The SME initial public offering (IPO) of Adon Agro Commodities received strong investor response on its first day, achieving 48% subscription with bids for 28.74 lakh shares against 59.74 lakh equity shares on offer, according to BSE data. The strongest demand came from qualified institutional buyers (QIBs), whose portion was subscribed 11.88 times, while the non-institutional investor category garnered 43% and the individual investor category was subscribed 29%. The IPO will conclude on July 1, 2026, with the company targeting to raise ₹44.03 crore through a fresh issue of 62.90 lakh equity shares with a face value of ₹10 each.
The issue allocation follows standard SME IPO norms with 1.07% reserved for qualified institutional buyers (QIBs), 49.3% for non-institutional investors (NIIs), and 49.55% for retail investors. The IPO is entirely a fresh issue of 62.9 lakh equity shares with no offer-for-sale component, priced in the band of ₹66-70 per share. The issue will close for public subscription on July 1, 2026 and is proposed to be listed on the BSE SME platform on July 6, 2026. Galactico Corporate Services Limited serves as the book-running lead manager, while KFin Technologies Limited acts as the registrar to the issue.
The company has demonstrated exceptional financial growth, with revenue from operations increasing from ₹22 crore in FY23 to ₹103 crore in FY25. According to The Economic Times, for the nine months ended January 2026, the company recorded ₹287.3 crore in revenue and ₹21.6 crore in net profit, compared with revenue of ₹103 crore and profit of ₹7.2 crore in FY25. The company's customer base expanded dramatically to 871 customers as of January 2026 from 101 customers in FY25. The net proceeds from the fresh issue will be utilized towards funding working capital requirements and general corporate purposes.
Adon Agro Commodities Limited, incorporated in Mumbai, operates as an integrated agro-commodity company engaged in sourcing, importing, processing, packing, and distribution of dry fruits, nuts, seeds, and berries under the 'Hunger Nuts' brand. As reported by The Economic Times, the company's product portfolio includes almonds, cashews, walnuts, pistachios, raisins, dried dates, apricots and figs, sold in both bulk and retail formats. It sources products from six countries across the globe including the UAE, Afghanistan, Chile, the United States, and Sri Lanka, and operates an in-house processing facility at MIDC Mahape, Navi Mumbai with an annual processing capacity of 4,800 tonnes for almonds and 2,000 tonnes for walnuts. The company also caters to the corporate gifting segment through customised dry fruit hampers and sells products across APMC Navi Mumbai, select third-party distributors, large-format retail stores, and leading e-commerce marketplaces.
The grey market premium (GMP) stands at zero for Adon Agro Commodities IPO, indicating expectations of a flat listing if current market sentiment continues. The SME IPO is entirely a fresh issue of 62.9 lakh equity shares with no offer-for-sale component, priced in the band of ₹66-70 per share. The shares are proposed to be listed on the BSE SME platform on July 6, 2026. Vishal Sancheti, CEO of Galactico Corporate Services Limited, noted that India's dry fruits sector is growing at a CAGR of over 10%, with Adon Agro Commodities building genuine differentiation through its global sourcing, in-house processing, and branded retail presence across retail and digital channels.
