M R Maniveni Foods Limited, an established player in the agricultural food processing and pulse milling industry, has officially rolled out its Initial Public Offering (IPO). The subscription window is currently open for public bidding on the BSE SME platform, providing a structured primary market opportunity to participate in the company's equity expansion.
This article breaks down the key details of the IPO, including its financials, objectives, and timeline based on the official parameters established in the finalized Red Herring Prospectus (RHP).
IPO Details & Timeline
| Bidding Period | May 22, 2026 – May 26, 2026 |
| Price Band | ₹51 – ₹52 per equity share |
| Base Lot Size | 2,000 Shares |
| Minimum Retail Application | 2 Lot (4,000 Shares) |
| Minimum Retail Investment | ₹2,08,000 (calculated at the upper ₹52 cap) |
| Listing Platform | BSE SME |
| Total Issue Size | ₹27.04 Cr (52,00,000 Equity Shares) |
| Issue Type | 100% Fresh Issue |
About the Company
Incorporated in June 2010, M R Maniveni Foods Limited operates a 15-year operational footprint in the domestic agricultural food processing, milling, and distribution market.
Core Business Focus: The company focuses on the high-volume milling, processing, grading, packaging, and commercial distribution of pulses. Its core catalog relies heavily on Urad Dal (Black Gram) and Toor Dal (Pigeon Peas). Combined, these two pulse lines accounted for 99.91% of manufacturing operational revenue for the 9-month period ending December 31, 2025.
Operational Infrastructure: The business utilizes a hybrid processing model across its internal processing mills. It runs a fully automated milling plant specialized for scaling high-volume Urad Dal output, while operating a semi-manual unit for Toor Dal processing.
B2B Revenue Channels: The company functions within a business-to-business (B2B) ecosystem. As of late 2025, its institutional client mix was divided among three distinct distribution tracks:
Supermarket chains
Traditional wholesalers and independent regional distributors
E-commerce platforms
Financial Snapshot
Here is a summary of the company's financial performance over the last three financial years.
(All financial figures are in ₹ Crores)
| Particulars | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|
| Revenue from Operations | ₹203.48 | ₹154.98 | ₹119.57 |
| Profit After Tax (PAT) | ₹4.13 | ₹2.18 | ₹1.56 |
Key Financial Highlights:
Top-Line Scale: Revenue from core food processing operations climbed from ₹119.57 Crores in FY23 to ₹203.48 Crores in FY25, marking an absolute expansion of 70.2%.
Core Profitability Trend: Profit After Tax (PAT) has kept pace with growth, moving from ₹1.56 Crores to ₹4.13 Crores over the same two-year stretch.
Geographical Risk Profile: Review of the company's regional logs shows a heavy concentration of revenue in the southern market. B2B transactions originating within Tamil Nadu and Karnataka generated 83.98% of the company's total sales during the trailing 9-month window.
Objects of the Issue
The entire net fundraise will go directly to the company to finance capital expenditure, as there is no promoter dilution via an Offer for Sale. The corporate capital targets are broken down below:
Factory Construction (~₹12.69 Crore): Funding civil and structural capital works to build an expanded factory unit to boost internal processing limits.
Plant & Machinery Procurement (~₹13.61 Crore): Capital deployment to acquire and install fully automated processing machinery to scale up internal Toor Dal processing lines.
General Corporate Purposes: The remaining cash balance will cover general corporate overheads, ongoing marketing initiatives, routine administrative expenses, and issue management fees.
Disclaimer: This article is for informational purposes only and should not be considered investment advice. Investors should conduct their own due diligence and consult with a financial advisor before making any investment decisions.
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