Green Asia Impex IPO

Green Asia Impex Limitedgreenasiaimpex.com

ListedSMEConsumer StaplesNSE Emerge

Price band: ₹84 – ₹89
Issue size: ₹59.34 Cr
Lot size: 1600 sh
Bidding: 24 Sep – 1 Oct
Grey market: —

Market data to 30 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

Green Asia Impex sources, processes and exports frozen shrimp and dried chillies from Andhra Pradesh, and the record puts shrimp at 87.76% of revenue from operations in Fiscal 2026. Revenue rose from Rs 317.39 crore in FY24 to Rs 383.80 crore in FY26, while profit after tax went from Rs 6.66 crore to Rs 15.61 crore, a multiple of 2.34 times, taking PAT margin from 2.10% to 4.07%. Against that, total borrowings reached Rs 99.47 crore in FY26 on net worth of Rs 41.43 crore, and the record puts trade receivables at Rs 97.35 crore. The Rs 59.34 crore issue was subscribed 1.04 times, listed at Rs 89 against a band top of Rs 89, and last traded at Rs 67.90 on 23 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.

51Mixed

IPOVista score

Balance sheet is the open question

63% of the scoring model was backed by disclosed data for Green Asia Impex, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below 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 2.4× 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 2014 · Tadepalligudem, Andhra Pradesh, India · 136 employees

Green Asia Impex sources, processes and exports frozen shrimp and dried chillies from Andhra Pradesh. Shrimp — Vannamei, Black Tiger and freshwater varieties — made up 87.76% of revenue from operations in Fiscal 2026; dried chillies (Teja, Guntur Sannam, Byadgi) are the remainder. It sells business-to-business, to importers, distributors and food processing companies, not to consumers. Domestic buyers took 61.82% of shrimp revenue in Fiscal 2026, while customers in China accounted for Rs 120.09 crore, or 31.29% of revenue from operations. The company used third-party processing facilities until it commissioned its own plant at Unguturu in January 2023. It had 136 permanent employees as of 31 August 2026 and is recognised as a Two Star Export House by the DGFT.

Revenue is the gross value of shrimp and chilli shipments, and the margin is the narrow spread between procurement and sale price. Cost of materials consumed was Rs 322.15 crore in Fiscal 2026 — 83.94% of revenue from operations, down from 86.72% in Fiscal 2025 — which is why EBITDA margin was 6.57% and PAT margin 4.07% on Rs 383.80 crore of revenue. The structural constraint is working capital: receivable days stretched from 26 in Fiscal 2024 to 77 in Fiscal 2026, trade receivables reached Rs 97.35 crore, and total borrowings rose to Rs 99.47 crore against net worth of Rs 41.43 crore. Concentration is high — the top ten customers in each segment were 77.85% of Fiscal 2026 revenue.

The company on paper

Legal name: Green Asia Impex Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 5 Aug 2014
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U10209AP2014PLC094995
Sector: Consumer Staples · Frozen shrimp processing and dried chilli export
Employees: 136
Registered office: Tadepalligudem, Andhra Pradesh, India
Promoters: Pasupuleti Venkata Ramarao, Pasupuleti Meenakshi
Promoter holding, pre-issue: 94.7%
Promoter holding, post-issue: 64.9%
Website: greenasiaimpex.com

The numbers

Financial performance

Revenue has compounded at 10.0% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as published in the accounts this record was built from. 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

88% 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: ₹52.46 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹6.88 Cr
Total issue size: ₹59.34 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: 3,36,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 29.7% 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 6. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription1.04×

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: ₹89.00
Listed at: ₹89.00
Listing gain: unchanged 0.0%
Since listing: down 24.7%
Against the issue price: down 24.7%

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.

Lots

Shares applied for: 3,200
At cut-off price: ₹89.00
Amount blocked: ₹2,84,800

One lot is 1600 shares at ₹1,42,400. This issue requires a minimum of 2 lots, so the smallest application is ₹2,84,800. 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.

~100%

chance of one lot, per application

Retail subscription: 0.56×
Applicants per share available: 0.6× 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.

₹89.00

listed at, 0.0% against the issue price

Issue price: ₹89.00
Premium said: —
If allotted 1600 shares: ₹0

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

Revenue was higher in each of the three years the record carries: Rs 317.39 crore in FY24, Rs 337.62 crore in FY25 and Rs 383.80 crore in FY26 — growth of 6.37% and then 13.68%.
Margins were wider at both levels in each successive year on record. EBITDA margin was 5.47% in FY24 (Rs 17.35 crore on Rs 317.39 crore), 6.14% in FY25 (Rs 20.74 crore on Rs 337.62 crore) and 6.57% in FY26 (Rs 25.23 crore on Rs 383.80 crore); PAT margin was 2.10%, 3.07% and 4.07% over the same years.
Borrowings measured against net worth were lower in each successive year on record: Rs 63.73 crore against Rs 15.46 crore in FY24 (4.12 times), Rs 74.92 crore against Rs 25.81 crore in FY25 (2.90 times), and Rs 99.47 crore against Rs 41.43 crore in FY26 (2.40 times).
The record states that cost of materials consumed was Rs 322.15 crore in Fiscal 2026, or 83.94% of revenue from operations, against 86.72% in Fiscal 2025.

What to weigh against it

Total borrowings were higher in each successive year on record — Rs 63.73 crore in FY24, Rs 74.92 crore in FY25 and Rs 99.47 crore in FY26. The FY26 figure is 2.40 times that year's net worth of Rs 41.43 crore and 6.37 times that year's profit after tax of Rs 15.61 crore.
The record puts receivable days at 26 in Fiscal 2024 and 77 in Fiscal 2026, and trade receivables at Rs 97.35 crore. Set against FY26 revenue of Rs 383.80 crore, those receivables are 25.36% of it.
The record describes concentration as high and gives the figures: the top ten customers in each segment were 77.85% of Fiscal 2026 revenue, shrimp was 87.76% of revenue from operations, and customers in China accounted for Rs 120.09 crore, or 31.29% of revenue from operations.
The issue was subscribed 1.04 times overall on 1 October 2026, with QIB at 2.06 times, NII at 0.64 times and retail at 0.56 times. It listed at Rs 89, the top of the Rs 84-89 band, closed its first day at Rs 84.55 — 5.00% below Rs 89 — and last traded at Rs 67.90 on 23 October 2026, 23.71% below Rs 89.

Easy to miss in the prospectus

Receivables disclosure in later filings, against the record's 26 receivable days in Fiscal 2024, 77 in Fiscal 2026 and trade receivables of Rs 97.35 crore.
Total borrowings against net worth, last Rs 99.47 crore against Rs 41.43 crore in FY26 (2.40 times).
The record carries no objects-of-the-offer breakdown, no valuation section, no peer set and no category allocation, so the Rs 52.46 crore fresh issue within the Rs 59.34 crore total cannot be traced to a stated use within this record.

Straight from the filing

Read it yourself

The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.

The paperwork

Who is running the issue

Lead managers: Indorient Financial Services Limited
RegistrarAllotment status is checked on the registrar's own site: Bigshare Services Private Limited

How these figures were checked

Built from 9 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 24 Sep 2026
Closes: 1 Oct 2026
Allotment: 5 Oct 2026
Lists: 7 Oct 2026
Revenue (FY26): ₹384 Cr
Profit (FY26): ₹15.61 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.