India’s IPO market remains robust in August 2025, with several high-profile offerings lined up across the food processing and agricultural segments. Riding this momentum, Shivashrit Foods Limited, a leading manufacturer of premium-grade potato flakes, has opened its IPO on August 22, 2025.
Here is a detailed insight into Shivashrit Foods IPO details and the industry outlook.
About Shivashrit Foods Ltd.
Founded in 2017, Shivashrit Foods Limited is a manufacturer, supplier, and exporter of high-quality potato flakes. The company operates a fully automated processing facility in Aligarh, Uttar Pradesh, and has a strong focus on a direct procurement model, sourcing 80-90% of its annual potato requirements from a network of farmers within a 200 km radius.
The company’s business model is primarily Business-to-Business (B2B), supplying potato flakes to domestic and international food and snack manufacturers. It recently expanded into the Business-to-Consumer (B2C) segment in December 2024 with a new retail brand marketed through its website and e-commerce platforms.
Shivashrit Foods Ltd. IPO Details
The Shivashrit Foods IPO is a book-building issue of ₹70.03 crore. The issue consists of a fresh issue of 43.16 lakh shares aggregating to ₹61.29 crore and an offer for sale (OFS) of 6.16 lakh shares aggregating to ₹8.75 crore. The proceeds from the fresh issue will be used for capital expenditure for a new manufacturing unit, working capital, and general corporate purposes.
Important IPO Timeline
| Event | Date |
| IPO Open Date | Fri, Aug 22, 2025 |
| IPO Close Date | Tue, Aug 26, 2025 |
| Tentative Allotment | Thu, Aug 28, 2025 |
| Initiation of Refunds | Fri, Aug 29, 2025 |
| Credit of Shares to Demat | Fri, Aug 29, 2025 |
| Tentative Listing Date | Mon, Sep 1, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Aug 26, 2025 |
Key IPO Details
| Particulars | Details |
| Face Value | ₹10 per share |
| Issue Price Band | ₹135 to ₹142 per share |
| Lot Size | 1,000 Shares |
| Total Issue Size | 49,32,000 shares (aggregating up to ₹70.03 Cr) |
| Fresh Issue | 40,68,000 shares (aggregating up to ₹57.77 Cr) |
| Offer for Sale | 6,16,000 shares of ₹10 (aggregating up to ₹8.75 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing at | NSE SME |
| Shareholding Pre-Issue | 1,39,53,000 shares |
| Shareholding Post-Issue | 1,82,69,000 shares |
Lot Size of Shivashrit Foods IPO
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 2 | 2,000 | ₹2,84,000 |
| Individual investors (Retail) (Max) | 2 | 2,000 | ₹2,84,000 |
| S-HNI (Min) | 3 | 3,000 | ₹4,26,000 |
| S-HNI (Max) | 7 | 7,000 | ₹9,94,000 |
| B-HNI (Min) | 8 | 8,000 | ₹11,36,000 |
Shivashrit Foods Ltd. Financials
The Shivashrit Foods IPO values Shivashrit Foods Ltd. at a market capitalisation of ₹259.42 crore. The company has shown strong growth, with revenue increasing by 36% and Profit After Tax (PAT) by 4% between the financial years ending March 31, 2024, and March 31, 2025.
Key Performance Indicators (as of Mar 31, 2025)
- Return on Equity (ROE): 42%
- Return on Capital Employed (ROCE): 42.73%
- Debt/Equity: 1.39
- Profit After Tax (PAT) Margin: 11.51%
- EBITDA Margin: 22.06%
- Price-to-Book Value: 3.59
- Pre-IPO P/E: 10.58
- Post-IPO P/E: 15.03
Company Financial Snapshot
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets (₹ Cr) | 108.78 | 83 | 48.48 |
| Total Income (₹ Cr) | 105.85 | 78 | 45.61 |
| Profit After Tax (₹ Cr) | 12.06 | 12 | 1.52 |
| EBITDA (₹ Cr) | 23.1 | 20 | 4.95 |
| Net Worth (₹ Cr) | 34.6 | 23 | 10.93 |
| Reserves and Surplus (₹ Cr) | 20.64 | 17.89 | 6.28 |
| Total Borrowing (₹ Cr) | 47.96 | 36.97 | 22.67 |
Shivashrit Foods Ltd.: Industry Outlook
The global market for potato flakes is experiencing steady growth, driven by increasing demand for convenience foods, processed snacks, and ready-to-eat meals. Shivashrit Foods’ strategic expansion into the B2C segment and its direct-from-farmer procurement model position it well to capitalise on this trend.
However, investors should consider risks such as reliance on a single primary raw material (potatoes), fluctuations in agricultural prices, and intense competition from domestic and international players.
Use of IPO Proceeds
The net proceeds from the fresh issue will be utilised for the following:
| S.No. | Purpose of the Issue | Expected Amount (in Millions) |
| 1 | Capital Investment for Expansion Project | 263 |
| 2 | Working Capital Requirements for Expansion Project | 190 |
| 3 | General Corporate Expenses | — |
Conclusion
Shivashrit Foods IPO offers investors exposure to the growing packaged foods sector, specifically the niche potato flakes market. The company’s consistent financial performance and a clear plan for using the IPO proceeds for expansion provide a solid foundation for future growth.
Given that this is an SME platform IPO, it may appeal to investors with a higher risk tolerance and a long-term investment perspective. As with any investment, a thorough review of the company’s financials, risks, and the overall market environment is recommended before making a decision.
