IPO Overview
Dhanwel Hybrid Seeds Limited is a Gujarat-based seed company engaged in the development, multiplication, processing, and marketing of agricultural seeds under the “Dhanwel Seeds” brand. The company sources breeder and other genetic seed material from recognized institutions and produces seeds through contract farmers as well as direct procurement, followed by cleaning, grading, treatment, packing, and quality checks at its processing facility in Jashapar, Jamnagar. The company offers a diverse portfolio of seeds, including groundnut, soybean, wheat, gram, sesame, cumin, fenugreek, green gram, and black gram, catering to various agro-climatic conditions and crop cycles. Incorporated on January 1, 2018, the company holds ISO 9001:2015 certification and, as of April 2026, employs 18 professionals across functions.
The company is now launching its SME IPO on the BSE SME platform. Dhanwel Hybrid Seeds Ltd IPO is an issue of 27,00,000 equity shares with a face value of ₹10, aggregating up to ₹26.73 crore. The issue is priced in a band of ₹95 to ₹99 per share, with a lot size of 1,200 shares. The IPO opens on 24 June 2026 and closes on 29 June 2026, with listing expected on 2 July 2026 on BSE SME.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 24 June 2026 |
| IPO Close Date | 29 June 2026 |
| Allotment Date | 30 June 2026 (Expected) |
| Refund Initiation | 1 July 2026 |
| Credit to Demat | 1 July 2026 |
| Listing Date | 2 July 2026 (Tentative) |
| Price Band | ₹95 – ₹99 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,200 shares |
| Minimum Investment (Retail) | ₹2,37,600 (2 lots = 2,400 shares) |
| Issue Size | ₹26.73 crore |
| Fresh Issue | 27,00,000 shares (₹26.73 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) | ~50% |
| Non-Institutional Investors (NII) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | 1,36,800 shares (reserved) |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue, and all proceeds will be received directly by the company to fund growth and balance-sheet requirements.
Objects of the Issue (Fund Utilization)
The company proposes to utilize the net proceeds from the issue towards repayment or prepayment, in full or in part, of borrowings availed from banks and financial institutions — estimated at ₹7.60 crore — and towards funding working capital requirements — estimated at ₹11.60 crore. The remaining proceeds will be used for general corporate purposes in accordance with applicable SEBI regulations and to secure the benefits of listing on the BSE SME platform.
- Repayment / prepayment of borrowings — ₹7.60 crore
- Working capital requirements — ₹11.60 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Wealth Mine Networks Limited
- Registrar to the Issue: Cameo Corporate Services Ltd.
Promoters & Management
The promoters of Dhanwel Hybrid Seeds are Mr. Kishankumar Gordhanbhai Meghani, Mr. Vimal Mansukhbhai Vekariya, Mr. Sudhir Mohanbhai Pipaliya, and Mr. Nikul Mansukhbhai Vekariya.
Company Details
The company is engaged in the business of seed manufacturing, which includes the development, multiplication, processing, and supply of seeds for a variety of field crops and vegetables. The seed production process is carried out in a structured manner across multiple stages and involves the use of improved genetic seed material procured from recognised sources, which is then multiplied, processed, conditioned, and handled in accordance with prescribed agronomic and processing practices.
Sectors Served:
- Agriculture / Seed Manufacturing
- Field Crops & Oilseeds
- Pulses & Spices
- Vegetable Seeds
Key Products:
- Groundnut, soybean, wheat, gram, sesame, cumin, fenugreek, green gram, and black gram seeds
- Product portfolio spans oilseeds, pulses, spices, leafy vegetables, and other crop categories, with oilseeds and pulses contributing the majority of revenue.
Key Capabilities:
- Integrated seed supply model supported by agronomists, field staff, and technicians, with sourcing of breeder and genetic seed material from recognized institutions and research organizations.
- ISO 9001:2015 certified processing facility
Manufacturing / Processing Facility:
- Located in Jashapar–Kalavad, Jamnagar district, Gujarat — equipped with modern infrastructure and machinery for seed cleaning, grading, treatment, and packaging.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY25 | ₹44.13 | ₹2.16 |
| FY26 | ₹74.59 | ₹6.12 |
Key Financial Metrics
- Revenue increased by 69% and profit after tax (PAT) rose by 183% between FY25 and FY26.
- The company reported strong FY26 growth supported by a robust order book of ₹1,312.50 lakhs.
Company Strengths
- Wide seed portfolio — the company offers diverse hybrid seed varieties across field crops and vegetables, providing flexibility to meet varied agricultural requirements and market demand.
- Diversified order book comprising confirmed orders from dealers, distributors, and customers across various crop segments, providing near-term revenue visibility.
- Strong emphasis on quality assurance and customer satisfaction, fostering long-term customer relationships and repeat business.
- Experienced promoter group supported by a dedicated management team
- Strong financial growth momentum with sharp improvement in profitability in FY26
- ISO 9001:2015 certified processing facility with structured, quality-controlled production process
Key Risks & Challenges
- The company’s business is subject to seasonality and climatic conditions, which could impact demand for its products and affect financial performance, as demand is closely linked to monsoon patterns, weather conditions, and farming activities.
- Certain delays, discrepancies, and omissions have been detected in the company’s statutory records, as well as in records related to the submission of returns to the concerned Registrar of Companies.
- A major portion of the company’s transactions are conducted in cash, which may expose it to operational, regulatory, and financial risks.
- Certain delays in statutory filings under the Companies Act, 2013 may lead to financial and regulatory consequences for the company.
- Small company with a limited employee base (18 professionals as of April 2026), which may constrain scalability
- SME IPO liquidity risk — limited secondary market trading volumes on the BSE SME platform
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.
