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GMP— what is the grey market premium?

Peshwa Wheat IPO

Peshwa Wheat Limitedpeshwawheat.com

ListedSMEConsumer StaplesBSE SME
Price band
₹95 – ₹101

Face value ₹10.00

Issue size
₹53.52 Cr

100% fresh capital

Lot size
1200 sh
Bidding
24 – 28 Sep

Lists 1 Oct 2026

Grey market
—

No quote recorded

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

Peshwa Wheat mills wheat at one plant in Indore, Madhya Pradesh, selling atta, maida, suji, daliya, sortex-cleaned wheat and bran, plus gram and maize flour, mainly to super stockists and direct business buyers in Madhya Pradesh, Maharashtra, Karnataka and Gujarat; it also buys and resells vegetables within Madhya Pradesh. FY26 revenue was Rs 215.96 Cr against Rs 171.55 Cr in FY25, a rise of 25.89%, with PAT of Rs 15.81 Cr against Rs 11.84 Cr, a rise of 33.53%. The Rs 53.52 Cr issue was entirely fresh, offered in a Rs 95-101 band, and stood 2.77 times subscribed overall on its closing day, 28 September 2026. It listed on BSE SME at Rs 100.05 on 1 October 2026, closed day one at Rs 95.05, and last traded at Rs 41.05 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.

69Strong
IPOVista score 69 out of 100, graded Strong.

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Peshwa Wheat, 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

  • 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 2017 · Indore, Madhya Pradesh, India · 24 employees

Peshwa Wheat Limited mills wheat at a single plant in Indore, Madhya Pradesh, with an installed capacity of 56,100 tonnes a year. It sells atta (whole wheat flour), maida, suji or rawa, daliya, sortex-cleaned wheat and wheat bran, and also makes gram flour (besan) and maize flour. Bran left over from milling is sold on as cattle feed. The company separately buys and resells vegetables within Madhya Pradesh. Output goes mainly to business buyers — super stockists and direct customers in Madhya Pradesh, Maharashtra, Karnataka and Gujarat — in packs from 5 kg to 50 kg, under the brands Shahi Peshwa, Peshwa Maharaj, Royal Peshwa and Peshwa Gold. It began as a partnership firm in 2017 and became a public limited company in December 2023, with 24 permanent employees at 31 March 2026.

Revenue is the sale of milled wheat products and traded vegetables, and the dominant cost is the grain itself, so earnings turn on the spread between wheat procurement cost and flour realisation rather than on volume alone. That spread is thin: on FY26 total income of ₹215.96 crore the company reported EBITDA of ₹22.73 crore, a 10.53% margin, and PAT of ₹15.81 crore, a 7.32% margin, against ₹171.55 crore and ₹11.84 crore in FY25. The structural constraint is working capital and milling capacity rather than staff — 24 permanent employees ran the plant at 31 March 2026. Of the ₹53.52 crore raised, ₹26.50 crore was earmarked for working capital and ₹11.70 crore for plant, machinery and civil construction.

The company on paper

Legal name
Peshwa Wheat Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
26 Dec 2023trading as Peshwa Wheat since 2017
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
U10797MP2023PLC069079
Sector
Consumer Staples · Wheat flour milling and grain processing (atta, maida, suji, sortex wheat, bran)
Employees
24
Registered office
Indore, Madhya Pradesh, India
Promoters
Rahat Ali Saiyed, Sadaf Saiyed, Shehnaj, Mo. Jed, Riyazuddin Qureshi
Promoter holding, pre-issue
72.6%
Promoter holding, post-issue
52.4%
Website
peshwawheat.com

The numbers

Financial performance

Revenue has compounded at 25.9% a year across the 2 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

100% 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
₹53.52 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders
₹0
Total issue size
₹53.52 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
2,95,200

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 20.2% of the company.

  • Promoters
  • Everyone else
Before73%27%After52%48%

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.

QIB177.12×NII / HNI0.35×Retail1.72×

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

Total subscription2.77×

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
₹101.00
Listed at
₹100.05
Listing gain
down 0.9%
Since listing
down 65.4%

Trading at ₹34.60 on 30 Oct 2026

Against the issue price
down 65.7%

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.

Lots
2 lots, 2400 shares, ₹2,42,400 blocked
Shares applied for
2,400
At cut-off price
₹101.00
Amount blocked
₹2,42,400

One lot is 1200 shares at ₹1,21,200. This issue requires a minimum of 2 lots, so the smallest application is ₹2,42,400. 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.

~58%

chance of one lot, per application

Retail subscription
1.72×
Applicants per share available
1.7× 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.

₹100.05

listed at, −0.9% against the issue price

Issue price
₹101.00
Premium said
—
If allotted 1200 shares
−₹1,140

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 rose from Rs 171.55 Cr in FY25 to Rs 215.96 Cr in FY26, up 25.89%. EBITDA rose from Rs 18.05 Cr to Rs 22.73 Cr, up 25.93%, and PAT from Rs 11.84 Cr to Rs 15.81 Cr, up 33.53%.
  • The EBITDA margin was 10.52% in FY25 (Rs 18.05 Cr on Rs 171.55 Cr) and 10.53% in FY26 (Rs 22.73 Cr on Rs 215.96 Cr). The PAT margin was 6.90% in FY25 (Rs 11.84 Cr on Rs 171.55 Cr) and 7.32% in FY26 (Rs 15.81 Cr on Rs 215.96 Cr).
  • Net worth went from Rs 27.26 Cr at FY25 to Rs 43.06 Cr at FY26, an increase of Rs 15.80 Cr or 57.96%, against FY26 PAT of Rs 15.81 Cr. Total borrowings went from Rs 22.60 Cr to Rs 23.74 Cr, up Rs 1.14 Cr or 5.04%, so borrowings stood at 0.83 times net worth at FY25 (22.60 on 27.26) and 0.55 times at FY26 (23.74 on 43.06).
  • The issue was entirely fresh: the fresh component of Rs 53.52 Cr equals the total size of Rs 53.52 Cr, with the offer-for-sale component recorded as zero. Promoter holding is recorded at 72.61% before the issue and 52.39% after, a fall of 20.22 percentage points. The record earmarks Rs 26.50 Cr of the raise for working capital and Rs 11.70 Cr for plant, machinery and civil construction.

What to weigh against it

  • The share listed at Rs 100.05 on 1 October 2026 for a listing gain of -0.94%, closed day one at Rs 95.05, and last traded at Rs 41.05 on 23 October 2026, 22 days after listing, for a recorded fall of -59.36%. Both percentages reconcile to an issue price of Rs 101, the top of the Rs 95-101 band (100.05 on 101 is -0.94%; 41.05 on 101 is -59.36%). Against the day-one close of Rs 95.05, Rs 41.05 is -56.81%.
  • On the closing day, 28 September 2026, the book stood at 2.77 times overall, made up of 177.12 times in QIB, 1.72 times in retail and 0.35 times in the non-institutional category, the last of these below one time.
  • Milling is at a single plant in Indore, Madhya Pradesh, with installed capacity of 56,100 tonnes a year and 24 permanent employees at 31 March 2026. The company describes bran left over from milling as being sold on as cattle feed, and the business as turning on the spread between wheat procurement cost and flour realisation.

Easy to miss in the prospectus

  • The only document on record is the Draft Red Herring Prospectus dated 31 July 2024. The issue opened on 24 September 2026, and both financial periods on record, FY25 to 31 March 2025 and FY26 to 31 March 2026, end after that document was filed. There is no RHP in the record.
  • The record names uses for Rs 38.20 Cr of the Rs 53.52 Cr raised (Rs 26.50 Cr working capital plus Rs 11.70 Cr plant, machinery and civil construction), leaving Rs 15.32 Cr unspecified; the offer-objects list is empty.
  • The record carries no total assets, no operating cash flow and no expenses line for either FY25 or FY26, and its valuation, peer, allocation, anchor and grey-market blocks are empty, so neither an earnings multiple nor a cash-conversion check can be computed from it. Subscription is recorded for day 3 only.

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
Finaax Capital Advisors Private Limited
RegistrarAllotment status is checked on the registrar's own site
Maashitla Securities Private Limited

How these figures were checked

Reconciled to Peshwa Wheat's own prospectus and to exchange disclosures, then cross-checked against 5 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.

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

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