Shares of MR Maniveni Foods are set to debut on the BSE SME platform on Monday, with grey market trends indicating a subdued listing performance. According to market trackers, the IPO was commanding a grey market premium (GMP) of 0%, suggesting that the shares were trading around their issue price in the unofficial market ahead of listing.
The Rs 27 crore IPO was open for subscription between May 22 and May 26, while the basis of allotment was finalized on May 27. The company fixed the issue price at Rs 52 per share, the upper end of the Rs 51-52 price band. The IPO comprised a fresh issue of 52 lakh shares aggregating Rs 27.04 crore. There was no offer-for-sale component.
Ahead of the IPO opening, the company raised Rs 7.64 crore from anchor investors through the allotment of 14.7 lakh shares.
Incorporated in 2010, M R Maniveni Foods is engaged in the processing, packaging and distribution of food products. The company primarily focuses on pulse processing and operates in the urad dal and toor dal segments. It supplies products mainly to business-to-business customers.
The company said it emphasizes quality control, modern processing techniques and supply chain management to ensure product consistency and food safety standards. As of April 30, 2026, the company had a workforce of around 16 employees.
For FY25, M R Maniveni Foods reported total income of Rs 203.5 crore, compared with Rs 155 crore in FY24. Profit after tax rose to Rs 4.13 crore from Rs 2.18 crore a year earlier. The company had total assets of Rs 41.1 crore and net worth of Rs 18.6 crore as of March 31, 2025.
The IPO proceeds are expected to support working capital requirements and general corporate purposes.
The flat GMP suggests investors are adopting a wait-and-watch approach toward the issue despite the company's steady growth in revenue and profitability. Grey market premiums are unofficial indicators of investor sentiment and do not guarantee actual listing performance.
Capital Square Advisors was the book-running lead manager to the issue, while Bigshare Services acted as the registrar. CapitalSquare Financial Services is the market maker for the IPO.
