Updated on 16.05.2026|10:44 PM
M R Maniveni Foods Limited is set to launch its Initial Public Offering (IPO).
It is a company primarily engaged in the milling, processing, and B2B supply of pulses like Urad Dal and Toor Dal.
The public issue will open for subscription on Friday, May 22, 2026, and close on Tuesday, May 26, 2026. Wanted to track IPOs of 2026, check our updated IPO calendar of 2026.
Through this 100% fresh issue book-built offering, the Chennai-based agro-processing firm aims to raise approximately ₹27.04 Crores at the upper price band of ₹52 per share.
The proceeds are specifically earmarked for constructing a new, fully automated Toor Dal processing plant.
In this article, you will find M R Maniveni Foods IPO GMP today, price band, and a detailed review with financial analysis.
Briefs of M R Maniveni Foods IPO Details:
- Price Band: ₹51 – ₹52 per equity share
- Face Value: ₹10 per share
- IPO Open / Close Dates: May 22, 2026 – May 26, 2026
- Lot Size: 2,000 Shares (Note: Retail Minimum Application is 2 Lots / 4,000 Shares)
- Issue Size: 52,00,000 Equity Shares / ~₹27.04 Crores
- Fresh Issue: 100% Fresh Issue
- Registrar: Bigshare Services Pvt. Ltd.
- Listing Exchange: BSE SME
IPO Reservation:
The offering comprises a total issue size of 52,00,000 shares. Excluding 2,60,000 shares reserved for the Market Maker, the net offer to the public is 49,40,000 shares, allocated as follows:
- QIB Portion: Not more than 24,52,000 Equity Shares (Anchor Investors may be allocated up to 14,70,000 Equity Shares from this portion).
- NII (HNI) Portion: Not less than 7,56,000 Equity Shares.
- Retail (RII) Portion: Not less than 17,32,000 Equity Shares.
What Is The M R Maniveni Foods IPO GMP Today?
Monitor live trends for this and other IPOs on our GMP today page.
Note that the Grey Market Premium (GMP) is an unofficial, unregulated.
What Are The Important M R Maniveni Foods IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Friday, May 22, 2026
- IPO Close Date: Tuesday, May 26, 2026
- Basis of Allotment Date: Wednesday, May 27, 2026
- Refund Initiation Date: Friday, May 29, 2026
- Credit of Shares: Friday, May 29, 2026
- Listing Date: Monday, June 1, 2026
What Are The Objectives of M R Maniveni Foods IPO?
The company proposes to utilize the Net Proceeds from the Fresh Issue towards the following strategic purposes:
- Capital Expenditure (Factory Construction): ₹12.68 Crores is allocated for constructing a new, fully automated Toor Dal processing plant on a newly acquired 5-acre land parcel near Chennai.
- Capital Expenditure (Machinery): ₹13.61 Crores will be deployed to purchase and install new plant and machinery specifically for the new 4 Tonnes Per Hour (TPH) automated Toor Dal line to improve operational efficiency.
- General Corporate Purposes: The remaining balance (capped at 15% of gross proceeds or ₹10 Crores) will cover ongoing operational contingencies and brand-building activities.
How is The Financial Performance of M R Maniveni Foods?
The following table summarizes the financial performance of the company based on restated financial statements.
(Figures in ₹ Crores)
Particulars | Period Ended 31 Dec 25 (9M) | FY 2024-25 | FY 2023-24 | FY 2022-23 |
Total Income | 116.19 | 203.52 | 155.00 | 119.61 |
Profit After Tax (PAT) | 3.34 | 4.13 | 2.18 | 1.56 |
EBITDA | 6.67 | 7.82 | 5.05 | 3.72 |
Total Borrowing | 22.40 | 20.46 | 15.00 | 9.93 |
Assets | 49.92 | 41.12 | 29.02 | 24.80 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company demonstrated exceptional revenue growth, jumping from ₹119.61 Crores in FY23 to ₹203.52 Crores in FY25.
This robust expansion is primarily driven by surging B2B orders from large-format supermarkets (like Avenue Supermarts) and diversification into Toor Dal processing.
Profit After Tax (PAT):
Profitability has seen a steady rise, with PAT growing from ₹1.56 Crores in FY23 to ₹4.13 Crores in FY25.
The PAT margin improved slightly to 2.87% in the recent stub period (Dec '25), reflecting economies of scale as the company processes higher volumes.
EBITDA:
Operational efficiency is improving, with EBITDA reaching ₹7.82 Crores in FY25.
The EBITDA margin expanded from 3.11% in FY23 to 5.74% in the 9-month period ending December 2025, highlighting better cost absorption as the company transitions towards automated processing.
Total Borrowing:
Debt levels have escalated significantly to ₹22.40 Crores by December 2025.
This rise is directly correlated with the intense working capital demands of the pulse processing business, which requires massive inventory stockpiling during harvest seasons to secure raw materials at favorable prices.
Assets:
The total asset base nearly doubled from ₹24.80 Crores in FY23 to ₹49.92 Crores by December 2025. This growth is heavily weighted towards capital work-in-progress for the new automated plant and increased inventory required to fulfill the growing order book.
What Are The P/E Ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹2.96, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 17.56x at the upper end of the price band (₹52).
P/E Ratio = ₹52(Price) / ₹2.96 (Earnings Per Share)
P/E Ratio ≈ 17.56x
Peer Comparison Table (FY 2024-25 Data):
Company | P/E Ratio | RoNW (%) | EPS (₹) | Total Revenue (₹ Lakhs) |
M R Maniveni Foods | 17.56 | 27.61 | 2.96 | 20,352.15 |
Jeyyam Global Food | 7.96 | 19.57 | 4.65 | 76,336.58 |
Sameera Agro and Infra | 0.71 | 13.36 | 11.93 | 23,645.89 |
Analysis:
M R Maniveni Foods is entering the market at a P/E multiple of approximately 17.56x based on its FY25 EPS.
While this valuation appears higher than its listed peers like Jeyyam Global (7.96x) and Sameera Agro (0.71x), it is important to note that M R Maniveni boasts a significantly superior Return on Net Worth (RoNW) of 27.61%, vastly outperforming its competitors.
This indicates highly efficient capital utilization within its B2B supply model, potentially justifying a premium over its lower-return peers.
What is The Industry Outlook of M R Maniveni Foods?
Growth Potential:
The Indian pulses and grains market is vast and staple-driven. The shift from unorganized loose retail to organized, branded, and quality-assured packaging in supermarkets and e-commerce platforms is providing strong tailwinds for bulk processors.
Market Trends:
There is a distinct industry shift towards automated sorting and milling to ensure consistent quality and reduce manual labor dependency. M R Maniveni's IPO capital expenditure perfectly aligns with this trend to improve margins.
What Are The Strengths and Risks of M R Maniveni Foods IPO?
Strengths:
- B2B Scalability: Strong tie-ups with major retail chains provide recurring revenue and steady volume demand compared to a scattered B2C approach.
- Clear Capex Plan: Utilizing the IPO funds strictly for automation and a new plant provides clear visibility for future margin expansion.
- High Capital Efficiency: An impressive RoNW of over 27% highlights the management's capability to generate strong returns on shareholder equity.
Risks:
- Extreme Concentration: The top 10 customers contribute over 75% of revenues, and nearly 58% of sales are concentrated in Tamil Nadu. The loss of a major retail partner would severely impact financials.
- Working Capital Intensity: The business requires heavy inventory stocking during the harvest season. A liquidity crunch could force the company to buy at higher spot prices, compressing margins.
- Single Location Dependency: Currently, all operations are based out of a single facility in Thiruvallur. Any localized disruption could halt operations entirely.
Key Considerations for Investors
Investors should note the Minimum Investment structure.
- Minimum Application: The lot size is 2,000 Shares. Based on the data provided, the minimum application for Retail Individual Investors is 2 Lots (4,000 Shares), amounting to ₹2,08,000. Note: This investment amount exceeds the typical ₹2 Lakh retail limit, which implies this category effectively targets Small-HNI investors.
- Valuation vs. Risk: At ~17.5x P/E, the pricing commands a premium over its peers, factoring in its superior RoNW. However, the high customer and geographic concentration are critical structural risks.
- Margin Profile: The agro-processing business inherently operates on thin margins (PAT margins ~2-3%). Investors must monitor if the new automated plant successfully expands these margins as projected.
Key Takeaways
- IPO Price: ₹52 per share (Upper Band).
- Min Investment: ₹2,08,000 (4,000 Shares).
- Valuation: P/E of 17.56x (Premium to Peers, backed by high RoNW).
- Financials: Revenue ₹203 Cr (FY25); High Working Capital Debt.
- Listing: BSE SME platform on June 1, 2026.
Important Links
2. daywise IPO subscription Status
4. IPO GMP vs Listing Accuracy Study 2026
5. IPO Listing Performance Tracker 2026 – Complete Dataset of IPO Listing Gains in India
FAQs on M R Maniveni Foods IPO
What is M R Maniveni Foods IPO GMP today?
Check the gmp of this and other IPOs at our gmp update section.
What is M R Maniveni Foods IPO price band?
The price band is fixed at ₹51 to ₹52 per equity share.
What is M R Maniveni Foods IPO allotment date?
The allotment status is expected to be finalized on Wednesday, May 27, 2026.
How to check M R Maniveni Foods IPO allotment status?
Investors can check the status on the website of Bigshare Services Pvt. Ltd. (the Registrar) or via the BSE IPO allotment portal.
What is M R Maniveni Foods IPO listing date?
The shares are tentatively scheduled to list on Monday, June 1, 2026.
Investment Perspective on M R Maniveni Foods IPO
M R Maniveni Foods offers a high-volume play in the essential food processing sector with a clear strategy for automation-led margin improvement.
While the high Return on Net Worth is a strong positive, investors must carefully weigh the premium valuation against the risks of high customer concentration and thin operating margins.
