The initial public offer (IPO) of Elfin Agro India received bids for 23,70,000 shares as against 53,25,000 shares on offer, as per BSE data as of 17:00 hours on Thursday (5 March 2026). The issue was subscribed 0.44 times.

The issue opened for bidding on Thursday (5 March 2026) and it will close on Monday (9 March 2026). The price of the IPO is fixed at Rs 47 per share. The minimum order quantity is 3,000 equity shares. The equity shares will list on BSE’s SME platform.

The IPO comprises fresh issue of 53,25,000 equity shares. The promoter and promoter shareholding will dilute to 72.59% from 100% Pre-IPO.

About 2,67,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 50,58,000 equity shares. The issue and the net issue will constitute 27.41% and 26.04% respectively of the post offer paid up equity share capital of the company.

The company intends to utilize the net proceeds for working capital requirements and for general corporate purpose.

Elfin Agro India is primarily engaged in the manufacturing and processing of wheat-based products and edible oils. The company produces a range of food products including Chakki Atta (high-fibre whole wheat flour), R Atta (refined whole wheat flour), Tandoori Atta (specialised flour), Sooji (semolina), Maida (refined flour), and yellow mustard oil.

The company markets its wheat flour products under the brands “Shiv Nandi” and “ELFIN’S Shri Shyam Bhog”, supplying them to wholesalers and retailers across several states including Rajasthan, Uttar Pradesh and Gujarat. Elfin Agro India is also involved in the extraction, filtration and production of edible mustard oil using raw mustard seeds as the primary raw material. The mustard oil is marketed under the “Shiv Nandi” brand.

In addition to manufacturing, the company undertakes trading activities in various agro-products such as chana, maize, wheat, cattle feed, soybean refined oil, rice bran refined oil and groundnut oil, depending on prevailing market conditions. The company operates two manufacturing units located in Bhilwara, Rajasthan. Its distribution network spans across eight states—Gujarat, Haryana, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Uttar Pradesh and Uttarakhand—along with two Union Territories, Chandigarh and Delhi. As on 31 January 2026, the company had 23 employees.

The company recorded revenue from operations of Rs 11.78 crore and net profit of Rs 3.98 crore for the period ended 31 December 2025.