IPO Overview
Established in 1997 and based in Gorakhpur, Crazy Snacks offers a diverse array of bakery products tailored to meet the everyday needs of Indian consumers. The company’s portfolio features an extensive selection, including bread, buns, cakes, and rusks, with a total of 150 products priced between ₹2 and ₹170. The company markets its products under the Crazy, Bity and Baked Gold brands and primarily operates across North India, with a meaningful distribution network and brand presence in the region. It has an extensive distribution network of 2,045 distributors, supported by a fleet of 35 vehicles to handle deliveries. It has also expanded its offering with namkeens and chips, widening its product base beyond traditional bakery items.
The company is now launching its SME IPO on the BSE SME platform. The IPO comprises a fresh issue of 60,00,000 equity shares and an Offer for Sale of 14,95,000 equity shares, aggregating up to ₹31.47 crore. The IPO has been priced in the range of ₹39 to ₹42 per share. The IPO opens on 25 June 2026 and closes on 30 June 2026, with listing expected on 3 July 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 25 June 2026 |
| IPO Close Date | 30 June 2026 |
| Allotment Date | 1 July 2026 (Expected) |
| Listing Date | 3 July 2026 (Tentative) |
| Price Band | ₹39 – ₹42 per share |
| Face Value | ₹10 per share |
| Lot Size | 6,000 shares |
| Minimum Investment (Retail) | ₹2,52,000 |
| Minimum Investment (HNI) | ₹3,78,000 (9,000 shares) |
| Issue Size | ₹31.47 crore |
| Fresh Issue | 60,00,000 shares (₹25.20 crore) |
| Offer For Sale (OFS) | 14,95,000 shares (₹6.28 crore) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | 50% |
| Non-Institutional Investors (NII) | 15% |
| Retail Investors | 35% |
| Market Maker | Reserved Portion |
OFS / Selling Shareholders
Crazy Snacks is entering the public market through a combination of a fresh issue and an offer for sale. The fresh issue proceeds are expected to support the company’s business requirements and growth plans, while the offer for sale provides an exit opportunity for existing shareholders. The OFS portion amounts to ₹6.28 crore at the upper price band.
Objects of the Issue (Fund Utilization)
From the net proceeds of the issue, the company will utilize ₹5.71 crore for repayment/prepayment of certain borrowings, ₹9.92 crore for capex on purchase of machinery and equipment for its existing facility, and the rest for general corporate purposes.
- Repayment / prepayment of borrowings — ₹5.71 crore
- Capex — purchase of machinery & equipment for existing facility — ₹9.92 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Inventure Merchant Banker Services Pvt. Ltd.
- Registrar to the Issue: KFin Technologies Ltd.
- Market Maker: Hem Finlease Pvt. Ltd. (HEM Group)
Promoters & Management
Specific promoter names were not clearly disclosed in publicly available sources at the time of writing. The average cost of acquisition of shares by the promoters stands at ₹0.00, ₹0.04, and ₹18.34 per share respectively, indicating shares acquired across different rounds/time periods.
Company Details
Crazy Snacks Limited is engaged in the manufacturing and marketing of bakery products and packaged snack foods. The company offers a diversified portfolio comprising namkeens, chips, popcorn, potato sticks, cakes, breads, buns, cookies and rusks under multiple brands catering to different consumer segments.
Sectors Served:
- Packaged Foods
- Bakery Products
- Snacks & Namkeens
- Convenience Foods
Brands:
- Crazy
- Bity
- Baked Gold
Key Capabilities:
- Wide range of bakery products spanning Economy, Semi-premium, and Premium segments, with 150 products priced between ₹2 and ₹150–170
- Extensive distribution network of 2,045 distributors supported by an in-house fleet of 35 delivery vehicles
- Popular rusk offerings under both the Crazy Snacks and Crazy Bakery Udyog brands
Regional Presence:
The company currently markets its products in Uttar Pradesh and Bihar, making it a North-centric player.
Employee Strength:
As of January 31, 2026, the company had 347 employees, including contract workers.
Financial Snapshot
| Period | Total Income (₹ Cr) | PAT (₹ Cr) |
| FY23 | ₹89.17 | ₹3.54 |
| FY24 | ₹129.08 | ₹5.32 |
| FY25 | ₹111.63 | ₹6.33 |
| 9M FY26 (Dec 2025) | ₹87.56 | ₹6.00 |
Key Financial Metrics
- PAT margins stood at 3.97% (FY23), 4.17% (FY24), 5.69% (FY25), and 6.85% (9M-FY26); RoCE margins were 11.00%, 14.45%, 12.37%, and 10.08% for the respective periods.
- Average EPS for the last three fiscals stood at ₹3.08, with an average RoNW of 16.57%.
- The issue is priced at a P/BV of 2.05 based on NAV of ₹20.45 per share as of March 31, 2025, and a P/BV of 1.48 based on post-IPO NAV of ₹28.36 per share at the upper price band.
- Debt-equity ratio stood at 1.63 as of December 31, 2025.
- The company has not paid any dividends since incorporation, and plans to adopt a prudent dividend policy based on future financial performance.
Company Strengths
- Broad and diversified product range spanning bakery products, namkeens, chips, and convenience foods catering to multiple consumer segments.
- Strong distribution infrastructure — 2,045 distributors backed by an in-house logistics fleet of 35 vehicles.
- Multi-brand strategy (Crazy, Bity, Baked Gold) allowing the company to cater to both value and premium consumer segments.
- Established manufacturing infrastructure with a long operating history since 1997.
- Consistent revenue growth across reported fiscal years.
Key Risks & Challenges
- The company’s debt-equity ratio of 1.63 as of December 31, 2025, raises concern over its financial leverage.
- Higher margins and boosted profits from FY25 onward appear to be a result of window dressing aimed at securing fancy IPO valuations, according to independent IPO analysts.
- The company markets its products only in Uttar Pradesh and Bihar, making it a geographically concentrated, North-centric player.
- As per the offer document, the company’s listed peers — Annapurna Swadisht and Anjani Foods — are not truly comparable on an apples-to-apples basis, raising questions over the IPO’s valuation benchmarking.
- There were significant compliance lapses noted ahead of the IPO opening — offer documents were not readily available on the designated exchange, merchant banker, or company website days before the issue opened, despite regulatory requirements.
- The company has not paid any dividends since incorporation.
- Independent analysts have flagged the issue as aggressively priced based on recent earnings and have recommended investors stay away from this non-compliant offer.
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.
