MR Maniveni Foods' SME IPO successfully closed with 1.69 times oversubscription on the final day of bidding, receiving 62.86 lakh shares against the offer size of 37.3 lakh shares via 985 applications from May 22 to May 26. According to Moneycontrol, investors across all categories provided robust support, with retail investors leading the charge at 2.09 times subscription, non-institutional investors bidding 1.66 times, and qualified institutional buyers achieving 100% subscription. The retail investor portion was subscribed at 89% on day 1, indicating healthy demand from individual investors throughout the bidding period.
Investors can bid for a minimum lot size of 2,000 shares, with retail investors required to apply for at least two lots or 4,000 shares, translating into a minimum investment of ₹2.08 lakh at the upper end of the price band. As reported by The Economic Times, high net-worth investors must apply for three lots or 6,000 shares, amounting to ₹3.12 lakh. The company has already secured ₹7.64 crore from two anchor investors - Craft Emerging Market Fund and Longthrive Capital - by issuing 14.7 lakh shares on May 21. The company operates in the food products segment and plans to use the raised funds primarily for growth and business expansion.
The company has outlined specific fund utilization for the IPO proceeds, allocating ₹12.7 crore for construction of factory, ₹13.61 crore for purchase of plant and machinery, and the balance amount for general corporate purposes. According to Moneycontrol, MR Maniveni Foods currently operates two milling units in Chennai at the automated pulses milling plant in Madhavaram, with the urad dhal process fully automated while the toor dhal facility functions under semi-automated setup. To enhance production capacity and operational efficiency, the company has proposed establishing a fully automated toor dhal processing plant aimed at ensuring uninterrupted production and enhancing overall throughput through advanced technology and automation.
The IPO share allotment will be finalised by May 27, with shares tentatively scheduled to list on the BSE SME platform on June 1. As reported by Moneycontrol, the company tapped capital markets to raise ₹27.04 crore via IPO of 52 lakh shares with a price band of ₹51-52 per share. Capitalsquare Advisors served as the book running lead manager for the IPO. The company specialises in the milling, processing, and supply of urad dal and toor dal, with the global food processing and handling equipment market valued at USD 118.43 billion in 2024 and projected to grow to USD 183.06 billion by 2032.
The company faces several operational risks including potential non-compliance regarding past share application money receipts and lack of long-term contracts with suppliers for black gram and raw pigeon pea. As reported by ET Now, any cancellation, modification, or postponement of customer orders could materially harm the company's cash flow position, revenues, and earnings. The company has outlined short-term and long-term growth strategies including further strengthening procurement networks, improving operational efficiency, and strategic marketing initiatives. The company maintains strong brand recognition and market position, being reputed for providing high-quality dhal with full compliance to food safety standards including FSSAI, ISO-22000, and ZED-Bronze certification under the MSME scheme.
