IPO Overview
Founded in August 2014, Green Asia Impex Limited is an integrated seafood processing and agri-commodities company engaged in sourcing, processing, trading, and exporting frozen shrimps and dried chillies to B2B customers — including importers, distributors, and food processors — both domestically and internationally. Shrimp is the core business, contributing over 80% of revenue, with products including Vannamei, Black Tiger, and freshwater shrimp processed in multiple value-added formats such as Head-On Shell-On (HOSO), Headless Shell-On (HLSO), and Peeled & Deveined (PD). Alongside seafood, the company also trades and exports premium Indian dried chilli varieties including Teja, Guntur Sannam, and Bydagi. The company’s existing semi-automated shrimp processing facility is located at Unguturu, Andhra Pradesh, with an installed capacity of 7,200 MTPA for block freezing and 3,600 MTPA for IQF processing.
The company is now launching its SME IPO on the NSE SME platform to raise ₹60.10 crore. The issue combines a fresh issue of ₹53.10 crore (59,00,000 shares) and an offer for sale of ₹7 crore (7,77,777 shares). The price band is set at ₹85 to ₹90 per share. The IPO opens on 24 September 2026 and closes on 28 September 2026, with listing expected on 1 October 2026 on NSE SME.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | NSE SME |
| IPO Open Date | 24 September 2026 |
| IPO Close Date | 28 September 2026 |
| Allotment Date | 29 September 2026 (Expected) |
| Refund Initiation | 30 September 2026 |
| Credit to Demat | 30 September 2026 |
| Listing Date | 1 October 2026 (Tentative) |
| Price Band | ₹85 – ₹90 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,600 shares |
| Minimum Investment (Retail) | ₹2,88,000 (2 lots = 3,200 shares) |
| Issue Size | ₹60.10 crore |
| Fresh Issue | 59,00,000 shares (₹53.10 crore) |
| Offer For Sale (OFS) | 7,77,777 shares (₹7.00 crore) |
| Post-Issue Market Cap | ~₹192.23 crore (at upper band) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~30% |
| Non-Institutional Investors (NII/HNI) | ~35% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | Reserved Portion |
OFS / Selling Shareholders
The IPO includes an OFS component of 7,77,777 shares worth ₹7 crore. The OFS proceeds will go to the selling shareholders and will not be received by the company. The fresh issue component of ₹53.10 crore will be used by the company for business expansion.
Objects of the Issue (Fund Utilization)
The company plans to use the fresh issue proceeds primarily for setting up a new seafood processing facility at Chinnayagudem, Andhra Pradesh. The planned new facility is expected to add approximately 16,200 MTPA of additional processing capacity, significantly scaling up the company’s export capabilities.
- Capital expenditure for proposed seafood processing facility including plant, machinery & equipment — ₹40.03 crore
- General corporate purposes and permitted business requirements — remaining proceeds
Note: OFS proceeds of ₹7 crore will go to selling shareholders and not to the company.
Lead Managers & Registrar
- Book Running Lead Manager: Indorient Financial Services Limited
- Registrar to the Issue: Bigshare Services Pvt. Ltd.
- Market Maker: Steel City Securities Ltd.
Promoters & Management
The company is promoted by Mr. Pasupuleti Venkata Ramarao and Mrs. Pasupuleti Meenakshi. The promoters bring domain expertise in seafood processing, agri-commodities trading, and export operations across Indian and international markets.
As of 31 January 2026, the company’s workforce comprised 125 permanent employees.
Company Details
Green Asia Impex Limited operates as an integrated seafood processing and agri-products exporter with end-to-end capabilities spanning procurement, processing, quality control, and export. The company’s dual-product portfolio helps diversify procurement cycles, as shrimp harvesting and chilli production occur in different seasons, partially reducing seasonality risks.
Sectors / Markets Served:
- Frozen Seafood (Shrimp) — Domestic & International B2B
- Agri-Commodities (Dried Chillies) — Domestic & Export Markets
Key Products:
- Frozen Shrimp: Vannamei, Black Tiger, Freshwater Shrimp in HOSO, HLSO, and PD formats
- Dried Chillies: Teja, Guntur Sannam, and Bydagi varieties
Key Capabilities:
- Export-grade processing facilities compliant with global food safety standards
- Strong long-standing relationships with customers in India and abroad
- Trader-cum-commission agent network supporting raw material procurement
- In-house quality assurance and testing infrastructure
Processing Facilities:
- Existing: Unguturu, Andhra Pradesh — 7,200 MTPA (block freezing) + 3,600 MTPA (IQF)
- Proposed: Chinnayagudem, Andhra Pradesh — ~16,200 MTPA additional capacity (to be funded via IPO proceeds)
Financial Snapshot
| Period | Total Income (₹ Cr) | EBITDA (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹318.15 | ₹17.35 | ₹6.66 |
| FY25 | ₹339.65 | ₹20.74 | ₹10.35 |
| FY26 | ₹388.63 | ₹25.23 | ₹15.61 |
Key Financial Metrics
- Revenue grew ~14% YoY in FY26; PAT surged ~51% YoY — indicating improving operating leverage
- Post-issue P/E: ~12.31x — appears reasonable considering the pace of profit growth
- P/E Ratio (pre-issue): ~8.91x
- Debt-to-Equity Ratio: ~2.90x — indicating a highly leveraged balance sheet
- Total borrowings increased sharply to ₹99.47 crore in FY26 against net worth of only ₹24.13 crore
Company Strengths
- Consistent three-year revenue and profit growth with PAT rising from ₹6.66 crore in FY24 to ₹15.61 crore in FY26 — a near 2.3x increase
- Dual-product model (shrimp + chillies) with different harvest cycles helps partially offset seasonality risks
- Export-grade processing infrastructure with in-house quality control and compliance with international food safety standards
- Proposed Chinnayagudem facility adds ~16,200 MTPA capacity — expected to significantly boost export volumes
- Strong B2B client relationships with importers, distributors, and food processors in both domestic and international markets
- Post-issue P/E of ~12.31x is reasonably valued compared to seafood sector peers
Key Risks & Challenges
- Highly leveraged balance sheet: Total borrowings of ₹99.47 crore against net worth of ₹24.13 crore — Debt-to-Equity of ~2.90x makes the company financially fragile
- Thin EBITDA and PAT margins: Despite improving profits, EBITDA and net profit margins remain modest, leaving limited cushion against adverse price movements
- Seafood sector risk: Frozen shrimp exports face significant risks including disease outbreaks, weather disruptions, international price volatility, and stringent food safety regulations in export markets
- OFS component: ₹7 crore OFS proceeds flow to selling shareholders — no benefit to the company from this portion
- Execution risk on new facility: The proposed Chinnayagudem processing unit must be constructed on time, commissioned successfully, and achieve healthy capacity utilisation for the investment to generate adequate returns
- SME IPO liquidity risk: Limited secondary market trading volumes on NSE SME platform, leading to higher volatility
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.
