Adon Agro Commodities IPO
smelistedAbout the company
Adon Agro Commodities is engaged in agro-commodity trading and processing. Its core business is centred on the sourcing, importing, processing, packing, and distribution of dry fruits, nuts, seeds, and berries, including almonds, walnuts, dates, pistachios, apricots, and raisins. The company sources these products from domestic and international markets, with key import markets including the UAE, Afghanistan, Chile, the USA and Sri Lanka. It sells its products in bulk to B2B customers and also markets processed and packed products under its proprietary brand "Hunger Nuts" to wholesale, retail and D2C customers. The company commenced its dry fruit processing operations during FY26. For the period ended January 31, 2026, processing & packaging contributed ₹150.1 crore (52.2%) of total revenue, while direct trading contributed ₹132.8 crore (46.2%). Within the trading segment, walnuts in shell were the largest contributor at 31.6%, followed by Inshell almonds at 6.4% and dried dates at 4.2%. The company operates through five core business verticals for revenue generation: 1) containerised bulk sales, which primarily caters to institutional customers, traders, manufacturers and distributors through large-volume containerised logistics. 2) Wholesale sales involve supply to wholesalers, regional distributors and traders. It also encompasses corporate gifting sales of customised dry fruit assortments to corporate clients during festive seasons. 3) Modern Trade comprises the supply of processed and packed products to organised retail chains, supermarkets and hypermarkets. 4) Export sales and 5) Direct-to-Consumer (D2C) comprise direct retail sales through the company's own website and e-commerce marketplaces. Containerised Bulk Sales contributed up to 41.7% of overall revenue, followed by wholesale sales at 33.7%, modern trade at 18.4%, export trade at 4.5% and D2C at 0.12% for the period ended Jan 2026. Government Tender & Institutional Sales contributed 1.42% of total revenue as of January 31, 2026. The company's sales mix remains heavily weighted towards the B2B segment, which contributed ₹286.74 crore (99.8%) of total revenue for the period ended January 31, 2026, compared to ₹0.41 crore (0.16%) from B2C. On geographical presence, the company derived 95.5% of its revenue (₹274.24 crore) from domestic sales and 4.50% (₹12.92 crore) from export sales for the period ended January 31, 2026. Within India, Maharashtra remained the largest contributor at 58.3% of domestic sales during the same period. The company has a presence now spanning 21 states. The installed capacity for almond dehulling stood at 4,800 tons per annum at the new plant, up from 3,200 tons p.a. at the old plant, while walnut dehulling capacity is 2,000 tons p.a. with 72.14% utilisation, and dates cutting capacity is 1,000 tons p.a. with 70.20% utilisation.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 30 Jun | ₹0 | ₹70 | 0 |
| 29 Jun | ₹0 | ₹70 | 0 |
| 28 Jun | ₹0 | ₹70 | 0 |
| 27 Jun | ₹0 | ₹70 | 0 |
| 26 Jun | ₹0 | ₹70 | 0 |
| 25 Jun | ₹0 | ₹70 | 0 |
| 24 Jun | ₹0 | ₹70 | 0 |
| 23 Jun | ₹0 | ₹70 | 0 |
Strengths
- Operates in the essential agro commodities trading and distribution sector.
- Diverse product portfolio catering to multiple customer segments.
- Established relationships with suppliers and customers.
- Experienced management team with industry knowledge.
- Benefits from growing demand for agricultural commodities.
- Wide sourcing network supporting business operations.
- Asset-light trading model with scalability potential.
- Focus on expanding market reach and customer base.
Risks
- Business performance is affected by fluctuations in agricultural commodity prices.
- Dependence on weather conditions and agricultural output.
- Intense competition from regional and national market participants.
- Working capital-intensive operations may impact liquidity.
- Regulatory changes in the agriculture and commodities sector could affect operations.
- Supply chain disruptions may impact procurement and distribution activities.
- Dependence on key customers and suppliers could affect revenue stability.
- Volatility in commodity markets may impact profitability and margins.
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed29 Jun 2026Bidding starts for all investor categories
IPO Closes
Completed01 Jul 2026Last day to place your bid
Basis of Allotment
Completed02 Jul 2026Share allotment finalised
Refund Initiation
Completed03 Jul 2026Refunds credited for non-allottees
Credit to Demat
Completed03 Jul 2026Allotted shares credited to demat account
Listing on Exchange
Completed06 Jul 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 2000 | ₹140,000 | 1 | ₹140,000 | 1 lot only |
| HNI | 2 | 4000 | ₹280,000 | 2 | ₹280,000 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 3,235,294 | 22 | 38,435,293 | 11.88x | 8.4% |
| NII | 15% | 970,588 | 6.6 | 1,242,353 | 1.28x | 78.1% |
| Retail | 35% | 2,264,706 | 15.4 | 656,765 | 0.29x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
