year ended March 31, 2026, and the top 5 customers contr
mediumThe company relies on a limited number of suppliers for product procurement, and the loss of any key supplier could impact our business operations. The top 1 supplier accounted for 38.48% of purchases in the financial year ended March 31, 2026, and the top 5 suppliers accounted for 51.62%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+0.0%
Listed up
3 of 8
Best
+90.0%
Maxwell Engineering Solutions Limited
Worst
-5.9%
Eventions Limited
Vedant Poly Fabs Limitedsame segment
1.9× sub+0.0%
Maxwell Engineering Solutions Limitedsame segment
491.4× sub+90.0%
HGS (India) Limitedsame segment
231.2× sub+33.3%
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%
Papadmalji Agro Foods Limitedsame segment
2.5× sub+0.4%
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 Peshwa Wheat
Peshwa Wheat Limited is engaged in processing wheat-based products and other flour products. Its product portfolio includes atta (wheat flour), Sortex wheat, broken wheat, wheat bran, gram flour (besan), and maize flour. The company also trades vegetables such as potatoes and tomatoes within Madhya Pradesh. It sells its flour products through super stockists, who supply wholesalers and retailers, as well as directly to customers purchasing in bulk. The company operates an integrated flour processing unit at the Apparel Cluster Industrial Area in Bijepur, Indore, Madhya Pradesh. The facility has an installed capacity of 56,100 MTPA and is used for processing its wheat and flour products. The company also uses wheat bran generated during the milling process for cattle and poultry feed. Its products are primarily sold in Madhya Pradesh, Maharashtra, Karnataka, and Gujarat.
Founded 2017MD Mr Rahat Ali SaiyedSector FMCG
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the Peshwa Wheat IPO subscribed?
Peshwa Wheat is subscribed 2.77× overall (QIB 177.12×, NII 0.35×, retail 1.72×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, Maashitla Securities Pvt Ltd.
What is the minimum investment in the Peshwa Wheat IPO?
One lot is 1,200 shares, so a retail application at the ₹101 cut-off price blocks ₹1,21,200. 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 Peshwa Wheat IPO?
The retail portion is subscribed 1.72×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 2. 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 Peshwa Wheat IPO allotment date?
Allotment is scheduled for 2026-09-29, with listing on 2026-10-01. 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, Maashitla Securities Pvt 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.