IPO Overview
M R Maniveni Foods Limited has its roots in pulses trading dating back to 1950 and was formally incorporated in 2010. With over six decades of industry experience, the company has developed strong sourcing relationships and an established market presence in the staple foods category. The company specializes in the manufacturing, processing, and supply of pulses — primarily Urad Dal and Toor Dal — and also trades in pulses and grains including moong dal, kabuli channa, green gram dal, coriander seeds, rice, and chillies. The company operates two dedicated facilities: an automated urad dal unit with an installed capacity of 24,000 MT and a semi-manual toor dal unit with 5,400 MT capacity.
M R Maniveni Foods IPO is an SME book-built issue of ₹27.04 crore, comprising entirely a fresh issue of 52.00 lakh shares. The IPO opens for subscription on 22 May 2026 and closes on 26 May 2026. The company is proposed to be listed on the BSE SME platform on 1 June 2026. The price band has been fixed at ₹51 to ₹52 per share, with a minimum retail investment of approximately ₹2.08 lakh.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 22 May 2026 |
| IPO Close Date | 26 May 2026 |
| Allotment Date | 27 May 2026 (Expected) |
| Refund Initiation | 29 May 2026 |
| Credit to Demat | 29 May 2026 |
| Listing Date | 1 June 2026 (Tentative) |
| Price Band | ₹51 – ₹52 per share |
| Face Value | ₹10 per share |
| Lot Size | 2,000 shares |
| Minimum Lots (Retail) | 2 lots (4,000 shares) |
| Minimum Investment (Retail) | ₹2,08,000 (approx) |
| Issue Size | ₹27.04 crore |
| Fresh Issue | 52,00,000 shares (₹27.04 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds go directly to the company.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | Up to 50% (with up to 60% of QIB portion reserved for Anchor Investors, one-third of which is reserved for Domestic Mutual Funds) |
| Non-Institutional Investors (NII/HNI) | Not less than 15% |
| Retail Individual Investors (RII) | Not less than 35% |
| Market Maker | Reserved Portion |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The DRHP highlights a completely fresh issue with no OFS component, ensuring that the capital raised directly supports corporate expansion.
Objects of the Issue (Fund Utilization)
The proposed equity issue and planned capex signify a strategic push towards capacity expansion and automation in dal processing, enhancing operational efficiency and strengthening the company’s manufacturing infrastructure. The net proceeds are proposed to be utilized for:
- Capacity expansion and automation of manufacturing facilities
- Working capital requirements
- General corporate purposes
Lead Managers & Registrar
- Book Running Lead Manager: CapitalSquare Advisors Private Limited
- Registrar to the Issue: Bigshare Services Private Limited
- Website: https://ipo.bigshareonline.com/IPO_Status.html
- Phone: +91-22-6263-8200
- Email: [email protected]
Promoters & Management
The promoters of M R Maniveni Foods are K R Manikandan, M Chandra, and K Selvam. The promoters are steering capacity expansion and automation, with a strategic emphasis on enhancing the SME listing visibility and operational footprint.
Registered Office: S.No. 220/3A-3B, Madhavaram-Redhills High Road (Near Vadaperumbakkam), Madhavaram, Chennai – 600060, Tamil Nadu
Company Details
M R Maniveni Foods Limited is engaged in the business of processing, packaging, and distribution of food products primarily focused on pulses including Urad Dal and Toor Dal. The company operates in the B2B food segment and focuses on quality-controlled food processing, supply chain efficiency, and scalable manufacturing operations. The company emphasizes hygienic food preparation, modern processing techniques, and strong supply chain management practices.
Sectors Served:
- B2B Food Distribution (Wholesale Buyers, Traders, Retailers)
- South Indian Staple Food Market
Key Products:
- Urad Dal (Black Gram Dal) — Core Product
- Toor Dal (Pigeon Pea Dal) — Core Product
- Moong Dal, Kabuli Channa, Green Gram Dal, Coriander Seeds, Rice, Chillies — Trading
Key Capabilities:
- Automated urad dal unit with 24,000 MT installed capacity and a semi-manual toor dal unit with 5,400 MT capacity
- Integrated processing, packaging, and distribution operations
- Strong sourcing relationships built over six decades
Geographic Presence: Tamil Nadu accounted for the largest share of revenue at 58.35% in FY25, followed by Karnataka (23.99%) and Kerala.
Revenue Mix (FY25): Manufacturing contributed 93.09% of revenue in FY25, led by Urad Dal at 70.54% and Toor Dal at 22.56%.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹155.00 | ₹2.20 |
| FY25 | ₹203.52 | ₹3.88 |
Key Financial Metrics
- Revenue grew by 31% and PAT rose by 76% between FY24 and FY25 — strong growth trajectory despite thin absolute margins.
- PAT Margin: ~1.9% (FY25) — characteristic of commodity food processing businesses
- Revenue base of ₹203 crore is significantly large relative to the small IPO size of ₹27 crore
- Lean workforce: As of 31 July 2025, the company had a lean workforce of 18 employees.
Company Strengths
- Over six decades of industry experience in pulses, with a transition from traditional trading to structured manufacturing and distribution — providing deep market knowledge and strong sourcing relationships.
- Large revenue base (₹203 crore in FY25) relative to a very small IPO size — indicating an established and operational business
- Strong PAT growth of 76% YoY, showing improving profitability
- Two dedicated manufacturing facilities with a combined capacity of over 29,400 MT annually in the core urad and toor dal segments.
- Post-listing on BSE SME, the firm aims to consolidate its South Indian market presence while upgrading production capabilities in its core Urad Dal segment.
- Fully fresh issue — entire IPO proceeds flow into the company with no promoter exit
Key Risks & Challenges
- Raw material procurement lacks long-term supplier contracts, creating vulnerability to supply disruptions and price volatility.
- Customer relationships operate on an order-basis without formal agreements, risking revenue instability.
- Single manufacturing facility location in Tamil Nadu creates operational concentration risk.
- Very thin PAT margins (~1.9%) — typical of commodity food processing but leaves little room for error in cost management
- Heavy geographic concentration — over 58% revenue from Tamil Nadu alone, with limited pan-India presence
- Very lean workforce of only 18 employees — may pose challenges for scaling operations rapidly post-IPO
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
