- Price band
- ₹39 – ₹42
- Issue size
- ₹31.47 Cr
- Lot size
- 3000 sh
- Bidding
- 25 – 30 Jun
- Grey market
- —
Face value ₹10.00
80% fresh capital
Lists 3 Jul 2026
No quote recorded
Market data to 29 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Crazy Snacks Limited makes packaged bakery and namkeen products at two leased units in the GIDA industrial area of Gorakhpur, Uttar Pradesh, and sells only through distributors, numbering 2,234 as at 31 December 2025. Revenue from operations was Rs 89.13 Cr in FY23, Rs 127.59 Cr in FY24 and Rs 111.38 Cr in FY25, a fall of 12.71% in the last of those years, while EBITDA ran Rs 11.24 Cr, Rs 14.51 Cr and Rs 16.92 Cr and profit after tax Rs 3.54 Cr, Rs 5.32 Cr and Rs 6.33 Cr over the same three years. The Rs 31.47 Cr BSE SME issue, comprising a Rs 25.20 Cr fresh issue and a Rs 6.28 Cr offer for sale at a band of Rs 39 to Rs 42, was subscribed 1.20 times overall on its closing day. It listed at Rs 44 against the band top of Rs 42 and last traded at Rs 52 on 19 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
A trade-off in both directions
63% of the scoring model was backed by disclosed data for Crazy Snacks, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
Leveraged balance sheet
Debt-to-equity of 1.7× leaves limited headroom if demand softens or rates rise.
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 1995 · Gorakhpur, Uttar Pradesh, India · 225 employees
Crazy Snacks Limited makes packaged bakery and snack food at two leased facilities in the GIDA industrial area of Gorakhpur, Uttar Pradesh. The company's own unit produces bread, buns, rusk, cakes and cookies; its subsidiary Crazy Bakery Udyog Private Limited produces namkeen, chips, popcorn and potato sticks. Goods carry three labels: Crazy for everyday affordable items, Bity for premium cakes, breads and buns, and Baked Gold for premium cookies and rusk. The bakery list runs to 150 products priced between Rs.2 and Rs.170, the snack list to 147 products between Rs.2 and Rs.150. The company does not sell direct. As of December 31, 2025 it reached end retailers through 2,234 distributors, supported by a 35-vehicle fleet. Uttar Pradesh and Bihar together supplied 99.01% of FY25 consolidated revenue from operations.
The company sells to distributors, who supply end retailers; there is no direct-to-consumer channel. Materials dominate the cost base: cost of materials consumed was 61.62% of revenue from operations in FY23, 60.84% in FY24, 55.76% in FY25 and 52.35% in the nine months to December 31, 2025, on flour, pulses, sugar, palmolein oil, milk and packaging. Falling input cost, not volume, drove FY25: revenue from operations fell 12.71% to Rs.111.38 Cr while PAT rose to Rs.6.33 Cr. Capacity and leverage bind. In FY26 bread ran at 99.88% and buns at 98.63% of installed capacity while rusk sat at 57.60%, and borrowings were Rs.69.91 Cr against Rs.42.68 Cr of net worth at December 31, 2025.
The company on paper
- Legal name
- Crazy Snacks Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 13 Dec 1995
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U51224UP1995PLC019164
- Sector
- Consumer Staples · Packaged bakery products and namkeen snacks sold through a distributor network in North India
- Employees
- 225
- Registered office
- Gorakhpur, Uttar Pradesh, India
- Promoters
- Navin Kumar Agarwal, Upma Agrawal
- Promoter holding, pre-issue
- 76.1%
- Promoter holding, post-issue
- 50.9%
- Website
- crazy.org.in
The numbers
Financial performance
Revenue has compounded at 11.8% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
80% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹25.20 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹6.28 Cr
- Total issue size
- ₹31.47 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
- Market maker portionSME issues require a market maker to provide two-way quotes
- 3,78,000
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 25.3% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹42.00
- Listed at
- ₹44.00
- Listing gain
- up 4.8%
- Since listing
- up 20.5%
- Against the issue price
- up 26.2%
Trading at ₹53.00 on 29 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 6,000
- At cut-off price
- ₹42.00
- Amount blocked
- ₹2,52,000
One lot is 3000 shares at ₹1,26,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,52,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~79%
chance of one lot, per application
- Retail subscription
- 1.26×
- Applicants per share available
- 1.3× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹44.00
listed at, 4.8% against the issue price
- Issue price
- ₹42.00
- Premium said
- —
- If allotted 3000 shares
- ₹6,000
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- EBITDA and profit after tax were higher in each year after FY23: EBITDA Rs 11.24 Cr in FY23, Rs 14.51 Cr in FY24 (up 29.09%) and Rs 16.92 Cr in FY25 (up 16.61%); PAT Rs 3.54 Cr, Rs 5.32 Cr (up 50.28%) and Rs 6.33 Cr (up 18.98%).
- The EBITDA margin was 15.19% in FY25 (Rs 16.92 Cr on revenue from operations of Rs 111.38 Cr), against 11.37% in FY24 (Rs 14.51 Cr on Rs 127.59 Cr) and 12.61% in FY23 (Rs 11.24 Cr on Rs 89.13 Cr). The FY25 PAT margin was 5.68% (Rs 6.33 Cr on Rs 111.38 Cr).
- Cost of materials consumed was lower as a share of revenue from operations in every successive period the record carries: 61.62% in FY23, 60.84% in FY24, 55.76% in FY25 and 52.35% in the nine months to 31 December 2025.
- Net worth was Rs 26.30 Cr in FY23, Rs 31.12 Cr in FY24 and Rs 36.69 Cr in FY25, and the record puts it at Rs 42.68 Cr at 31 December 2025.
What to weigh against it
- Uttar Pradesh and Bihar together supplied 99.01% of FY25 consolidated revenue from operations, and the company does not sell direct to consumers: it reaches end retailers through its distributors.
- Revenue from operations fell 12.71% in FY25, from Rs 127.59 Cr to Rs 111.38 Cr.
- Borrowings stood at Rs 63.26 Cr against net worth of Rs 36.69 Cr in FY25, a ratio of 1.72x, and at Rs 69.91 Cr against Rs 42.68 Cr at 31 December 2025, a ratio of 1.64x. The comparable figures were Rs 48.01 Cr on Rs 26.30 Cr in FY23 (1.83x) and Rs 45.22 Cr on Rs 31.12 Cr in FY24 (1.45x). The fresh issue was Rs 25.20 Cr.
- Reported FY26 capacity utilisation was 99.88% for bread and 98.63% for buns, against 57.60% for rusk.
Easy to miss in the prospectus
- The record holds subscription figures for the closing day only, 30 June 2026: 4.75 times QIB, 1.26 times retail, 1.08 times NII and 1.20 times overall. It carries no earlier-day figures, no anchor book and no category-wise allocation.
- Nine-month figures to 31 December 2025 appear in the record only for cost of materials consumed (52.35% of revenue from operations), borrowings (Rs 69.91 Cr) and net worth (Rs 42.68 Cr). There is no nine-month revenue, EBITDA or PAT figure to compare against the FY25 full year.
- The record carries no valuation metrics, no peer set, no offer objects and no stated use of the Rs 25.20 Cr fresh issue.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Inventure Merchant Banker Services Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- KFin Technologies Limited
How these figures were checked
Reconciled to Crazy Snacks's own prospectus and to exchange disclosures, then cross-checked against 7 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Red Herring Prospectus dated June 19, 2026 (BSE download, RHP.pdf inside RHP&GID zip) · read 16 Oct 2026
- Draft Red Herring Prospectus dated December 30, 2024 (BSE) · read 16 Oct 2026
- BSE Equity Bhavcopy, 03 July 2026 (listing day: ISIN, series, OHLC, NewBrdLotQty) · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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