Delhi’s House of Manohar–Owned SSMD Agrotech India to Open IPO on November 24
SSMD Agrotech IPO Opens on November 24 as House of Manohar Parent Plans ₹33.8 Crore Public Issue
Delhi-based SSMD Agrotech India, known for its fast-growing FMCG brand House of Manohar, is set to enter the capital markets with its initial public offering (IPO) on November 24. The upcoming issue marks the company’s maiden attempt to tap public investors as it accelerates expansion plans in the agro-food processing and direct-to-consumer (D2C) ecosystem.
The SSMD Agrotech IPO will remain open for subscription until November 26, offering 28.17 lakh shares at the upper price band. The company has fixed the IPO price band at ₹114–₹120 per share, valuing the issue size at ₹33.8 crore. Post allotment finalisation on November 27, the shares are scheduled to list on the BSE SME platform on December 1.
The SSMD Agrotech IPO intends to fuel the company’s next phase of growth, with proceeds earmarked for several strategic initiatives. A major portion — ₹13.1 crore — will be deployed to meet working capital requirements, enabling smoother operations and supply-chain efficiency across its manufacturing and distribution channels.
Additionally, the company plans to allocate ₹6.83 crore toward the repayment of select borrowings, improving its balance sheet and reducing finance costs.
Beyond operational liquidity and debt reduction, the IPO funds will also support expansion into new verticals. SSMD Agrotech will use:
₹2.03 crore for setting up new D2C dark store factories,
₹0.96 crore for procuring machinery to establish a new Namkeen manufacturing unit, and
The remaining amount for general corporate purposes.
The diversification into Namkeen manufacturing aligns with the company’s strategy to broaden its product portfolio and strengthen its presence in India’s competitive packaged food market.
SSMD Agrotech India operates under its flagship brand House of Manohar (HOM), offering a wide range of agro-food essentials including flour, rice, pulses, spices, oil and other daily-consumption products. The company runs three manufacturing units and distributes its products across major northern and central regions in India.
Notably, HOM adopted a direct-to-consumer (D2C) model in February 2025, launching its first D2C Dark Store Factory. The concept enables the delivery of freshly produced essentials within 10 minutes, disrupting traditional grocery delivery with higher product freshness and tighter supply chain control.
This fast-delivery model has strengthened the brand’s visibility in urban markets, tapping into India’s growing preference for hyperlocal and time-sensitive delivery solutions.
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Ahead of the SSMD Agrotech IPO, the company showcased steady financial growth, reinforcing investor interest. For the six-month period ending September 2025, SSMD reported:
Revenue: ₹52.1 crore
Net Profit: ₹3.8 crore
For the full fiscal year ending March 2025, the company recorded:
Revenue: ₹99.2 crore
Net Profit: ₹5.4 crore
The consistent profitability signals operational strength and scalable business fundamentals — crucial factors for SME investors evaluating the SSMD Agrotech IPO.
3Dimension Capital Services is acting as the sole merchant banker for the SSMD Agrotech IPO. The company is expected to provide end-to-end oversight across regulatory compliance, investor outreach and listing procedures.
Market participants say the presence of an experienced SME merchant banker strengthens the credibility of the public issue and offers structured guidance to the company as it transitions into a publicly listed entity.
Analysts note several reasons why the SSMD Agrotech IPO is attracting early market attention:
1. Rising Demand for Agro-Food Essentials
India’s packaged food industry continues to grow at a double-digit pace, driven by urbanisation, rising disposable incomes and changing consumption habits.
2. House of Manohar’s D2C Edge
The brand’s ability to deliver fresh essentials within minutes positions it well within the rapidly evolving hyperlocal delivery segment.
3. Multi-Channel Distribution
SSMD’s presence across multiple geographies and distribution networks adds resilience to its business model.
4. Consistent Profitability
With positive financials over consecutive years, SSMD appears to be scaling efficiently — a key factor for SME IPO attractiveness.
| Event | Date |
|---|---|
| IPO Opens | November 24 |
| IPO Closes | November 26 |
| Allotment Finalisation | November 27 |
| Listing Date | December 1 |
| Exchange | BSE SME |
As SSMD Agrotech prepares to enter the public markets, investors are closely watching how the company leverages IPO proceeds to expand its D2C footprint and manufacturing capabilities. With strong brand recall in select regions, a growing product portfolio and a forward-looking expansion plan, the SSMD Agrotech IPO marks a pivotal phase in the company’s evolution.
If executed effectively, the fresh capital could significantly bolster its operational scale, product offerings and market reach — positioning SSMD as an emerging player in India’s competitive FMCG and agro-food landscape.
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