The Rs 25 crore IPO of Elfin Agro India had opened for subscription between March 5 and March 9. The issue was entirely a fresh equity sale of 53.25 lakh shares, meaning the company will receive the proceeds to fund its business operations.
The IPO saw modest overall demand, with the issue subscribed 1.35 times by the final day of bidding. Demand was largely driven by high-net-worth investors, with the NII portion subscribed 2.12 times, while the retail investor category saw subscription of 0.59 times.
Elfin Agro India operates in the agro-processing and edible oil segment. The company primarily manufactures and sells wheat-based products such as chakki atta, refined wheat flour (R atta), tandoori atta, maida and sooji, along with mustard oil.
Its products are marketed under brands such as Shiv Nandi and ELFIN’s Shri Shyam Bhog, which are distributed through wholesalers and retailers across several northern and western states. The company also trades in various agricultural commodities including chana, maize, wheat, soybean oil, rice bran oil, cattle feed and groundnut oil, depending on prevailing market conditions.
Elfin Agro operates two manufacturing units in Bhilwara, Rajasthan, and supplies products across eight states including Gujarat, Haryana, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Uttar Pradesh and Uttarakhand, as well as two union territories — Delhi and Chandigarh.Financially, the company operates in a high-volume, low-margin segment typical of agro-processing businesses. For the nine months ended December 2025, Elfin Agro reported revenue of Rs 117.7 crore and profit after tax of Rs 3.98 crore.The company plans to utilise the net proceeds from the IPO primarily to support its working capital requirements, which account for around Rs 19.33 crore, while Rs 3.5 crore will be used for general corporate purposes.
With the grey market indicating no premium ahead of listing, investors will now watch closely how the stock performs when it makes its debut on the SME exchange.
