Papadmalji Agro Foods IPO Opens September 29 to Fund New Rajasthan Plant

Papadmalji Agro Foods will open its public offer on September 29 as the Bikaner based snack manufacturer prepares to finance a new production unit and expand its distribution footprint. The issue is scheduled to close on October 1, with the shares proposed for listing on NSE Emerge on October 7.

The price band has been set at ₹69 to ₹72 per share. Public issue data reviewed by Agrilinkage put the total offer at about ₹20.18 crore, combining a fresh issue with an offer for sale. The company manufactures handmade and machine made papads, rice papads, vrat products and moongodi, and also produces private label papads for other brands.

Papadmalji plans to use fresh issue proceeds for a new manufacturing unit at Bachhasar in Rajasthan. The stated capital program includes building works, mechanical and electrical works, plant and machinery and installation of a 250 kW rooftop solar system. Part of the proceeds is also earmarked for repayment or prepayment of bank borrowings and general corporate purposes.

The expansion matters because the company is trying to move beyond its existing manufacturing base in Bikaner while broadening distribution. Papadmalji says it currently reaches customers across 21 Indian states and three Union Territories, with additional exports to the Middle East through a mix of wholesale, modern trade, quick commerce and direct to consumer channels.

The IPO arrives at a point when regional packaged food companies are increasingly using public markets to finance manufacturing capacity, brand expansion and working capital. For a company built around a traditional Indian snack category, the larger strategic question is whether additional capacity can be matched by stronger national distribution and repeat demand outside its core western Indian markets.

Investors and food industry suppliers will now be watching the final subscription outcome, the pace of the Bachhasar project and whether the new plant improves throughput without weakening the handmade positioning that remains central to the Papadmalji brand.