Shreeji Global FMCG Makes Weak Debut, Lists 20% Below SME IPO Price

Shreeji Global FMCG Makes Weak Market Debut; Shares List 20% Below IPO Price on NSE SME Platform

Shreeji Global FMCG Ltd made a tepid debut on the stock exchanges on November 12, disappointing investors who were hoping for listing gains. The stock opened at ₹100 per share on the NSE Emerge platform, marking a 20% discount to its issue price of ₹125 per share.

The listing came as a surprise to many retail participants, given the company’s solid financial growth and a well-subscribed IPO. However, the lack of grey market premium (GMP) ahead of listing indicated muted investor sentiment toward the SME issue.

Flat Grey Market Signals Lack of Enthusiasm Before Listing

Ahead of the market debut, Shreeji Global FMCG’s unlisted shares were trading flat in the grey market — with no premium or discount over the IPO price, according to data from Investorgain. The grey market premium (GMP) stood at ₹0, signaling that the shares were likely to list close to or below the issue price.

The absence of strong grey market activity reflected investor caution toward small and mid-sized FMCG listings amid volatile broader markets and profit-booking in recent IPOs.

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Shreeji Global FMCG IPO Details: ₹85 Crore Issue Fully Subscribed

The ₹85 crore Shreeji Global FMCG IPO was entirely a fresh issue of 68 lakh equity shares priced between ₹120 and ₹125 per share. The issue was open for subscription from November 4 to November 7, 2025, and received decent investor participation from retail and institutional categories.

Prior to the IPO opening, the company raised ₹14.52 crore through an anchor book on November 3, allocating 11.62 lakh shares to four institutional investors — Craft Emerging Market Fund, Beacon Stone Capital, Chanakya Opportunities Fund, and Vikasa India — at the upper price band of ₹125.

Despite reasonable anchor investor participation, the weak debut suggests that retail investors may have taken a cautious stance amid subdued market sentiment.

About Shreeji Global FMCG: A Fast-Growing Gujarat-Based FMCG Firm

Shreeji Global FMCG, headquartered in Gujarat, is a fast-growing player in the spices and food processing segment. The company manufactures and processes a wide range of products, including ground and whole spices, grains, pulses, seeds, and atta (flour) under its diversified product portfolio.

The company competes in the listed space with Sheetal Universal and Madhusudan Masala, both of which have seen mixed performance since their respective listings.

According to the company’s management, the IPO funds will primarily be used for factory expansion, procurement of machinery and cold storage facilities, installation of solar power systems for internal use, and meeting working capital needs, apart from general corporate purposes.

Financial Performance: Profits Up 122% in FY25

On the financial front, Shreeji Global FMCG has shown strong revenue growth and profit expansion over the past few years.

• For the April–August FY26 period, the company reported a net profit of ₹9.2 crore on revenue of ₹250.4 crore.

• In FY25, profits surged 122% year-on-year to ₹12.2 crore, compared to ₹5.5 crore in FY24.

• During the same period, revenue grew 10.3% to ₹648.9 crore from ₹588.2 crore a year earlier.

Despite strong fundamentals, analysts believe that the subdued listing may reflect valuation concerns and sectoral fatigue, as several SME IPOs in the FMCG and consumer goods space have witnessed limited post-listing traction.

Analysts View: Weak Listing Reflects Sector Caution and Valuation Concerns

Market analysts attributed the weak listing of Shreeji Global FMCG shares to a combination of high valuation, moderate market sentiment, and profit-taking by early investors.

“While Shreeji Global FMCG has demonstrated strong growth in revenues and profitability, the listing discount reflects a cautious investor approach toward new SME listings in the FMCG space,” said an analyst tracking SME IPOs.

The SME IPO segment has seen mixed trends in recent months. While some high-growth companies in manufacturing and renewable energy have delivered strong gains, others in traditional sectors such as FMCG have struggled to sustain post-listing momentum.

Post-Listing Outlook: Long-Term Story Remains Intact

Despite the weak debut, experts believe that Shreeji Global FMCG’s long-term prospects remain positive, backed by rising demand for branded and packaged food products in India’s expanding FMCG market.

“The company operates in a fast-moving segment with steady demand and increasing brand penetration across Tier 2 and Tier 3 cities,” said a market expert. “If the company efficiently deploys IPO funds toward capacity expansion and solar-powered operations, profitability could see further improvement in FY27 and beyond.”

However, short-term performance will depend on how quickly the stock can recover from its listing discount and attract investor interest as it begins trading on the NSE SME platform.

Conclusion: Weak Debut but Growth Story Intact

While Shreeji Global FMCG’s listing at a 20% discount disappointed IPO investors expecting listing gains, the company’s fundamentals, growth trajectory, and expansion plans indicate long-term potential.

The listing outcome underlines the cautious sentiment in the SME segment, where valuation, timing, and liquidity play a crucial role in post-listing performance. Going forward, steady earnings and execution of expansion projects could help the company win back market confidence.

For now, the focus remains on how Shreeji Global FMCG manages to convert its operational strengths into consistent shareholder value after its weak debut.

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